Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-15
BULLS AND BEARS

NEW YORK. August 15.-At this time,
OF 1903 and 1904 has taken place in the
stocks and bonds Of the Rock Island Com
pany in the issuing Of the underlying rail-
roads. and when. on account of the teeming
crop outlook, the business Of this great
system promises to boom for the next
twelve months. there is more genuine and
important builishness in these securities
than since the holding company was
launched three years ago
The Rock Island owns all the stock OF the
Chicago. Rock Island and Pacific railroad.
which owns almost all the stock Of the old
Rock Island railroad and owns all but
few thousand shares OF the $4,000. 600 of
the st. Louis and San Francisco common
stock. controlling that corporation. and
consequently the roads controlled by the
Frisco. There Is total Of about 1900
miles in the present Rock Island system.
and the latest exploit Of the Moore party
IN Its interest gave 1t an important footing
IN the Alton through the purchase of $751;
'0OoOo or Alton stock by the Rock Island
railway.
There is outstanding $50 $50. O32 OF Rock
Island Company common stock and $iS.-
6U.2OO OF 4 per cent preferred stock which
becomes per cent stock in 1910 and q
per cent stock in 1917, and 80 far the pre-
ferred stock has received its full dividends
with something OF a surplus left that bids
iair IN the present fiscal year to be fully as
large as the heavy balance reported in 1903,
$4,SS2.14G This preferred stock Is now
selling under 50. a price at which it pays
Its board as the Wall street margin trader
phrases 1t.
IL Is difficult for men who have studied
the situation and prospects of the Rock Is
land Company to Understand why so many
OF thee securities Of the system are selling
at prices so little above the low levels OF
the last two years Rock Island common
sold down to 1913 in March. 1904. the lowest
price since the present stock was issued,
and yesterdays high figure represented an
advance or 141s points Erie. in the same
time. advanced about u points Southern
halfway ID. Southern Pacific about 20, B.
about 30 yet 1t would be a bold man who
could say that any of these issues had a
peter chance Of immediate dividends than
ROCK Island common
Rock Island preferred sold down +o 65x
IN 1903. Its present level representing q rise
or 70 points, while Atchison common which
sofa down to 54h In 1898 has risen 81 points,
YET me holders Of Rock Island preferred
PROBABLY feel as sure Of their per cent
as does the holders OF Atchson
The Chicago. Rock Island and Pacific
haiiroad collateral trust refunding per
cent bonds. amounting to S69,557. AS,
Rock Island Railway stock, at its par
Ea!ue-the last quotation for which was
l64-are selling about SO, and yield al
most per cent, yet there has not been a
year in the last three, or since the Rock
Island company was formed. when there
has not been margin of earnings about
equal to the amount deducted for interest
on the funded debt of the system.
me annual meeting of the stockholders
of the American Smelling and Refining
Company will be held in Jersey CITY on
September ID. The books close on August
% for the meeting. In addition to the
election of directors a vote is to be taken
upon proposed bylaw that dividends
may be declared and paid at such times
as may be determined by the directors
and upon number of other matters.
The Canadian Pacific Railway Company
has declared the regular semi-annuaI
dividends OF per cent on the preferred
stock and of per cent on the common
stock. payable on October 1. Surplus for
the year. after dividends, was $17S4553
an increase Of Sis. $40 over the year be-
fore. showing that there was earned on
the common stock about 81 per cent.
The American Coal Company has de-
clared the regular semi annual dividend
Of S per cent payable on September 1.
The books close on August p.
The New York Trust Company, receiver
Of the Merchants Trust Company, sent
out checks last night to depositors for
sums representing 40 per cent of deposits.
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