THE WALL STREET JOURNAL WEDNESDAY MORNING, AUGUST 12, 1903.
DAILY MOVEMENT OF AVERAGES.
Following is the daily average price of twenty active stocks and twelve industrials for the period indicated:
12 Industrials. 20 Railways.
Low point Dec. 15, 1902. . . .59.57 Jan. 14, 1902, 111.73
High point Apr 24, 1902. . . .68.44 Sep. 9, 1902, 129.35
Low point, Aug. 8, 1903. . . .47.38 Aug 8, 1903, 90.70
High point Feb 16, 1903. . . .67.70 Jan. 9, 1903, 121.28
12 Changes from 20 Changes f'm
Indus. prev. day. Rys. prev. day.
Mon., June 29 . . . .58.77 Adv. 1.13 103.68 Adv. 1.65
Tues., June 30 . . . .59.08 Adv. .31 103.67 Dec. .01
Wed., July 1 . . . .58.81 Dec. .27 104.01 Adv. .34
Thurs., July 2 . . . .58.08 Dec. .73 102.91 Dec. 1.10
Fri., July 3 . . . .58.21 Adv. .13 103.05 Adv. .14
Mon., July 6 . . . .58.08 Dec. .13 103.06 Adv. .01
Tues., July 7 . . . .57.84 Dec. .24 103,07 Adv. .01
Wed., July 8 . . . .57.95 Adv. .11 103.20 Adv. .13
Thurs., July 9 . . . .56.97 Dec. 98 101.83 Dec. 1.37
Fri., July 10 . . . .56.61 Dec. .36 100.53 Dec. 1.30
Sat., July 11 . . . .55.89 Dec. .72 99.56 Dec. .97
Mon., July 13 . . .56.12 Adv. .23 99.58 Adv. .02
Tues., July 14. . .54.92 Dec. 1.20 97.89 Dec. 1.69
Wed., July 15. . .54.37 Dec. .55 97.10 Dec. .79
Thurs., July 16 . .54.10 Dec. .27 97.77 Adv. .67
Fri., July 17 . . . . .54.73 Adv. .63 99.20 Adv. 1.43
Sat., July 18. . . . .54.10 Dec. .63 98.50 Dec. .70
Mon., July 20. . . .52.76 Dec. 1.34 97.28 Dec. 1.22
Tues., July 21 . . .51.45 Dec. 1.31 96.99 Dec. .29
Wed., July 22. . . 52.01 Adv. .56 97.81 Adv. .82
Thurs., July 23 . .50.83 Dec. 1.18 96.92 Dec. .89
Fri., July 24 . . . . .49.84 Dec. .99 96.40 Dec. .52
Sat., July 25 . . . . 49.08 Dec. .76 95.00 Dec. 1.40
Mon., July 27. . . .50.11 Adv. 1.03 97.00 Adv. 2.00
Tues., July 28. . . .51.52 Adv.1.41 97.08 Adv. .08
Wed., July 29. . . .51.02 Dec. .50 97.01 Dec. .07
Thurs., July 30. . 50.72 Dec. .30 96.72 Dec. .29
Fri., July 31. . . . .50.76 Adv. .04 96.48 Dec. .24
Sat., Aug. 1 . . . .50.75 Dec. .01 96.37 Dec. .11
Mon., Aug. 3 . . .50.57 Dec. .18 95.90 Dec. .47
Tues., Aug. 4 . .49.22 Dec. 1.35 93.84 Dec. 2.06
Wed., Aug. 5. . 47.98 Dec. 1.24 91.93 Dec. 1.91
Thurs., Aug. 6 .49.36 Adv. 1.38 93.32 Adv. 1.39
Fri., Aug. 7 . . . .48.64 Dec. .72 92.89 Dec. .43
Sat., Aug. 8. . . .47.38 Dec. 1.26 90.70 Dec. 2.19
Mon., Aug. 10. 48.06 Adv. .68 91.79 Adv. 1.09
Tues., Aug. 11. 48.67 Adv. .61 92.54 Adv. .75
The twelve industrial stocks used are: Smelters com.,
Amlagamated Copper, Leather pfd., National Lead com.,
U. S. Steel pfd., People's Gas, Rubber com., U. S. Steel
com. ,Sugar com., Tennessee Coal & Iron, Colorado Fuel &
Iron, and American Car & Foundry.
