On Feb. 25 the stock of National Lead Co. closed on the New York Stock Exchange at $221 a share. On Feb. 26 it closed at $248.50 and on Feb. 27 at $288, making a gain of $67 in two days' trading. The outburst was caused by a 10-to-1 stock split, National Lead offering ten shares of a new $10 par common for each share of the $100 common now held. From an arithmetical standpoint, a stock split 10-for-1 should emerge with the new shares selling at one-tenth the price of the old. The market,...
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