The times., 1901-03-23

downward movement m1y extend to five
or to ten points on the average. 1t Will
be followed later by a recovery ana by
| stin higher prices. The selling of stocks
! on the Dulges is advised, and purchases
should only be made on sharp declines
,, 49, -r''ritieS who're especial move
ments are in evidence.
Sugar stock has not had its proportion
ate advance I'm the present market As
/ far as can be learned, the outlook for the
/ company is excellent. Its business is
! larger than ever before and its profits i'm
mense. The sugar war is over without
doubt. The canning season is approach
/ ing. when the use Of sugar will be at its
! height. With present prices the profits
/ 10 the trust viii be phenomenal during
the next six months. The story to the
effect that Mr. Lawson, the Boston brok-
/ cr is selling the stock short are without
/ truth. on the contrary, he is large
/ buyer
Brooklyn Rapid Transit was disap-
POintmcnt TO its friends, making no gains
1 Yesterday After its great buoNahCS on
! "Wednesday. up to the closing quoI5IoIlSS.
there was a general expectation that II
} would be advanced sharply again yeSlSi-
! dav but instead some of the W enhesuaH
] advance was lost. The outlook Tor the
| stock is good however. and II the genera
! market continues strong there can pe IL
/ tie doubt that it viii participate IN the
/ advance The business of the company
/ is much better than il ever was before as
/ is shown 10y its earnings. IT may pe sup
| posed. too. that the resignation OF PreSl-
! dent Rossiter and the appointment OF an
! other man in his place VIII be good
| thing for the stock. 1t is to be inferred
that the change Will increase the efhclen-
Cy Of the management ana result IN
greater net earnings. Mr.. BRADY was
! quoted yesterday as making the state
ment that there Is now entire harmony III
/ the company and that there viii be no
! further changes. This may be taken to
mean that the Pennsylvania has not pur-
/ chased a control of the company, but the
! story of the Pennsylvania control was
not beicV anyway. Manhattan and
/ Metropolitan were both fairly strong.
! PENNSYLVANIA stock showed a tendency
! 20 advance There are numerous reasons
for hullishness regarding PennsyiNania,
! and il seems entirely likely that II VIII
( be advanced in the near future The hlgh
! price reached, l5ila, was the best recent
! y made.
Missouri Pacific is still talked of as
! likely to make big advance. The stock
! has already gone SO much higher than II
was expected that conservative people
| are not inclined 10 express doubts as TO
/ anv rosy promise of its friends. Now it
/ is SAID that it Will soon sell at 10 Ihe
! present story is that the snort interest
| is immense, and that the insiders nave
! it at their mercy, to do with as they see
| fit The stock is a very dangerous one
! either to buy or to sell.
The steel securities generally, both the
! old and the new, were stronger, thouSh
/ early in the day there was tendency TO
/ react shown at one time. The period IN
/ which the old securities may be deposited
! with the syndicate has been extended 70
/ April J. The official statement IS made,
! however that the deposits OF stock nave
! been very large, about 70 per cent ana
/ that the extension of time does not IN
| the least signify Coldness over the plan
on the part Of stockholders.
The different stories regarding Peoples
! Gas are very diverse in their tenor, and
/ the action Of the stock reflects this. y es-
/ terday it was said at one time that the
/ courts viii take the Ogden Company away
/ from the trust. and at another that the
/ Legislature has taken up bill TO pro
tect the company against attacks III the
future. The stock was irregular, but not
particularly strong.
The low-priced issues so conspicuous a
| week go were again buOyant in the eX-
treme Yesterday. The ETieS, Wabash pre-
ferred. and Ontario and Western led in
the movement. Wabash preferred spurted
up to above 90 The Reading securities
shared in the advance with the lower
priced coalers. Morgan buying was noted
IN this group.
The advance Of Louisville and Nashville
to par has fulfilled the expectations of
many people who have been particularly
| bullish regarding IL during the past six
months. But there is no reason TO sup
4 pose that it viii not go higher If the
1 general market is TO be strong during
! the coming half year the further advance
i Of this stock IS likely TO. be important.
! Scott < StTiugfellow the Richmond brok-
/ erage hrn has issued another Of its cir
( culars on the railways Of the South, the
present issue being devoted 10 TINS com
Vany and its stock. The showing made
by the statistics gathered by them is
most remarkable one and fully warrants
all the hopefulness OF the friends OF
the stock. The gross earnings Of the
company for six months ended December
q last were about 81, 600, an increase
over the same period in the previous year
OF $4,000. The operating expenses were
SlQ.NJy .UyC, and the net earnings S6.l4u,Oh0
an increase Of $500 The net income
was S6,56I0Ja. and the total fixed charges
for the half year estimated, were 81
ls4 600. leaving a surplus for the period OF
T q tTife more than S3,gUOO0. This Is 5S2
. Ber cent on the stock Of $50 100000. The
company usually earns about the same
in the last half Of the year as in the
first half, SO that il Will be seen the earn
inSs for the year viii probably be III OK
cess Of 10 per cent on the stock. 1t is
pointed out that in the operating expense
1 figures for the year 1890 was included for
] maintenance of equipment s.. .125 600. or
J
agement OF the Lake Shore expended IN
( the same period and that there was also
! included for the same year for main
tenauCe of way g 4jn.enn or s250hh0 more
than the Lake Shore expended for the
same purposes. The company is putting
an enormous amount Oi money into the
property, ana still is able to show the 10
per cent earned on the stock. With a
normal expenditure for maintenance II
: is estimated that the earnings would have
/ been fully j. per cent on the stock.
During the past four years total of
/ nearly $9.Og0,100 has been put back into
/ The property in this way. which might
/ have been paid out in dividends If the
management had been less conservative.
/ But this conservatism has not been vast
/ ed. II has made the financial standing OF
/ the company better than ever before. its
! per cent bonds are now selling At 4
I small premium. IN this connection it
may be stated that the company has now
outstanding O., J. and per cent bonds
amounting to nearly $1,000 40 which ma
tUTe shortly and which can be refunded
and perhaps less than that. At I per cent
interest these bonds would cost the com
! panE yearly ia charges $4,000 less than
il now pays.
There was q sharp advance in Western
! Union 10 above - yesterday tho first up
( ward movement OF Importance in il for
3 several weeks. Its high price on this
Z movement was 81. but since that time "A
/ dividend Of j., has been taken Of the
! price of the stock so that practically the
/ top Was reached again yesterday. II is
. not unlikely that a further advance may
I be seen in the stock today.
Washington stock Exchange.
C4I.s- District Of f'4lr4r,l.fg % g.. 60 olasf