The twenty active stocks used are: Atchison, Brooklyn
Rapid Transit, Canadian Pacific, Delaware & Hudson,
Northwest, St. Paul, C., C., C. & St. Louis, Denver pfd.,
L & N., Manhattan. Minneapolis & St. Louis, Missouri
Pacific, N. Y. Central, Pennsylvania, Reading, Southern
Railway com., Union Pacific, Union Pacific pfd., Baltimore
& Ohio and Illinois Central.
RAILROADS.
PENNSYLVANIA
RAILROAD.
STATIONS foot of West Twenty-third Street and Desbrosses and
Cortlandt Streets.
The leaving time from Desbrosses and Cortlandt Streets is
five minutes later than that given below for Twenty-third Street
station, except where otherwise noted.
7:55 A. M. FAST MAIL-Parlor, Sleeping, and Dining Cars. For
Chicago Indianapolis, and Louisville.
9:55 A. M. ST. LOUIS LIMITED-Pullman Sleeping, Smoking and
Observation Cars. Cincinnati, Indianapolis, St. Louis, Dining Car.
10:25 A. M. PENNSYLVANIA LIMITED- Pullman Sleeping,
Dining, Smoking, and Observation Compartment Cars. For Chicago,
Cleveland, Toledo, and Detroit.
1:55 P. M. CHICAGO AND ST. LOUIS EXPRESS- For Toledo,
Nashville (via Cincinnati and Louisville), Indianapolis, Chicago,
St. Louis. Dining Car.
4:55 P. M. CHICAGO LIMITED-Pullman Sleeping, Smoking, and
Observation Cars. For Chicago, Toledo, and Cleveland. Dining
Car.
5:55 P. M. ST. LOUIS EXPRESS- For Pittsburg, Cincinnati,
Indianapolis, Louisville, St. Louis. Dining Car. For Gary. W.
Va. (via Shenandoah Valley Route).
6:55 P. M. WESTERN EXPRESS-For Chicago. For Toledo
except Saturday. Dining Car.
7:55 P. M. PACIFIC EXPRESS-For Pittsburg and Chicago. For
Knoxville, daily, via Shenandoah Valley Route. Connects for
Cleveland except Saturday.
8:25 P. M. CLEVELAND AND CINCINNATI EXPRESS- For
Pittsburg, Cleveland, Cincinnati, Indianapolis, and St. Louis.
WASHINGTON AND THE SOUTH.
[?:?5], 3:25, 9:25 (Dining Car). 10:10 (Desbrosses and Cortlandt Streets
CURRENT RAILROAD EARNINGS.
LATEST REPORTS SUMMARIZED.
Twelve railroads have reported weekly gross earnings to The Wall Street Journal for the first week of August as follows:
1903. 1902. Inc. Dec.
Total 12 roads 3,475,465 3,172,880 320,507 17,922
Av. gross inc. 9.53% 302,585 ......
Of the twelve roads, all but one show increases.
The roads showing the principal changes follow:
National R. R. of Mexico:
1st week Aug. .. 202,705 147,098 55,607 ....
Missouri Pacific.
1st Week Aug. .. 670,000 628,000 42,000
Canadian Pacific:
1st week Aug, 897,000 771,000 126,000 ....
Wabash:
1st week Aug. . 459,312 419,731 39,581 ....
The average gross increase of the railroads reporting
weekly gross earnings to The Wall Street Journal is
shown as follows:
1903. 1902. 1901.
