The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-19

Southern Pacific. ........... S2g,sl0 ADV. rs
Northern Pacific. ............ 295.455 ADV. 5+4
Atchison MD .....,S gI, a2G Adv. 5L
Union Pacific. ......... 2s2s2o Adv. 35s
Sugar .,.................2 $3.50 ADV. rs
Pennsylvania .---.-..-.-----. 25i-"i AcV.- ~
Reading LIST pfd..-.......... ais.Gs5 Adv -
Achison .----....---....-... 2it-St. tuN.- ~
Leather ACKNOWLEDGEMENTS. e25.S.2 ADJ. y
Steel * Nire......-......... @ci.4'o Adv. SIS
Brooklyn Rapid Transit...... lsS.6is Adv
Federal steel.----....-..---- lso,eSS NV. "a
The buying in New York Central has
been OF the very best character. The
earnings of the road have been greatly
increased not only as the result of the
development of its traffic from natural
causes. but through the able policy in
augurated several years ago by William
X. Vanderbilt. This policy had in view
the establishment in the East of com
munity of interests among the great
railroad systems whose territory is con-
tiguous. Unwise competition was b. this
new alliance prevented. while traffic ar
engagements of reciprocal advantage were
entered upon. BY means of the agreement
existing among capitalists in control OF
the properties the various trunk lines
have been enabled to take over the man
agement of subsidiary systems which are
now beginning to contribute greatly to
their earnings. New York Central, more
than any other railroad has profited by
this community of interests. and il would
not surprise those who are familiar with
present conditions if an extra dividend
virtually placing the road on per cent
basis will soon pc declared.
The great success of the so-called
community OF interest plan in the
East will undoubtedly lead eventually to
J 1.N,.s
better agreement and closer traffic rela-
tions now exist among the great thor
oughfares to the Western coast. The
probability of such developments is ap-
parently the only basis which exists for
the stories current in Wall Street that
Great Northern and Union Pacific have
actually purchased control of the North
ern Pacific and will operate it jointly.
An ingenious mind has woven out of the
tendency of these roads to closer rela-
items very elaborate plan of consolida-
ton. II represents the Morgan, Hill. and
Deutsche Bank interests as engaged in a
gigantic deal similar to that which was
entered upon about two years ago by the
Pennsylvania and New York Central in
terests. and which brought about the
transfer of Norfolk and Western and
Chesapeake and Ohio to the Pennsylvania
and the acquisition by the New York Cen
trail OF the Boston and Albany the Big
Four, and smaller systems.
As a matter of fact according to an
authority, there is no truth in the story
further than that the interests men
toned are working in complete harmony
and that they have from time to time
increased their holdings in Northern Pa
cii1c because of their faith in the future
OF the property and their confidence that
If han oct. II ;el,l
a paying basis. The abolition of the yot-
ing trust and the return of the property
to the control of its stockholders are the
most substantial evidences that this feel
ing exists among the interests mentioned
The Colorado Fuel and Iron Company has
declared dividend of per cent on the
preferred stock out Of last years earnings.
making the last accrued dividend on the
preferred stock. The Colorado Fuel and
iron Company reports net earnings for
September and the first three months of
its fiscal year as follows:
1900 1899 Changes.
september .s2oo.o06 sl75.54O Inc. 1914. $50
July TO Sept. 80. ee5,0s3 35l,a73 Inc 1913, SIC
Net earnings for the quarter as above.
S665, 0S3. Deduct bond interest. taxes. and
preferred stock dividend for the entire
year to June 80. 1901, s6O1. 800 leaving a
surplus over the years charges of s63. 293
Colorado Fuel, 1t is said is to be pushed
up sharply. The company is certainly
making wonderful progress, and this state
ment is most remarkable.
The position Of Denver and Rio Grande
preferred has been strengthened BY the
completion OF the refundipg operations be-
gun in January, 1898, whereby the Sc, &c.,
500 of first mortgage per cent bonds were
exchanged for first consolidated mortgage
OF L. per cent bonds. This effects a
saving OF $4,000 annually in fixed charges.
or nearly l per cent on the outstanding
preferred stock. The expense of such con-
version has been met by a contribution of
$1,000 per month to special fund Gre
ated for that purpose In May, 1885 This
amount OF 100000 per annum will be
available for other purposes
Wall Street takes much interest in an
unconfirmed story that the Consolidated
Gas managers have planned to readjust the
company's capitalization, so that stock
holders will receive for their present
shares new bonds, new preferred, and new
common stocks in such proportions as to
give them the equivalent of about $3.50 per
snare Tor their present stock. Ii was said
that the municipal authorities have con-
for city purposes, and that the proceeds OF
this will be applied to the readjustment
scheme.
Consolidated Gas was one of the mar
kets spectacular features on Saturday. 1t
jumped nearly ten points. 10 POI. and then
dropped back quickly to 1876. The buying
was popularity attributed to insiders, as is
all buying in these days of rampant bull
ishness and bull tips.
The statement is authoritatively made
that it has practically been decided that
the S5,006,000 additional working capital
needed ythe American Linseed Company
Will be raised by an issue of bonds.
The interests In control of the Amalga-
mated Copper Company have practically de-
cded to list its stock on the New York
Stock Exchange. Since the death of Mar
Gus DAILY the company has been without a
president. Henry H. Rogers is its vice
president and William G. Rockefeller its
secretary and treasurer. Ii is probable that
an application will also be made 10 list
the $4,000 600 of per cent preferred and
500 GG0. 600 of common stock of the Amer
lean Bicycle Company. which consolidated
a large number of bicycle concerns when
1t was formed last year.