Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-12
BULLS AND BEARS

NEW YORK. June l2.-The gradual rise
In all three classes of income bonds OF the
Central of Georgia Railway Company seems
10 be due to no other cause than general
belief that the company Is now earning
enough to pay the full income OF per cent
upon all three classes of bonds In the order
of their preference. In this connection
Scott & Stringfellow have issued circular
from their Richmond Va.) Office in which
they figure out an apparent surplus Of $944.-
900 applicable to the interest on the income
bonds. which would enable the road to pay
per cent on Its first and second preference
bonds and 10 per cent on its third prefer
ence bonds. Scott & Stringfellow use as
basis Of their calculations the published
earnings of the Central Of Georgia for the
ten months ending April 30. 1906 Their
circular says in conclusion:
Heretofore the published statements in
the closing months of the year have never
shown Interest to have been earned. 1t has
apparently been the practice to arbitrarily
adjust the earnings at that time. as was in
Dictated last year In the month of May by
the operating ratio of 90 per cent. Our
analysis of the roads statement was shown
to our satisfaction that the full interest
mad been fairly earned for the last three
years.
If. however. the entire Increase in gross
earnings for May is absorbed in operating
expenses and taxes and for other pur-
poses. as was practically the case last year.
anG II June likewise shows no increase or
decrease, the Increase In net already shown
VIII maze the surplus of the year $768, 600.
which is more than sufficient to provide
Of income bonds. The foregoing does not
take into account the earnings OF the Ocean
Steamship Company, the entire capital
stock OF which, amounting to $2,O00.00O. is
owned by the Central of Georgia. The sur
plus of the steamship company for the
last three years has averaged nearly $780,
oOO which fact has been ignored in the
statements issued by the railway COM
pany."
City Controller Henry w. Cough OF Har-
risburg. Pa, will receive sealed bids until
8 pm. June 20 for $21S, 400 3h per cent pub
lie Improvement bonds which will be dated
March 1. 1905. The bonds, will consist of
SIN series for each for $36. 400, known as
September /. 1920. and the other in alpha
betica, order annually thereafter. The
bonds will be in denominations Of $1,000,
500 or $780, Each proposal must be ac-
City Treasurer Owen M. Copelin for per
cent of the par value of the bonds bid for.
The bonds will be delivered on August l.
Controller Walter s. Reed of Long
Branch. N. j.. Saturday afternoon awarded
the $15oG0O per cent thirty-year beach
and park bonds to w. e. Jackson & Co. Of
New York at O1.062
The American Locomotive Company
which has been busy turning out a big lot
of locomotives in the last few months, re-
ports that the present demand for new en-
gines is not so urgent as 1t was few
week ago, although the company's plants
will have all they can do for many months
yet. Until the railroads know the condi-
ton of the crops they will stop placing
many new orders The company says that
its recent decision to embark in the auto
mobile industry Is merely In keeping with
it's previous policy as shown by it's contract
with the General Electric Company, to
build electric locomotives when the electric
engines gave promise of suppla nting the
steam locomotive In suburban service.