The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-20


The earnings of numerous lines for the
second week of June are reported as fol-
lows: Norfolk and Western, increase
$50, 762; from July / to date, incre-se
S2,GlS,51G; Southern Railway, week in
crease, S43, Gee; Louisville and Nashville in
crease fer the week, SIS, DDS; for the ifs al
year TO date, increase, s3,9I7,1O Ontario
and Western, second week of June, de-
crease, Sl2.923; from July /, increase, $685.
$50; Texas and Pacific the week, increase
S13,S63: from January l, increase, $3oS, sI5;
Canadian Pacific, the week, increase, SIS,
goo; from January l, increase, S1,210, 100;
Missouri Pacific, the week, increase, $751;
600; from January /, increase. s1.10S,51;
st. Paul gross earnings for the week, $780,
535; increase, S45, goo.
1t will be noted that Ontario and West
ern is the only one Of number of the
most important companies in the country
that shows any decrease in earnings. The
season is advancing and the threats of the
bears that railway traffic would be cut all
to pieces are not as yet fulfilled. Conser-
vative people are now of the opinion that
the best business of last year may not be
equaled all the time this year, but as to
at in most quarters, and for the best of
reasons. The spring wheat bugbear, the
last of the bear scareS, has been played
for much more than it was worth. There
may be shortage in the crop. but 1t will
not be failure by any means Further
more. the farmers are SO prosperous that
they will continue to buy goods all this
year, even if their crops are not up to the
best And also, there is the fact that a
will oh nj IN
be taken into consideration.
The grangers and the Pacific securities.
perhaps, naturally, were the most buoyant
on the list yesterday. The drop in wheat
from 20 SIS cents to a SIS cents at the
close yesterday was almost as quick as
the advance had been on Monday. With
this decline came the opinions OF a num-
Der Of the experts that the spring wheat
crop has not been ruined. London bought
these securities on Monday and again yes
terday. The decline in the group had been
rapid and big. The short interes: was
large. Nearly all day there was big buy
ing in the grangers end In one or two of
the Pacific securities as well. The shorts
may not have been frightened, but at least
they were quite willing to take their
profits as rapidly as possible, and their
losses, too. in some cases. Burlington re-
covered to 125 at one time, and the close
was at 1874 1-2. point above the low price
of the day before ST. Paul advanced well
during the early part of the day, on the
crop news and on the gross earnings show
ing for the week. but there was decline
before the close that wiped out large
part of the gain. The high price was
figure. Rock Island got as high as los 3s
and closed at 104 1-2. Atchison preferred
advanced to Il and closed at 20 3-S.
Northern Pacific advanced to 50 is and
then declined to 81 Ia. Union Pacific sold
as high as 81 3-S, and closed at Sc SIS.
Missouri Pacific advanced point or more
and lost all of its gain at the close. South
ern Pacific lost half Of a full point gain.
AS to the future of the Northern Pacific
Company, the officers of that system re-
fuse to be downhearted. 1t would seem
that the holders of the securities Of the
line have quite as much reason for hope
fulness President Mellen has been quoted
several times Of late. and he has on every
occasion expressed the opinion that the
company will do a fine business during
the coming year. 1t was said in a semi
official way yesterday that an extra divi-
dend of per cent is not unlikely on the
common Northern Pacific in the autumn.
In the event of a continuance of good
business this Is nearly certain in fact.
The Consolidated Gas Company yester-
day issued the following notice: "on and
after June 20 the price of gas supplied by
this company will be restored to the legal
rate of sl.o5 per LOCO cubic feet" This
was thought likely TO be bullisf item OF
news. 1t was said further in favor OK the
New York corporation stocks That the
nomination of Mr.. Roosevelt for the Vice
Presidency would be a bullish argument.
He would be removed from New York and
Mr.. Woodruff would become Governor.
This it was said. might very probably
mean the shelving of the franchise tax
law, as Mr.. Roosevelt had to fight all the
time to get the law on the statute books
and then TO keep 1t there. Nevertheless
there was great slump in the price of all
these securities yesterday afternoon, the
only tumble of the day. in fact, and one
of the notable features OF the session.
Rapid Transit declined from a
high price of 81 12 to low and closing
price of Ga Ia. Metropolitan declined n
the last few minutes Of the day from
l52 12 to 1i7 "a. closing on the bottom.
Manhattan went of more than point.
ls7 IL. The entire group closed at the
bottom figures for the day.
Sugar was strong early in the day, get
ting as high as JIG Is, but toward the
close it lost the greater part OF its gain.
closing at l15 1S. The stock was evidently
supported. however. and the bears were
at eli times apparently afraid to attack 1t.
lya
heavy and the fact has given rise to the
rumor. as has been mentioned before, that
the stock is to be put on an per cent
basis Further than this it is said by
some that the New York Central, which
owns the greater part of the Lake Shore
stock, will also be given l per cent larger
dividend. II may be said on semi official
authority that neither the Lake Shore in
crease nor that Of the New York Central
has been under contemplation or is the
least likely at present.
President Gary yesterday issued state
ment to his stockholders on returning
from his annual inspection tour. He COM
mented on the general talk Of the ruin OF
the steel and iron business and expressed
the opinion that it is largely unfounded.
He said that the business of the Federal
Steel Company is in good shape and that
there will be gradual resumption by the |
mills that have been shut down. In the |
present month the amount Of finished |
products turned out and the amount sold |
have both been larger than they were in |
May. The outlook for export business is |
promising. This talk and the |
TACT that the mills at Joliet. with one ex-
ception, were ali started up yesterday |
made the securities of the company strong |
during the greater part Of the day. The |
common stock advanced to 81, passing the |
common Steel and Wire. Later it de- |
clined TO 81, still showing net gain for |