Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-08
Wall Street Briefs

New York, April 7-(AP)-Control
ofethe United Cigar Stores Company
of America will pass to the newly
organ ized Union and United Tobacco
Corporation, a $3.50, 900 Maryland
concern. it was reported in Wall
Street today. While no official COM
ment is available, it is understood
that the United Cigar Stores stock
held by the Tobacco Products Cor
poration will be transferred to the
new corporation, which has made
sufficient purchases for it's own ac-
count, combined with the Tobacco
Products Corporation. holdings. to
give it ownership of between 80 and
95 per cent of united stock. The new
corporation, which is a holding as
well as an operating company, may
eventually offer to exchange its own
shares for minority holdings of unit
ed stock outstanding.
No common stock assessment is
probable in the recapitalization plan
for the Central Leather Company,
now being prepared by competent eX-
perts identified with a recent success
full railroad reorganization, President
Brown inferred at the annual meet
ing today. 1t was still premature to
discuss the details, he asserted. The
companys business in the first quar-
ter wa about per cent under the
anne period last year. although the
volume in the heavy leather industry
in general was off from 8 to 10 per
cent. Central Leather has shown in
black after bond interest every month
this year" he added, land we expect
the current volume of business to be
maintained at least"
Elllhorn Coal Corporation has sold
it's undeveloped oil and gas rights in
Kentucky and West Virginia to the
Louisville Gas and Electric Company
for about 100000.
Common stock of the National Sup
ply Company was placed on an in
creased annual dividend basis of 81 a
share with a quarterly dividend of
one dollar, payable May Is to holders
of record May 5. The previous an
nual rate was SO share.
The New York Cotton Exchange
membership of Maurice Simmons to-
day was sold for $4,000 to Bernard
Il. Hyman for another. unchanged
from the previous transaction.
after having achieved the greatest
first quarter production of steel on
record, the industry is looking for
ward to the next three months with
modified expectations says Iron
Trade Review. Producers are not
allowing themselves to believe the
present flood tide of tonnage can be
prolonged indefinitely. For paral-
lei to run true with 1925 and 1924. the
crest of early year demand already
should have been passed. Such is
not the case. however. for the situa-
ton still has to develop trustworthy
facts or symptoms that either demand
or consumption has entered the state
of material contraction. The week
was characterized by an unusually
large number of structural awards
with total of 36,246 tons.
The balance of about $4,000, 900 of
the original $4,000, 900 Mexican Sea-
board Oil Company per cent deben-
lures held by the Sinclair Consolidat-
ed Oil Corporation, has been sold to
an individual said to be close to the
management Of Mexican Seaboard
More than ss7,00000O previously had
been retired.
Commercial failures reported to
Bradstreet's for the first three months
of 1925 were 1855, with liabilities Of
s141,311,945. This Is an increase Of
only three tenths of one per cent
over the same period Of 1925.