The times., 1899-07-07

stock the strongest of the granger group
during the entire day. II is stated that
under the new arrangement, which con-
templates the changing of important Of
ficers of the sys,c;n, the reduction of ope-
rating expenses viii continue, and even
be greater than heretofore. II is .sti-
mated that co per cent will likely be the
ratio FIR JeratIon. As vii; he seen read
lily by people who have folio rcd he diff
ferent analyses OF Atchison earrings pub
lished in tbs column heretofore this ra-
ito would allow of putting the ttchison
preferred on per cent dividend basis,
with something of a surplus to spare.
The other grangers were all somewhat
weak, prices declining on an average a
point or more. Burlington opened at
lSS IA and closed at 1856 81. st. Paul
opened at 1872 3-4 and closed at i31 81.
Rock Island, which opened at rs -,
closed at III. The magnificent statement
of st. Paul and the generally excellent
condition Of the graBEcTs dispose COT
servative people to believe shat these
stocks are yet to go to much higher lev
els Many are of the opinion that they
will continue to be the leaders OF the mar
ket. 1t is not impossible, however, that
there may be a day or two OF hesitation
in the grouD now after the steady ad
vance in prices.
There has been some disposition on the
part of the Street to consider the state
ment of Rock Island for Lbe month of
May disappointing one. The net cam
ings and the surplus ar loss than for the
same month last year. The fact is that
the earnings of the system during May,
1898, were the largest on record for the
nd als
some falling OF from this amount this
year the showing; is siill the best on iec-
ord, only excepting May 1895 The i'm
mense movement OF gram in May year
ago was due 10 the Letter COUP and it
was abnormal. Later in the year the re-
suit of this fictitious stimulus was shown
in reduced grain tonnage on Rock ISL
and and other grain carrying roads. There
is, therefore, no reason to consider the
slight falling off in earnings for May this
year disappointment. On the other
hand it may be predicted with excellent
reason that the showing TO be made dur
ing the remainder of the year will be a
large gain.
1t is believed that the vanderbilts have
been heavy buyers of Big Four recently,
and hints are heard in the Street that the
stock is to be taken up by them aggres-
sively. The management of Big Four re-
Gently has been most economical, mate
rial reductions in operating expenses be-
ing shown in late reports. A careful an
alysis OF these statements, however, does
not show that there has been any undue
cutting of improvement outlays. 1t is be-
lieved that the stock will be advanced
several points in the near future
The best buying yesterday was in the in
dustriais, and. although during the after
noon nearly all their gains of the morn
ing were lost, 1t is still true that they were
the strong features of the day. American
Tobacco opened at 95 I-2, advanced to
70 L. and closed at 9S. Sugar advanced
to l61 3-4 on heavy buying, and then de-
clined to 159 1-2 The steel stocks were
active at times and both the common
stocks had good advances which, however.
were subsequently lost. Tennessee Coal !
and Iron advanced to ca SIS and retained
the larger part of its gain. Rubber went !
up point and one-half and then de-
'lired TO near the opening. Western Union !
went as high as 81 and closed at 80 a |
fraction above the opening price 1t is
suggested by some that this broadening |
Of the market to include the industrials |
which heretofore for two weeks have been |
dead, is one of the best signs |
d the Senuineness of the bull market. To |
hose who take this view 1t seems prob |
lble that the industrials may be leaders of |
he market during the remainder of the
week.
Brooklyn Rapid Transit was weak again
yesterday despite the promise of better
hings in the advance made on Wednesday.
md despite the immense earnings of the
system on July 1, which it was thought
would be likely to cause some boom in the
stock. 1t is stated that the earnings of
he system for the one day were S42 900.
III increase Of $4,000. The big increases
continue and the friends of Brooklyn con-
inue TO make their predictions of much
ligher prices for the stock in the near
uture. Il opened high at 49, and lost
wo points during the day, closing at
16 rs.
The action of American Tobacco was an
exception to the rule that the industriaIs
ost nearly all their gains in the latter
rading. As has been said, il advanced
o sS 1-2, the highest price for many days,
md closed near the top. 1t is said by peo-
de near to the management of the com
'any that there has been accumulation
i stock at the recent low prices, and that
he intention now is TO put the price much
higher. Conservative people continue TO
o refrain frop the tobacco gamble.
One OF lne ups IN circulation Yesterday |
vas that the Huntington securities are
ikely to be taken up this week by their
riends.
The gross earnings statements of South
IN roads were given out yesterday. They
10Th show the same magnificent increase
hat have characterized the statements OF
he roads in this section for the past year.
The gross increase of the Southern Rail
way for the last week of June was s12O,-
100 and for the month $277,O0O. The in
rease for the year was over SO 900. 600.
he total gross earnings for the year being
20, ,0i4, 500. This gross for the year If
he operating expense for the month of
une Is not larger than usual, will make
he surplus for the year about 4 per cent
n the preferred stock. Norfolk and West
IN for the fourth week of June shows
n increase in the gross earnings of
Sc, 400.
The Washington stock Exchange.
Regular call-U. S. 3s registered. $1,000
0s. U. s. 3's, coupon, S2O0d1O9; s3600
0s "a. Washington Loan and Trust, Ga