The Washington times., 1901-07-17

the alleged initial rate cutter since the
community of interests plan vas
broached. Th1 company has wlthufaWn
its cut-rate schedule. according TO tns
best obtainable informatiom and 1t is
not to be doubted that il received SoIIIe-
thing for its action in the matter ine
Little Granger has had the reputation Oh
always being the most independent ana
aggressive line in the West. as far as
rates are concerned. and it is still living
up to its reputation.
The anthracite securities were fairly
strong yesterday. closing the day with
little. If any. net loss for the session
The Reading and Erie securities are both
considered good purchases by some of
the shrewd market people, their earnings
prospects being excellent
Sugar was one of the strong features
of the market yesterday, making an ad-
vance to lbs early in the day, and hold
ing its own we'll The street heard the
rumor that there is to be an increase IN
the dividend on the stock and was in
C ined to give the story some credence in
view of the known fact that the trust is
earning more money this year than II
ever did before. At the same time, the
wise people were unable to explain cut
of half n cent a pound in the price of
coffee by the trust, and cut of 10 points
in sugar by the ArbucSle people. both
made yesterday. Nomnally the Arbuckie
price for granulated sugar is only 5.35, or
is said. however. that the trust is meet
ing the cut secretly.
Illinois Central was one of the strong
securities yesterday. The price of this
stock has been cut into less in the re-
cent break than that of almost any other
railway security on the list. There are
several reasons for this. In the first place
the stock was not manipulated to an alb
surd level by the big interests seeking to
get control last spring. 1t was never ad-
Vanced to level beyond where 1t de-
served to go in a bull ma rket. In the
second place. the Illinois Central has a
great diversity of business spread over n
large territory. and will be little hurt by
poor crops If there are to be any such
The outlook for the stock seems to many
careful people TO be excellent.
The Steel securities were the weak fea-
lures of the list all day. They failed to
advance in the morning bulge with the
general market and had no Independent
advance later. The fact that the steel
strike situation does not grow less unsat-
isfactory accounts for this weakness en-
tirely. 1t would seem. however. that prob
ably the present level of these securities
Will be near the low for them under ordi-
nary circumstances, and there are many
careful people that will buy both the COM
mon and the preferred on the declines
from this time. The interview of Mr.
keene the other day contained number
of matters interesting to holders of these
the statement, apparently authoritatively,
that the company earned s26. .000. 600 during
the first quarter of its first fiscal year.
This is at the rate of S10i. 900. 600 and is un-
doubtedly very fair showing.
There is much bullish talk again regard
ing Southern Pacific stock which is hold
ing its own excellently. The stock was
bought heavily Yesterday by London and
by important people on this side. The
earnings of the company for the year will
show something like sSo,000000 gross and
s27 10000 net.
The outlook for the st. Louis South
western is excellent. The report of the
line for eleven months has been published
1t indicates that the years record for the
company will show that out Of the net
earnings of 100000 about $4,000 was
paid for betterments 100000 interest on
the first mortgage bonds, and $3.50. 600 in
terest or the income bonds. This will
leave in round numbers 81 .5000O0. The
amount will be greater rather than less.
The first preferred stock is $40. 600, 600, and
the dividend on this at the rate of 5 per
cent would be 81 600 600. SO that the sur
plus for the common stock for the year
over dividend on the preferred mot paid
was about 100000. or trife over 3 per
cent. The preferred stock is selling below
60 and the common below 30. Both Will be
bought by bargain hunters on the breaks
this summer and IT is entirely likely that
they Will sell very much higher when the
market recovers-