Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-30
BULLS AND BEARS


point on the United States Steel shares
would seem to be contained in the con-
tract by which the steel corporation Will
furnish to the Pittsburg Steel Company
100000 tons of steel biliets, the deliveries
TO be distributed over five years. the con-
tract becoming effective tomorrow The
I'rfce is fixed by the price of pig iron. and
IL is figured that on this basis a sum of
from $22,0O0000 to s25.o00.000 Is involved.
This deal eliminates threatened competi-
ton of a serious sort, for the Pittsburg
Steel Company had been planning extensive
blast furnaces and works.
A man who is very much interested in
the steel corporation and a great believer
Ia its future says: This is good news,
but the real big news that l am hoping to
hear soon Is that the steel corporation has
by lease or otherwise obtained the great
ore properties In the Mesaba range, owned
by the Hill and Great Northern interests.
That would put the corporation in an I'M
pregnable position"
The tidewater railroad from the West
Virginia coal fields to Norfolk Is beginning
to attract attention. Construction Is to
proceed from Norfolk westward. and con-
tracts have been let for the work. Land
for a terminal has been acquired, practi-
caily alongside the Norfolk and Westerns
coal piers and some concern is being mani
tested over the menace to the Norfolk and
Western which Is threatened There is a
lot ofmystery about the hackers of the en-
terprise, but they seem to have plenty of
money, the liberal expenditure of which for
lands has amazed many who were dis
posed to regard the whole scheme as more
or less Of bluff.
Wall street is a scare center. according
to it's own standard Some of the COM
ment made in the street in the last six
hS he EnIYifa n af ia hot xyad N
extraordinary obtuseness in certain direc
tons. but in purely Wall street matters the
street is a censorous judge. There are some
sore members of recent underwriting syn
dicates who view with suspicion bullsh
hints about some leading stocks that have
emanated from certain quarters.
Said one of the disgruntled today: 1T Is
my experience that information coming
from that source wants to be literally salt
ed. have usually found that no really good
things were allowed to escape to insiders. +"
* X
Atlantic Coast line 4 per cent collateral
trust bonds, secured by Louisville and Nash
vile stock have been made legal invest
ments for savings banks in Connecticut.
Says stock exchange house that frequently
speaks with information: I'm spite of the
markets irregularity. 1t seems to be the
best opinion in the best-informed quarters
that the advance is likely to be resumed
next week.
be justified by the quantity of orders for
steel rails now being placed. 1t is said.
however. that the new business of the rail-
road equipment companies is not Keeping
pace with that Of the rail- makers.
Reporting on equipment orders of the
week, the Railroad Gazette says: THE
American Car and Foundry Company. it
Is reported, has received an order from
the Missouri, Kansas and Texas Railway
Company for $50 ventilated box cars, so
forty-foot fiat cars and 80 cabooses. The
Tehuantepc National Railroad Company
has ordered 125 box and 30 stock cars
from the American company. 1t is re-
ported that the Pennsylvania Railroad
Company has ordered $50 locomotives
from a concern in Philadelphia. 1t is said
that the Metropolitan District railway
of London has ordered 10 electric loco
motives from the Westinghouse Electric
and Manufacturing Company. 1t is re-
ported that the International and Great
Northern Railroad Company has ordered
Is large freight locomotives"
x X X
Compilations of railroad earnings made
by Wall street news agency show the
following results compared with the cor
responding periods last year: For the
first week Of June the gross earnings of
forty-one railroads aggregated Sl,4Sl,132.
an increase of S3So,341, or o.43 per cent.
For the second week of June the gross
earnings of forty-one railroads aggre-
gated $7193,S44, an increase of S429 196.
or 5S3 per cent For the third week of
June the gross earnings VI tNSHly -ScNSh
railroads aggregated $6,42S615, an in
crease of $41S,1 IA, or COG per cent. From
July l to June u the gross earnings OF
twenty-seven railroads aggregated 1855.
5,SSS. an increase OF SZO,ZOi,Z09, or OH
per cent.
The gross and net returns of twenty-nine
railroads for the month of May were as
follows:
Gross earnings, $40, 537 800; increase. S349-
1893 Operating expenses, $2S,90s 23s; in
crease 50 227, 92S. Net earnings S13.629,-
OS4; increase 50, 121 $50
The gross earnings increased 11.38 per
cent, operating expenses Increased S.3I per
cent and net earnings increased 1874 per
cent.
From July to May: Gross earnings.
S452 613 419; increase, 17,451 .96S. Operat-
ing expenses. 5000. 5SS,974; increase, 5000
500 Net earnings, S152,024, AS; increase.
$40 432, 800. The gross earnings increased
4.01 per cent. operating expenses increased
2.39 per cent. and net earnings increased
1856 per cent.
The following apparently authoritative
statement was made this morning:
within the recent past considerable dis
cussion has arisen regarding the American
Hide and Leather Company, and rumOrs
have been current that the directors at
their meeting in August would pass the div
idend on the preferred stock. SO far as can
be learned, however. such reports are not
we'll founded. 1t is stated in authoritative
quarters that the business of the company
continues on very satisfactory scale, and
that the company will make a good show
ing for the year.
Dividend payments on the preferred
stock at the rate of per cent per annum
were begun last January, the disbursement
for two quarters having SO far been made.
The company before commencing dividends
accumulated substantial surplus Of SUI
fcfent proportions to lead the management
to believe that the stockholders could be
conservatively given some return on their
Investment. 1t is understood that high
officers of the company see no reason why
dividend payments should be discontinued"