1st week January .. .. 8.26% 9.35% 8.85%
2nd week January .. .. 5.57 2.50 6.52
3d week January .. .. 7.65 9.89 8.27
4th week January .. ..15.71 2.76 9.11
1st week February .. ..15.58 2.19 6.39
2d week February .. ..17.50 2.59 6.52
3d week February .. ..6.36 3.14 10.10
4th week February .. ..17.63 8.74 14.21
1st week March .. .. .. 13.32 3.84 12.57
2d week March .. .. ..14.51 8.23 8.20
3d week March .. .. ..16.68 5.55 3.38
4th week March .. .. ..16.23 8.82 3.38
1st week April .. .. .. 14.14 6.65 5.12
2d week April .. .. .. 15.37 7.16 7.09
3d week April .. .. ..12.70 12.43 7.18
4th week April .. .. ..17.20 12.87 15.60
1st week May .. .. .. 14.73 8.94 9.20
2nd week May .. .. ..13.51 8.75 9.97
3d week May .. .. ..13.98 8.32 9.72
4th week May .. .. ..8.05 11.09 10.10
1st week June.. .. ..9.11 6.42 9.41
2d week June .. .. ..11.05 6.89 7.43
3d week June .. .. ..12.35 6.78 8.60
4th week June .. .. ..23.38 7.88 4.46
1st week July.. .. ..15.80 7.59 7.88
2d week July.. .. ..14.97 2.63 11.19
3d week July.. .. ..13.93 6.82 11.16
1st week July.. .. ..12.37 7.09 20.35
1st week August.. .. .. .... 5.25 11.02
2d week August.. .. .. .... 6.76 11.77
3d week August.. .. .. .... 7.54 11.39
4th week August.. .. .. .... 5.31 12.53
1st week Sept. . .. .. .... 5.96 10.15
2d week Sept. . .. .. .... 8.79 11.72
3d week Sept. . .. .. ....14.20 6.29
4th week Sept. .. .. .. .... 14.84 12.47
1st week Oct. .. .. .. .... 6.49 7.18
2d week Oct. .. .. .. .... 7.91 8.36
3d week Oct. .. .. .. .... 7.78 11.14
4th week Oct.. .. .. .... 7.22 15.07
QUARTERLY STATEMENTS.
BOSTON & MAINE.
Boston & Maine reports as follows for the quarter and twelve months ended June 30, 1903:
1903. 1902. 1901. 1900.
Three months:
Gross ... $8,739,725 $8,048,043 *$7,750,945 $5,507,298
Expenses . 6,132,874 5,613,272 5,433,634 3,956,939
Net ... $2,606,851 $2,434,771 *$2,317,311 $1,550,359
Oth. inc. 168,877 198,679 *178,958 ......
Tot. inc. .$2,775,728 $2,633,450 $2,496,269 .....
Chgs. & tax 1,985,367 2,027, 684 1,997,165 1,355,294
Surplus . $790,361 $695,766 $499,104 $195,065
Twelve months:
Gross ... $33,738,984 $31,840,694 *$30,806,837 $22,148,602
Expenses . 24,233,371 22,433,151 21,518,785 15,564,961
Net ... $9,505,613 $9,407,543 *$9,288,052 $6,583,641
Oth. inc. 527,624 589,901 *568,783 677,316
Tot. inc. .$10,033,237 $9,997,444 $2,496,269 $7,260,957
Charges.. 8,088,043 8,059,433 8,015,137 5,508,920
ANNUAL REPORTS.
CANADIAN PACIFIC.
Canadian Pacific issues a preliminary annual statement for the fiscal year ended June 30, 1903. We make the following comparison:
1903. 1902. 1901. *1899.
Gross .... $43,957,373 $37,503,054 $30,855,203 $29,230,038
Exp .. .. 28,120,527 23,417,141 18,745,828 16,999,872
Net .. .. $15,836,846 $14,085,913 $12,109,375 $12,230,168
Oth inc .. 1,286,812 958,827 933,425 1,150,198
Total inc $17,123,658 $15,044,740 $13,042,800 $13,380,364
†Charges 7,052,197 7,334,825 7,305,835 6,816,676
Balance .$10,071,461 $7,709,915 $5,736,965 $6,563,688
For Ste. .. 150,000 150,000 150,000 155,000
Surplus .. $9,921,461 $7,559,9[?]5 $5,586,965 $6,408,688
Dividends . 5,947,501 4,496,8[?]0 4,472,507 4,204,840
Surplus . . 3,973,960 3,063,0[?]5 1,114,458 2,293,848
*Calendar year.
†Includes interest on land grant bonds.
COLO. SPRINGS & CRIPPLE CREEK DISTRICT.
The Colorado Spring & Cripple Creek District Ry. Co. reports for the fiscal year ending June 30, 1903:
Freight earnings ..........$580,751
Passenger earnings.....283,055
Mail earnings ............... 3,865
Express earnings ......... 9,599
Miscellaneous earnings 7,178
Total .................................$884,450
Operating expenses....... 416,750
Net earnings.....................$467,700
Miscellaneous income.....1,973
Total net..............................$460,674
Fixed charges.......................244,594
Surplus.................................$225,079
The detailed report will be submitted to stockholders
at the annual meeting Sept. 15.
LOUISVILLE & NASHVILLE.
