The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-09


Haven. Isl, which compare with: AL
ton, ~; c. & E. l.. SIP: n. Y. Cent,
o.6O; pennsylvania, AIS; and che gran
gers, from 9 to 10 mills.
Yesterdays dispatches from Wash
lngton state that all the expenditures
authorized by congress for this fiscai
year and the next will be met without
the sale of bonds or the issue of certif-
icates of indebtedness. Secretary Cages
estimate of the revenue for next year
Is S6lO,95S, liz, and the appropria atoms
for that year amount to 1913, $685. 400.
Assuming that the deficiency approprl-
atoms for that year will be as large
as for this, which is a very liberal es-
innate, this would make an apparent
deficit of $52 700, 2SS. There is no reason
TO suppose the secretary has overesti-
mated receipts. For the first eight
months of the present fiscal year the
income of the government has slightly
exceeded Mr.. Cages estimates, and if
the same excess is maintained for the
rest of the year. receipts will be about
S4,OOO.O0O more than estimated. About
Sl2,OOO00O will be received from the
Central Pacific Railway, and this VIII
reduce the deficit to about $10O,O0O000,
enabling the treasury to begin the tis-
cal year with a sufficient cash balance
on hand to relieve all apprehension.
1t is understood that ]. P Morgan
was successful in his mission abroad,
Which was to secure the assent of the
Readings English stockholders to a
plan that the Vanderbilts, the Pennsyl-
vania Railroad Company, Maxwell of
the New Jersey Central and w. H
Iruesdale of the Delaware, Lacka-
wanna & Western had formulated for
consolidation OF all the great eastern
coaI interests under one management.
a pro rata division of the coal output
and of the profits has been outlined. 1t
is estimated that SO, 200 900 will be saved
annually in operating expenses.
The rate of interest on assets invested
winch life insurance companies can
count upon receiving during the next
twenty years has been generally dis
cussed in insurance circles for months
past. Experts have differed about the
DATA James w. Alexander, vice presi-
dent of the Equitable Life Assurance
society, asked prominent bankers
throughout the country for their views
on the subject. These have just been
collected and made public, showing that
most OF the tinanciers believe that three
per cent may be the average rate
reached during future years. Lyman j.
Gage, secretary of the treasury, says
mat any estimate may be modified by
circumstances and vicissitudes which
cannot be foreseen. That it would be
hazardous to estimate a rate higher
IMAM three per cent as an average
available return upon high grade Sc
curities during the next twenty years
On the other hand, with our country
largely undeveloped in it's latent re-
sources, as 1t is affording still room for
the intelligent application of capital to
the development Of such resources, it
would seem to me that three per cent
might be fairly estimated to be a realz-
able average rate. This at least is about
the point where my Judgment balances
the question"
Edward Atkinson of Boston thinks it
likely that ~ per cent will be the nor
NAL rate before long on which COM
panies can safely base computations of
reserve.