The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-13

1t is beyond dispute that the railways OF
the country are in the most prosperous
condition they have ever seen. In addition
to this showing. however. it should be
borne in mind by those interested in the
future Of the market that this year 1900
is TO be one of the most important in rail-
way history for its great consolidation
deals, deals that will entirely revise the
railway maps" and, much more important
than that, Will mean immense saving in
operating expenses in all directions. When
with this it is remembered that the i'm
mense expenditures for betterments made
by all lines during the past two years will
now begin to tell in net earnings there is
certainly every reason for hopefulness re-
gaIdlng the good railway securities 1t
is not exhibiting too much optiraism, for
instance, to predict that the earnings of
1901 will be larger than those of the pres
ent phenomenal year, both in gross and in
net. With this outlook careful investors
and spectators can hardly make any mis-
take in buying the securities of these lines
during the present slump to hold for the
boom that is sure to come at some time
in the near future even if it does not ma
teriaiize tomorrow or this week.
The Industrial situation is not on the
verge OF collapse. During the week II has
been shown that the American Tobacco
Company last year earned dividends on
preferred stock and on a much enlarged
common stock. and was able to lay aside
a handsome surplus in addition. The
American Steel and Wire Company, about
which SO much that is disccuraging has
been written and said in the past month.
earned during the first four months of this
year the full dividend on the preferred
mr. hn tina md Wi t.p
to devote the earnings of eigtK months to
the common dividend. to say nothing of the
immense surplus that was carried over
from last year. The iron and steel COM
panies generally continue to report large
business and good profits. and the experts
in the trade talk most hopefully of the out
look. The Smelling Company is prosper
Gus. Prices were too high in the III
trade, 1t is now acknowledged but the!
have been reduced, and the result Is al
ready to be seen in hrisker demand for
goods that people have refused to buy at the
top level. 1t is certain that with the big
home demand and the foreign markets
anxious to buy American goods there will
be strong, active trade for long time
TO come. Such an outlook is not of the
character that should induce pessimism.
The steel stock prices are so per cent off
from the highest in some cases, and many
points off all around 1t is not impossible
that the bears may be able to force them
somewhat lower. but it would seem that
buying at the present level should prove
much more profitable in the course of
very short time than selling.
As to the financial outlook. it continues
entirely satisfactory. There is an abund-
ance of money al the lowest prices, 2 10 l2
per cent for call loans and to for time
loans that carry over the election There
has been the shipmsnt of So, Get. Go in gold
during the week. but it has been made al
very small margin of profit, and II is not
thought probable by the banks that the
movement will extend much, If any, fur
ther. And even if the needs of London
and the Continent should be accentuatcd
to such an extent that exports would be
come large financial people would not con-
slider the matter bear argument The
bank statement yesterday was better than
generally expected, though it showed de-
crease in cash and decrease in reserve.
The figures. however, were not large, and
not important, and had very little effect on