The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-04

securities in which the family becomes in
terested and as it has an exceptionally
large investment in Reading common stock
it would be no surprise if that common
stock should become reliable dividend
payer.
Norfolk and Western earnings in April
showed a surplus after fixed charges OF
s221, 437, an increase of SS9,99S over April
year ago From July l net earnings
have increased s1,33o65S and surplus has
increased s1.293547. the actual surplus
after charges being s2,63S,551. Total
charges for twelve months call for s2,219.-
goo. which. deducted from the net for ten
months, leaves s2,3l6.291 surplus. The 4
per cent preferred dividend calls for about
1926, goo for the year, which leaves 81 1885,
297 for the common. Assuming that the
net earnings in May and June will equal
those of April the road will come to the
end Of the fiscal year with S2,213,594 net
| above interest and preferred dividends, or
over 3 IL per cent on the common stock.
This is most conservative estimate. Nor
folk common has been bought during the
| week for investment in fairly good vol
| ume, but no pool has taken it up as yet
and its advance in price has been COM
| paratively snail. There is the better
reason for bullishness regarding its pros
| poets.
| 1t is the general understanding that the
Sugar Trust directors will take action on
| the dividend today. The chances now are
! that it will be 1-2 per cent Mr.. Have
meyer can hardly do less in view OF the
recent sharp advances in sugar prices,
| another of which may be announced to-
| day. There need be no further doubt
! about the settlement of the war. II 1t Is
! not settled permanently it certainly is
| for the time being, and that is sufficient
to the day. 1t is not generally known, by
the way, that the new National Sugar
| Company which was incorporated Satur-
I, day at Trenton is empowered to produce
and deal not only in sugar, but also in
| coffee The fact that the company is in
corporated to deal in this product as we'll
as in sugar can be regarded as of great
significance and lead to the belief that
still further developments than those al
ready announced are impending in
the sugar and coffee situation. And
SO to Mr.. Havemeyer's connection
with the company there can be but
little doubt. OF course, he does not
appear as a factor in the concern. but he
is there Just the same President Post, Of
the new company, said something signifi-
cant Saturday when he remarked that at
present Mr.. Havemeyer is in no way con-
nected with the company. The stock will
be placed on the market and il any of the
holders choose to sell it any person is, Of
| course, at liberty to buy it. If Mr.. Have
meyer saw fit to purchase the stock in
the open market no one could prevent
him from gettin an interest in the COM
pany in that way.
Sugar stock has always had wonderful
influence over the New York market No
stock is more extensively dealt in. 1t is
doubtless bought for speculative and in
vestment purposes all over the United
States, and very often II is by far the most
active stock upon the general list. De-
velopments which influence such stock
must necessarily affect the market as a
whole. This is why the settlement of the
sugar war is q bullish factor not only in
sugar stock alone.
The bull party in Baltimore and Ohio
stock is endeavoring to convince the large
interests In the company that per cent
should be declared on the common stock.
The strength In the stotck has been due
to pool buying that has had for it's osten-
sible basis a report that the directors will
begin dividends at the rate of per cent
on the common. If the conservative ele-
nent in the company is permitted to have
its way dividends will not, 1t is thought,
be paid at the rate OF 8 per cent Large
interests in the company are opposed to
such a big dividend so soon after the re-
organization Of the property, and 1t certain
| ly seems that. despite the heavy earnings,
a wise policy would suggest smaller divi-
dend payment on the common. There is
| no absolute certainty. however. that any
| dividend will be paid this year. and the
| course of the stock should not be con-
sidered as equivalent to a dividend dec
laration. There has been some active man.
ipulation in this stock.
special report on the condition OF the
American Car and Foundry Company will
be made by chartered accountants about
June q, and the results will be most salts
factory to stockholders. 1t can be said on
authority that the company's working cap
ital is now $1,000, eco, as against S5,C0o000
one year ago, and that current earnings
show the same Improvement IS noted
throughout the last twelve months. The
easier market for materials has been Of
great advantage to the company, and In
consequence profits will be Largely in
creased The demand for cars from rail-
roads throughout the country continues on
a moderately heavy scale, and the foundry
orders received by the American Car and
Foundry Company show an increasing dis
position on the part of railroads to put out
the work rather than do it at their own
foundries. The known earning power Of
the American Car and Foundry is SO heavy
that conservative investors have become
largely interested in the preferred stock,
the books of the company showing some OF
the biggest capitalists in Wall Street to be
heavy holders.
The prospects Of early favorable dividend
action regarding number Of securities Is
one OF the most potent Of bullish infiCences
Atchison preferred is 10 receive per cent
The dividend prospects of the Tn on Pa
cifc and Northern Pacific securities are
now looked upon as very bright. II is be-
lieved that Northern Pacific common will
go on a per cent basis permanently at the
next dividend period. Union Pacific will
hardly increase It's dividend this summer,
but is in position to do so II the directors
SO desired 1t is their intention to make
1t per cent stock as soon as they can do