The times., 1899-12-29

reckoned the exports of gold on last sat
urday and on Wednesday the engagements
for tomorrow not being included. A fairly
hopeful feeling regarding the figures is
prevalent
In the news of yesterday, generally IA
vorable the 81. Paul statement for Novem-
Der was disappointing. a net decrease be
ing shown The increased cost Of materi-
ais has been the cause OF the poor show
ing There is every reason to believe
that the present month and still further
after the beginning of the year, the ad
vance in freight rates viii Offset increased
cost of materials The ST. Paul can afford
TO expend large Sums for materials even
at higher prices, when its earnings so far
this year have been the largest in his
tory. at the rate of nearly l. per cent on
the common stock, in fact. The decrease
in the net for the month was $71,32S.
The fun figures Of the Atchison report
for November may now be given. 1t is
needless TO reiterate the statement that
they are entirely satisfactory, even Won
derfully so;
Month OF November 1890. Increase.
Gross earnings gs...-.........- S4.24l,78l S232,s2S
Operating expense ...-.-..-. 2,35l,'9+ F2l3,lot
Net earnincs...........4 sl.ss2 l37 s447,9ss
July to November 30
Gross earnings .sl9,42i543 s. 223 Gs4
Operating expenses. ........-. ll.s9l4ll 'S4l,3lG
Net earnings mos. s7.5s.Ia s2,5c5,ooo
Taxes and reHtals..-......... ,@olg9 25,sIi
surplus ....,.s.........,. $a,7oa,asa 50, ,5sll26
Decrease
The annual fixed charges Of the Atchi-
son are Somewhat in excess OF So, ,000, 000
II viii be seen that the net surplus for the
first five months of the fiscal year is more
than a million dollars in excess of the fixed
charges for the entire year. This leaves the
entire net earnings of the company for the
remaining seven months Of the year for Givi-
dends II the present ratio of net earnings
could be kept up for The year this would
give per cent for the preferred stock and
about per cent for the common stock. The
record for the first part of the year has
been all IN the direction OF economy, and
ID is said that operating expenses Will be
cut down rather than increased during the
remainder o. the year The outlook for
the preferred stock. therefore, is certainly
a fine one. Atchison preferred with the
other Flower securities, was strong yes
terday and al times buoyant. 1t advanced
nearly 10 g. and closed at small fraction
below so. Even after the advance of the
past week, however, the stock is selling
far below its intrinsic value.
The Flower securities were largely the
centre OF interest ali day. Under the lead
Of Brooklyn Rapid Transit they made large
advances which were all fairly well re
tained during the realizing in The after
noon. Brooklyn went as high as a 1-2
and closed At Il 3-4. with a net gain of
vauced 10 81 81, and closed at so 12 with a
good net gain. The preferred got above
73. and closed with only fractional de-
cline. Peoples Gas went nearly to 104 and
closed point from the top with a small
net gain. Rock Island went to 167 and
closed at 100 "a with nearly a point net
gain. International Paper common made
good gain.
II is stated positively by people usually
well Informed that the full dividend on
Federal Steel common for a year, per
cent viii be paid early next month. There
has been an official announcement that the
dividend Will be declared at the . per cent
rate. which makes il certain that not less
than 3 "a per cent will be paid or full
dividends for the last Jhree-quarteTs OF
1he year. Thare seems to be some doubt
whether a dividend is TO be paid or not for
3
however, il viii be seen that the present
market price Of the stock is an extremely
low one considering its intrinsic value.
II is sajd in excellent quarters that both
the common and the preferred stocks are
70 be advanced well during the next few
weeks. The same may be said Of the
Steel and Wire securities, but many spec
ulaFors Tiiloprefer to take the word OF
the Federal Steel people.
a statement made to a Washington
broker this week by an officer OF the In
ternatIonal Paper Company leads him TO
the very positive belief that the common
stock Of this company VIII have a quick
and important advance in the immediate
future IN the opinion Of the broker who
received the Information there should be
no surprise II the best price seen up to
this time by the stock is exceeded. The
affairs OF the company are in superb con
diti9n. and its earnings increasing al the
time
Especial attention may be called 10 the
rosy prospects for Colorado Fuel and Iron
according 70 semi-oficial Information fur
nisasd g Washington broker this week
The earnings Of the company are incraas-
ing al a phenomenal rate. X IS estimated
tEa- the net earnings Of the company for
This estimate is made conservativeIy on
contracts already made up to the fun ca
pacity % the plant OF the company con
sideraDly beyond the end Of the fiscal year
This sum II used in this say would pro
vide for al fixed charges, constructive
sinking fund, dividend of s per cent on the
preferred stock. and dividend Of per
cent on the common stock. leaving a con
siderable surplus. There are 81 So. 900 In
bonds C the company due in 1900 Il is
not known what course viii be pursued
with regard 70 the issue bur as they are
per cent Ii is quite certain that they
could be refunded al the same or a lesser
rate.
= few days ago d certain Consolidated
Stock Exchange broker with a new mil
lion of dollars acquired in the slump of
prices. was selling Brooklyn and causing
the bad lasi break IN that stock II seemed
probable. as noted in this column, that he
~ igh part with his million quite as quick
ly as he secured il. The information re-
gau1ing this gentleman yesterday was that
be was stiIl short OF Brooklyn, and bid
ding for the stock delrlously while il
jumped in price a half point at a time.
u is possible. however. that a part OF the
roll is still left Il is better to have half
roll than none and his operations. prob
ably, viii be restricted in the future
Metropolitan Traction was bid up sen
sationaliy yesterday, advancing twenty
points from the low price Of Wednesday
In the last hour Of the day five points OF
the gain was lost but the record Of the
stock for the day wa nevertheless fine
Short covering was responsible for This