New Britain herald., 1925-01-12

puHy pIOpuocb lO 6lNc oLOGhuOlutTb the right to subscribe to an addi- tional share of common stock at $50 a share for each 10 shares now held. The proceeds of the sale will be used to retire the outstanding preferred stock at 105.
 Stock market statisticians take the view that the present heavy buying of rail issues is more for prospects of appreciation than for current in- come returning higher dividend rates, Union Pacific and Canadian Pacific, two old dividend payers, were cited as selling to yield more than Baltimore & Ohio and south- ern Railway neither of which has long and unbroken dividend records. Atlantic Coast Line. which paid only sS last year, Is selling abreast of Union Pacific because 1t has been earning more per share for several years, 1t is said, while New York Central is selling above Atchison on prospects of another dividend in- crease. St. Louis, San Francisco earned SIP a share last year. South ern Railway about s11.50 or more and Baltimore & Ohio between $s and $10. These three roads showed improvement in the closing months of 1924 and better earnings are ex- pected for 1925. The street talks Of $15 share for Southern Railway and Frisco this year.
 Gross earnings of American Water Works & Electric Co. in the veal ended Nov. 30 increased $2,122,31i over the previous 12 months to $3S,. 071,265 but net earnings after re- serves for renewals and replace. ments showed drop of s2,553,33; from $3.279,275. This Is equal aftei first preferred dividends to 9.6 pei cent q share on both participating preferred and common stocks com pared with 1853 per cent the veal before. The decrease in net earn ings, the company stated, was due tt increases In interest, amortization and preferred dividend charges O. subsidiaries, refecting the lnrg' outlay for additions and betterment in 1924.
 Phillips Petroleum company ac
 cording to Wall street estimates, en
 joyed a prosperous year in 1924. ne
 earnings before depreciation ant
 depletion being calculated at be
 tween s14,O00, 900 and s15, 100000 | . comparison with s12,452,0O0 in 192; Orders received by the Genera Electric company in 1924 were per cent less than the year before the total of s2SS,107.697 comparin with $3O4,199,746.
 Official figures of Frances foreig
 trade in the first il months of 1924
 as received by the Bankers Trus
 company of New York, reveal a sur
 plus of exports over imports of l,
 397,950,000 francs. For the sam period of 1923 there was an impor
 surplus of 1,463,047,000. The fav orable balance for 1924 was part accounted for by increased export c luxuries.
 One of the potential factors whic
 will aid the return of sterling { parity, according to financial author ities, is the present differential be tween the London bank rate and th . Federal Reserve bank rediscour . rate here. With the money rate l
 England highing up to offset charge
 incidental to the transfer of funds,
 flow of capital to London for IT vestment at the higher rate is cor
 sldered inevitable. This movemer
 has. and probably will continue. strengthen stcrling and accelerate Il
 restoration to a gold basis.
 Last weeks exports of gold froI . the United States, approXimatin . s22.000,0eo, brought unmistakaoI
 evidence that huge outflow of tn
 precious metal from this country Wa
 just beginning. International bank
 CTS express the opinion that tn : movement would continue unabate , until approximately one-third of tn enormous stocks now In An'"Hlca : vaults have been distributed t other countries. All authoritie
 agreed that the shipments were eco : nomically logical and would be bcnc f1cial 10 American trade as well as the commerce of the world
 An index of the recent eXpansio l in industrial operations is supple \ by the electrical output figures of til
 North American company. whic
 through its subsidiaries furnishe
 power to many large industrie While a weekly gain of 6.55 pt
 cent over 1928 was maintained la' year to November i, the increas . jumped to 12.6S per cent the fir l week after election and increase 9 late in December to 2O.25 per cen The output for the week ended D' : cember IS to 5e,S9O,OOO kilowa y hours, was twice that of the To = point of July. and established a ne
 high record for the company.