The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-28

heavy increase in the surplus reserve car
ries that figure nearly to $50 600 900. The
cash shows an increase OF nearly $1,000,
600 and the deposits an increase of s15.-
100000. II is not easy to account for the
loan item, in view of the extreme dizziness
of the market. The figures of the state
ment follow:
Reserves increased. SOP 800
Loans increased -...-...-.......... 1,5l5.eJ0
Legal fender increased. ................ 3,6s9G1p
specie increased. .--.-.....--.-.-....... 5,l5i'J
Deposits increased ................... 1905 900
Circulation increased. $4,000
The earnings statements of the week
have been extremely important. They are
all in entire harmony with the suggestions
heretofore made in this column. The
weekly gross earnings have all shown an
immense increase over tie figures of last
year. The Importance of this fact is dou-
bled when /, is remembered that the month
of January last year was one of the best
seen by American railways up to that time.
This years gross figures are making new
records every day. The net earnings state
ments for December have now begun to
come in. As has been pointed out in this
column, these figures may be expected to be
poor, as those for November were. Prices
OF steel, coal, and wages-recessafy ex-
penditures everywhere-were increased
during the year. As the natural result of
this, freight rates have been advanced
everywhere sufficient to a little more than
Offset the loss, but during November and
December the old freight rates were in
force, while the cost OF materials had adj
vanced TO the top notch. The professional
pessimists may be expected to draw lurid
pictures of bankruptcy and ruin from the
poor showing yesterday made by St. Paul
-. n
figures expected from the Burlington to-
morrow. 1t is not probable but Il is pos
sible that the bears will be able to force
the prices OF these securities down in this
way, despite the fact that at the present |
time both St. Paul and Burlington are do |
ing a record business. In such an event, il |
would seem the part Of conservatism TO buy |
stocks. Orders for a good many thousands /
Of shares of the grangers and other first |
class securities at prices not far below the |
lose yesterday are in the market.
The gross earnings OF forty-six railways |
or the third week of January were Sc
'S4, 1888 OF this number forty-one show in
,reases of SsS0,so2 and five show decreases
If $2e, $50. the total increase for all lines
heard from thus being 1861 ,2s9. or li.3 per
,ent. The gross earnings OF sixty eight
ines for the second week Of January were
S, 40S,515. OF this number only five showed
decreases in earnings. the total decrease
,eing only $4,000. The gross increase on
III the sixty-eight lines, deducting this
40. 900, was s., 074, 34S, or 1866 per cent.
The gross earnings OF the Chesapeake and
)hio for the third week increased si39
he increase from July / has been 1892 1853.
he increase in the gross earnings of the
Sig -Four for the week was sec, 755.
The December gross earnings OF the St |
'aul increased only $91, 121, and the net
arnings for the month decreased $i6s, 1856.
he December statement OF the Burling-
on is expected tomorrow. There is every
eason 10 believe that this statement also
rill be poor one. The December records
7ill not all be poor however, as is shown
y the remarkable figures published by |
be Atchison company during the week,
nd a very good showing made by the
reading company yesterday. Decreases in
et earnings are expected and will not be
surprise to anyone. The good showings |
made will all be bull arguments, for the
cry coed reason that the bears have been
uggesting that the era Of good statements
nded last October.
The meeting OF the stockholders OF the
brooklyn Rapid Transit, and the election
directors, was one of the most important
vents OF the past week. The new people
lected are all strong men financially. and
Conservative market people and business
1cn generally consider the board as now
Constituted the best Of evidence that the
;roof'yn system is not on the down grade
0 ruin. The stock was very dull all the !
reek, and even after the announcement
( the new directorate. Friday, no in .
crest was shown In IL. The bears at
empted 10 make drive on the theory that {
he good news was out and people would {
ell. but they met with no success.
H. II. Porter is a railway man of ex-
erience He has been identified proml- !
entity with the prosperity of the North
estern. the Omaha, the Rock Island, and
be Chicago and Eastern Illinois. He is
hartman of the board Of directors of the {
ederal Steel Company. Mr.. Porter is an ]
ltimate friend of John ID. Rockefeller, and
also on the friendlicst OF terms with the I
resent arrangements Of The Brooklyn.
Mr.. Hartman is popularity supposed 10 Z
spresent the Vanderbilt interests in the 0
ew board. lie is chairman of the Union {
acifc executive committee. He has been d
heavy buyer of Brooklyn stock during !
le recent break and Is understood TO b. v
ne of the chief holders at the present s
me. August Belmont is very strong c
IAN. but is not understood to represent any b
articular interests in the new board. He
as been a recent buyer of the stock f. b
Olcot1 is President of the Central Trust | {
and was one Of the members OF "
he voting trust Of the Brooklyn Rapid u
ransit.
Walter G. Oakman IS President Of the a
warranty Trust Company. His election is Y
opposed TO foreshadow a possible union of "
terests between the Brooklyn Rapid |
ransit and the Long Island Railway. He j
as the head of the syndicate which two il
saTs ago, purchased the Austin Corbin b
,ldings IN the Long Island company 81
Third Avenue stock was sold off sharply n
r time yesterday. The cause of the 1,
'eak seemed TO be continued offers of n,
teller sixty" options. b
Tennessee Coal and Iron has been | =,
life weak. Gossip in the street that the 2,
mpany has been Offering TO cut rates on
eel seems TO be the cause OF the selling | C
the stock, which has been largely If
II entirely for bear account. The com
my. like all the steel and iron concerns. =.
lows no signs yet of descending from
e top OF its wave OF prosperity Its a,
stement OF earnings for December was !,
agnifcent and profits are piling up for
q stockholders. American Steel and q,