The Washington times., 1907-09-01

Of a total issue Of S19s, III, $50, authorized
in ls98 and known as the War loan"
The bonds were made redeemabIe at The
pleasure Of the Government after ten
years, and due and payable August 1.
1918.
Ultimate handsome profits are predict
ed for the wise man who picks up stocks
when they are low. The pendulum
swings both ways.
Although there IS no conspicuous evil
deuce Of Morgan buying IN the market,
the Morgan following throughout is tax
ing a mCre optimistic view Of the situa-
ton. It is not bullish in any speculative
sense. but leans toward the conviction
that the worst has been seen IN Wan
Street, and THAI a reaction in business
outside may now be viewed with equa-
nimity.
The fact that the large national banks
have increased their holdings OF secuTi-
ties shows that these institutions have
rot lost confidence ia the stability Of the
railroad ana industrial enterprises Of the
country. and is one of the most en-
couraging features Of the present situa-
ton.
The gross receipts Of the Southern rail
way I'm the late fiscal year increased
$5,016555. Its operating expenses in
creased s4,926,l43. It's operating expenses
and fixed charges together increa sed
S. 195,5sl- After this savage assault upon
earnings. s., 29031 profits. or about SO
Ter cent on the preferred stock. remains.
In both this market and IN London
there has been enormous bUying upon
the part Of which is denomina ed as the
small investor. This individual has a
few thousand dollars. and seeing stocks
good stocks-that pay from Z to 10 per
cent at present prices tagging along. he
picks them 10. Every time stocks go
down these investment purchases are
renewed, which tends constantly TO re-
duce the floating supply.
-
The total gold exports since Nav p
are now S5l,C5o.o0O, of which SIS. 500 O0o was
for Paris, s., 100 600 for London. g 100 n,o
for Germany, and $1,5oO,0Oo for Amster-
dam.
1t is stated on what is considered
good authority that the New York
Central dividends will remain nm
changed at s per cent. This is cheer
Ing news for the stockholders. and the
stock market as wen.
The report Of the American I,ocomo-
tive Company for the fiscal year ended
June 80 shows a surplus Of s4.6OS. 2O7
after the payment of dividends on the
preferred stock, which is equal to 1913
per cent earned on the common stock.
After charging off $4,000, 1000 for ex-
traordinary additions and betterments,
the balance of s2,60S,207 is equal 20
.1O43 per cent on the common.
During the year gross earnings in
creased $6,967,610 and net S3OS, 600.
The small increase in the latter is due
TO the fact that operating expenses
were S6,659, 010 more than during the
year previous.
A prominent. Stock Exchange house
finds that its loans at the present
time are the lowest with but one ex-
eeption. during the thirty years it has
been in business.
Taken as a whole. the stocks of the
various iron and steel companies have
not suffered from the standpoint of
paper depreciation as much the
shares of many of the great railroad
systems. When earnings and working
capital are taken into consideration, the
issues of many steel companies look
very cheap. but Wall Street does not
seem TO be in a mood to consider in
trinsie values at this time.