Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-11
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The STAR
NEW YORK, August 11.-Tremendous
earnings are about the only reasons known
or suspected for the striking advances
that are taking place in so many OF the
high-prfced stocks. This Is true OF Great
Northern preferred and Lackawanna, for
example The leading exceptions are Oma-
ha and Northwestern. where an intended
smalgamation of the properties is alleged.
and Delaware and Hudson.
The most interesting report relating to
the latter stock is that what seems plainly
to be buying for control L. by the New
Haven. or for 1t. II this 10 true lot of
questions would be raised.
1t would practically make the New Haven
q trunk line road, for the Delaware and
Hudson would afford q physical connection
with the Pennsylvania. 1t would make
the New Haven a very important anthra-
cite road. considering that 1t already con-
trolls the Ontario and Western.
The average of twenty representative
railroad totals, of which a record has been
kept for years by Wall street news
agency, was raised yesterday to 1924 This
Is the highest level ever recorded by the
compilers of the averages the previous top
figure having been made on September y.
1902. when the average was 1895 A chart
player would be likely to say that the
market, having made a new top would go
much higher.
The Pennsylvania has a sufficient inter-
est in the New Haven. and 1t may be
larger than has been suspected. The New
York Central has q large interest, at least
through some large stockholders common
to both. and it is curious to note that one
OF the rumors of the week current to ex-
plain the news in Delaware and Hudson
is that the New York Central and Penn
sylvania were to divide control OF the
property.
The purchase Of the Ontario and Western
New Ravens part, which was. however.
quite in line with the policy of expansion
that was indicated by its steady acquisition
of New England trolley roads. There seems
road world at the present time that may re-
suit IN a remarkable readjustment OF rela-
tons.
Compilations Of railroad gross earnings
made by Wall street news agency show
the following results compared with the
corresponding periods last year:
The gross and net returns of fifty-nine
railroads for the month Of June were as
follows
Gross earnings, ss2.320.117: increase. ST.
O33.04i. Operating expenses. $50. la. Ias;
increase, $5,l17,297. Net earnings. SIS, $780,
1873; increase. $l,31o,744.
The gross earnings increased 9.34 per cent,
operating expenses increased 9.S2 per cent
and net earnings increased S.2o per cent.
Fiscal year-Gross earnings. 1868, 303,4 76:
increase. $o5.4JO, 5S7. Operating expenses.
1865 51s O34; increase. S5.2tI,.2 2I Net earn
ings, S3O3 7s5. 442; increase, $50. 1877 1865. The
gross earnings increased Cos per cent. OPP
Grating expenses increased 500 per cent,
and net increased III per cent
Pittsburg dispatches say that arrange
ments have been made by F. A. Delano.
vice president Of the Wabash system, for
the financing Of the Wheeling & Lake Erie
in such a way that the company will be
able to make part of the improvements
projected under the administration Of Jo-
seph Ramsey. jr. Notes amounting to S.
OGO,OC are said to have been given to the
Wheeling & Lake Erie to which the Wa
bash has added its Endorsement enabling
the Goulds to secure the money through
Wall street bankers, said to be George u.
Butler & Bro.
years and that they were sold at 80. The
improvements to be made are said to in
clude expansion Of the facilities on the
docks at Huron by installing more coal
leaders and some ore unloaderS, and by the
building Of moro yards at that place, and
will also include an increase in the num-
Der of passing sidngs and the lengthen-
ing of those now in use.
Reporting new railroad equipment
orders of the week, the Railroad Gazette
says the following companies have ordered
cars from the American Car and Foundry
Company: The Chesapeake and Ohio Rail-
way Company. 500 box cars; the Kansas
City Southern Railway Company. 100 dump
cars and 200 national coal dump cars.
The following companies have ordered
cars from the Pullman Company: The Col
orado and Southern Railway Company. 200
automatic dump cars. and the Mex
lean Railway Company. 80 coal cars.
1t Is reported that the Hill linds have or
dered 5000 freight cars. Hugh Kelly & Co.
of New York have placed an order with the
Middletown Car Works for $50 twenty-ton
steel-frame cane cars for use in Cuba. The
Tidewater Railway Company has ordered
ITO box cars and 20 dump cars. The Gulf
Refining Company Of Pittsburg has ordered
100 steel underframe tank cars. The
Florida East Coast Railway Company has
ordered 100 dump cars. The Atlantic
Coast Line Railroad Company has ordered
80 fiat cars. The japanese government Is
reported to have ordered six passenger
coaches. 1t is reported that the Omaha,
Lincoln and Beatrice Railroad Company
has ordered eight passenger cars. The
Buffalo and Susquehanna Railroad Com
pany has ordered fifteen dump cars. The
Chicago. Burlington and Quincy Railroad
Company will build four switching locomo-
tives at its Havelock, Neb, shops.