The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-18
ANALYSIS OF B. 8 M.
Will Continue Financial
Policy of the Last
Three Years.

nent for the year that ended June 80
indicates u continuance of the estab-
hshed financial policy of the last three
years. In pursuance of that policy
practically the whole of the surplus
earnings after the payment of fixed
charges, the small amount of sinking
fund deposits, and the regular per
cent dividends, is put into improve
menta. Hence the reported SURPRISES
vary but little from year to year. In
1897 the amount carried to profit and
loss was $4,000, last year it was $4,000,
and this year 1t is $45, 900.
In order to get at the relation between
gross earnings and transportation ex-
penses the figures of the detailed report
will be required The financial state
ment shows against an increase of
$l47, 900 in gross earnings for the year
an increase of only 900 in operating
expenses. This may or may not mean
improved transportation results. Cen
orally speaking, large gain in gross,
all of which or the most of which APP
pears also in net, is taken to signify
greater efficiency in the operating de-
partment Before such a conclusion
can be reached legitimately, however,
rates and maintenance expenses must
be examined In the comparative
statement just given out, last year s
operating expenses and "other income"
are made each $4,000 less than in the
last annual report. But for this revi-
sion Of the figures the exhibit would
present against the gain of STAT, 900 in
gross earnings a reduction of $4,000 In
operating expenses.
Boston & Maine has now shown for
Iva re. n i11R
gross earnings per mile of road, al
though the gain upon 1898 is less than
500. The amount for 1899 is 81 1913 per
mile. In 1897 it was $11,916. The re-
turn of an upward tendency is note
worthy and promising. In 1898 freight
earnings per mile of road gained decid
eddy upon 1897, or from $5806 to $5949,
but passenger earnings per mile were at
standstill. The improvement on the
freight side was the result partly of an
increase in the volume of business, the
ton mileage advancing some 100000
miles, and partly of a recovery in ton
mile earnings from Las cents to Las
cents. In the passenger department,
also. the amount of business increased
somewhat last year, but earnings per
passenger per mile fell away from 1.76
cents to liza cents, and the effect of the
loss of revenue per passenger mile was
seen in a trihing loss of earnings per
mile of road.
The indications are that the fiscal
year 1899 will prove to have been more
profitable than 1898 in both branches of
the company's business. The tendency
of the present era of commercial pros
perity has been to increase the demand
for profitable local freight transporta
ton, and to bring up ton mile revenue
to a certain extent. In other parts of
the country the improvement in pas
senger business likewise is marked
enough to be measured by dollars
Noward, Crosby & Co.'s Boston Letter.
Boston, Aug. 17.-Wheat opened strong
at rs to Nc. over last night; Liverpool
was up p to sd, and London about the
same, and the strength in England was
the feature in the market with LOCAL
shorts good buyers, alarmed over the
strength in Liverpool and the bullishness
was reflection of the advance here yes
terday, while general buying by shorts
carried prices still higher later in the ses-
sion, the close being sd higher The
great difficulty today in covering sales,
the offerings being very light; there was
also indication that investment buying
on a scale was Transporting, the seaboard
leading the upward movement on reports
of moderate cash bids at about market
figures. 1t is said that two wheat car
goes bought some days ago for Lisbon,
October loading, have been transferred to
shipments for The first half of September
There was some excited talk on the cash
wheat business from Chicago, one rumor
being that a million cash wheat had been
solo, but we can md no evidence of this,
and it probably grows out of the fact that
some wheat, taken on July contracts, has
been ordered east. Millers were good
buyers of wheat, paying from 21a to 3Ac.
premium over September, and clearing the
tables early in the day. Prime reports
that Minnesota thrashing indicates very
disappointing yield of spring wheat, as it
IS badly shrunken by the intense heat of
July.
The stock market opened firm and high
er on the almost complete transformation
of the London situation. The retention of
the Bank of England rate, the increase in
the weekly statement of the reserve, rise
in consols and the strength in American
railways generally were so unexpected
favorable developments over night. The
bears attempted to check the general
tendency by attacking sugar, but the
general market held firm in spite of this
raid. G. F. & L., however, was under
pressure, and A. S. & T. lacked buoy
ancy. A feature of the market was the
strength in L. & N. and the room thought
1t saw indications of organized support,
ana traders in consequence were inclined
to take the long side of the list. Many
points are current as to advances likely to
be made by various cliques and combina-
lions, and the shorts We're uneasy, and
SSiAOJ oblSAuptSt covering IN IIldHy cases.
1t was said that the Morgan interests
were openly working for an advance.
There was a sharp reaction in tobacco
stocks today on profit taking; we under
stand that part of the selling of the local
traction stocks was due to the fact that
the tax commissioners were to meet to
apply the Ford bill about October LIST. The
covering in L. & N. of large short in
terest quickly ran prices to So Commits
sion house business was a little larger;
the activity in K. P. & G.. was the result
of buying by Philadelphia interests We
learn that a sale of B. e. O. preferred. in
volving $1,000 shares, was privately made
recently at around 70. Money continues
easy.