New-York tribune., 1897-01-19
WALL STREET AND EXCHANGES.

The failure yesterday Of a National bank at Louis
ville Ky, and OF another at Newport Ky revived
criticism in Wall Street OF the youthful and gar
rulous Controller Eckels. 1t was matter Of COM
comment that II the Controller talked less
made fewer speeches, wrote fewer articles for pub
cation and paid srlcter attention TO the duties he
Is paid to perform. there would be fewer shaky Ma
onal banks Some critics OF Controller Eckels say
that his disserta aons on how to run the earth In
suned bs t tms and bs thnnn IN had oG
an extent that he had not watched the National
and that the examiners had become negligent. II
Their Their cnef dd not devote all OF MS working hours
urai that they should conclude that they were not
required TO ne ceaselessly watchfu and vigant
about making examinations of banks 1t was the
opinion of these critics that it would be good thing
for the Controllers Office when he left II to assume
in Chicago Whether it would be a good thing for
the General Trust Company was another question.
There is something akin TO n revolution in prog
ress in the operation of railroads. The chief aim
is 10 improve net revenues. There two methods
by which this may be accomplished. The first is
by an increase In tonnage. and the second is by
reduction in working expenses. Tho second method
is the one to which the most attention is given
present heavier trainload reduces COST but II
makes lager ears. larger locomotives. stronger
bridges and heavier rails necessary. The effort to
make money at reduced rates is. in short leading
to the reconstruction of railroads and equipment.
Only few years ago roads using 5-pound
rails and cars with capacity of 2OOo pounds.
No line engaged in compe ,itiye business
do business under such conditions. The capacity
OF cars has trebed and the weight OF rails has IN
creased from % 10 50 per cent In 1889 the average
weight of rails manufactured by the Carnegie com
pany was GAIA pounds to the yard The weight
rose steadily until, in 1895. IL 1880 pounds TO
the yard The average receipts a ton a mile of
the roads fell from l.22i cents In 1898 to S39 cent
1885, over 30 per cent. In the same time the
trainoad rose from i25 tons to so tons .'
The production OF anthracite coat in January is
fixed at 3.5oo10 tons which is admittedly in excess
of the market requirements. A good deal OF coal
has accumulated at storage points and unless
more weather Is experienced and there is
greater activity in manufacturing lines the OUTPUT
will have TO he materially reduced next month
There have been some concessions in prices The
Western trade Is poor. partly account of mild
weather and pariy because buyers are using
bituminous coal and OIL
Louis Nelson. a broker on the Consolidate
Stock and Petroleum Exchange. with an office in
the Exchange building. could not meet his baIance
at the Clearing House yesterday morning He was
short OF Sugar. st. Paul and Burlington which
bought In under rule for his account II no
pays up the small amount he is short within
the Exchange.
w D. Rountree and a. l.. Rountree who COM
pose the firm of w. ID. Rountrce & Co.. and failed
recently were yesterday renstated to membership
I'm the New York Cotton Exchange. They have
settled all their liabilities.