The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-05


Brooklyn Rapid Transit and Manhattan
were both strong yesterday. though
neither closed at the top prices for the
day. Gossip in usually well informed cir
cies is still bullish regarding Transit,
though no particular reason for this
optimism is given.
The November report of the Rock Island
was issued yesterday. The gross earnings
for the month were 81 $685. 900. an increase
OF sl66 900. and the net earnings s707 500,
an increase Of s7.2GO. The rate of earn
ings on the stock for the first eight months
OF the cumpany's year was something like
. per cent, and there can be no doubt
now that the rate for the entire year will
exceed per cent. Rock Island has
been one OF the strongest Of The grangers
recently. and there is n disposition in con-
sentative quarters TO believe that It may
continue 20 show relatively greater buoy
ancy than either st. Paul or Burlington.
One suggestion heard in the Street yes
terday was that the Flower securities gen.
orally are likely to advance now that the
Standard oil people have won in their
fight with the Whitney Widener- Elkins
syndicate.
The gross earnings OF the st Paul for
500.
The industrial securities generally recov-
cred large part Of their Wednesday loss
es yesterday. The selling Of the industrials
on Wednesday. on account OF the Roosevelt
remarks on the trust question was heavy
and effective. but there was little reason
for it. and the recovery came quickly as
soon as the bear pressure was removed
Despite the Likelihood of similar attacks on
the trusts" legislative, executive, and
judicial, during the coming political cam
paign. there are many shrewd operators
that believe much higher prices will be
reached by the best OF these securities in
the coming Two months. January and
February will see a number of the COM
mon stocks put on the dividend list at
rates varying from ) TO per cent per
annum, and as these securities are now
selling at 80 and below, the inducements
for speculative buying will be great.
The net earnings of the American Car
and Foundry Company for the first nine
months OF its existence were 81 zoe, 600, and
it is estimated by officers OF the company
that the net for the year Will be very near
~ II not quite 81. 00a 600 OF this sum only
about s., GOO 00O will be required for the
full per cent dividends on the preferred
stock which viii leave a surplus OF an
equal amount. The statement is made.
however, that the directors have decided
not TO pay any dividend on the common
stock until the surplus equals at least
$4,000, GOO. This policy is undoubtedly an
excellent one from the point Of view of the
preferred stockholders. The present price
Of the stock seems very small in compar-
son with the profits Of the concern.
Consolidated Gas did not continue its
advance yesterday despite the very gener
ally circulated opinions that the gas war
is over in New York.
Norfolk and Western preferred is notice
ably strong on buying said 10 be for
strong interests The company is earning
nearly s per cent on the stock.
The Union Pacific securities. and to a
less extent the other Pacific Issues were
weak Wednesday and yesterday. The gen.
eral impression seemed TO be that the No
yember statement OF the Union Pacific
Company was a disappointment, and
caused the selling of the stocks. An in
crease OF sl56o00 IN the gross earnings for
the month, and Of S54 600 in the net earn
ings can hardly be considered a poor
showing however. Careful investors are
taking advantage OF the decline TO buy the
stock. The low price reached by Union
common yesterday was IS rs. and the
close was at &c rs. Northern Pacific COM
mon went as low as %, and closed at 81
5-S.
The directors OF the Union Pacific are
TO meet next Tuesday, and while there has
been as yet no official announcement as
10 the dividend on the common stock 1t
is generally understood that majority
OF the directors are in favor Of some dis
tribution to the stockholders One theory
IS that ! or per cent cash dividend
will be paid, and in another quarter 1t is
said that new stock will be distributed
representing the expenditures out OF In
come for permanent Improvement. One OF
the interesting pieces of gossip yesterday
was to the effect that the Union Pacific
and the Illinois Central have entered
traffic alliance. in which they will exchange
all business at Omaha. The Union Pacific's
alliance with Chicago and Northwest was
ended last November.