The times., 1899-07-12


would have held their own in earnings.
This at least is the case with some of ,he
roads. st. Paul is undoubtedly the most
attractive of the stocks of the group at
present because of its entirely unprece-
dented showing of earnings, and because
an increase in the dividend rate is said to
be assured. Predictions that the price of
the stock will cross $50 are heard fre-
quently of late, The ether granger securi-
ties are also very attractive. however. St
Paul led the advance of the market yes
terday and before the close had scored two
points net gain from the low level of
Monday. Burlington and Rock Island ad-
vanced a point each. Atchison preferred
went up to 81 and fraction.
1t is understood that Atchison's net
earnings for the months of May and June
will show better than million dollars.
This will make an increase of something
like 500, eco for the two months. and will
make the total increase for the year some
thing like s1.790000. At this rate the
surplus for the preferred stock will come
near to 8 12 per cent. When it is remem-
bered that the larger part OF this increase
in net earnings has been made in the last
three or four months of the year and that
the reduction OF operating expenses may
be said to be only. beginning, so that the
promise for the coming year is much bet
ter than the past has been, 1t is not sur
prising that people buy Atchison pre-
ferred with considerable confidence de-
spite the pessimistic talk OF the bears. 1t
is undoubtedly true that a clique is push
ing up the stock at present, but the public
also is very friendly to it. The attention
Of careful investors,is called to the Atchi-
son adjustment bonds, on which the inter-
est was earned three times over during
the past year. These bonds are selling
fifteen points below par at a price where
they net the investor per cent.
The Louisville and Nashville dividend is
to be 1 1-2 per cent regular and 1-2 rer
cent extra, as was predicted in this column
last week. The statement of the company
shows that the earnings for the year will
equal better than 4-3-4 per cent on the
stock. The surplus is s2,557 .697, or Asa
per cent on the capitalization. to be ex-
act The surplus increases S924,777, or
more than 80 per cent. This statement is
the more remarkable and the more salts
factory when it is taken into account that
the physical condition OF the system Is
magnificent, after years OF heavy expen-
ditures for betterments, all charged to op-
Grating expenses. There is the promise OF
future much smaller operating expenses,
which will show heavily in the net earn
ings during the coming year. Louisville is
selling at a high price, the highest for
many years, but on the basis OF its earn
ings and prospects there is no reason why
it should not sell at a much better price
yet.
Manhattan continued its erratic course
Yesterday, advancing three points after be-
ing the weakest stock on the list on Mon
day The general feeling in the street IS
that the stock is getting ready for large
I 81, halra of c1n
of manipulators. This, however. may OF
course prove to be far from the truth. The
other New York traction securities were
! not features.
The advances of the day were universal
| and except for the grangers it is hardly
! possible to pick out any group that was
| especially active or buoyant. The Wander
! bits generally were strong and they all
made good advances during the day. Union
! Pacific common and preferred both ad-
! vanced quickly after their rather heavy
| losses Of Monday. The common stock ad-
vanced a point and half from the lowest
price of Monday and closed near the top.
! Northern Pacific common was also active
| and buoyant and apparently was bought
| heavily for inside interests. The dividend
OF per cent, which was Eek was more
than regained. The earnings of Northern
Pacific have been almost as remarkable as
those of st. Paul.
Missouri Pacific is considered one of
the best stocks on the list in its pros
poets for a large advance in price dur
ing the coming months. The road has
made an excellent earnings showing dur
ing the past year and has ahead of 1t the
| excellent outlook for an immense corn
crop, In addition to a general traffic that IS
increasing rapidly The stock is selling
several dollars a share below so, and has
been one of the chief objects of attack
from the bears but the Missouri Pacific
is a system that rejects the general finan-
cial condition of the country in its earn
ings quickly, and it cannot be doubted
that If the present outlook is fulfilled ii
will sell very many points higher in the
near future. The statement is made by
people in a position to know that the
Goulds intend TO give the road and its
stock their careful attention during the
coming months. Mo. P. advanced q
point and a half yesterday ana closed
near the top price for the day.
Big Four is attracting the attention o.
conservative people, and it is predicted
that it will have an excellent advance il
the next month if the general market is
in the least favorable The outlook fol
the system is fine. Almost its entire
earnings for several years have been pu
into betterments, so that now it may b'
said truthfully that it has been rebuilt
and re-equipped. And all this with not
dollar added to its capitalization. which i:
the smallest for any important railwa!
in the country.
The Washington stock Exchange.