The times., 1899-03-04

eral principles. but the steel and iron
business at present is the best in the
country, and its prospects for several
years TO come are extremely satisfactory.
ana whlie an industrial concern may do
poor business it must also be remem-
hered that its possibilities are greater than
any railroad can have. Its field is the
world. while the railroads are restricted
70 the immediate territory through which
me! run. II is stated by good author
ltles that the Federal Steel people will
earn somewhere between and 10 per
cent Tor the common stock this year. The
common stock did even better than the
PFeierred yesterday, making an advance
Tor the day of nearly three points.
The Steel and Wire shares followed the
lead OF the Federal Steel securities scor-
ing good advances and closing the day
at the top.
Inc st. Paul road is doing the finest
business OF any railroad in America and
perhaps in the world. Something like 10
per cent is being earned on the common
STOCK. The statement for the fourth week
oil February, although il shows com
pafatlveiy small increase over that of last
year Is. nevertheless, the largest in the
history OF the company for the same week
with one exception. These facts and the
Almost certainty that the earnings will
continue TO increase makes the coming ac-
l!oh OF the directors on the dividend Ques-
uoh most interesting one The meeting
viii occur next Tuesday. There is dis
position TO believe that the per cent rate
VIII not be increased. owing TO the anor-
nous improvements that have been made
and are contemplated, all of which are
10 be charged 10 operating expenses and
taken G out OF earnings after the payment of
hNed charges. Stockholders, however are
not disposed TO part with their holdings
lor TINS reason and on the other hand
there Is a constant increase of investment
buying to be noted at the lower prices of
the week.
The ST. Paul earnings statement yester-
day had the effect of steadying the gran
gers and during nearly the entire day
their course was upward All Of the
group made excellent net gains. Burliny-
ton especially reaching 141 is, and closing
at that figure over two points above the
opening. II there is to be a further adj
vance in the market the general opinion is
that the grangers will probably be well al
the front Of il.
Southern and Central Pacific stocks
were both strong yesterday, though Cen
tral Pacific made no net gain, and the
Southern advanced only fractionally. The
earnings statement OF Southern Pacific
came out yesterday and was at first
thought not to be wholly favorable as
decrease in net earnings was shown II
was shrewdly suspected, however. that the
immense operating expenses shown We're
to certain extent due TO a desire not TO
make too good a showing to the Govern
ment. The gross earnings were phenom
enal. The figures follow: January, gross
si,702, 1S7; increase $685. 900. Operating
expenses, s3,352,6s increase, s48l SOC
Net earnings. 81, $500 0GO; decrease. SAG
1856 From July / to January l. gross
earnings. $35, ,43S, ,66s; increase. 81. 6OO. Al
Operating expenses. 222l3. .7S7. Net earn
ings, $l3, ,22i.SSl; decrease, $2S7. $50. There
is nothing in this statement that need
cause uneasiness TO the holders of the
stock, and il is predicted that the buving
of both Southern and Central Pacific will
be excellent when the bull movement be
gins.
The Union Pacific earnings for the
month of January were excellent. The
gross shows an increase of $l52. $50 and
the pf