The times., 1898-02-06
am inclined to look for a good advance

am inclined to look for a good advance
during February.
The action of St. Louis and San Fran
cisco during the two months since at
tention was called to that road in this
column has been most gratifying to the
people who bought. The first preferred
was at that time between 81 and 90.
Since then It has had almost a steady
rise. On Friday there was a point jump
from 81 to 5S. The excellent condition
and prospects of this road were care
fully pointed out then, and the StatiS-
ties that seemed to indicate the abso-
lutte certainy of fine advance. 1t may
be said certainly that the circum-
stances now are as favorable. The div
idend predicted has been paid appar-
entity insuring a continuance at the
per cent rate. The earnings are far be-
yond this rate, and a surplus is piiing
up. The territory the road draws from
will be richer every month and every
year beyond a doubt. This figure, 5S,
is entirely too small for the first pre-
ferred of such a road. a circumstance
that the public perhaps is not familiar
with is the very small issue of the first
preferred. There is only five million
dollars of it, a mere bagatelle. as the
street says. This stock is next to the
bonds, and is largely held by trustees
for the bondholders. The earnings nee
essary TO pay per cent on this issue
are almost nothing. There are 500. 900
shares of the second preferred. A divi-
dend is not by any means out of the
question here either.
The earnings of the Southern Rail-
way for the fourth week of January in
creased $4,000. For the month the in
crease was $4,000. Texas Pacific
fourth week, s27 900; st. Louis South
western, fourth week, $4,000.
The hope of the grangers now is the
large spring wheat crop. II was prob
ably largely in excess of both the gov.
ernment and private estimates. The
unpleasant thing in the outlook is the
rate difficulties that seem to be grow
ing more serious.
The profit taking in Northern Pacific
is Nke.v to continue during TIE first
part OF the week at least. There is
hardly anybody. however. that believes
the Klondike fever has yet had it's full
effect on this property. Speculativelye
there is probably money on the bull side
of il.
No one was much surprised that the
Vanderbilt stocks did not go up yes
New York Central to advance of itself
for some time to come. If the market
is strong ii will probably hold its own.
Michigan Central is looked on with
most favor by the street among these
stocks just at present.
The Town Topics people say that
Baltimore and Ohio will sell at twice it's
present figure before very long.
Mr.. Carley is strong bull on Bur-
lington and st. Paul for this week He
says they will lead strong market.
The local situation has several points
of keen interest to speculat tors. The
situation of Graphophone seems really
very bright. The stock sold at 15l4 yes
terday, and the advance has been regu-
lar and most attractive to investors.
Use business of the concern is steadily
increasing and there is every reason
to believe that there is a continuance
of this pleasant condition ahead. /
learn that one order for 5000 of the mu-
sicai machines was received from
Paris few days ago and that the fac
tories are kept running night and day
to keep up with the demand. There is
branching out for other European mar
kets all the time. The salaries are high
and the best people are employed but
this praiseworthy policy is well thought
of by the stockholders. My sharp on
Graphophone says that the company is
now reaching the point where Mergen-
thaler has been for some time in the
good profits made on the machine sup
plies. This means much, of course.
Capital Traction looks well, and its
fria dc r,,,adiptinp ri
present figures for the stock. With the
underground system they say the ex-
pense will be reduced 10 per cent, and
the earnings increased an equal
amount. This they explain Wilt allow
sinking fund and per cent dividends
at least besides. They also mention
that the road will get its water free