The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-28

| pany shows a surplus for the stock de-
| spite the fact that IL is still operating at
cost of GO per cent, much in excess of
| the standard on other important street
railway systems. and also despite the losses
| due to the strike of a year ago. Much bear
capital has been made of what has been
| called a new floating debt, by some of the
| bear critics of the report. The report was
| somewhat obscure regarding this matter,
but it is stated by a reliable authority that
! there is. In reality, no such floating debt,
| but instead. q surplus OF 81 10000 or more.
! The treasury bonds held amount to about
! S5,500, 000. The selling of Brooklyn yester-
! day was for the shorts. 1t could not be
| learned that any long stock OF Importance
was coming out The low price reached
was 50 and a fraction, and much of the loss
was recovered before the close.
Sugar went of to lis and a fraction dur
I ing the first hour, and was rather weak all
day. lis decline had been expected by
! many. No significance is attached to the
| movement. The company is known to be
/ earning more money than AT any time be-
! fore in its history, and the prospects are
/ good for a continuance of this prosperity.
I The chances for renewal OF the sugar
war are said to be extremely improbable.
! Some very conservative people advise buy
| ing the stock on the recession.
The earnings of the Southern Railway
for the third week of August show an in
crease of $97O23. Since July i the in
crease has been s273,sS9. The increase IN
the earnings of the Hooking Valley for tina
same periods was s14,06i and sy1, S95.
Louisville and Nashville, third week, de-
crease, s14.355; from July l, decrease,
Sc, 900.
President Fink. of the Norfolk and
Western, is quoted as taking an extremely
optimistic view regarding the present
business and future prospects OF his line.
He says that its coal traffic. which is b,
far the most important item of its entire
business, is increasing steadily both in
size and in profit.
The suggestion is made that the i'm
mense order of the Russian Government
for beef for its army in China. will be
bullish argument for Pacific Mall which
will necessarily transport a large part OF
the 5000 head of cattle desired. The stock
was inactive yesterday.
The July net earnings statement Of the
Wabash was published yesterday. II is
most satisfactory showing. The total net
earnings were $3.50, 70S, an increase for the
north OF s46,624
1t is stated that the interest coupons
due September 1 on the Virginia Iron, Coal
and Coke Company's bonds will be paid on
that date. Some interest attaches to the
matter owing to the large sum recently
borrowed by the company on its property,
it was alleged. for working capital, but
some people insinuated TO meet the inter-
est charges.
One of the interesting stories in the
street yesterda- was to the effect that the
ingenious and very shrewd John W. Gates
intends to start new steel wire company
in opposition to his old concern, the Amer
lean Steel and Wire Company. 1t will be
remembered that the management OF this
company by Mr.. Gates and others was so
much criticised a few months ago that
some of its directors refused to be identi-
fed with it as long as he was its head. II
win also be remembered that he then re-
signed from the company II was alleged.
because of these DIRECTORS. Mr.. Gates and
his friends insisted at the time that he left
the concern simply because he was going
abroad and did not care to be bothered
with its cares. Now, however, the story
is that he is really at outs with the Ameri-
can Steel and Wire Company and DESTROYS
of attacking it viciously by an opposition
concern. The story will be likely TO do
the securities OF his old company some
harm temporarily unless it is denied as
it may be at any time. Mr.. Gage, however.
has never been popular in the street, and
the fact that he was out of the Steel and
Wire Company for good and all would prob
ably not do it any permanent injury with
the spectators. The steel and iron Sc
curities were all rather weak yesterday,
though their declines were not of any i'm
portance.
There was some strength shown in Chi /