The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-08

The most important gains OF the week
have been made in the anthracite coal
stocks, and although there have ben some
recessions from the highest figures reached
the net advance has been good too. 1t
seems not improbable that this group has
been established permanently on higher
level. The reasons given In var. GUS
quarters for the advances in the SO ks
may be grouped under three heads. The
statement is made by an authority worthy
of some credence, that an increase in the
dividend rate OF the Jersey Central Is liheIy
this week. II is also whispered that the
dividend on Reading first preferred
is to be increased to ! per cent. The earn
ings of the two companies undoubtedly
warrant the increases if the directors are
In q liberal mood. This is especially true
of Reading first preferred. Reason number
two has TO do with the immense export OF
coal this year both past ard future. Tee
coal famine In Europe is a very real thing
and it is helping the anthracite coal o.
pie as well as the soft coale:s. The chief
talk of The anthracites has been, however
of the deal for their control by the Ven
derbilts and other important interests
This talk has been more potent perhaps
because it has been vague. As yet there is
little official foundation for the various
suggestions along this line. 1t is oerta n
however, that a deal of some kind is on
and 1t is also certain that ii will be of
importance to these securities. The har-
mony among the lines at present is evi-
dence of the best kind. What the deal will!
probably do is to cement this harmony r
the future. The official figures of the an
;hracite coal production for June are 4 6, S.
600 tons as compared with 4,073,36i tons
last June. The prices have been better
than at any time in recent years.
The grangers are believed by many con-
servative people to be among the best Sc
curities on the list at their present level
of prices. This group has been sold eff
to far below intrinsic values by the bears
on a number of pretexts good and tad.
Everything unpleasant has been discount ed
in the present level, the poor spring wheat
crop. the selling OF London and Bsriin on
account of fears regarding the Chinese sit
uation, the big operating expenses on ac-
count Of high prices for materials. II
now appears that the spring wheat crop is
not ruined and that European spectators
are heavily short OF the group. The prices
OF iron and steel and of other mat. ria 6
have come down and the cost of better
ments charged TO operation will be les
sened during the coming year. In oher
words there Is every reason to believe that
the gross earnings of the systems viii con-
tiHue al tHeir present record breaking hg-
ures and that the net earnings will in
crease. Atchison preferred will sell sex"
dividend 1-2 per cent next Tuesday. 1t
is firmly established on 3 per cent div-
dend basis and apparently is selling at
least twenty points under its legitimate
level.
A statement regarding the business of
the American Steel and Wire Company
during the first five months OF the present
year is published by reliable authority.
The net earnings of the company for the
period were $1,000 900. This amount is
sufficient TO pay both the preferred and
the common dividends for next year If
nothing is earned during the remaining |
seven month. The company is pursuing |
the policy OF paying each years dividends |
out OF the earnings OF the previous year. |
IL is certainly most conservative policy |
and IT is not such plan as gives any |
ground for the pessimism expressed in |