Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-04
BULLS AND BEARS

NEW YORK, August 4-There Is no other
explanation needed for the strength of the
present stock market than the considera-
| lions set forth as follows by Bartlett,
| Frazier & Darlington In the market letter
1 distributed this morning: There is very
little doubt now about the corn and wheat
harvest II the adyices received by the big
financial interests are accurate.
This is the only prime bullish factor on
/ which they rely. and an additional incen-
4 tive Is to be found in the continued ease
OF money. A prominent banker Of interna-
/ tonal reputation told US today that big
j Doom In stocks was certainty II money
continued easy during the fall. He said
| also that slight Tightening OF money
! rates would not. in his opinion. materially
lnteIIere with such an advancement in
stock prices.
Technical speculative conditions support
the generally favorable extrlnsic situation
The manipulation that is going on hand in
| nand with what is undoubtedly a steady,
| though quiet. absorption is rendered pos
siDle only by the scarcity of stock of any
| thing like the prevailing quotations More
| over. not only are stocks apparently in
hands willing to hold them, but the hold
| ers are apparently able to keep them
through temporary stress or strain
| Ihe lamented absence of the public that
| I,aues on light margins is a fortunate
,nihs, Tor when such a public is in the mar
| ket, good and plenty. as a broker said to-
cay IL makes for structural weakness. As
! for the alienation Of public SUPPORT # is
| OBVIOUS, when there are so many men and
| women who Will trust their money to such
concerns as the tipping bureau that sus-
| Pehoeo mere this week, there must be hard
| headed individuals with money who stand
| ready to buy securities from or trade
| through reputable brokerage houses"
| The South Poll
| statement of operations for the year ended
June ~ showed almost per cent earned
| on the common stock. Gross earnings in
creased per cent over the year before
! ana net earnings increased almost . per
| cent. while, because of increased yield
from the company's investments, net in
come gained more than per cent. Surplus
available for dividends increased about p
| per cent.
Appropriations for improvements were
s1VVooo larger than in the preceding year.
yer net surplus for the year showed gain
OF more than 30 per cent. Ten years ago
gross earnings were only SIT, 900 900; five
years ago they were only $34, GOO, 600; while
Tor the year Just ended they were more
.nan S4s.ooo,Ooo: Dividends began on the
preferred stock in 1897. when per cent was
paid The stock has received it's full per
cent annually since 1902
Compilation of railroad earnings made by
wan street news agency shows the fol-
lowing results compared WITH the CORE
spending periods last year:
For the second week of July the gross
earnings of thirty-nine railroads aggregated
H.So2, l63. an increase of s792, 246, or IL %
per cent For the third week of July the
gross earnings of thirty-Seyen railroads ae-
gregated sS.02o.s42. an increase of s775, 453,
or 1862 per cent. The gross and net re-
turns of fifty-one railroads for the month
OF June We're as follows: Gross earnings,
500. 1873. 131; increase. s4.752. 721. Operating
expenses, $42. 4214 o1; increase, 43T1 ,764.
Net earnings. s17,765.777; increase, $3.50, 954.
The gross earnings increased S.57 per
cent; operating expenses increased Las per
cent. and net earnings increased 219 per
cent
Fiscal year Gross earnings. 1896, 451 SIG;
increase, $S5. 253. 5S4. Operating expenses,
fngs, S2O9 323. 597; increase, S10,316,546. The
gross earnings increased ST. per cent; OPP
Grating expenses increased SIG per cent,
and net earnings increased 5.1S per cent.
Friends of the Norfolk and Western will
do well to watch the progress Of that com
petitive project, the tidewater railway The
CORPORATION commission of Virginia has rem
dered an important decision. giving the
Tidewater company the right to cross at
grade the tracks of the Norfolk and West
ern in south Norfolk. The Norfolk and
Western fought the grade crossing and
asked that the Underwater be required to
cross on an overhead bridge:
A trader in a large commission house tells
the following story apropos general tip to
buy little st. Paul and make your labor
day expenses:
"a few years ago l was trading through
a consolidated exchange firm. and toward
| THANKSGIVING 1 asked the head of the
house what could buy to make IS for my
turkey. He promptly named a certain
stock, and the turkey that 1 had that
Tha nksgiving was the dearest I ever ex-
pect to eat 1t cost me just $685."
The new management of the Kansas City
Southern Railway Company has placed an
order for 1880 tons of eighty -fve-pound
steel rails with the Illinois Steel Company,
for delivery in September, October and
November. 1t will also enter the market
shortly for 1000 freight cars. twenty-five
passenger cars and twenty-five locomo-
tives. The Chicago and Eastern Illinois
Railroad Company has ordered $50 dump
ing box cars, $50 plain box cars and 400
national coal dump cars, all of $1,000
pounds capacity. from the American Car
and Foundry Company. to be delivered In
October and November, and 100 dumping
coal cars of 100000 pounds capacity, from
the Pressed Steel Car Company for jan
uary delivery.
A good part of the proceeds Of the jap
csc bond sale IS tied up here. according to
overnight news. part of which is to the
effect that the japanese government Is re-
ported to have placed rush orders with
American corporations for 1000 cars, $50
locomotives and material for $50 steel
bridges, the contract for the latter having
been placed with the United States Steel
Corporation.
Half of the order for cars which are to
be Of steel. Is said to have been given to
the Pressed Steel Car Company and half
to the American Car and Foundry Com
pany. The cars will cost s2,0O0'0OO. the To-
comotives 900 and the material for
bridges 100000. 1t Is also announced that
the japanese government has placed an
order with the Lyons Milling Company of
Lyons. N. Y, for 5000 barrels of Hour, to
be made OF new wheat
The flour Is to be put up in l5O-pound
sacks and delivered at Weehawken N ]
at the rate Of l,OOO barrels month until
the order is completed
oregon dispatches say that the Hartman
interests will spend $1,000, 900 in railroad
building In Oregon. Washington and Idaho
within the next year.
The stockholders Of the So,,tIern Co,.o,