The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-06-05
FINANCE AND COMMERCE..
CURRENT NEWS AND GOSSIP
OF INTEREST TO INVESTORS

regular quarterly dividend of ~ per
cent on the preferred stock and q divi-
dend OF 4 per cent, payable In quarterly
installments on the common stock. IN
the company's year, ended March 81,
earnings were larger than ever before in
the history OF the concern. showing i
big surplus above all dividend require
ments. The International Steam Pump
Company is consolidation of establish
ed steam pump manufacturing concerns
that have paid dividends In good years
and in bad years, and as under the COM
bination of interests expenses have been
reduced and net earnings increased the
securities represent value OF undoubted
merit. The common stock of the Inter
national Steam Pump Company is not a
speculative football, and no efforts have
been made to advance 1t from its present
cheap price, which returns on the in
vestment 10 per cent. AS the stock has
paid per cent annually for three years.
and as the business of the company Is
not an experiment, it would seem as if
both the common and preferred ought
to enjoy marked appreciation whenever
the general market rises. 1t is well
worth noticing that the good industrial
stocks have made Insignificant declines
in the downward movement since last
September These issues are held by :,
good class of operators, who are conf
dent of higher prices.
Efforts have been made TO make it
appear that the selling Of Pennsylvania
stock Wednesday afternoon was for the
account of the underwriting syndicate
but 1t Is said on good authority that up
to the present time the syndicate has
done nothing in Pennsylvania stock on
either side. 1t has the right to pur-
chase up to 100000 worth of Pennsyl-
vania stock, but has not exercised this
right 1t may be stated further that the
syndicate membership includes practi-
eally every large interest in Wall Street,
besides a great many powerful interests
abroad. There is known to be a consid-
cradle short interest In Pennsylvania
stock at the present time. To what ex-
tent this short interest is technical, and
III connection with the rights, VIII be
disclosed when the period for acceptance
of the rights expires.
The tenth annual edition of the Amer
lean Street Railway Investments" has
just been published by the McGraw Pub
fishing Company, of New York. This edi-
ton contains reports OF 1851 companies.
showing in detail the physical and fnan-
cial condition of the properties. or this
number nearly 1900 reports are of an Of
fetal character. the information being
furnished by the railroad companies
themselves. These figures include botn
operating and leased roads. and include
data OF all new roads The figures given
are for all important consultations in
the year, and the reports OF companies
are this year arranged by States, instead
of alphabetically by towns. as hereto
fore. The book contains about twenty
five folding maps, some in colors, of the
most important street railway systems
in the United States. 1t also contains
table showing by comparisons the gross
receipts of all companies earning $4,000
or more for the years 1901 and 1902. The
report in each case is followed by the
date of the information as supplied By
the street railway company making the
report. This is an important feature to
anyone who desires accurate informa-
ton