The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-01


Southern Pacltc......,... 500 81 -
Missouri Pac:fc......... So. i6% ~
Broollyn Rapid Transit. ~ BIS 80
Metropolitan -.-.---.-... To- a i4ost iios
Manhattan .............. ok siA 80.
Estimates of the foreign trade Of the
country for the fiscal year, based on the
official figures for the first eleven months
of TIE year. were published in The Times
yesterday afternoon. They are most strik-
ing, and word OF comment will not be
out of place here. The total exports for
the year are estimated at 81, 4e0. 100000
or more. The total imports are estimated
at from $500, Cox, Geo to $S1G 0o0,0 GOO. The
combined exports and imports were thus
estimated at about s2.2S0, Gee, eco. or more
than two and oEe-quarter billions, the e1-
ports exceeding the Imports by more than
half billion. Both the exports and i'm
ports for the first eleven months OF the
year were larger than the total for the
preceding entire year. The meaning OF
these figures is that the country is growing
richer at the rate q more than half
billion dollars 4 year by drawing from the
outside world alone not to mention the
wealth which it is itself producing for use
at home. II is difficult to convince most
people that this is a record that should in
duce any further decline in the price OF
railway and Industrial securities. One Of
the chief and most noticeable facts in the
foreign trade statistics for the past year Is
the immense increase in the EXPORT of
manufactured goods. largely OF iron and
steel. This is one of the matters which in
vestors in the iron and steel securities will
do well 10 consider.
The anthracite coa,ers have perhaps been
the strongest and best bought group on the
list during the past week. The factors
which have operated to tcld the group
have been the Reading statement for May
4 fine one-and another advance OF 70 cents
a ton In the price OF coal. In addition TO
this. there has been a continuance of the
talk OF thorough harmony in the anthra-
cite situation and many stories Of the
probability of heavy exports OF ccal during
the next few months A coal famine exists
in Great Britain. and the greater part OF
Europe in fact On this side coal is being
produced in larger quantities than ever
before. and il is being sold at the best
prices in years. The June production OF
anthracite was 4.500.010 tons or more. The
earnings of the Reading for the fiscal year
which ended yesterday were the largest
in it's HISTORY They exceeded the earn
ings OF the previous year by many millions
of dollars The stock is receiving a divi-
derd for the first time in years. II is
selling below GO. There is every reason 10
believe that the present advance in the
stock will be continued.
The position OF the grangers is espe-
cially interesting at this time, owing to
the tremendous efforts the bears have ex-
pended in trying 10 force the group to
I'm. -afN~
sible damage they have not hesitated TO
make many misstatements regarding the
affairs of the companies and to distort
many innocent facts into the semplance
Of bear arguments. II is to be pointed out
that despite all their efforts and despite
the fact that there is now an immense
short interest in the group the level of
prices does not get much If any lower
from week TO week An examination of
the record for the past two or three
months will show that any OF these Sc
curities bought on the declines from time
to time could have been sold in almost
any week with fair profit. and that very
small margins would have been sufficient
to hold them. The bears have had the
help of poor outlook for spring wheat
and of a number OF poor net earnings
statements from the St. Paul Company.
The worst that is looked for by the most
pessimist in the spring
wheat crop has been discounted by the
bears. II the crop is not ruined anything
short Of ruin is a bull argument for the
group Atchison preferred is especially
worthy of consideration. Its record for tho |
year is nothing short of phenomenal.
Much hopefulness is warranted by the |
outlook for the iron and steel securities. |
The trade is still dull and the adjustment |
IF prices probably has not as yet gone far
enough. But even with these conditions
It is proven by the reports, official and I'M
official from any Of the companies, that
profits still are being piled up. The do
nestle boom will probably begin again
shortly, according 10 the experts. The |
oreign demand for American iron and
steel is already large. The most significant
Incident of the week was the declaration
II dividend on the common stock of the
American Car and Foundry Company. The
dividend was entirely unexpected and the
stock is selling at price below that OF
-aiiway securities on which dividends are
aot remotely possible for several years to
,ome There is every prospect that this
disbursement will be continued regularly
IN the future