The times., 1899-08-30


The July gross. as has, been noticed
heretofore. is the largest eyer earned in
that month by the systenfI More than that,
if it compares TO the years gross as the
July gross earnings usually do. the total
for the year will be some thing like $44, ,000,-
600. The net earnings for the month are
the largest ever shown in<July and the in
dicate in a most forcible way that the net
for the year is likely to be very large,
something like 10 or 16 per cent on the
stock, in fact.
The meeting of the directors of the I'm
ion Pacific was held yesterday afternoon.
The advance of the dividend rate on the
preferred stock to 4 per cent was made,
as had been predicted 1t is to be remem-
bered in considering this action of the di-
rectors that the Union Pacific has the rep
utation of being one of the most conserva-
tive lines regarding dividends. 1t may be
taken for granted that the directors are
convinced that the rate can be maintained
at the present level In the opinion OF
some OF the best people in the street the
preferred stock is worth so, at least on
this showing. The recent advance in the
Union Pacific issues has apparently for the
moment discounted the news of increased
dividend, as there was no gain in either
when the announcement was made yester-
day. In fact, both the common and the
preferred stocks, after being strong during
the morning declined toward the close.
Brooklyn Rapid Transit was the most
buoyant stock on the list with a gain in
the early trading of nearly three points,
from 104 to 106 ga. The close showed a
good net gain at 105 Ia Flower buying
was persistent in the stock all day Man
haitian and Metropolitan were both well
bought in the morning, but later they more
than lost their initial advances. George
Gould is said to be bullish on Manhattan
Western Union held its own but made
only fractional gain after declining for
several days. 1t closed at So 1-2 The
selling of the stock has been caused by
rumors that the dividend will be reduced.
which may and may not have any founda-
tion. 1t is known that the company is
not earning the dividend, but as the full
rate was paid at the last quarter despite
this fact, it is possible that there will be
no change in the policy now. The meet
ing OF the directors to decide on the divi-
dend will occur in two weeks.
1t is learned from a reliable authority
that the new modern Waukegan glucose
works will start it's $4,000 bushel factory
IN few days, and that the Kankakee
factory is nearing completion The opin-
ion is expressed that when they all begin
to turn out their finished products there
will be no profit for either the Glucose
Trust or the Starch Trust.
International Paper securities were weak
yesterday. 1t is understood that the meet
ing of the directors for the consideration
of the dividend question VIII take place
today and the talk of thesstreet has been
| that the dividend would be declared with
out fail. A director Of the company is
quoted as saying that the surplus is much
more than sufficient for the dividend.
Republic Steel did not act in an en-
tirely satisfactory way yesterday and it
was said in some quarters that the insiders
were feeding out stock to the public. The
! outlook for the company is certainly good.
| The company is understood to be earning
the per cent dividend on the preferred
stock. and from II to 20 per cent on the
common stock in addition. American Steel
end Wire opened very strong at So but
during the day declined more than point
from this level. The street is inclined
to be bulish on the stock, and 1t would
cause little surprise if a good advance
should occur in 1t in the near future. The
action of the company in giving the Stock
Exchange fulf report on its affairs is
looked upon with much favor by people
who have heretofore been averse to its se-