Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-21
BULLS AND BEARS

| tUlLS anu btAkA
| NEW YORK. July 21.-Apparentiy the
market reception accorded to the recent
dividend increases. those on Baltimore and
Ohio. Union Pacific and Amalgamated Cop
| per. Is to be regarded showing them to
| have been to extent discounted. So far
at least they have been rather negatively
| favorable factors in that IL rates had not
been increased to meet expectations the con-
sequences would probably have been de-
pressing 1t g To be borne In mind, how
| ever that the advances in dividend rates
| that have been made this year and those
| that seem to be In store In the near future
will raise the investment value Of the mar
ket materially Furthermore. 1t Is hard to
| see how bearish. capital can be made out OF
| dividend increases.
| Compilations of railroad gross earnings
| made by Wall street news agency show
] the following results, compared with the
corresponding periods last year:
| For the month of June the gross earnings
of sixty-one railroads aggregated $6O. J0S 15s,
an increase of $3.619. TAT, or 6.31 per cent.
For the first week of July the gross earn
| ipgs of thirty-nine railroads aggregated
| 4t,1I
| cent. For the second week Of July the
| gross earnings of twenty-three railroads ag-
i gregated $6.7S5.1S1, an increase of $5I7.14
or 30 per cent.
The gross and net returns of ninety-six
| railroads for the month of May were as
| follows: Gross earnings, $11S.633, 160; In
crease, $40, 4ss,954. Operating expenses. $S2-
| 4O5, 915; increase. $500, 80. Net earnings,
| $50, 1871 ,2j4; increase, $3,5SS,224.
The gross earnings increased 9.69 per
| cent, operating expenses increased 012 per
| cent and net earnings increased 1L02 per
| cent.
From July to May 81: Gross earnings.
81 ,2T3. 6lS.OOO; Increase, S5I 147 ,374: operat-
| ing expenses, $SG6, 567. 1856; increase $24.-
735,919; net earnings, $i0I ISL; increase.
! $28 All ,455.
The gross earnings increased 4.1Se per
| cent, operating expenses increased 2,3 per
| cent and net earnings increased 693 per
| cent.
Commission house comment which IL
| 5ullish on balance for the long pull. holds
! largely to the view that the market is wait
| ing for 1.-THE stronger interests to take the
| initiative.
| Developments in parliament yesterday
| give point to a paragraph printed the other
| day to the effect that serious consideration
| was being given IN important Wall street
| quarters to the probable bearings on the
| securities market of the world of an early
| general election in England with a likef-
| hood that liberal government would be
returned sans leader and sans policy.
| 1t is this outlook apparently, which has
been making the London market heavy in
all departments lately, rather than the in
| ternational political and credit situation
| affairs in which Great Britain plays so I'M
! portant part-and although the Balfour
| government has not been of the strongest
| Or the ablest. 1t is relatively known guam
| tity compared with ministry chosen from
| what is now known as the opposition.
|
| statement. apparently authoritative, is
made that Bethlehem Steel preferred Is to
| be regarded as on permanent per cent
basis, and that the company Is earning be-
| tween s., 900 900 and $4,000 600 a year net
1t is said. also that there Is no immediate
| intention to list the company's securities on
| the stock exchange.
Reporting on new equipment orders the
| Railroad Gazette says: THE following
| companies have ordered cars from the
American Car and Foundry Company. The
ST. Louis and OFallon Railroad Company.
800 steel gondola cars of 10000 pounds ca
paeit..,; the New York Ontario and West
! ern Railroad Company, two combination
| baggage and passenger cars The Grand
| Trunk Railway Company has ordered 1 900
| box cars. 1t Is said that the PHILADELPHIA
and Reading Railroad Company has or
| dered LOCO steel hopper cars Of 100000
| pounds capacity
ut is rumored that the Tidewater Rail-
road Company has ordered $50 self-clearing
hopper cars of $4,000 pounds capacity and
| go steel underframe cars of 100 900 pounds
| capacity Part of these are for the Deep
| water Railroad Company. The Panama
| canal commission has given trial order
! for forty k1ng-Lawson self-dumping cars.
| If they satisfactory 800 more will be
| ordered. 1t is stated that the Indiana Har-
| Dor Railroad Company has ordered 50, 800
600 worth of equipment. 1t is rumored that
the Pennsylvania lines west will order
| twenty new locomotives.
| 1T is said that the Rock Island will spend
| Si.Uo,tO0 in the present fiscal year for loco
| motives and cars"
| X 4
| Scott Stringfellow Of Richmond. Va,
have issued a circular in which they offer
| list OF southern municipal bonds. and also
| $9o0oOO first mortgage per cent gold
| bonds OF the Colorado and Southern Rail-
| way Company. due In 1929 which are a
| part of an authorized issue of $4,000, 900,
| OF which STAT 900 have been redeemed and
\ Cancelled.
They are an absolute first mortgage on
| l.O60 miles Of road at the rate Of $4,000
1 mile, and also upon the following equip
l ment: Three thousand seven hundred and
| sixteen freight cars, 14D passenger cars and
157 locomotives. The bonds are further Sc
| cured by the deposit OF So. 800 1888 common
| stock Of the Fort Worth and Denver Rail-
| road Company and a one-half interest In
| So. 421 300 preferred and 81 954, 800 common
| stock of the Colorado Midland Railway
| Company.
! The directors of the American Steel
| Foundries Company have decided to issue
| So, 500. goo per cent sinking fund bonds, Sc
! cured by first lien on It's plants and stocks
| of subsidiary companies. The bonds will
| be first offered ratably to the preferred and
| common stockholders at so. One million
| dollars of the money will be used to take up
| urhiN rxrnS d