The times., 1899-08-23

|
| Brooklyn will sell at so. r Now, consider
| ing the two facts togetheF-th powerful
clique is selling Brooklyn and that it has
access to the books of the, company many
[ will be inclined to believe that at least
one insider is bearish on Brooklyn. And
| it is corollary suggestion that the stock
may sell much lower, without much refer
ence to the earning capacityJof the COM
pany. The low price reached yesterday
was 100 Ia. 81
The statement will of course be tortured
| into showing almost anything according
| to the wishes of the torturer- AS matter
! of fact il is about what might have been
| expected, not as good as the public has
| believed and not nearly as bad as many
will now be inclined to call it. The COM
pany has not earned a dividend on the
stock and will not pay one naturally. The
outlook is good for the coming year, how
| ever, and 1t is quite within the bounds of
| reason TO believe that before the year is
/ out the concern will be in position to
| make a good payment to its stockholders.
Mr.. Flower based his hopes for the stock
on the future earnings of the company.
He bought it on its prospects and 1t is
| not possible that he expected to receive
any dividends on his stock Immediately.
! Other good friends of the stock have also
| bought it on its future prospects. Mani
| d
or five per cent this year and more next,
and in time to be gold mine such men as
! Mr. Flower would be shrewd in investing
| in its stock even at par and above, on
! these prospects. The public, however, will
! not see the thing in this way probably,
and therefore the public may be expected
to help the clique push the price of the
| stock down The statement was given out
at this time apparently to stem the tide
! of selling, but it will almost surely have
the opposite effect
The gross earnings for the company for
| the year ending June 80, were $7,412, ,494,
| the operating expenses $4,669,371, the net
earnings 2,743 463, the fixed charges 81,
| 2S9, ,908 and the surplus $459,167. These
] figures simply show what the various lines
! composing the company have done since
! they have been in the company. large
! part of the entire system has been taken
in only since last April, and the effect
| of the business of these lines is all shown
for the months of April, May, and June
| The present earning capacity OF the en-
| tire system will not fall far If any, below
! $4,000 GOO. If with the gross of $12, 100000
this year the operating expenses can be
kept down to 63 per cent. the rate shown
| in these figures, it can readily be seen
that the chances for dividends are excel
lent.
Manhattan and Metropolitan Traction
were both very weak in sympathy with
Brooklyn. Manhattan declined TO III, and
Metropolitan to 201. 1t seems probable
that these securities may follow the for
tunes of Brooklyn again today.
The statement of Tennessee Coal and
Iron for the month of July was also made
/ public yesterday, and it was also disap-
pointing to many, who had expected much
more snowy figures. The net income of
the company for the month increased S67,
| 204 and the surplus Increased S6S, 100 The
company officers state that up to within a
very short time they have been working at
old rates on old contracts and the in
| crease in income will from this month be-
gin to show a very large gain There was
some selling of the stock yesterday when
| the statement appeared but the buying
was also heavy, and after going only as
| low as 81 Ia the price advanced again
4 to SO. SIT
Sugar stock was very nearly as weak as
/ Brooklyn, under the pressure of heavy sell
ing for both the short and the long ac-
counts, the realizing at one time being
particularly noticeable. The stock went
off to 152 rs and rallied only to 153 81.
the net loss for the day being more than
four points. The street took lthe cutting
of the price of sugar seriously, on the
theory that it only mean that the
| trust intends to fight again and fight hard
too. The only other explanation of the
matter is that the Sugar people may wish
| to buy Sugar stock cheap.
American Steel and Wire common and
preferred opened off yesterday, and dur
ing the remainder of the day refused to go
any lower. The closing quotations in both
| were a trifie higher than the first prices of
| the day There is no particular reason to
| believe that these stocks will go lower at
| the present time. Careful market people
are looking rather for quick recovery.
/ The application of the company has been
| held up temporarily by the listing commit
tee of the Stock Exchange, apparently be-
/ cause insufficient data was furnished in
the statement of the condition of the busi-
ness of the concern. 1t is reasonable to
| suppose that the company will wish to fur
nish the further facts needed, and that in
! a short time its securities will be admitted
to the list. If it is not willing 10 furnish
the facts the securities should not only be
| kept out of the listed department, but
| thrown out of the exchange entirely.
With disappointing statements, sugar
| wars, and more bear news regarding the
| Steel and Wire securities all influencing
the market, the grangers and the railway
list In general held their own very well
all day, and closed with only fractional net
declines. The record is an excellent one.
Among the grangers Atehison preferred was
the leader, both in activity and strength.
1t was bought steadily all day and after
| advancing to 81 SIS, closed at 81 is,
gain for the day. st. Paul went off to 134.
| Burlington TO 136 Ia, and Rock Island TO
119 IL al the close. One of the statements
regarding ST. Paul is that the company is
to be run on much smaller operating ex-
penses proportionately during the coming
year. The usual rate of St. Paul has been
about so per cent recently, and it would not
surprise people who are usually well in
formed regarding the company If this rate
were sent down several per cent. With
continuance of the increase in gross earn
ings which is also predicted with confidence
il is stated that the earnings on the COM
mon stock for the remainder of the calen-
dar year will likely be Is per cent.
The coalers were taken up in the early
part of the day yesterday, but the break IN
Brooklyn affected them, as it did the re-
mainder of the market, and the friends OF
this group were again disappointed.
The Chicago Great Western securities
were strong though not active. Well in
formed people are particularly bullish on
these stocks.
Norfolk and Western common was one OF