The times., 1899-12-28

next two or three weeks, the flow of money
from the West and from Canada and the
recent very heavy buying Of securities for
cash are the bullish elements in the sit
uation, not to mention the general pros
perity which cannot fail 10 have its effect
in time, even although the recent break
in prices seemed to many TO have proven
il futile as a bull argument In the gen
eral news indicating The nature of this
prosperity were a number OF fine state
ments OF gross earnings yesterday, the
Atchison monthly statement and the full
figures of the annual report of the Union
Pacific. There are naturally manys bears
in the market after the good recent ad-
vance but their work Yesterday was with
out appTeciable results except In Brooklyn
Rapid Transit The best advice given in
conservative bullish quarters was to buy
the Paciiics the Southern Railway Sc
Curities. and the steel stocks on all de-
pressions during the remainder of the
week There will be no market from Fri
day until Tuesday and the bank statement
therefore viii not be known until after
the close of business for the week. but
The general impression is that il viii
make a good showing.
The full figures Of the annual statement
Of the Union Pacific Company are most
interesting and encouraging A resume of
them is here given. The gross receipts
from operation were $l9.S1l. 64l.o4, the
operating expenses and taxes S1l,4I2 I67 So
and the net earnings thus SS,39" 1924.
Miscellaneous income from other sources
than operation Increased this latter sum
TO Se.6lS 20S.SS. The interest on the fund d
debt was 50, ,SS0,G00 leaving a balance Of
s., ,7SS ,2OS.SS. To this should be added the
sum of $195, ,159. received from holders of
Oregon Short Line stock in part payment
for new Union Pacific stock. issued in OK
change therefor. The total amount eX-
pended in the payment OF TWO dividends
was 81, sos eco. leaving a surplus for the
year Of s., 95S. .361.SS. The company eN-
pended during the year a very large sum
for new rolling stock and al the end Of
the year had increased the capacity Of its
freight cars actually - per cent. Since
the latest date covered by The report a
further increase has been made so that at
present the capacity of the cars is more
than so per cent greater than il was in
June, 1898 The number Of new freight
cars, all of a larger capacity and generally
better grade is nearly 5000. Large i'm
provements have been made FOR new rails,
ties, renewals and maintenance generally
In shortening the line in various places,
and il the construction OF bridges These
Improvements VIII have an immediate
effect in the saving Of the running time Of
trains and in the increased tonnage of
freight trains. which will result in greatly
increased efficiency and economy Of opera
ton. The amount remaining after the
payment Of the dividend on the preferred
stock viii be sufficient for somewhat more
than > per cent on the common stock, but
the expenditures for permanent improve
ments which might have been charged
rightly enough to capital account we're
equal 10 more than 2 per cent on the COM
mon stock so that the system actually
earned above operating expenses fixed
charges and preferred stock dividend some
what more than per cent on the common
stock IL is said 10 be the opinion Of a
majority OF the directors of the company
that a dividend shall be declared On the
common stock this winer. What this diyi-
dend viii be is not, perhaps. so well as
sured. but il seems probable that it viii
be at the rate Of per cent at least.
Union Pacific common and preferred were
both strong yesterday, the common getting
as high as IL Ii. and closing at Il, with a
fine net gain for the day. The Northern
Pacific securities and Southern Pacific were
also strong all day, and all closed with
good net gains at the top prices for the day.
The November statement Of the Atchi-
son shows en increase OF surplus Tor the
month Of more than S430 600 Fuller fig
ures are not available as yet but the
statement is excellent, and in keeping
with the superb record made by the com
pauy during the past year and more. Ac-
tive buying OF the preferred stock all day
showed that the big increase in earnings
made Is fully appreciated by the friends OF
The company and of the stock. The high
price reached by it was 60, and the close
was az - ga AtchisOn has recovered
more rapidly than almost any other railway
security from the prices of a week ago, and
for the best Of reasons. The other granger
securities were all bUOyant Rock Island
getting as high as log and closing al the
top price, Burlington getting as high as
l22 and closing al l21 3-4. and ST. PAU get
ting as high IS l13 I-2 and closing al the
top. The gross earnings statement of 81.
Paul for The third week Of December was
not as good as those Of recent weeks, but
sliIl showed q gain OF about 81, 600.
Chicago Great Western, the Little
Granger has made two interesting re
ports one for the month Of November and
one Of the gross earnings for the third week
Of December. The gross earnings for the
week show an increase Of $I4,S55, and the
gross from the beginning OF the fiscal
year an increase Of SAG 335. The November
statement cf the company is as follows: