The times., 1899-08-07


] when the line connecting these two sys-
I tens is finished and through trains are
put IN operation between Chicago and the
| Gulf 1t is expected that the income of both
| will be considerably larger.
| Henry S. Kerr, OF the banking firm of
Redmond, Kerr & Co, who has Just re-
turned from visit TO England, said yes
terday: The British sentiment toward
American stocks and securities has under
gone great change in the past few months,
and where financial people were adverse
to them some time ago they now regard
them with growing favor. The feeling that
American securities were not good invest
ments at the present low rate of interest
is rapidly disappearing. 1t is now con-
ceded that the great railway properties here
are being eonservatively managed and that
the prosperity which has recently caused
such an appreciation in values has come
TO stay. The money market in London
promises to continue firm for some time.
The banks will no doubt use every artificial
means to prevent gold shipments to the
United States, but will probably be COM
PEELED to lose gold this autumn. A flow ct
yellow metal this way can only be checked
aftersaour ecersals,Y begin to go abroad
by the borrowing, of money from New York
by London and Continental Europe"
The rapid advance of Tennessee Coal and
Iron during the past week has been one
of the wonders of the market and there
is much comment over the probable future
course of the stock. 1t held up we'll during
the declines after the appearance of the
bank statement Saturday, as it has at
all times recently, despite the many pre-
dictions week after week, that it must tum-
bic precipitately. It is said that the company
is now selling iron at $3.50 a ton, which
was sold only few years ago as low as
$3.50 ton. The gain in price is for the
most part profit. This is one indication
of the reason why the insiders are buying
the stock. Notwithstanding the undoubted
great prosperity OF the company, however,
It is felt by many Conservative people that
the present price of the stock is high
enough to make it advisable for the ordi-
nary speculator TO Keep away from it.
Brooklyn Rapid Transit has continued
somewhat weak during the past week. and
although the friends of the company have
been pointing out the fact that the earn
ings Of the company have really fallen off
surprisingly little during the strike it
cannot be said that there is much enthu-
siasm over the stock anywhere. The most
careful analysis of the company's earnings
possible from the meagre figures given
does not give much ground for hope of
dividends for the stock at any time in the
near future. The earnings of the system
this year, leaving out those of July, have
increased about SO 600 a day. 1t is esti-
mated that an increase of S., 900 day and
a reduction of 10 per cent in operating ex-
penses from last years basis would be
necessary to put the company in a posi-
tion to pay per cent dividends.
Wall Street heard yesterday of the for
nation of another trust company, to be
known as the Bankers Trust. II viii have
a capital of 81, 500 000 and surplus of tine
same amount. 1t is said that subscriptions
are being taken at 200. Among the lead
ing organizers of the new corporation are
1t is added, Ladenburg, Thalmann Co
and P. J. Goodhart e. Co., both of which
firms are said to have subscribed for a
large number of shares for their clients.
The officers and directors of the company
will be well known financiers, it was said.
From apparently trustworthy sources it
is learned that the Hartman syndicate
has secured an option on the Pittsburg and
Gulf road, and that il the deal goes
through this property will be annexed to
the Alton in the near future. The Pitts
burg and Gulf road is now in process of
reorganization The Pittsburg and Gulf
road connects with the Alton at Kansas
City and extends to the Gulf of Mexico
at Port Arthur. 1t has planned an extern
sion to the Mississippi River at Quincy
Among the leading interests in the man
agement are representatives of Drexel &
Co, Norman B. Ream, and John Lowber
Welsh. It's capital stock is $40, ,925, 900 and
bonded Indebtedness $19, zoe, 900.
"
Chicago Grain and Provision Market