The times., 1899-09-28

do so. and, on the other hand, If for
! any reason they would not object to
decline the removal OF their support would
probably cause good slump at any time.
The company is undoubtedly doing very
profitable business. but it is doubtful II
as yet there IS any intrinsic reason Tor the
stock selling above par. Colorado Fuel
and Iron did not seem inclined yesterday
to follow in the lead of the Tennessee
stock
The selling of American Tobacco during
the past few days was on account OF the
inside tip that the dividend on the stock
would not be increased to per cent, as
had been predicted. The directors met
yesterday and declared the regular 6 per
cent rate. and there was some covering
and consequent advance in the stock.
The street is not particularly enthusiastic
over the prospects 1of the Tobacco issues
for the immediate future, but in this case
also the inside control may put them Up
or down much as it sees fit.
The gossip yesterday was most optimis-
tic regarding Southern Pacific. 1t was pre-
dicted that the August earnings of the
company would prove to have been very
large, a million net,3in fact. The stock
was well bought, and advanced to 81 rs,
closing near the top price. 1t is considered
a good purchase and conservative people
are of the opinion that it will sell many
points higher before the, end OF the year.
The Southern Railway CO. reports for August
1899. Increase
Gross earnings. s., 400, 1870 S364,105
Operating exp. and taxes. 1,695,792 1sS,ISo
Net earnings. ....,,..... s7s4,3ss slso,s75
From July to August 81;
Gross earnings. 81 .714,524 s474,S69
Operating exp. and taxes. 3,274,673 2o6,V4'
Net earnings. s., ,4ss,s51 s26s,s22
The statement is in every way satisfac-
tory. The gross for August is the largest
in the history OF the company and the net
has been exceeded only in three months,
all during the latter part Of last year. The
same rate of increase during the entire
year as that for the two months from the
beginning of the fiscal year would make
the total earnings something over per
cent on the preferred stock. 1t is not PROB
able that such an increase will be kept up,
of course, but there can be no doubt that
a fine showing will be made from this time
The Southern Railway is in as satisfactory
a condition at the present time as any other
| in the country, comparatively speaking,
and it is hardly to be doubted that the
stock will reach much higher level If
there is any general advance in prices.
| The net earnings of the St. Paul system
! for the month of August show an increase
! of only $74, ,000 an amount which seems to
bear a very unsatisfactory ratio TO the in
| crease in gross for the period. The man
! agement of the company appears TO be
] pushing its policy of conservatism to the
extreme, in using up such large part OF
gross in operation (Which means largely in
n f0r rna a
way and equipnenD and the stockholders
/ of the company are not TO be blamed per-
! haps for some dissatisfaction. AS to the
| immensity of the St. Paui's business there
| can be, Of course, no question, and no fault
to find All the granger shares made net
| gains yesterday, though they were only
| fractional In each case. Atchison reached
63, and closed at SO rs, being particularly
strong on account of the general satisfac
| tion over the August statement of the COM
pany. ST. Paul went as high as 127, and
closed at 126 rs.
The buying of Brooklyn Rapid Transit
continued and was still attributed to i'm
portant interests. The stock went up to
80 5-8 and closed at 80 Is. Metropolitan
and Manhattan were also trifie stronger.
The earnings of the Metropolitan on Mon
day were the largest in its history, showing
an increase OF $l0,0u0 over those or the
same day last year, and it is stated that
the daily business continues immense.
Sentiment is rather bullish regarding all
the traction shares ct the moment, perhaps
on account of the fine business that the
companies will do In the next few days
Sugar had a good turn for no reason that,
could be discovered and therefore prob
ably simply because the insiders desired it.
The Linotype Association of Mergen-
thaler stockholders will hold a meeting to-
night at 7:30 o'clock at the Grand Army
Hall. All stockholders, whether members
of the association or not, are invited to be
present The Mergenthaler directors will
meet on October 16. 1t is understood that
the books of the company now show a sur
plus of something like 2,500,000, as the
result of the four years operation since
the increase of the capital stock.
Washington stock Exchange.
Sales-Regular Call--Capital Traction.
160@93, 6OG93 Is; Ches. and Pot. Tel. 10
ar; Mergenthaler Linotype 10@207, 100
207 IA; Lanston Monotype, 30@17 3-s.