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

| blind. because. while giving due weight TO
the quarrels. discussions and evidences OF
] lack OF that strong moral fiber" which
| should characterize the conduct of fiduci-
airy Institutions. 1t cannot see why. the
! soivency Of the society being beyond ques-
| tion. the society cannot go on doing a
normal business after a truce has been de-
| clared to all the warning factions. and after
| certain changes have been made in the
personnel Of the management. There has
never been any question Of the society's
| solvency. That was not why the earnings
| fell 100000 behind last month. according
| to Mr.. Tarbelrs statement-n0t why the
| amount OF cancellations in addition left
| the society with less insurance in force at
| the end Of the month than 1t had at the
! beginning. Life insurance is purely bust
! ness proposition in one of its most impor-
| tant aspects.
| The intending insurer and often the in
sured, wants to know IL his insurance. in
| the Equitable, for example is going to cost
him materially more in the long run than
In another company whose solyency Is
equally as unquestiOnable as the Equita-
bles, and the revelations that have been
made in the Equitable scandal have not
been at all reassuring in this regard. A
reorganization of the Equitable's official
staff is far from being much needed, &C
COTQlnS 10 the opinions entertained III SOIHc
conservative and well-informed circles in
the financial community, as Is reorganiza-
ton of the society's system and methods,
which could be made so effective as to put
it beyond the power of any set of officers
to impair. The Frick committees report
made drastic recommendations In this re-
spect, but the whole report was shelved
Overnight consideration of the Amalga-
mated copper report seemed this morning
to have cryStalliZed into the opinion that
the statement was undoubtedly step in
the right direction. but that 1t left so much
to be told that there was the whole lit
tie to be thankful for. All the detailed ad-
vance criticisms of specific features which
were heard yesterday were repeated today,
and the statement itself being too lacking
| in completeness. friends of the company and
of Amalgamated copper stock could meet
these criticisms with nothing better than
Authoritative" assurances that the strength
of the company's position was far from
wholly revealed.
1t is a fact, however that the statement
was ultra conservative. 1t shows, at that.
that the company is out of debt, and with
the new Washoe smelter added to its equip
ment 1t should reap great benefits from the
copper trade, which Is now the strongest
industry in the country. A Boston dispatch
quoted a director of the company as saying
today: 1T should not be forgotten that
the Amalgamated Copper Company's state
iueilt uoeS not consider the assets or us
subcompanies. 1t is we'll to remember that
there ale cash and copper assets in the
| treasury OF the Boston and Montana and
the Anaconda of at least $200O0.OOO.
The directors have decided to discharge
the deferred liability showing on the hal
| ance sheet Of the Chicago, Rock Island and
racine Railway Company of last year as
kholders'improvement loan s., 222 ,941."
The item consists OF $750,O0O transferred by
the board OF directors in 1885 from income
account to the credit of additional and inn
provement account. $463 900 similarly trans
ferred In 1885, and certain small unpaid hal
ances upon addition and Improvement bonds
numbers one to four. For the $75OOOO so
transferred in 1885, the company in June.
1850, issued its Improvement bond No g.
wherein 1t acknowledged itself to be Indebted
70 20 tne treasurer OF the company, which sum
IL promised TO pay twenty years thereafter
with either cash or full paid shares of capf-
TAI STOCK. as the company should at the
time elect.
The bond further provided that when the
same should be paid the proceeds of the
payment should be distributed proportion
ately among the stockholders of the COM
pany. This bond was of like tenor with adj
dition and improvement bonds numbers l
to previously issued aggregating 81 OOO,-
OOO, all of which was paid by the company
by the distribution to stockholders on July
1, 1888, of shares of capital stock aggre-
the payment for the period from July l,
1S9S, to January 1. 1903, of special quar-
terly dividend of one-quarter of l per cent
on the capital stock. Distribution of the
amount pro rata among stockholders will
be made on and after June IT, For the pur-
| poses of these payments the transfer books
will close on June 16.
The Chicago and Eastern Illinois Railroad
Company has declared the regular quarter
ly dividend of III per cent on it's preferred
stock. payable July 1. Books close June IA
and reopen July 3. No action was taken
yesterday on the common stock dividend.
AS the entire amount of this issue out
standing has been exchanged for the ST.
Louis and San Francisco Railroad Company
certificates, it Is not unlikely that the
|. directors OF the Chicago and Eastern ILL
nois company will discontinue the formalty
OF declaring a dividend on the common
stock.
Pittsburg dispatches quote Joseph Ram
sey, jr., president of the Wabash Railroad
Company as announcing that negotiations