The times., 1899-10-05

tive instead of the present s per cent cumu-
lative. In return for this the eommoa
stockholders are recommended to turn
over 90 per cent of their common stock ID
the preferred stockholders The plan
means that the preferred holders will sur
render in actual back dividends due, % per
cent, or about $500, ,0C0, In addition to
per cent yearly Tin promises) in the flu
ture. They receive in return about one
share of common stock for two of their
present holdings of preferred. The COM
mon stockholders are brought nearer to
dividends for their stock, giving up half OF
their holdings for this promise. The ad-
vantages of this plan would seem to be
largely with the common stockholders but
as the entire deal is largely matter of
futures, and apparently rather distant
futures, too, perhaps it does not matter
much. The Leather stocks at first ad
vanced sharply on the announcement that
the plan had been decided on, but later
there was a slump, and as a result they
made less net gain for the day than the
majority of stocks. : a
There has been a sharp advance in Pull
man stock in the past few days, and a
rumor has been afioat that a me on OF
some kind is to be cut. No particu ars are
vouched for, but it, is said that an extra
dividend of 10 per cent or more is likely as
result of the sales of property at Pull
man recently.
The grangers were all strong. st. Paul
especially making a good advance on ex-
cellent commission buying. The earnings
of st. Paul for the fourth week of Septem-
Der, showing a gain of $4,000, were well
received, and the street seemed to take a
saner view of the advance in the price of
wheat. ST. Paul went as high as ia 1-S,
and closed at the top price Atchison pre-
ferred went to 81 12 and closed at 62 Ia.
Rock Island closed at 112 Is, and Burling
ton opened at 129 and closed at the same
figure, with a small net gain for the day.
The New York traction securities were
not especially active, but they all made
small net gains. Tips are floating in the
street very generally that both Brooklyn
and Manhattan are soon TO advance, but the
talent is somewhat afraid of them. Offi-
GERS OF the Manhattan state that on Fri
day the system hauled 100000 passengers,
on Saturday 1900 0G0, and in four days of
the Dewey festivities about 100000 peo-
pie.
The annual statement of the st. Louis
Southwestern is in every way fulfillment
of the promises made for the system by its
friends. Figures have been given here
tofore. but 1t is interesting to allude 10
some of the more striking features of the
showing again. There was an increase of
II per cent in the gross earnings Of the
company, and a very slim increase in the
operating expenses made possible net
earnings nearly double those of the pre-
vious year. The surplus over fixed charges
was nearly four times as large as it was
in 1898 There We're large increases in
both passenger and freight traffic. and
rates were maintained. AS a result of this
good business the line starts the current
year for the first time in its history, with
no floating debt.
The Norfolk and Western securities were
! fairly active and strong yesterday, inter
est having been renewed in them by the
August statement of the company, which
was issued yesterday. Gross earnings for
the month were 81, IA 400, an increase Of
about 100000 and net earnings were
$442, Gil, an increase of about $132, 900. The
surplus for the month was $252, ,012, sn in
crease of about $12S,000. The showing is
a fine one. The company earned last year
and paid per cent on the preferred stock,
and had surplus after that of about 2
per cent on the common stock. The show
ing in both July and August of this year
has been appreciaby larger than that of
last year. 1t is realized that under the
circumstances the preferred stock selling
under 10 is very cheap and the common
under % also most attractive