Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-14

little to check the markets upward move-
try has ne nsvsr BEEN sausled and ii certain
Inca Il passes all calculations.
Lowlgriced securitiex
There are q number OF low,priced securi-
ties that for one reason or another have
not participated to the fun extent In the
general advance OF the market. This u
notably the case with Rock Island. In spite
OF general good business Conditions and OF
It's Increased profits, It seems to have fallen
on evil times 1t may take little time 70
work out the vast merger plan which bhe
present management has undertaken with q
view to the future but that It will ult-
mately take its position among the great
and prosperous railway systems of the
country Is admitted even by its bitterest
critic. The management has undoubtedly
some very comprehensive plans still in
mind, and It is believed it has never aban-
doned the original idea of reaching the At
lantic seaboard and that it has secured the
control of two or three Independent lines
extending from Birmingham. Ala, to Bruns-
wick, Ga, which will finally make its great
seaport.
Among the industrials which are likely to
be heard from to greater extent in the
near future are the Distiling Securities
Company and the International Paper Com
pany. The former while paying per cent
dividend is still selling for only slightly
above $50 per share. Its conditions and
prospects have not been fully comprehended
by the general public. but lately better
knowledge Of Its affairs has been dissemt-
mated and both investors and spectators
regard 1t with much greater favor than
heretofore. The company's earnings have
been steadily increasing for several years
and it has been piling up a surplus over and
above its dividends which is beginning to
make a most satisfactory showing Incl
dentally, it's prospects for increased bust
ness are improving at rate undreamed or
few months ago.
International Paper.
International Paper has long caused con-
siderable wonderment in the street because
OF it's unexplainabe sluggishness in the
market. The preferred stock has an I'M
broken dividend record at the rate of per
cent since its organization. nearly nine
years ago, and for the past six years the
company has earned a surplus, over ana
above it's preferred dividend equal to per
cent on the common stock every year ana
several years much as q to 3 per cent.
This surplus has been consistently diverted
from dividend purposes to improvements
and engagements, but Is believed that fur-
Their extraordinary disbursements in that
line are unnecessary and there is well de-
fined movement on foot to induce the man
agement TO begin dividends on the common
stock. The earnings of the company TOT
the five months of the fiscal year would
indicate that the surplus for the year, after
all charges and the dividend on preferred
will amount to considerably more tnan
81 900, coo, whereas the amount required Ior
per cent dividend on the common STOCK
would be less than 100000.
The southern iron situation continues one
Of the interesting features in the Industrial
world That a merger of the Republic Iron
and Steel and the Tennessee Coal and iron
Company and several other southern coal
and iron properties, is now being conslo-
cred is an admitted fact by the Schiey-
Gates Hanna interests. How far these de-
tails have been completed for this merger
have not yet been made public. But that
comprehensive plan is under way stands to
reason, for the controlling interests are
keen, long-headed and financially able to
carry out any scheme to which they may
lend their name or influence. Among the
reports current is one that, the common
stock of the Tennessee Coal and Iron Com
pany will be retired at $3.50 per share for
which there will be issued Az per cent
bonds Authorities well posted in the iron
and steel industry say that such scheme
would not be an extravagant one when the
present and prospective value OF that com
panys properties is taken into considera-
ton.