The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-12


still a strong faith that the lowest prices
have been reached ard passed. and that
buying for Investment viii now be profta-
BILE Temporarily, there MAJ be cont nu-
ance of the narrow professional market
but before many weeks have passed an =
justment of the market TO i;triasi cordi-
tons is looked for by conservative people.
The feature of the railway list all dly
yesterday was Union Pacific comm on
which advanced to 55 IS. and 8, aed N ch
huoyancy at all times, closing with hand
some net gair. The stock has been STR ng
for several days. The talk regarding I; e
stock yesterday was that tne directors are
likely TO advance the divide d rate to rer
cent Tie eai nings of the company for tie
year have been magnificent. An unofi ial
statement is that the net earnings, exclu-
sive OF land sales. were in excess of So
0On,O00, II about SSecG, coo fixed charges
be deducted from this i: will be seen tnat
there remains S4.000.CC0 for dividend on he
preferred stock and SSa00. Geo for the M
mon stock. which is equal to more than
per cent The Wander bit brokers' we're
buyers of the stock yesterday. Northei II
Pacific common was also fairly strong, AMI
the entire Pacific group showed up vel.
The increase In the gross earnings of the
Northern Pacific for the last week of June
was Sii,ii0; for the month, S2i5,0 and
for the year. S3,sa0.C00. TIE total earnings
of the company for the year, according to
the h2ures now published, were s31.0o0, 600.
Wheat and corn both jumped up in
price in the morning a result of the
monthly statement of the Agricultural
Department. There was a tendency among
the grangers to decline in sympathy with
the strength of the staples early in the
day but later advances were made in all
the group and especially in Rock Island.
The later news regarding the wheat and
corn crops was generally considered
hopeful end the Government reports were
not taken SO seriously after the first hour.
The st. Paul statement of gross earnings
for the first week of July was a disap-
pointment and 1t made that stock the
weakest of the group all day. decrease
in earnings for the week of $40, 600 was
made. Rock Island sold above 10S, Bur-
lington above 126 and St. Paul above 112
Atchison preferred was strong all day on
heavy buying. but did not make much adj
vance in price.
The Louisville and Nashville directors
did most popular thing in declaring a
regular per cent yearly dividend rate on
the stock. Many pessimistically inclined
people have believed or pretended to be-
lieve that the rate would be / 1-2 regular
and 1-2 extra, as II was six months ago.
They have not had any information from
the company to lead them to any such
conclusion, but have supposed that an ul-
tra-conservative policy like that of the
Northern Pacific people would be adopted
The action taken Is one of the reassuring
things in the present situation. 1t shows
that all the railway people do not believe
that the country is on the verge of ruin.
The company issued a statement of its
business during the past year with the
announcement of Its action on, the divi- i
dend question. The figures given are ac-
tual for eleven months of tie year and
estimated for June. They are as follows:
Gross earnings, s27. 000 increase,
1856. 600; net earnings, s3.9s3, 600; in
crease, 1856. 600; surplus, s3.469, 600; in
crease, sS42, 600; dividend s2,1l2, 600; in
crease. 1864, 900; balance surplus, $780,
goo; increase. $57s,0o0.
Sugar was fairly strong with an ad-
vance to 119 SIS early in the day and
close at lis So. There was apparently
some little realizing on the strength of
the general market by the insiders.
Brooklyn Rapid Transit held its own at
the advance made on Tuesday. Talk re-
garding this stock has assumed a much
more hopeful tone during the past two
days, or since the last break in it. It is
pointed out that some one with large
amount of money is apparently willing to
buy all the, stock offered at price above
so. This is a good sign in itself, but the
suggestion is made in some quarters that
this party may be the Metropolitan syndi
cate Of capitalists. and this theory is one
,oly1
had one very costly experience with this
syndicate recently in the Third Avenue
matter.
II was said yesterday that the Wander
bilt people were heavy buyers of the Wa
bash issues.
A rumor is current that a dividend OF
i per cent is to be declared on Chesapeake
and Ohio stock.
The steel securities were all strong yes