Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-12
Corporation News

NEW YORK, December 12.-Follow-
ing is today's summary OF important
corporation news prepared by Standard
Statistics Co., Inc, New York, for the
Associated Press.
News Trend.
A further flood of favorable divi-
dend declarations overShadowed the
days other corporate news develop
mertS. Outstanding step was the in
crease in Westinghouse Electric q
Manufacturing dividend from 81 to
SIS annually. The increase was ex-
ceedingly conservative in so much as
full 1929 earnings were ofdcially placed
at $40 share. other important cor
porationS, representing wide range
of industries, which took favorable &C
ton included National Cash Register,
Cream of Wheat, L. S. Starrett, Luck
enheimer Co., InsuranShareS Corpora
ton and Safety Car Heating & Lighting
The weekly steel trade journals again
took cheerful view on the outlook of
the industry. Opinion was expressed
that while further recession was likely
to be witnessed before the first of the
year, turn for the better was antici.,
pated early in 1880. Ford Motor and
several other large car manufacturers
were expected to release large orders
within a month, 1t was pointed out
The Bank of England announced a
further reduction in its rediScount rate
from 51z per cent to S per cent. Step
appears to be partly reflection of the
improvement in the position of the
bank itself and partly a reflection of
lower rates prevailing in New York.
The Companies.
Commercial Credit contracts TO
finance installment sales Of Stromberg-
Carlson Manufacturing Co.
Continental Bank & Trust New
York; merger with Fidelity Trust aban-
doned
Continental Shares, Inc, stock hold
ings published; owns huge block of
stock in Cliffs Corporation, Goodyear
Tire & Rubber, Lehigh Coal & Navi-
Middle Western steel and utility en-
terprises.
Cream of Wheat declares initial quar-
terly dividend of SO cents and an extra
of 25 cents on common stock.
Devoe & Reynolds declares regular
dividend of so cents a share on class
A and B common shares: paid extras
Of Is cents in previous quarters.
Fairbanks Co. earned $165 a share
in 10 months to october 81, against
nothing a year ago.
Federal Light &c Traction abandons
plan for creation of convertible de-
bentures.
Independent Pneumatic Tool declares
extra of 81 and regular quarterly Of
81 on common.
Insuranshares Corporation (Dela-
ware) declares initial dividend of As
cents a share on class A stock; asset
value of stock was equal to $15.18 per
class A share on November 80.
Tntnrn0acf dipn LanIarae {a{k
quarterly dividend of Is cents.
Lukenheimer Co. declares special div
ldend of Is cents share on common;
paid similar extra in July.
McQuay Norris declares a stock divi-
dend of l per cent in addition to reg
ular quarterly of so cents on common
Melville Shoe November sales up 1914
per cent; IL months, 16.5 per cent above
year ago.
National Cash Register declares extra
OF 81 share on class A and B shares
also regular rs cents quarterly on class
A and So annuity on class B; paid sim
liar extra a year ago.
Phillips Petroleum issues So, 1877 COM
mon shares in connection with purchase
OF properties In midcontinent territory
Safety Car Heating & Lighting de.
clares extra dividend of 50 and reg.
ular quarterly of So; paid similar extra
In December, 1928.
Schulte-United 5-cents-to-$1 stores
passes the preferred dividend; last pay
ment was SITS on October /.
Setberling Rubber earned / cent q
common share in year ended October
81, against SIPS year ago.
Westinghouse Electric & Mfg. in.
creaSes dividend on common and pre-.
ferred stocks from 81 to SIS annually.
Winton Engine earned $10.95 a share
in II months to November 3d. against
1888 in entire 1928.