The times., 1901-03-25


Burlington .................... 522.S96 Adv. 9H
sugar OBSERVATION-DISCLOSURES. 293 100 Adv "a
Manhattan ..................... 293.7G2 Adv. 4
Brooklyn Rapid Transit...... 2g3,375 Adv. Il
| jmon Pacific -.--.--.-....--... 2b1.ltO Adv. Y
Southern Railway. y............ go. .735 Adv. 23s
Wabash pid.-................. 2l2,2i0 Adv. "a
Northern Pacifc.....-......... 1S6.g94 Adv. 2&
Atchson ...................... ls5,S5O ADV. rs
It. Paul. l63,40S Adv. 70
hoek siand-.--...--.....-.... lo4,s'0 AdV.. -
Discussing the stock market and its
outlook. W. J. WoIlman, of J. S. Bache
& Co, saws:
Il am very bullish on the situation, and
believe that the market will advance, and
that we Will see materially higher prices.
OF course, I'm some particular ways 1t
viii he well for the public to exercise eau
tion. as reactions are bound TO come
The whole United States are interested
now in our market, and are absorbing our
securities for investment purposes, where
formerly they took all local securities, on
account Of the advantage of being able
to realize a moments s notice.
''AH the conditions are perfect and l
believe the bull market will continue for
an indefinite time"
Attention has been called to the Nickel
Plate issues many times of late, and the
present remarkable buoyancy of the
shares is bearing out all that was claim
ed for sthem. The shares are in excel
lent position, and the coming retirements
of the first preferred clears the way for
dividends on both the other classes of
stock. The same interests who are buy
ing the stock so heavily are also taking
large lots Of Canada Southern.
Friends OF Erie still insist that that
road stocks are sure of reaching much
higher prices. but il may be wise to keep
wei in mind the remarkable and eXten-
siVe advances that these issues have had.
However, indications of James j. Hill's
influence in the management Of the Erie
Railroad are multiplying almost daily.
Although he modestly describes himself
simply as ''one individual director with
abundance of faith in the property" he
has practically effected a reorganization
of the Erie's executive staff. The selec-
tion of F. d. Underwood. of the Balti-
more and Ohio, to succeed President L.
+. Thomas. of the Erie. is concededly due
to Mr. Hill Suggestion. 1t was, in
fact, mainly due to Mr.. Hill that Mr..
Underwood was taken from the 500
system a year or two ago and sent to
Baltimore TO work out some economical
reforms on the Baltimore and Ohio line.
l.. > Miller, who was appointed assis-
t2nt to the President of the Erie a few
months ago, is former Great Northern
man, and within the past few DAYS J. NJ
Davis, another Hin man, has been ap-
pointed manager at Buffalo of the Erie
Railroad lake lines
1t is officially announced that certifi-
Gates of stock of the American Can Com
rany are now being delivered to manu-
facturers who received stock in exchange
for their plants. These have practically
already received their allotment, and in
a few days the cash subscribers to the
underwriting viii receive their certifi-
Gates. 1t is probable that Edwin Norton
VIII be president of the new company,
and that w. II. and J. H Moore will be
members of the board of directors and
the American Tin Plate Company also
will have representation on the new board.
The subscriptions are now selling on the
curb at l021a.
Missouri Pacific plans for the i'm
mediate future are now attracting
wide attention in the financial districts,
and indications of the pending of i'm
portant projects in the affairs of this sys-
TEN are manifest. The strength of the
Denver and Rio Grande and Rio Grande
Western stocks is pointed out as evidence
Of the success of the scheme which
George J. Gould has been fathering. The
control of Denver, which was a traffic
arrangement with Rio Grande Western,
even IL il has not arranged to buy the lat
ter, assures TO Missouri Pacific an outlet
to the Pacific Coast via Ogden. which is
reached by the Rio Grande Western and
Is also Oh the line OF the Southern Paci-
fic. Just what the Missouri Pacific will
do for Denver and Rio Grande in taking
it over remains to be seen. But the rumor
is strong that it viii afford a guarantee
Of some sort for the preferred stock.
The earnings statement of the Pacific
Mail Steamship Company for January
shows.
Gross earnings from steam
ers operated. ..-......... s27G,36I Dec. S56,0S0
Gross receipts from steam
ers chartered. .......-..... $50 Dec. 52,0J0
Total gross earnings. s9oo.s6l Dec. SOS 18o
Operating eXpenses........ 240,sl9 Dec. 37,s42
Net earnings............. SCOOP Dec. $50 2ss
Reserve fund. ............. %, 9,Il5 -
Surplus ............... sso,927 Dec. s7O2ss
From May ] To January 81
Gross earnings from steam
ers operated 2s3, 4so Inc. .Sl51 $50
Gross receipts from steam
ers chartered ............ 24o,6j0 Dec. $1,000
Total gross earnings. 525, l3s Dec. .S433 5d5
Operating expenses.-.....- 2,oo5,l0s Dec SSl13
Net earnings. S52o,0S0 Dec. .S47l, III
Reserve fund. d..........--... 262,15o
Surplus ................. s25ls95 Dec. .s47l,72l
Reading common stock on Saturday
closed nearly point above the final sale
Of one week ago, notwithstanding the |
talk OF strike But the street has come
TO believe that there viii be no strike.
J. =. Morgan had arranged to go abroad
on Wednesday next, and II appears as If
il would be difficult for mediators to get
an opportunity to submit plans to him
before his departure. The full dividend
Of / per cent must be paid upon Reading
first preferred for two years before the
opportunity Is given TO convert the sec
ond preferred. one-half into common and
one-half into first preferred The first
semi-annual dividend at the rate of 4
per cent has just been paid, and three
more must. therefore, follow before the
conversion can be made.
Haven & Stout have issued a circular
on the steel stocks, in the course of which
they say. among other things:
AS nearly as can be ascertained I'm
default Of accurate information as to the
profits of the Carnegie Steel Company,
the aggregate net earnings Of the constit-
uent companies last year was about sl07,-
900 e0a. Interest upon the new bonds will
require in round figures Sl50 600 and Z
per cent dividends on the 800 100000 of
preferred stock. SIS. 900 900. This would
leave an apparent surplus Of sG4.G0)000 or
is per cent upon the common stock |
Those closest to the transaction are most
earnest in prociaiming their belief that
the payment of the full preferred diVi-
dends from the outset is a certainty, and
that while the amount of dividends upon
the common will be kept within moder-
ate bounds, possibly not exceeding per |
cent, there is a reasonable certainty of
such returns 10 common stockholders, to-
getheT with due provision for deprecia-
tfon and the accumulation of a sufficient
surplus. 1t is also urged that the econo-
mics which can be introduced by the
united control are likely in this case to
prove of a striking kind
The 'fITiuanc{al Chronicle committee +ta !