Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-15
BULLS AND BEARS
Special Dispatch 10 Tss star.

Special Dispatch 10 Ths Star.
NEW YORK, September 15.-Well-in-
formed men In Wall street have adhered
for months to the view that eventually
the bulk or all Of the Cincinnati, Hamil-
ton and Dayton system would come into
control Of interests friendly to the Erie
or identified directly with the Erie II that
historic railroad, whose future Is now
bright with promise. did not take direct
control itself. Some time has apparently
yet to eiapse before the large railroad
| deal In which the Erie Is involved Is
clearly outlined. but that there IL such q
deal has been Indicated for q long while
by tho steady accumulation Of Erie
shares that has been going on in one par
ticular quarter. and some hint as to its
scope Is now Afforded by the anounce-
mont that controlling interest in the
Cincinnati, Hamilton and Dayton has
been sold to ]. P. Morgan & Co. There
have been gussses. which were perhaps
something better than guesses. that the
permanency Of the Erie future Is to be
settled by dividing control. or, at ieast, q
sufficiently large amount OF Erie shares,
between the New York Central and the
Pennsylvania or between Central and
Pennsylvania roads as Reading control
was divided. and the assumption Is now
II'hl inc H. ana ~. COuITO4 W1AA oO otme
ilarly bestowed and in the interests of
the Erie.
At the present time the Erie has a total
system Of more than Z, 500 miles and il 9
trunk line with New York. Buffalo and
Chicago terminals. The c., H. and ID. has
a total OF 5.675 miles In its system. COW
named the Great Central. The Pere Mar
cuette. which Is leased to the C., II. ana
D.. Is the backbone Of this system. The
Detroit, Toledo and Ironton, which con-
trolls the Ann Arbor and is the reorgan-
lied Detroit Southern, has ninety-nine-
year trackage agreement with the c.. II.
and d. for entrance into Toledo.
A controlling interest in the Federal
Mining and Smelling Company has been
bought by the American Shelters Securi-
ties Company. which Is controlled by the
American Smelling and Refining Company.
The deal involved the acquisition OF about
s., 100000. or a majority OF Federal Smelling
common. the preferred stock having no
voting power. The Federal Smelling Com
sell its entire output to the American Smelt-
ing and Refining Company.
Federal Smelling common is now paying
10 per cent dividends. the preferred receiv-
Ing the full per cent to which 1t Is en-
titled.
The advance in the dividend rate on
Shelters common to per cent was a
further contribution to the many develop
ments of this kind in the last twelve months
that have been increasing the investment
value OF the stock exchange list.
Compilations of railroad gross earnings,
made by Wall street news agency show
the following results. compared with the
corresponding period last year:
July were as follows:
Gross earnings s11O, 768, 1873; increase. &c.,
1S3.So6 Operating expenses, $74, 1876. O66 in
crease, 81 .2OO,264. Net earnings, $50, O3O OT2;
increase, s., 933. 735.
cent, operating expenses increased 10 GO per
cent and net earnings increased $50 per
cent.
Reporting on new equipment orders of the
week the Railroad Gazette says:
me following companies have ordered
equipment from the American Car and
Foundry Company: The South Side Ele-
waited Railroad Company of Chicago. thirty
car bodies; the Darien and Western Rail-
ROAD company. twenty fiat cars; the Pull
man company has received an order from
the Southern Pacific Company for fifteen
passenger cars. The Erie Railroad Com
pany has ordered $500 steel under-frame
oox cars. The Boston and Maine Railroad
Company has ordered 500 box cars of 5000
pounds capacity for October Is, 1905. de-
livery. and 500 box cars of 10000 pounds
capacity for February /, 1905 delivery The
Johnston Automatic Refrigerator Company
OF Cnicago. 1t Is reported, will shortly close
contracts for $50 refrigerator cars The
Duluth. South Shore and Atlantic Railroad
Company has ordered 200 box cars. 1t is
reported that the Baltimore and Ohio Rail-
road Company Is In the market for a large
number OF passenger cars. The Nashville,
Chattanooga and st. Louis Railway Com
pany is asking bids on material for addi-
tional cars The same road has ordered
senger locomotives. The Missouri and Lou
1siana Railroad Company has purchased
two small twenty-ton locomotives It ia re-
ported that the Canadian Northern Railway
OVID
locomotives.
philadelphia dispatches say that the
Reading, for itself and for the Jersey Cen
trail. Is In the market for 5000 freight cars
majority to be steel gondolas and steel
under-frame box cars. 1t is said that the
Headlng IS especially in need OF gondolas
to haul bituminous coal from Virginia and
western Maryland over the Shippensburg
pranch. connecting with the Baltimore and
ohlo' which Is now being double tracked"
Hide and Leather preferred has been de-
Ginning on liquidation based on fears that
the per cent dividend rate established for
the stock IN January last cannot be main
famed There were indications of the pos-
sibility in the report for the year ended
June 30 last. 1t is believed that eventually
the Central Leather Company will take over
the American Hide and Leather Company
on favorable terms.
Ohcial announcement has been made that
meeting held yesterday between repre-
sentatives OF the trunk lines, western roads
to gulf ports and the Atlantic Coastwise
Steamship Company. the sugar rate ques-
ton was settled aside from a few details.
No further meetings will be held by the
railroads and the steamship companies.
When asked II the question of rates had
been definitely settled at yesterdays meet
Ing. Chairman Bullen stated that he was
inclined to think so.
The contract for building the entire 100
miles Of the ST. Louis. Rocky Mountain nd
Pacific railway from Des Moines, N. M. on
the Colorado and Southern railway, west
ward to the EliZabethtown mining district
has been awarded to the Utah Construction
Company. The line will intersect the Atcht-
son. Topeka and Santa Fee railway at Ration
and the Dawson railway at Koehler. four
miles south of Dawson. Except In Cimar-
ron canyon the road will have a maximum
grade of per cent The specifications call
for eighty mound rails for n. hiah q go.