The Washington times., 1902-01-19

N
excellent character. The recent buying
had been almost wholly of a professional
character, and based on the expectation
of good statement, and the people tina
made these purchases were anxious tt
sell out when the good news appeared.
The outlook for the coming week il
that theIe Will be a continuance Of th'
traders market.
The New York Central Stock Issue
The gossip regarding the New York Cen
tral stock issue has been cheerful. The
fact that stockholders will be given valu
able rights in the new stock is, q
course. one reason for this, but careful
people say that the issue is warranted il
every way, and that the expenditure o.
the money received will add to the busi-
ness of the company materially in al
probability.
The total stock issue, when the entire
s35 900, 600 has been fioated, will be $780,
COO 900, and the dividend requirement or
the stock will be $500, 600 annually
against si,c00 900 three years ago, when
the dividend rate was only per cent and
the capita lization only 800, 600 600. But the
earnings of the company have increased
more than proportionately since that
time.
Manhattan Talk.
The influence of the Central stock Is
sue on the fortunes of the Manhattan COM
pany has been one of the chief topics dis
cussed in the street during the week.
The first suggestion made was that the
improvement plan of the Central would
preclude the possibility of any community
of interests with the Manhattan, and the
stock of the lattef company was for a
day or two weak on this account.
Later the street took a more hopeful
view on reports, said to be semi official,
that. after all, the Central will build the
Mott Haven union station with the trac-
tion company and also carry out other
cooperative plans.
1t was even suggested by some people
that portion Of the s35,000.0O new stock
of the company is to be expended in buy
ing Manhattan stock for control, but this
story was officially denied yesterday.
There is no way for the public to choose
between the two conflicting stories, and
probably nothing definite will be known
until the insiders have made their stock
market arrangements, SO that Manhattan
stock does not attract conservative peo-
pie at the moment
Steel Earnings 100000 Monthly.
The statement is made on semi official
authority that the earnings of the United
States Steel Company during the first
four months of the new year will aver
age 100000 a month. This is rather
better than has been hoped for since the
December figures were given out, and 1t
lea eH that tho plnc Of laL wi
cation heavily curtails the business OF
the company.
Steel trade authorities report that the
companies are all full of orders, covering
all the work that can be done during the
first six months of the year. They are
taking almost no orders for earlier de-
livery than July. and not many for any
earlier than the last quarter of 1902.
The Steel securities have continued to
the people that have been
looking for good advance in them at
the beginning of the year. They have been
firm at all times, but make no net gains
from month TO month, despite the fine
showing of earnings.
Coal Production.
The anthracite coal securities have been
rather the best group OF railway stocks
volume early in the week, and lost much
Of their recent gains. but since Thurs
day have been fairly strong. The coaI
output for the year 1901 was somewhat
over SO 600 600 tons, which Is an increase
of about 100000 over the year previous.
The December output was somewhat
under what had been expected en- account
OF the shortage of cars. but the showing
for the year is considered especially good
The meeting of the Erie directors to
consider the question Of the dividend on
the first preferred Will be held tomorrow.
There Is little chance that the dividend
will be Increased, although the earnings
of the company have been very heavy.
ALncka,yannn Rumor.
One OF the weeks interesting rumors re
garding Lackawanna is that there will be
a stock dividend in the near future. No
official confirmation Of the story can be
secured, and semi official denials are
heard. Lackawanna was almost sensation
ally strong on Friday. advancing 10 points.
The granger securities have held their
own fairly we'll. and Rock Island HIS
been at times huoyant. There was a
week or so ago much talk Of the Deem
bcr business of the company having hccn
ptOl, UT All ciut'I OF INC tDI-l any StilES
that there is no truth il. this. He SAYS
that sie report will slow a large in
crease over the business OF December,
1900. The Oklahoma business of the com
parry iG proving very profitable.
On" of the interC sting Rock Island ru-
mors that continues to crop out is that
the capital stock OF the company viii
be doubled in the near fIture. 1t is said
also that other important interests than
the Moore brothers have been buying the
stock Oh the promise CT something of this
kinG.
Railway Business Large.
Gross earnings of all railroads in the
United States reporting for the frst week
Of January are s6,soo,45 a gain of 7
per cent over last year and III per cent