The actual figures of Louisville & Nashville for the
year ended June 30, 1903, compare as follows:
1903. 1902. 1901. 1900.
Gross. .. $35,449,378 $30,712,257 $28,022,207 $26,611,095
Expenses 23,970,813 20,902,438 18,233,034 17,472,122
Net .. $11,478,565 $9,809,819 $9,789,173 $9,138,973
Other inc . 1,122,493 1,001,022 704,688 650,044
Total inc.. 12,601,058 10,810,841 10,493,861 9,789,017
Total chgs.. 6,390,010 6,085,534 6,212,748 6,169,783
Surplus . . $6,211,048 $4,725,307 $4,281,113 $3,619,234
Dividends. 3,000,000 2,875,000 2,695,000 2,112,000
Surplus. . $3,211,048 $1,850,307 $1,586,113 $1,507,234
METROPOLITAN LITIGATION.
Although the hearing in the case of John F. Doyle
vs. the Metropolitan Street Railway Co. is set for
Wednesday of this week, there is good authority for the
statement that the case will be again postponed, and that
all further proceedings will later be dropped. The suit
was settled privately on Friday of last week.
UNLISTED MISCELLANEOUS STOCKS.
Revised daily by William E. Nichols & Co., 15 Wall St.
Bid. Asked.
Alliance Realty6% 95 105
Am Bk Note 5 QJ 50 55
Am Book Co 8 QJ 132 1/2 140
Am Brass..... 125 140
Am Can Com... 4 5/8 4 7/8
do pfd ..... 37 1/4 38
AmChiclel Mthy 110 114
Am Chicpfd 6 QJ 87 93
AmDeFoWirel's 1 5
Ams Gas 5s 103 1/2 107
Am Graphop QD 35 43
do preferred QF 75 85
Bid. Asked.
do bonds .. 76
Manhattan Tran 2 2 1/4
[M????en] Copper 3/3
Mergen Lin 15% .. 172
Mexican Securi's 10 1/3 10 1/2
Mexican Metals. 95 96
Mine Securities. 3 6
Mon & BosC Co. 5/8 5/4
MosSafe pfd8JJ. .. 100
National Bread. .. 18
do pref... .. 60
Nat'l Surety.... 93 100
NatSugar pfd6% 100 104
INTERNATIONAL MERCANTILE MARINE
Present Returns From Passenger Business Largest in 30
Years.
Philadelphia.-The business of the International Mercantile Marine Company has not been as bad as reports
would indicate.
While it is true that the volume of freight carried by
the company has fallen off substantially from the aggregates
carried by the subsidiary lines previous to the
merger, that a considerable number of freight vessels
have been laid up for lack of profitable cargoes and that
difficulty has been found in making expenses in the case
of many steamers in commission; the favorable side of
the situation has been the large increase in passenger
earnings, the returns from this source since last January
having been much greater than for any time in 20
years.
The approximate gains in passenger earnings for
the first seven months of the present year over the corresponding
period of 1902 are as follows:
First cabin. Second cabin. Steerage.
Westward trip .. .. 5% 40% 20%
Eastward trip . ... 5% 10% 10%
In the trans-Atlantic trade the separate trips of
different steamers figure on the books with a prominence
that has no counterpart in railroad accounts and it is
understood that the last six months have brought in a
number of "fat voyages."
In the peculiar situation in which the company has
found itself, with fat passenger lists but thin bills of
lading, it is probable that the Celtic. Cedric, Vaderlaad,
Minnehaha and other vessels of the same type have
proved good money earners, th elive freight on the upper
floor, in many cases, making good returns for the
voyage despite holds almost empty of cargo.
The directors will probably have before them at the
September board meeting full returns for the six months
operation of the company, December 1, 1902, to May 31,
1903, and the board is likely to be asked at that time
to authorize a statement to the stockholders. As it is
understood, however, that the directors have not decided
whether the first annual report shall include 12
months or thirteen, the matter of a statement for six
months may go over to the October meeting, when it
may be made to include June.
CONSOLIDATED LAKE SUPERIOR
Through the extension of time for bond subscriptions
to August 25, the interests identified with Consolidated
Lake Superior hope to receive from stockholders
subscriptions for the greater part of the $12,500,000
issue
Locally subscriptions under the extension of time
will be received by the Morton Trust Co. on the same
conditions as in the first call.
