The times., 1899-10-28


by traders, but no impression could be
made on them. Atchigon preferred closed
the day with a fractional advance, as did
Burlington, and the declines in Rock ISL
and and St. Paul were of the same nature.
Atchison preferred has been one of the
steadiest securities on the list for some
time past and its prospects certainly war
rant this. A fuller statement OF the bust
ness of the company for the first three
months of the year is here given:
September 1859. Changes.
Gross earnings 50 936,3IO Inc. s5lO 727
Operating eXpenses...-.. 2,390,260 Inc. 90 SO
Net earnings. ......... $l,546,O50 Inc. s489, ,ss6
Taxes and rentals..-..-.. 1899 Inc 1920
Income from operation 81, 4o2, 100 Inc. sia5,2o5
age ................... 7.I8455 Inc. lo2.7o
Three months Of the fiscal year TO September 30.
Gross earnings $40. 723857 Ines .585 es8
Operating eXpenses..... 7,0l5,O99 Dec. 1853 l72
Net earnings. ........, s8,7I4,227 Inc l,695,slI
Taxes and rentals, 42g.678 Dec. 420
Income from operation s., ,2sl $50 Inc 81, ,Gg6 73I
Average operated mile
age Observation-Disclosures. i,lZLbJ Inc. l3l-35
Probably no one connected with the At
Gibson system a year ago would have dared
to predict that the income from operation
than double that for the same period last
year, yet that Is exactly what has occurred.
The present rate of earnings gives every
promise that more than ) per cent will be
earned on the preferred stock this year.
The income from operation viii be more
than $4,000 600, and probably it Will be
more than $13,0000OO.
The coaIers were again neglected and
uninteresting. The net movements in the
stocks were downward, although they were
small The coalers seem likely to advance
with the remainder of the market. though
there are many more attractive stocks on
the list, They are not satisfactory securi-
ties to trade in on account of Mr. Keene's
professional tactics, which usually get the
public into them at the top and out at the
bottom.
Ontario and Western is perhaps the most
interesting of the coaIers at the moment on
account of its fine earnings statement for
September, and for the first quarter of the
fiscal year. The net earnings for the quar-
ter, over half a million dollars, are at a
ratio which if kept up for the entire year,
viii give to the stock, after all charges,
something over 3 per cent. If the stock is
divided into common and preferred a divi-
dend of + per cent can undoubtedly be paid
on the preferred and a surplus left in the
treasury. The stock is most attractive at
its present price.
Tennessee Coal and Iron and Colorado
Fuel and Iron were both lively at times
yesterday. and they both made net gains
for the day. Tennessee Coal and Iron was
at one time bought in large blocks, and 1t
had all the appearance OF getting into
another big advance. The street is a be-
liever in the stock, although it is selling
so much higher than other securities ap-
parenuy SO much more valuable and salts
factory.
Sugar and Manhattan, which have been
/ among the leaders of the market this
week, were sold and went OF yesterday a
point or more each under heavy short sales
/ The tips were still to buy them both for
much higher prices in the near future
Pennsylvania was inactive yesterday, but
it held its own with nearly all the advance
made this week. The stock is losing its
attractiveness to many as a speculation
now that it is becoming generally under
stood that the dividend is not to be in
creased this year or any extra paid. The
tremendous expenditures to be made for
rails are 10 be charged to operating ex-
I penses, and no addition is to be made to
the capital stock. This policy of putting
all earnings over per cent into bet
terments and into the already immense
surplus is a supremely conservative plan
but it cannot be said to be a popular one
even with reasonably conservative stock
holders.