The times., 1899-06-25

:
The bank statement for the week was
about what was expected. A large in
crease of loans is shown, and a large de-
crease of reserves and of specie. The rea-
sons for all of these matters are well
known, and the statement had no effect
on the market yesterday. The figures are
as follows:
Reserves decreased. 81, 1865, 800
Loans, increased 5,55s,2OJ
Specie, decreased. 3,154.500
Deposits, increased. ed................... 23I, 600
Circulation decreased. 500
= The statement of the st. Paul road of
gross earnings for the third week of June,
issued yesterday, was one of the indica-
tions of general prosperity that made the
stock market buoyant. This weekly state
ment is always magnificent. Yesterdays
was one of the best. The earnings of the
company for the week were S75S, ,442, max
ing the increase over the same week last
year S14S, ,444. The extent of the betterment
of business on this line in the last few
years is shown most forcibly by a COM
parison of these figures with those of 1895,
The increase over the same week in that
year was s240.554, or 80 per cent. The gross
earnings of the road for the year to date
makes it certain that the gross Cor the
entire year will be about s3s, 100000. The
statement is made by an excellent au-
thority that the dividend on ST. Paul COM
mon stock will be increased to 6 per cent.
The stock advanced rapidly yesterday, and
before the close was two full points above
the price of three days ago. The other
grangers were equally strong. Burlington
opened at 131 SIS and closed at 1872 ga, the
l. Il lxa1r T-Trr
closed at 113, the highest price for the day,
and Atchison preferred got as high as
55 SIS and closed at 55 1-2. The talk of
these securities is that they will likely ad-
vance further this week.
The Vanderbilts shared the attention of
the street with the grangers in yesterdays
market. Omaha advanced from 10S IL,
the opening price, to JOG, the closing and
highest figure. Omaha is now in new ter
ritory, never having been at so high
figure before in its history. Northwest ad-
vanced two points to 159, New York Cen
tral over a point to 135 1-2. and Big Four,
Chesapeake and Ohio, and the Union Pa
cifics fractionally. The buying of the Van
derbilts was OF excellent character, and
il leads careful observers OF the market
to believe that these stocks are likely to
have a further advance this week.
There has been much comment recently
over a so-called analysis of the Brooklyn
Rapid Transit system and its outlook pub
lished in a street railway organ recently,
in which the suggestion is made that the
company will not earn 5 per cent on the
stock inside of two or three years. On the
face of it this article is an unpleasant
one for the holders of Brooklyn Rapid
Transit at 116, and it cannot be doubted
that it has caused some selling of the
stock during the past two weeks. Careful
statements have been printed in this
column heretofore regarding this system
and they differ materially from the article
mentioned 1t may be stated here again
that the figures on which The Times
analyses have been based were received
from an undoubted authority and that they
are known to be correct. The essential
difference between statement which
shows nothing for the stock this year and
one which shows over per cent is in the
percentage of operating expenses. The
statement made In The Times was that the
operating expenses are being greatly re-
duced and that they are now not far from
81 per cent. With this rate OF operating
expenses there can be no question that the
road is earning nearly, If not quite, Q per
cent The article referred to computes the
operating expenses at 20 per cent and over.
ANY street railroad man Will be able to
judge which of these figures is more likely
to be the correct one.
The incident of the failure of the direc-
tors of the Steel and Wire Company to de-
clare a dividend on the common stock was
almost forgotten yesterday, although it had
cut so much of a figure on the day before.
There is a well-defined disposition, how
ever, 10 let the steel stocks alone for the
present Ii cannot be doubted by anyone
who knows the condition of the iron and
steel trade, the wonderful earnings that
have been piled up by this and other COM
panies on contracts made at much lower
prices than those now prevailing, and the
certainty of much greater profits on all
contracts now being made. that the pub
lie apathy over these securities will at
some time in the near future give place
to enthusiasm. The fact that gentleman
named Kern has sued the Federal Steel
Company to prevent it paying any divi-
dend on the common stock cannot prevent
4 the company from working all its plants
night and day at profit greater than steel
plants were ever worked before And
when per cent has been paid on the
preferred stock, all that remains is TO
/ 20 TO the common stock, even If. as now
/ seems probable, it is IL per cent. The
same is true of Steel and Wire. II is to be
I hoped that tnese companies Will fuInll
| their alleged intention of furnishing full
statements to the stock exchange in the
near future. Such a course would rehabil-
itate all their securities in public favor.
The formation of the Distilling Com
pany of America, after causing the pain
/ frl slump in American Spirits common
and preferred. has seemingly fallen fiat.
! The shares of the different whisky COM
| panies were traded in very little yester-
! day. The level to which Spirits common
I has fallen during the week is the lowest
| In its history. The public is tired OF
whisky combinations and whisky securi-
ties. 1t has lost a grievous amount OF
money in them.
Tennessee Coal and Iron was weak yes-
terday, despite the reassuring reports OF
| its great business. The effect of the de-
clines in Steel and Wire and Federal Steel
was noticeable in the stock. II is prob
able that the public. If 1t has not already
doEe so, will be obliged TO revise its very
! gloomy opinion of this company and its
stock. For a long time, because there
have been no dividends for the stockhold-
ers of Tennessee Coal and Iron, Il has
been the fashion to consider it the ''yel-
lowest dog in the lot" but there is the
best OF reason for believing that the pres
ent boom In the trade viii put the stocI
soiidly on a diyidend-paying basis again
| IL is understood that with its recent ac-