The times., 1899-08-06

! Other income. 1lH Inc BUDS
Total income. .s1.772 $40 Inc sI9l. .7Os
op exp. and taxes....... 1,2s9,o25 Inc so,sss
Net income. me......... s4s5,eoi Inc. s91, $50
Charges .................. 322, 500 Dec. 1929
Surplus ................. sles,1o4 Inc s95,74o
From April TO June 30
Gross earnings. :..-......S SIS on Inc S54,9ll
Other income............ 3s,775 Dec. 2,666
Total income. .s96,s17 Inc. $50, PAS
op. exp and taxes........ S,522,545 Inc. 62,995
Net income. 81 ,272 Dec. Slo,55o
Charges .................. 967,50o Dec. l4,7ss
Surplus ........ 4oe,772 Inc s4,u3s
! 1t will be seen that the June earnings,
/ both gross and net, made large increases,
J as was predicted. thus making up in large
measure for the comparatively poor show
/ ing of April and May The immense early
movement of grain in 1928 was abnormal,
due entirely 20 the Letter wheat deal. 1t
was followed by small movement in June
and July on the Rock Island. The weekly
increases in earnings of Rock Island
this July have been very much larger
/ than the June increases were for
| the same reason. The yearly state
ment of Rock Island showed per
I cent earned on the stock and friends
viii be surpassed in the current year.
Rock Island, with the other grangers, de-
clined yesterday in a somewhat discour-
! aging way. Its closing price was III 3-S,
which is three points lower than the high
price for the week st. Paul closed at
I30 IA more than three points off, Bur
lington at 135 rs. and Atchison preferred
at 60 1-2- Small holders OF these seeuri
ties have been taking their profits perhaps
with good ludment. They will begin TO
buy again if there are any further de-
clines tomorrow There is no evidence
that important people have liquidated.
Louisville was again yesterday strong
when the general market was weak This
stock has been affected somewhat by the
fear of yellow fever and by the general
apathy in railway stock. but at the end of
the week il shows less loss than almost
any other railway stock. Its movement
has been another illustration of the conf
dence of conservative people here and in
Europe in the system and its management.
There has been some adverse comment
over the showing made by the Pacific Mail
Company III its statements for June and for
the two months ending June go of its new
fiscal year The company earned gross in
June of this year. S29S goo, which compares
with S400, 900 in June of last year and $685.
600 in the previous June. The net earn
ings for the three years were $73, 700 la
1899; $115 coo in 1898, and $50, 600 in 1897
1t viii be seen that the gross is not only
less than II was during the war year, but
also less than in 1897 by S100, 600. The
showing of net earnings is not much better
The statement for the two months is
similar in effect to this. The stock was
sold somewhat persistentiy yesterday on
this showing and ii is now understood why
IL has not advanced as many had hopeda1
il would with the remainder OF the market
recently. Strong holders of Pacific Mail
viii not sell out their. stock. however, and
there can be little doubt that their faith
will be rewarded In an immensely expand
ed business during the coming years of
American exploration in the commerce of
the Orient The subsidy bill also will turn
an immense amount of money into the
Golfers OF the company if ii is passed as
many believe il will be during the coming
session. This will be net income also, with
no deductions to make unless perhaps for
cost Of legislation.
The industrials have been the most con-
spicuous features of the market during the
past three days, and despite smart de-
clines made by nearly all the active issues
yesterday, the net gains of this group for
the week have been large. Cliques have
been at work in a mastery way with the
Tobacco securities and with Tennessee
Coal and Iron and other securities have
advanced in sympathy with these stocks
It has been one of the recent Wall Street !
sayings that 1899 is railway year. but it
is also an industrial yeer quite as much |
in the immense business and immense |
earnings that these companies have shown. |
Many conservative people are investing in
the securities of the best of these indus !
trial corporations in the hrm belief that |
they must enhance in val,Ie rapidly during |
the coming months fer the very good rea-
son that the concerns are earning large
dividends and in a fair way to earn larger |
ones later This movement has been re-
tarded by distrust that the bogus securi- |
ties of this class may at some time in the
future carry down the good with them in
a general crash. There are evidences that
this fear is growing less, that discrmina-
tion is being used, between the bad and
the good, and that a healthy activity in
the meritorioEs issues is near at hand
An apparent disposition on the part of the
companies themselves to let their stock
holders into their confidence regarding
earnings will do much to bring about this
result IL ii is carried out. Federal Steel
common and preferred Steel and Wire
common and preferred Colorado Fuel and
Iron, National Steel, and one or two others
Of the stocks OF companies allied with the
iron and steel industry are believed to be
sure OF big advances in the near future,
or when the market begins its big upturn.
The Chicago Great Western securities
continue to attract the attention of con-
seryative investors