The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-02


election. The September elections in some
of the New England States will no doubt
foresha6ow the result In November. The
near approach of autumn will bring back
home many OF the large operators, ana
thus eliminate abstenteeism from among
the adverse factors; so that present eondi-
ticns and the general outlook are favorable
TO the security market.
Money market conditions favor hrmer
rates. Bank reserves in New York are
low, and as soon as the usual fall demands
set in lenders will undoubtedly be able TO
get more satisfactory rates. The interior
banks. however, are well supplied with
funds and as the refunding operations OF
the Government have largely increased the
supply of funds. there is no reason to an
ticipate stringency. Speculation will ur
doubtedly be more active few weeks
hence. and this will help swell the loan
account. Apart from the uncertainties
mentioned the outlook for the market is
favorable. Railroad earnings are excel
lent. Trade is less active and less profit
able than year ago, but is settling down
to more normal conditions. In the iron
trade the process of readjustment seems
almost complete and new Orders are COM
ing in freely at the reduced prices, ensur-
ing continued demand fLs' both products
and labor. The textile trades are slow in
regaining their balance, but progress is
being made and the outlook is not discour-
aging. Nobody expects repetition of the
boom of 1899. and the indications are that
we are entering upon a period of moderate
and more stable activity. Should the mar
ket go lower, as is quite possible, good
stocks will be purchase when the uncer-
tainties of the election the Chinese ques-
ton. and foreign money markets have been
safely passed.
The most interesting news OF the week
was undoubtedly the fine showing of earn
ings made by the railways and the indus
trial companies. The gross earnings in all
instances showed gains, but the net state
ments for July were the matter that at
tracted most attention, as it has been in
net earnings that the bears have been
predicting the decrease. The July state
ments made during the week have been
with one or two exceptions excellent,
showing large increases and every indica-
ton of continuing good conditions. A
number of facts were developed during the
week also regarding the business of the
Steel and Iron Trust that are most hope
full. The Atchison and st. Paul July state
ment, the annual figures of the Republic
Ste. and Iron Company, and the semi
official figures given out regarding the
have been discussed in this column here
tofore. Others deserve additional men
ton. The full Pennsylvania figures for
July and for the seven months ending
July l are as follows:
Pennsylvania Rairoad-lines directly operated
Month July. Seven Months.
Gross earnings Inc s!0s.i Inc IS, So, 500
Expenses Inc. 325, 100 Inc. 4,2S1, 800
Net earnings. Inc. sSsS, 800 Inc. 81 jas, 400
Philadelphia. Wilmington Baltimore
Gross earnings. Inc. 1880 Inc. s4ss,4
Expenses ...-..-.-lnc.. 400 Inc. s9O, 100
Net earnings. inc. sa,eco Inc. $4,000
Gross earnings. Dec. $500 Inc. $3.50, 100
Expenses .........lnc. 500 Inc. $4,000
Xet earnings. Dec. s2s,sOO Inc. ssl5,eOO
West Jersey & Seashorc-
Gross earnings Inc. $500 Inc s22g, 100
Expenses ........Ine.. 1880 Inc. 90, 200
Net earnings. Inc. $1,000 Inc. s22, 800
Lines west Of Pittsburg and Erie directly oper-
Gross earnings . Pee. $50, 900 Inc. s., G65, 500
Expenses .........Ine.. 22i,Soo Inc. sl5s,5oo
Net earnings. Dec. S277, 200 Inc. S5l2,Soo
This statement was by few profession
ais considered disappointing on Friday, or
at least they sold the stock with the as
er there was a good advance and the stock
closed with net gain which seebls to dis
pose of the pessimists' arguments. 1t was
said that the increase In net earnings was
not as large as it should be, compared
with the immense increase in gross. This
is the only possible fault that could be
found with a statement that shows an In
crease in net profits on one of the system S
branches Of third of a million dollars in
one of the dullest months of the year. And
it is very far-fetched criticism at that.
The Burlington statement for July,
which was published in this column earlier
in the week. has also been thought to be
a poor one by many. There is more rea-
sen on the surface why this should be so,
but in reality this statement, too, is not by
any means such as should make Burlington
stockholders afraid of their dividends.
There was an increase in gross earnings of
S57. 600. a decrease in net earnings of s47,-
000. and decrease in surplus of s51, 900.
II is not considered by the pessimists that
this report compared with one of the best
if not the very finest ever issued by the
company. In July. 1899, the Burlington
showed an increase in gross earnings OF
$764.OS1 an increase in net earnings OF
1864 and an increase in surplus of
S450.elG. 1t will be seen that this year s
earnings are far in excess of 1895 which
itself was a very good year for the COM
pany. The grangers generally were quiet
during the week but strong, owing to bet
ter crop reports and 20 the good earnings
statement.