The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-13

| IDENTIFY that they sold short, and this was
| certain in time to result in heavy covering.
| That is what has occurred The question
| now is whether there will be any buying
| for the long account, induced by this OPP
portun'ty. There was some buying yes
| terday, but 1t was not Of sufficient volume
| to attract much attention Prices ati-
vanced all day yesterday and closed at the
| top.
Curiuusly the interest rate on call loans
| advanced all day with the prices of stocks
During the early part of the day loans were
made fo7 3 IL and 3 ga per cent, but later
the rate got 10 4 and ), and finally. near
the close. some loans were made as high "a
: per cent. As has been pointed out such
an advance was not unexpected, owing to
the unpleasant bank statement of last
week. II had 10 influence on speculation.
because of the faith OF the street in the
efficacy OF the Currency bill to give Wall
Street all the money ii needs. London con-
tinued a buyer of American securities, and
the market sentiment in London was opti-
mistic on account of the continued cheer
full news from South Africa.
The news and gossip Of the day was
all of a nature to help the railway list
rather than the industrials. and it seems
probable. as has been said in this column
heretofore many times. that such stocks as
Atchson preferred and the other gran
gers. the Pacifies the Southern securities,
the coalers, and the trunk lines will show
the best and most steady advances in prices
if an important upward movement begins.
One Of The financial papers yesterday pub
lished a carefully written story describing
the effect TO be produced by the immense
Eastern railway pool, recently so much
discussed in the papers. There can be no
doubt that rates are to be kept permanent
" on a much higher level than has pre-
vailed for a long time. This stock owner
ship pool of the Vanderbilts, the Morgans,
and the Pennsylvania lines and interests
bids fair to be much mere effective than
any heretofore attempted, in addition TO
the advantage that it seems to possess of
being beyond the reach of the law. There
has been some talk of the recent cuts in
freights in a number of minor cases being
general return to the level of rates pre-
vailing before January ]. This is not true
in any sense. The small shippers are
helped in small way by these cuts. but
on all the important classes of goods there
has been no reduction. On coal. bitumi-
nous and anthracite, iron, steel, coffee,
sugar, starch. soap, and all the heavier
goods. the rates are at their highest. and
1t is said will remain there. This advance
since last year Will mean many millions
Of dollars TO the railways in additional net
earnings.
A circular issued by one of the leading
financial houses gives a number of facts
regarding the position of the lower-priced
preferred shares. 1t is shown that the
surplus after charges on the Atchison sys-
TEN for the six months ending December
81. was equal to 10 ga per cent on the
adjustment bonds or at the rate of 81 l-2
per cent for the year. This is something
over five times the amount required for
the payment of the interest on the bonds.
The earnings of the system after the pay
ment of the interest on the adjustments
was at the rate of per cent annually on
the preferred stock. The earnings on the
Baltimore and Ohio preferred stock on the
same basis were at the rate of IL per cent
The earnings On Union Pacific preferred.
were 10 per cent or better. on Northern
Pacific. preferred, 10 per cent, and on
Southern Railway, preferred, 81 per
cent.
The grangers were one of the conspcq-
Gus groups yesterday, with advances OF
from 1-2 TO more than points. Atchi-
son preferred get to 81 5-s, and closed at
that price. Burlington went to 125 is
and closed at 125. Rock Island which
closed on Saturday at 107 Ia, went TO
les 3-4 at the close. St Paul was par
ticulary buoyant with an advance to 124.
The close was at 123 3-4. The profession
ais incline TO the belief that Burlington
is likely again TO Increase the distance
between itself and st. Paul now that
the latter stock Is known to be on a )
per cent basis only. 1t should be remem
bered in any calculations of this kind that
although Burlington is receiving | per
cent more dividends at present than st.
Paul common there is not any more being
earned On the stock, if indeed there is
quite as much. The st. Paul people are
expending immense sums on their prop
erty and this policy may be a disappoiut
ment to spectators who buy it ON margins
in the expectation of quick advances in
price, but IL can hardly be considered
matter very regrettable by investment
holders OF the stock The advance in
Atchison preferred has continued now for
some days. and in fact for several weeks
The February net earnings statement of
the company is expected in a few days,
and it is known that it Will make fine
showing.
The remarkable report just received by
the State Department from Consul General
Mason at Berlin, relating to the coal fam
inc in Germany and Russia will probably
be studied with much care by American
coal interests The conditions as they
are pointed out are indeed nothing less
than startling. German factories of all
kinds are shutting down on account of
the impossibility to get coal from Great
Britain, which usually furnishes an album
dant supply. Prices are advancing Drecip-
itately on all grades of coal, but espec-
tally the anthracites. Mr.. Mason says
that if there is any surplus supply in
America the present is an excellent time
to increase its exports most profitably
The same general conditions prevail in
Russia. 1t seems probable that despite
the excellent present conditions in the
coal trade here advantage will be taken
of this opportunity. America has always
exported wonderfully small amount OF
coal compared with the amount produced.
The outlook for the coal securities this
year is especially fine from every point of
view.
Earnings for the first week Of March
are all most satisfactory. Louisville and
Nashville gross earnings for the week in
creased $50, Csc. and from July the in
crease was s32S3.527. Texas Pacific IN
creased $3.50 for the week and s176,5sS
since January 1. Hooking Valley in
creased 053 for the week and s2T3. $50