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

.ar
rurrrslr Ihr Interest rate on call loans
advanced aH laT Nth the prices o. stocks
During rHe early part Of The day loans were
made .u- s i-- and 3-f per cent. hut lai,r
.l. Iat. rCt TO g and q. and finally. near
fnt .I1.e Sem, loans were made as high a.
TC- cent. As has been pointed out. such
fu advance was not unexpected. owing TO
ttc unpleasant bank statement OF last
Etaa- D. had no influence on speculation.
because OF The faith OF the street in the
efficacy OF fhe Currency bill TO give Wall
street al he money ii needs London con-
unuei a buyer OF American securities. and
the market sentiment in London was upti-
misjiC en- account Of The continued cheer
ful news from South Africa
The news and gossip OF the day was
all Of a nature to help the railway list
rather han the industTiais. and il seems
probable. as mas been said in this column
heretofore many times that such stocks as
AtChisun preferred and the other gran
gers. the pacihes 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 he financial papers yesterday pub
lishe3 a carefully written story describing
the effect 20 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
ly on a much higher level than has pre-
vailed for a long time This stock owner
ship pool Of the Nanderhilts, the Morgans,
and the Pennsylvania lines and interests
bids fair to be much more 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
a general return to the level OF rates pre-
vailing before January !. This is not true
In any sense. The small shippers are
helped in a 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 sre at their highest, and
ID is said viii remain there. This advance
since last year will mean many millions
Of dollars 10 the railways in additional net
earnings
circular issued by one OF the leading
financial houses gives a number OF facts
regarding the position Of the lower priced
preferred shares. Il is shown that the
surplus after charges on the Atchison sys-
TEN for the six months ending December
81. was equal TO 10 "a per cent on the
adjustment bonds or at the rate Of y 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 S 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 II 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, Sd per /
sent
The grangers we're one OF the conspicq- I
)us groups yesterday, with advances Of /.
rom 10 20 more than points. Atchi- /
son preferred get to g. 5-s, and closed at I
hat price Burlington went TO l25 is .
and closed at 125. Rock Island. which /
closed on Saturday at l07 Ia went TO 4
les 81 at the close. So Paul was par
iculariy buoyant with an advance to 1874. I
The close was at 1913 ga. The profession /
ais incline To the belief that Burlington
Is likely again TO Increase the distance
between itself and St Paul. now that I
he latter stock Is known to be on a > /
Der cent basis only. Ii should be remem- I
,ered In any calculations OF this kind that .
although Burlington is receiving l per
'ent more dividends at present than St /
PAUL common there is mt any more being /
armed on the stock. if indeed there IS
luite as much The St Paul people are
spending immense sums on their prop
rty and This policy may be a disapp0iut
nent 10 spectators who buy IL on margins
p the expectation of quick advances in
lrice. but ID can hardly be considered a
natter very regrettable by investment
holders OF the stock. The advance i'm
ltchison preferred has continued now for
ONE days. and In fact for several weeks
he February net earnings statement Of
he company is expected IN few days.
md it is known that it VIII make line
howing.
The remarkable report just received by
he State Department from Consul General
Jason at Berlin, relating to the coal fam
ne in Germany and Russia will probably
be studied with much care by American
.OaI interests. The conditions as they
ire pointed. out are indeed nothing less
han startling. German factories Of all
linds are shutting dcwu on account OF
he impossibility to get coal from Great
Britain. which usually furnishes an album
ioAA eAlllNr llNtE are uAlNau.flIE NIetlll-
lately on all grades OF coal but cspec-
ally the aHthractes Mr. Mason saws
hat if there is any surplus supply in
america the present Is an excellent time
o Increase its exports most profitably
The same general conditions prevail In
Russia. II seems probable that despite
he excellent present conditions in the
oal trade here advantage viii be taken
I this opportunity. America has always
exported wonderfully small amount Of
Gal compared with the amount produced.
The outlook for the coal securities this
ear is especially fine from every point OF
Jew.
Earnings for the first week OF March
re all most satisfactory. Louisville and
Nashville gross earnings for the week in
reased So 05e. and from July j the in
rease was 50 2S3.521. Texas Pacific in
reased s.. $50 for the week and s1765sS
ince January 1. Hooking Valley in
reased S2l.0 fer he week and S273 $50
ince January ]. Wabash increased SI4.-
- for the week and $1609. l9s since July
Missouri Pacific increased S57 coo for
he week and S5S9, ll3 since January l.
The Missouri Pacific meeting will be
ED today and. the report submitted. it
s understood. There is some talk Of the
disability Of a dividend for the stock.
mt the best information obtainable is
hat none viii be declared al this time.
he earnings OF the company last year
'Cro fine and The outlook this year is
aid 10 be quite as good but The manage
lcnt Is most conservative and is spend
lg large sums IN betterments The (
took is considered an excellent pur-
base al its present price by careful peo-
le.