The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-25


twelve:
Shares Net change,
Erie Observation-Disclosures. 7l2.Sl3 Adv.
burlington ..-.--.-....-....... 522,H6 AdV.. %
Sugar ........................ POI. Is5 Adv. pa
Manhattan .................... 2q3. 1872 Adv. Il
Brooklyn Rapid Transit....... 2g3.s75 ADJ. z
Union Pacific. ................ 7,l70 Adv. 4
Southern Railway. ............ 2j9.735 Adv. 29s
Wabash pfd................... 2l2.2iO Adv. "a
Northern acifc............... 1884 ADV. 2ss
Atohison ...................... 1850 ADV. 27s
St Paul. Observation-Disclosures. l63,40S Adv. "a
Rock Island. ............-.... l54,S1O Adv. rs
Discussing the stock market and its
outlook. w. j. Wollman, of j. S. Bache
& Co, says:
II am very bullish on the situation. and
believe that the market will advance, and
that we will see materially higher prices
OF course, in some particular ways. it
ton, 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 on moments notice.
"All the conditions are perfect and
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 .them. 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
roads stocks are sure of reaching much
higher prices, but it may be wise to keep
well i'm mind the remarkable and extern
advances these issues
However, indications of James J. Hills
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 reorganization
of the Erte's executive staff. The selec-
ton of +. ID. Underwood. of the Balti-
more and Ohio, to succeed President L.
Il. Thomas. of the Erie, is concededly due
to Mr. Hill Suggestion. II was, in
fact, mainly due to Mr.. Hill that MIR.
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-
tant 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 Hill man, has been APP
pointed manager at Buffalo of the Erie
Railroad lake lines.
1t is officially announced that certifi-
Gates of stock of the American Can Com
pany 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 will receive their certifi-
Gates. II is probable that Edwin Norton
Will be president of the new company,
and that w. II. and ]. II. 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
curo at l02iA.
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 ]. 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 will 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. ........... $4,000 Dec. $1,000
Gross receipts from steam
ers chartered ......-..... $50 Dec. 81, 050
Total gross earnings. s9OO.s6l Dec. slos l90
Operating expenses. 2i0,sl9 Dec. 1882
Net earnings. s6o,0i2 Dec. s10,2ss
Reserve fund..-.....--.--. BID
Surplus ................. s9o,927 Dec. sIo,2ss
From May ! To January 81
Gross earnings from steam
ers operated. 2s4, ass Inc. .Sl57 ASP
Gross receipts from steam
ers chartered. ............ 24o,65O Dec. $1,000
Total gross earnings s.. 525, 1876 Dec. sIss SIC
Operating expenses. zoos, los Dec. &,l53
Net earnings. S52o,GD Dec. -s4n, IA
Reserve fund.......-....... 2t2,"5o
surplus ....-..........-. Sz9',S5J DEC 'S4'l,'-i
Reading common stock on Saturday
closed nearly q point above the final sale
of one week ago, notwithstanding the
talk OF Il strike. But the street has come
TO believe that there will be no strike.
J. p. Morgan had arranged to go abroad
on Wednesday next, and 1t appears as If
IL would be difficult Tor medlatorS 10 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 circular
on the steel stocks. in the course of which
they say, among other things:
AS nearly as can be ascertained, In
default Of accurate information TO the
profits of the Carnegie Steel Company,
the aggregate net earnings of the con9tit-
uent companies last year was about slG7.-
O00.0on Interest upon th2 new bonds will
require in round figures SIS. 600 and Z
per cent dividends on the 800 100000 of
leave an apparent surplus of sC4.C01,o0O, or
Those closest to the transaction are most
the payment IF the full preferred divi-
that while the amount of dividends upon
the common win be kept within moder-
ate bounds, possibly not exceeding per
such returns to common stockholders, to-
eether with due provision for deprecia-
ton and the accumulation of sufficient
surplus. 1t is also urged that the econo-
mics which can be introduced by the
cd troll ilraly in