The Washington times., 1901-11-25
Manhattan's Business.

The following bulletin has been issued
fy the New York News Bureau, a Wall
Street agency, and is understood to have
been semi officially inspired:
In connection with the sharp advance in
Manhattan stock, attention is called to
the rapid increase in the number OF pas
aengers carried by the company. For the
last fiscal year there was an increase Of
10.26S.465 over the previous year, and for
the quarter ended September 80, there
was a gain of 4,1O6575 over the corre-
spending period of 1900. while IN October
alone Z.520 0GG more passengers were car
ried than in October year ego. Il is un-
derstOod also that the figures for Noyem-
Der will show a very much larger traffic
than in November of last year.
For the quarter enGed September 30
there was decrease in the proportion OF
operating expenses TO gross earnings of
2.71 per cent. It Is pointed out that. be-
ginning with the first OF next month, when
the electric service will be put in opera
tiun on at least one line the ratio Will
show a considerably larger decrease. II
is understood that wa1l-iuformed inter-
ests expect that the earnings for the pres
ent fiscal year viii be equivalent TO : per
cent on the stock"
The buying of Norfolk and Western. on
the strength Of which the stock was ad-
yanoed last week to the highest price on
record, was by Philadelphia Interests
largely. The purchases were not explain
ed by any specific news developments. but
the suggestion was that there was buying
for control-for, contrary to general opIn-
ion. Pennsylvania does not own con-
trolling interest in the Norfolk system
Il was said the road will be very materi-
ally benefited By the new Pocahontas Coal
Company. and the talk is that stockhold-
er8 are 70 receive substantial benefits as
d result.
Trading in Rcndinrs Enormous.
Nearly half a million shares Of Reading
common stock were traded in last week
and the stock was by far the mos. active
in the list. The dealings in the first
and second preferred issues were also on
very large scale
The stocks are all at top prices and the
common has established new record
The talk persists that the buying is
by Mr. Morgan and the First National
Bank party for control, in anticipation of
the expiration of the voting trust The
report OF dividend 10 be declared short
ly on the second preferred is regarded as
within the bounds of probability y not
few interests in the street and IT is
said thai the holders of the common stock
even may look forward with some con-
fidence to the developments of the year
1902 in this direction.
Large Foundry Earnings.
The prosperity OF the steel trade is in
dicated by the reports of earnings made
by all companies in any way connected
with the trade.
Earnings Of the Republic Iron and Steel
Company are now al the rate Of S22O, ,00G
net a month. 1t is confidently believed
that IN the next few months net profits
viii be even larger. and that a good part
Of the falling of in last years earnings
Will be recovered.
The American Car and Foundry Com
pany is earning al the rate of $3.50. 900
net a month Earnings are so heavy that
II has been decided 10 increase the work
ing capital to Sl2 900, 600 entirely from in
come. While a larger dividend could be
paid on the common stock, the chances
are that the rate will be maintained Al
per cent. for the next two years.