The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-08

that he is sincere in what he says. Just
before sailing from England for this coun-
try he gave out an interview which was
published in which he said among other
things: ~! EsHi--sy l. elected stocks will
&c down. If D an i erected they will 90
down more" From the tone Of this state
ment everybody expected that Mr.. Keene
would come back a bear. Especially did
they think so wbep to all the other factors
winch had tended to depress the market
was added the strike in the anthracite re-
gicns. But MIR. Keene evidently gave out
his interview for the purpose of putting
down stocks a little further and holding
them down until he could pick up few
lines at satisfactory prices. At least he
has been credited with operating on the
bull side OF the market ever since his re-
turn from abroad. Associated with him
in this movement is John w Gates, who
probably won the respect OF Keene when
he called the turn in the iron and steel
stocks. These gentlemen are buying stocks.
They may not and probably will not at
tempt to put up prices this week 1t is
quite reasonable to suppose that they, like
ether leaders, have not as vet secured all
the stocks they desire. But in the near
future Keene and Gates are likely to be
big bull factors in the market.
Keene and Gates have been choosing e
good line of stocks on which to found their
work. Union Pacific and Baltimore and
Ohio have felt the touch of their magic in
fuence. and ii is said that they intend to
make the Atchsons, common and pre-
ferred leaders in the upward movement.
Atchison preferred is a D per cent stock
selling well under par. The earnings of
the company are such as to encourage men
like Keene and Gates in their efforts to
lift the market value OF these stocks.
The fight over the rail pool rate of s26
a ton, fixed few days ago for the coming
year. is becoming decidedly interesting 1t
is the fact that the rail pool is trust in
the worst sense OF the term. Its members
manufacture ALL or practically ALL the rails
of the country. The agreement between
them is binding. 1t contains clause pen
alizing members in heavy amounts for any
infraction. Notwithstanding this fact, the
railways have an advantage with the Rail
Trust which ordinary consumers of the
necessaries of life do not have with the
other trusts. The railways can get along
without new rails until they force the pool
to put the price down 10 a reasonable basis
if they see fit. President James ]. bill, OF
the Great Northern, who is in New York,
is quoted as denying emphatically that he
attended any secret conference of railroad
presidents to discuss the steel rail situa-
ton or that he said that the railroads
would not buy until the price of rails was
reduced to SO per ton. President Hill
said
"AA that talk is just SC much nonsense.
| attended no conference, and do not be-
lieve that any was held. We are not in
the market for steel rails, and are not
concerning ourselves with the price. How
ever / do think that IL plates are selling
for SIS and $40 that rails al $26 are high.
But. as ! say. we are not interested in the
matter. The fact is that We are about done
with Bessemer steel. There is plenty OF
open hearth steel in this country, and
though it is more expensive, it gives much
better satisfaction"
1t is ascertained upon trustworthy au-
thcrity. however, that a number Of rail-
way men did meet in New York during the
week for discussion of the steel rail rate.
The meeting can hardly be called a formal
conference. as ii was by some a few days
ago. AS far as can be ascertained the gen.
eral sentiment expressed was that the
price of rails was too high at s26 a ton
and must go lower. and that in view of
the opinion of those present II would not
be advantageous to enter into large con-
tracts at present. One prominent railroad
man said on Saturday that he believed that
the roads would obtain their rails at fair
price without making them themselves.
His idea of a fair price was from S22 to
S23 ton. Other steel prices, he pointed
out, were much lower in proportion than
the rail rate.
An increase of 5.54 per cent in gross
earnings is shown by the annual report of
the New York. Susouehanna and Western
a fcf he
were 81. $50, ll6, an increase of s135, 1862; OPP
Grating expenses and taxes, 81 400, 765. an
increase Of Sos. IA; net earnings, 81, u.s.
So1. an increase OF s32319. Deducting all
payments of rentals and fixed charges. a
surplus OF S205 013 remains. The cost of
equipping the company's rolling stock with
automatic cou7lers and air brakes was
100000 !
Largely increased tonnage and a high
percentage of profitable revenue are
shown in the annual report of the Erie
Railroad issued on Saturday Out Of $685.
e93,O31 of gross revenue. the net income
from operations was 1854 1926 The in
come from securities owned by the CON-
pany was S420, 1877 making a total income
of 0,264,5 34. After paying interest and
rentals there is balance of 1868, 430.
President E. B. Thomas sums up the
features OF the report as fol-
lows: 1.-The company has earned all of its
charges, and placed a surplus of 1861
5000 to the credit Of its profit and loss
account. The volume of freight tonnage
increased over 1000 900 tons, or over
per cent. The volume of passenger traffic
increased over 100000 passengers, or
over s 1-2 per cent The average freight
rate per ton per mile increased O42 mills.
or S.12 per cent. The average rate per
passenger per mile increased 90 mill. or
O.5s per cent.
Buying of Pennsylvania stock is ac-
with rumors that the dividend
will be increased. The dividend rate is
per cent, and in well informed quarters
1t is said that there is no chance of an
increase in the regular rate. Some people
venture an "extra" l per cent may be
discussed. j
It is understood that the Baltimore and
Ohio Railroad has awarded to the Pull
man Company of Illinois a contract for
3 900 freight cars OF the new cars $500
Will be box of 10000 pounds capacity and
500 fiat. This is the second large order
for equipment given by the company
within a week. The first order was placed
last week with the Pressed Steel Car
Company Of Pittsburg. 1t was for 5000
cars. The Pullman order involves an ex-
penditure of about 81 ,S65 900, and that of
the Pressed Steel Car Company an ex-
penditure of about 5000, 000 or a total
Of 1856. 600. The company is also in the
market for passenger equipment and
about 10000 tons of steel rails. The ex-