The times., 1899-08-09
earn five per cent or better for the stock
during the coming year

earn five per cent or better for the stock
during the coming year
The weakness of wheat yesterday had
its effect on the grangers- 1t is believed
that the Government crop report tomorrow
will show most encouraging condition of
things to exist in the West, and the crop
experts generally now agree that the corn
yield will be stupendous, 2,200, 600. 600 bush
els at least. These facts mean big earnings
for these lines. and all the bears can say
about the present level of prices being too
high will not prevent people buying stocks
II earnings continue to increase.
Consolidated Gas, which has been weak
for several days. had a squirt yesterday. IL
opened at 1I5 IL and went TO 179, closing
at 17S IA. The gossip in the street dur
ing the weakness of the stock has been
that the divideIN is to be cut to per cent
yearly, instead OF g. the present rate, and
8, which was the rate before the gas war
began. There We're denials OF this story
yesterday, but many are inclined TO believe
it, despite denials and the strength of the
stock
Sugar was one of the features of the day
and one of the exceptions to the general
dullness in the industrials. II advanced
from 1912 to 1862 ga. The closing price
VI thS ody was Luz IL. anu tueiC Was Qt-
mand for the stock up to the close.
Union Pacific common advanced to "A 5-S
from low price of; 43 ga. The preferred
also advanced nearly point. There is
good investment buying in the common
STOCK especially, and the street is bullsb
on it.
The most recent application of cold water
Qaf1fd rTr,,, ,,-,t t. 49,
of statement that John B. Rockefeller
has sold his very large holdings of the
stock, estimated at 10000 shares at least
1t is stated that he has not share of the
STOCK in his name. The bears make a
strong argument against Brooklyn in this
and the bulls have no particularly rosy in
depreciation to put upon the fact. Brook
lyn is one of the stocks that many con-
servative people have immense faith in as
future possibility, but consider very
nearly, If not quite, worked out for the
present as bull card. It is impossible to
doubt that such property as this immense
street railway system, owning everything in
the way of street railway transportation in
such big section of Greater New York
will not in the near future be immensely
profitable. Many believe 1t to be one of
the finest properties in the world But as
to the immediate future, the question is
is bull or a bear on the stock. The sys-
tenn is earning $4,000 day more this year
than 1t did last or was making this good
record until the Strike trouble. This in
crease, however. IS far from enough to
make the total gross for the year S1S S,000,
900. which would be necessary to provide
8 per cent for the stock if operating ex-
penses were rs per cent, as they have been
in the past And even il operating expenses
are to be cut to 60 per cent, gross earnings
of $4,000, 900 would only provide some
thing less than 4 per cent for the stock.
Brooklyn was weak yesterday morning, get
ting as low as 113 7-8, but in the afternoon
squirt it went TO 115 SIS.
Norfolk and Western preferred seems
certain to be taken up as Louisville and
Nashville has been in the near future.
This stock is the preferred of system that
last year earned double the dividend re-
quirement or enough to pay the dividend
for two entire years No dividend was de-
clared on the common stock and the extra
4 per cent therefore goes over as a sur
plus to be applicable on the preferred this
year. This showing, when taken with the
fact that the business of the system seems
certain to be larger and more profitable
this year, makes this stock as safe as any
per cent stock on the list almost. And
yet it is selling around 20. The common
stock at its present low price is also well
thought of by many Conservative people.
The Tobacco securities were neglected
and closed the day with net losses, several
points below the high prices of a few days
ago. The clique has for the time being
at least given up Its manipulation OF these
stocks.
Mr. L. D. Fowler, local manager at 1921
Street of the New York Stock Exchange
house of G.. L. Rathborne & Co., 20 Broad
Street, New York, states that his firm has
established a department for handling
fractional lots in connection with it's
steadily increasing banking and investment
business. Rathborne & Co. are one of the
old reliable houses of Wall Street. Mr..
Rathborne has been member of the New
York Stock Exchange for thirty-three
years. ssss4