It is expected that the stockholders will subscribe
more liberally now that the board of directors and the
officers have made the necessity for such action very
plain, and that by the expiration of the present extension
there will be little left for an underwriting syndicate.
It is suggested that the Imperial Bank of Canada,
which has a large account with the company, may take a
large portion of the issue if the terms are considered
favorable
AMERICAN WRITING PAPER
The Holyoke paper mills of the American Writing
Paper Company were reopened Monday and the striker
invited to return to work under the new scale of wages
offered by the management previous to the strike. During
the strike in Holyoke mills the company's other
plants have been turning out about 25% of the aggregate
output.
UNITED STATES STEEL.
Concerning the published story that directors of the
United States Steel Corporation are considering the question
of passing dividends on the common stock, a director
says: "They can tell all the lies they want to. It is
absolutely untrue that the matter has been discussed."
EXPORTS OF DOMESTIC PRODUCTS.
For July Show a Loss of $31,548 Compared with Last
Year.
Exports of domestic products, embracing bread
stuffs, provisions, cotton and mineral oils for July and
for seven months ending July, compare as follows:
July:- 1903. 1902. 1901.
Breadstuffs... $11,366,699 $12,503,349 $24,168,076
Cattle and hogs... 3,576,627 1,782,585 3,015,856
Meat & dairy prod. 12,303,987 12,985,854 16,147,641
Cotton.. .. .... .. 5,039,077 5,729,454 10,246,918
Mineral oils .. .. .. 6,192,968 5,509,664 6,231,726
Total...... ... $38,479,358 $38,510,906 $59,810,217
The monthly exports of domestic products during the
past twelve months have shown as follows:
July, 1903....$38,479,358 Jan., 1903. .... $82,472,653
Jun., 1903....43,065,617 Dec., 1902....91,985,181
May, 1903...49,539,208 Nov., 1902 ...70,885,266
Apr., 1903...54,657,667 Oct., 1902...85,451,401
Mar., 1903..76,148,461 Sep., 1902..70,043,732
Feb., 1903..75,382,021 Aug., 1902..44,586,780
The total for seven months ending July for several
years past was as follows:
1903.......419,744,386
1902.......368,799,820
1901.......478,396,187
1900.......434,067,144
1899.......379,136,739
1898.......436,402,263
1897.......325,574,868
Exports of general merchandise at New York:
This week. Last week. Last year.
Exports..... $8,052,861 $9,408,764 $9,513,910
Jan. 1 to date $305,548,871, against $292,347,251.
LARGE ANTHRACITE PRODUCTION.
Directly Influences Earnings of Hard Coal Carriers.
The production of anthracite coal continue on a
very large scale. The output for July, amounting
to 5,377,495 tons, brings the total for the seven months
of this year up to 37,250,989 tons, being an average of
5,321,570 tons per month. The output so far this year
is 18,176,827 tons in excess of the corresponding period
in 1902, 6,189,988 tons in excess of the same period in
1901 and 14,972,893 in excess of 1900. The current output
is at the rate of about 64,000,000 per annum.
The large earnings of the anthracite properties are
attributed to a great extent to the flourishing condition
of the anthracite industry. A strong feature of the situation
is the improved relations existing between operators
and miners. It is generally conceded that labor matters
in the anthracite region were never in so satisfactory a
condition.
Operators are getting about 50 cents per ton more
for their coal than they did earlier in the year, and it
is a foregone conclusion that 1903 will be by far the most
prosperous that either the anthracite operators or miners
have ever seen.
SUGAR MARKET.
Arbuckle Bros. have reduced their list prices 10
points on all grades of sugar.
Domestic refined sugar unchanged, with fin granulated
at 4.90c. net. Raws unchanged. Centrifugals
3
[email protected] 3/4c.; muscovados 3
[email protected] 1/4c.
European sugar cables steady at previous quotations.
August and September beets unchanged at 8s. 3d. and 8s.
3 3/4d., respectively. United Kingdom stocks 114,000 tons.
About 4,000 bags of Cuba centrifugal sugar has been
bought by Howell at 2 cents, basis 95-degree test, cost
and freight terms, to arrive first of next week. The seller
figures this price to be equal to 3 3/4 cents duty paid basis.
The general market is firm, with planters in Cuba holding
out for higher prices as the stocks in the island are
[diminishing and a fairly large amount of sugar is being]
