The times., 1900-12-31
PROSPERITY IN WALL STREET
Increase In stock Valuations During
the Year Ending Today.
(From tie New York wor.d.0

tfrom the New York Nor.d.)
Wall Street will tomorrow conclude one
OF the most prosperous years In its his
tory. Notwithstanding that the early
months of the year were marked bv busi.
ness stagnatiou which resulted from the
decline in the steel and iron trades and
tae overproducticn which took place in
several other branches of manufacturing
industry.
The bull movement which has taken
place since election has caused an infla-
ton of the value OF active stocks on the
stock exchange which exceeds that of
January l, 1900. by s1,07i, ,6l2276
This valuation while to some extent flc-
titious, nevertheless represents the price
which these securities would sell for in
cash on the New York Stock Exchange
at the opening tomorrow
An example of the practical significance
OF this imitation is shown in the growth
OF the Pullman fortune. which has shown
an increase in value since the death OF
George NJ. Pullman of from s.. COG. .0CO to
SIS, ,000 000
Since January 1, 1900. the stock OF the
Standard Oil Company has Increased In
value 1872 per cent. or in money value
332.O00.000. The holdings OF John D.
Rockefeller in Standard oil stock have in
creased IN value by s1o2, ,92o, ,0o0 They are
now valued at $24S 900. 900.
Traffic managers of most of the rail-
roads operating between New York and
the Mississippi River agree that the year
just closing has been productive OF the
best results ever experienced by the rail-
roads in the United States in any one
year. Each railroad has mad all the busi-
ness that it could handle. and with the
exception of a few unimportant instances,
each road has received full tariff rates
for its traffic
This one fact of the maintenance Of
regular rates has increased the aggregate
of net earnings of the trunk lines by not
less than $4,000, 600. Every railroad in
fiuenced by the example of the Wander
bilt- Morgan Pennsylvania Railroad alli-
anee has realized larger profits than ever
before.
That these increased profits have not
been distributed in extra dividends is
readily accounted for by the enormous cx-
penditures that have been made out of
current income for betterments and new
equipment.
The amount OF money applied directly
from earnings to the improvement of
railroad property within the past year is
unprecedented. The extraordinary vol
ume of traffic developed by the generally
prosperous business conditions through
out the country has made it necessary for
every railroad company TO spend larger
sums than usual in increasing their trans
portation facilities.
The demands for extensions. double
tracking. Strengthening of roadbeds and
the increase Of rolling stock have been ur-
gent. and inasmuch as they have been lib
orally met, the railroads of this country
are in better condition today than ever
before. 1t is a notable fact, furthermore,
that nearly every railroad has handsome
surplus in its treasury which can be used
for future dividends.
The amount of bonds listed on the New
York Stock Exchange in the year. as COM
piled by the Chronicle" is Si4S 713, 900.
of which si47,s7s.597 were new issues:
Sc, 2S7 900 old issues newly listed, and
$2S9. 74T. 403 replacing old securities The
stocks listed amounted to $500. .S35, ,0e0, Of
which 1886 ,550.5I2 are new issues: $780,
205. geo old issues newly listed, and s194,-
179.32S replacing old securities.
The listing of bonds was about SIS. .00e.-
GOO below last year and compares with the
record Of 500. 064, $50 in 1898. Stocks fell
behind last years record of S704 172, sos by
about ss3 900. 900. The street railway
bonds listed amount to 81. .000. 600 and the
street railway stocks to SIG. SOC, 800
Miscellaneous bonds foot up s157. 40 Oe9
of which s113 $50. 600 are Mexican Govern
meDt bonds and. the rest Industrial. The
Industrial stocks aggregate 1922, s23, 800.
The amount of stocks admitted to the un-
listed department is S164. .226. 100, and bonds
8 40 555 625