The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-30

1t may be noted. however, that although
net earnings will undoubtedly increase,
there should be expected n less proper
tionate increase from this time on. It
was in September of last year that the
big cuts ii operating expenses began.
Prior to that time the operating ratio
had never been lower than 60 per cent
and frequently it had been as high as IS
per cent. The average ratio for the year
ending June 80, 1899, was 6S.14 per cent
The ratio for July OF that year was 6l.45
per cent, and that for August with which;
the present month is comparcd) was
e7.22 per cent. Beginning with September,
this operating ratio was cut into heavily
by careful management and the strictest
economy, though not by niggardliuess.
The ratio for September, 1893. was 60.73
per cent. That for October was Sc and a
fraction, and that for November and De-
cember only 30 and a fraction. The COM
pany Will probably be able to keep within
this ratio, because it will continue to
practice good management and will have
lower-priced goods to buy, but it is not
TO be expected that it can lower il much,
If any. The gross earnings will con-
tinue to increase. however, and the 50 or
SO per cent expense ratio viii leave a
or 45 per cent of the increased gross to
be carried TO net increase The ratio for
August of this year is seen to be about
GAS per cent, as against 67.22 last year.
The grangers generally have been among
the strongest securities on the list during
the past week and during the entire break.
There has been coed investment buying
Of the group, both for London and for
home accounts, which has prevented il
from declining either very far or in the
least eNcitedly. II is not denied that the
grain traffic of some of these lines will
decline during the present year. This has
begun already. In fact. The friends of
these securities have every reason to be-
lieve that they will advance well in price
despite this loss of grain traffic Their
general earnings are not falling behind
those of last yeaf, and no one, even
among the bears, has the hardihood to
surplus for dividends was in all cases far
in excess of the requirements on the pres
ent dividend basis. The Atchison record
is the most brilliant OF the group but
that of Burlington, given out during the
past week, Is also fine, and that of st.
Paul is far from discouraging. The pres
ent prices of these securities make the
yield OF interest on the investment all the
way from 10 rs per cent.
The outlook for the anthracite coal Sc
curities is one of the most interesting
problems under discussion in the street
The strike is stiIl on and its result is
an unknown quantity 1t is suggested
by some careful market people however
that the companies may suffer very little
from il. The increased price put on the
coal already mined and in surplus will go
far toward making up for the losses sus-
The price, moreover, viii be kept up
long enough, in all probability, to let the
companies get out whole. AS to the raise
OF wages which the miners seem fairly
certain of securing. this, it may be in
ferred, will come out of the pockets OF
the consumer rather than out OF the earn
ings CT the companies.
Sugar Trust stock has been strong dur
ing the week, one Of the best supported
stocks on the list. This is not surp! is
ing in view of the big earnings CT the
company. 1t is said by the trade that
until January. when the new crop of
Cuban sugar will begin TO come in there
will be a scarcity of raw sugar. This
means that there will be not enough raw
to force the lowering of prices, but i'll
sufficient so that all to Sugar Trusts
refineries may be kept running all thu
Time Nhen the supply OF raw does be-
come large, the price of refined will be
cut somewhat, but only enough to equal
the cut in price on raw. The outlook
for profits for the trust is very hand.
some.
President Vreeland. of the Metrcpo itaa
Railway, states that the earnings of the
company are larger for September thaa
they were a year ago, despite the b g
lA any "A
the Dewey festivities. Friends of the