Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-19
BULLS AND BEARS

train the Long Island railroad was run
yesterday from Woodhaven Junction to
Flatbush. the train making two round trips
TO test the clearances OF the contact shoes
on the third rail. This Is the first practical
test OF the new electric equipment on which
the company is spending $40,OOU.OO0. In the
test yesterday speed OF thirty i've to forty
miles an hour was maintained without DIM
Guilty on the elevated portions OF the track.
The cars viii be put In general use. and
are made entirely Of steel. with nreproof
headings and doorings. and have the null
tiple control system and airbrakes. A feat
ure Of the equipment is the wooden cover
ing which protects the third rail- so that 1t
is impossible to get shock unless one de-
liberately attempts to reach the rail.
l. The Introduction of other than steam mo-
tive power on railroad lines, especially for
suburban passenger and freight traffic, has
developed a serious problem for the Amer
lean Locomotive and similar Industrial COR
pora 1t means apparently that these
companies must, IL they are to keep abreast
of the progress in railroading, begin heavy
expenditures for the readjustment of plants
to meet the changing conditions.
The Pittsburg Coal Company, the di. ectors
of which yesterday passed the dividend for
the quarter on the $32,0OO.000 of preferred
stock, began the payment Of dividends on
the preferred shares at the full rate OF
per cent, quarterly. payable on April %.
1900 and paid the same regularly in Janu-
airy, April. July and October until Janu-
airy, 1903. when IA per cent was declared
payable in script, redeemable In one year.
which script was paid in November last.
The April. 1904, and subsequent dividends
were paid in cash at the regular rate.
rN1f ESQ ne ,t,.-~
June estimated, was submitted yesterday:
For April, 50, ,317; for May 200, 23S:
for June (estimated). 500 eco; total, SIS
574. $50: bond interest. $9,3O4,5oO; balance.
So, 270.O0o.
1t is said by those In position to know
the facts that the Pennsylvania railroad
statement of earnings for June will be, ex-
ceptionally good. 1t is estimated, with de-
,cided confidence, that the earnings Will
show increase of considerably over $780,
900 in net.
that business was never so heavy as it Is
now. and there is no indication Of any let UP.
Domestic and European consumers Of re-
fined copper continue to buy large lots for
forward shipments. and as the majority or
the leading producers have already sold the
bulk of their output for July, August Sep
TENDER and half of October. they were able
to obtain premiums for prompt deliveries.
Manufacturers of steel plates and shapes
held meeting in this city yesterday and
discussed the subject of an advance In
prices. 1t agreed that an advance in
prices at this time would be inadvisable
and might check the present active demand
in those lines.
1t Is pointed out that Bessemer iron IS
$50 and Bessemer billets 81 a ton lower
than when the present official prices on
structural steel were made. AdviceS from
Pittsburg say that a series Of meetings of
other steel manufacturers Is about to take
place.
If fewer steam locomotives are to be
built. then other work must be obtained to
maintain business, and here. 1t Is believed.
why dividends on Locomotive common seem
likely to be indefinitely delayed.
The Union Pacific has recently made sat
isfactory trials of gasoline motor pas
senger car, and Is said to have placed q
large order for handling some of its short
haul passenger traffic with these motor
cars. for which a possible speed OF sixty
miles hour Is claimed. Such facts as
these raise important questions for the rail-
road equipment concerns. For example one
of them deals with the ACCESSIBILITY OF max
them to cope with automobile builders, who
would seem likely to be important Compel
itors of the established equipment compa-
MES for much of the business which the
railroad will in the future have to place.
The Coal Trade Journal says today: "A
very careful survey Of the general indus
trial situation. as well as a study of rail-
road interests and the leading lines of com
merce, leads US to believe that the coal
trade stands almost alone in it's unsatisfac-
tory condition at the present time While
this is very real and cannot be gainsaid by
any form of words. it seems perfectly log
lcal to suppose that other lines being in
more satisfactory condition the coal trade
must soon feel the beneficial effect thereof
and terminate the year in better form than
has of late prevailed.
There are a few who have taken some
solace in the fact that lower prices have
been recorded In past years, but when we
consider the increasing operating costs
prices of soft coal are now as low as they
ever were. and the anthracite price is not
so much above the former basis as q mere
comparison of figures would indicate The
fact Is that dollar is not so great In its
purchasing power as 1t was during the
democratic good times from 1893 to 1896
-1