The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-12

at one time sold as high as 1875. 1t closed
at 13l IA. with a good net gain for the
DAY. Reading first preferred was also
strong with an advance to 81 1-2 and a
close at 81. where it showed good net
gain fer the day. Careful street people
sdvised tie pyrehasG Of these securities
last week when the prices declined.
Those who followed this advice were
many Of them able to take good profits
yesterday. Others are holding for still
higher prices on this movement. 1t
seems quite possible that any recurrence
of belligerent strike talk would cause an
other tumble, and on the whole such a
| decline is not unlikely even without a
strike. II would seem to be the part of
good market wisdom TO buy these stocks
on any such break. as they are undoubted-
ly selling at prices below their intrinsic
value.
The annual report of the Colorado Fuel
and Iron Company is an especially good
one, showing an immense increase in net
earnings and in profits over the previous
year. The company has been paying off
the passed dividends on the preferred
stock this year, and more than half
million of these accumulated obligations
OF several years have been disposed of
out of the one years surplus earnings.
President Osgood states in his report that
there is now sufficient surplus on hand
from the one years operations to pay off
the one years remaining back dividend
on the preferred and also to pay per
cent on the common stock. The figures
OF the statement are as follows:
Gross earnings. 10 $4,000 Inc 50 1S5, 22O
Net earnings. 2Si9,GSl Inc. ,29i $50
Total income e,soi.655 Inc. 81, 2oo. cOl
Fixed charges and taxes i53oli Dee. 10
Balance ............. $1.91,6o2 Inc. 81, 299.ole
Sinking fund. ssi,OiS Inc. 55le5
Balance ...-.......... s1,557,Gl9 Inc. 81 ,2Is,sn
Interest and exchange. S5,l2j Dec. l33
surplus applied to div sl,522, 1874 Inc. ,2ll 81
DIVIDENDS ...-..--..-.. 5e0,siS Inc. 500, 4S
Surplus ...;.......... S9sl, 65l Inc. $65i.lSl
PREVIOUS surplus.-... 595,69i
Profit and loss surplus sl,525,SI5
The steel securities generally were fair
ly strong yesterday. The report of the
Colorado Company. the report of the Re
public Steel Company. made two weeks
ago; the semi-official statement regarding
the earnings Of the Steel and Wire Com
pany. and more recently talk of dividends
Tor Federal Steel have given the friends
of these concerns much confidence. 1t Is
believed to be quite certain that the big
trusts are piling up profits all the time,
despite the dullness in the trade and that
the dividends on their securities are well
nigh assured.
1t is reported that the steel men and
the Western railways are having much
trouble in fixing upon rate at which steel
rails shall be sold during the coming year
Last year at this time rate OF s35 ton
was agreed upon, and this price has con-
tinued during the entire year. Now both
parties realize that there must be some
reduction. II is said, however, that the
railway men do not wish to pay more than
So ton, and that the steel people are
holding out for s29 a ton. The manufac-
ture of rails has been corralled by one or
two Of the trusts. and these combinations
are. TO all practical purposes, one great
trust, on such a matter as the price OF
rails. Il has been the immense cost of
rails and the very large improvements
made by the railways during the past year
that have made big cuts in net railway
earnings.
II is said III the street that the great
disaster at Galveston will be likely to
make big changes in the plans OF the rail-
way men for that section Il is suggested
that Galveston very evidently is untitled to
be great railway terminus, and that Port
Arthur will almost surely reap the benefit
from this discovery. Mr.. Huntington was
man who planned and put into execu-
don the immense Improvements at CAL
weston. which are reported to be a total
loss. The Southwestern securities gener-
ally have suffered little from the new.
from Galveston, and the street has beel
much surprised at the apathy shown re-
gaTding the storm by spectators. It is
suggested that the fact only illustrates
anew the exceeding nsrrowness of the mar
ket, and the certainty that the real hold
ers of stocks consider present prices suf-
hciently low.
Little was done in Sugar yesterday. The
price went off somewhat in the early after
noon, but the stree: did not seem inclined
very actively 10 follow the lead of the
bears who made the artack on the stock
There is much talk OF the apparently
wholesale market rigging last week in con-
nection with the Sugar dividend announce
ment There seems TO be no doubt that
the insiders deliberately deceived the pub
lie for the purpose OF making money on
the fluctuations of the stock. It is sur-
Sested IN some quarters that the trust /
should be disciplined by the stock ex-
change for its connection with the mat.
ter. but it does not seem probable that /
anything will come out of the talk
The July report of the Pacific Mail !
Company was given out yesterday after |
noon 1t showed falling of in business. |
The gross earnings were S273,914 a de-
crease of S249l9. The surplus for the
month was S9.Sss. a decrease compared
with the surplus Of last July of more
than $4,000.
The executive committee of the West
ern Union has recommended the usual
dividend on the stock. The report of the
company is expected today and it is lot
understood that it viii be an especially !
good one.
The grangers advanced in the morning |
hours, but lost their gain before the |
close. The August crop report was CON |
sidered good and bad to suit the hopes /
Of the different parties in the market !
On the whole however. there is certainly |
reason for congratulation that the wheat |!
and corn crops Will both be large, though |
not the largest in history. The st. |
Paul gross earnings for the first week in |
GpDfarnbpr Ehou.ad eorue