The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-01


make any payment. The stock is now on
firm 4 per cent basis, and it would seem
that the price should be much advanced
in the near future from the present level.
| The effect CT the announcement was i'm
m5liately apparent yesterday afternoon in
squirt in the stock, while the remainder of
TIE market was standing still or declining.
II went as high as IS Us and closed at
rs S-S. with net gain Of 4 point and a
half. There has been no doubt as to the
ability Of the company to pay the divi-
dend for a long time past, and during the
year just closed it has been earned twice
ever and mere. The ether Pacific securi-
ties we're all fairly strong, though exceed
ingly dull.
The net earnings report OF the Atchison
for the month of June and for the entire
year was given out late in the afternoon.
The street had been expecting it for sew
eTal days The figures are superb and are
fully up TO what has been looked for,
though not equal to the best of the year.
The increase in net earnings over those of
June, 1899 was S3SS, 1856. The increase in
net during the entire year was 5000, 761.
This increase alone was something like
6 per cent On the preferred stock. Atchi-
son preferred stockholders have every rea-
son to believe that the dividend at the
rate of ; per cent will be paid them regu-
larly The outlook for this line for the
coming year is excellent in every way.
Crops in the sections traversed by 1t are
record breaking. Earnings will probably
even exceed this years banner record. It
will be seen that any price under 20 is
very cheap for the stock and it may be in
ferred and is by many careful people, that
the present level will not hold for long.
Yesterday the stock was exceedingly dull,
closing a small fraction above the opening
price.
The statement was made near the close
of the session that the net earnings of the
Burlington for the month of June show an
increase of S54, eco. 1t has been expected
for a few days that the report of the Bur-
lingtOn would be better than at first prom
ised and a small increase in net has been
looked for. Burlington was rather weak
yesterday, closing below the opening figure
by more than half a point The St Paul
report of Monday, showing a decrease in
net earnings for the month has had more
influence on the granger group than the
fine Atchison statement and the very good
showing of the Burlington. 1t is not i'm
probable that there may be rally in these
securities today. They are selling very
much too low intrinsically. 1t should be
remembered though it is not by many,
that the st. Paul earnings during the past
year have in reality been magnificent. They
have equaled more than 10 per cent on the
common stock of the company in addition
20 the heaviest expenditures for better
ments ever made by the company out of
current earnings. II is only in compare
son with the one year 1899 that the earn
ings can be considered disappointing in any
way.
The earnings Of the Colorado Fuel and
Iron Company for the months of June were
S206,000. showing a net increase of $101, 600.
This stock was the only one of the steel
and iron group that did not decline badly
yesterday. Tennessee Coal and Iron went
eff from 60 to g. "a after being very weak
on Monday and closing at the lowest price
for the day. Steel and Wire common de-
clined full point to 80 Ia. Federal Steel
common declined to 81 3-4 at one time and
closed at 80, with a net decline. There
was nothing new in the steel and iron sit
uation and the selling of these securities
was attributed wholly to the professionals.
Pennsylvania was one of the features OF
the day 1t opened very strong and there
was good buying from the first, It was said,
on hints of a fine earnings statement to
be given out in the near future. One story
was that the increase in net earnings .or
June was 5000, 900. The stock got as high
as lZo "a and closed at 12o 3-s. New YORK
Central opened strong. but declined point
during the day. Baltimore and Ohio COM
mon was strong. with an advance to "a ga,
which was all retained practically.
Sugar was one Of the weak features Of
the list. as ii was on Monday. The price
went off to 120 before any support was
given. and even at this price there was
not any decided evidence of good buying.
The close was at 120 Ia. There may be
drop of point or two more, the bulls now
acknowledge but their predictions are
most hopeful regarding an early big ad-
vance to a better price than that of two
weeks ago. The talk of German COMPETE
tion with American sugars and of the
probability Of an early decline in the price
of refined sugars is secuted as the worst
of bear gossip without foundation.
The traction securities were somewhat
neglected compared with their recent ac-
tivity and at the close showed only small
net movements in prices for the day. There
was nothing new in the gossip regarding
these securities.