The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-13

smallest day for eight years.
1t is gossiped that the continued buying
of Chicago and Northwestern securities,
which has recently been one of the feat
ures of the market, is simply preliminary
10 the establishing of a Vanderbilt trans
continental road which win mean ire con-
solidation of the Northwest and the Union
Pacific running west of Chicago with the
! Vanderbilt trunk line extending eastward
to the Atlantic seaboard. The demand for
these stocks was the most notable on Sat
urday, when St Paul and Omaha, which is
one of the subsidiary companies controlled
by the Northwestern. Only one sale was
made at the bid price. but this represented
an advance of ) Ia points, to llo 1-2.
Northwest itself on about the same amount
of buying. rose IL net, TO 16S L.
Enormous exports OF grain, cotton. and
manufactured products have made the
United States great credit nation, and all
indications point to the fact that the debt
due to Us by the rest of the world is to be
enhanced by expectations of bituminous
coal. English manufacturers and capitalists
realizing this have sought to protect their
own diminishing supply Of fuel by advo-
eating an export duty on coal shipped out
of the United Kingdom. But they have
not stopped there. The enterprising Brit
sher is taking steps to control his own
supply from the United States, which is
likely to become the coal bin Of the world.
Far-sighted Yankees. however, are quite
as alert as the foreigners.
The one thing which prevents greater
movement abroad of American coal is the
lack of systematic shipping facilities. II
the foreigners undertake to do their own
shipping they viii very quickly show Uncle
Sam how TO push that end of the trade,
FOR there will be no lack of foreign bot
toms in which to carry American coal
mined by English capital. The United
States apparently has an advantage re-
specting fuel which it is somewhat slow TO
appreciate. The owners of coal lands
should not be content simply to receive
a royalty upon coal mined. There is more
in it than that's aOne does not need to look
far TO find an example which teaches
practical less6i, When bituminous coal
was found 70 Hnderlie the fertile farms of
the MahoningT7Nalley the farmers leased
The mineral rights. being satisfied with
the receipt of n small royalty on each ton
mined. Out of this many of them saved
a comfortable sum. but they did not amass
much wealth. The enterprising men. who
had the pluck and the capital to open the
mines, build railroads. erect blast furnaces
and irca works. are the ones who reaped
States should not let the present oppor-
tunity slip from them. If they keep con-
troll OF the coal fields. do their own mining
and ship the product abroad in American
bottoms their reward will be far greater
than If they stand idly by and permit the
Englishmen to jump in and get the cream
of the business
Frank Brice of the Railway World
wac ono If h. III Fxr
great possibilities of the Choctaw. Okla
homa and Gulf Railway Company When
the common stock was football in the
market. Mr.. Brice bought a small block of
1t for his son at 10 cents per share The
son sin owns the stock, which is now
worth $50 per share. and gives an annual
return In dividends of 50 for every rs cents
which Mr.. Brice invested. This is a return
of over 265 per cent on the investment.
Can anyone beat that for lucky hit in the
financial maelstrom?'
There are curious complications in the
freight-rate situation in Texas. Besides
the delay. annoyance, and loss OF traffic
caused by the recent blockade of loaded
grain cars in Galveston an inharmonious
spirit appears TO be rapidly spreading
Throughout; the State in the matter of
freight classification and passenger rates
The Missouri. Kansas and Texas Railroad
has set all Texas merchants and shippers
by the ears in declining TO become a party
TO the recently prepared mixed-car prod
uct classification. This new classification
was made up at the behest of hundreds of
merchants in Texas who desire to handle
produce in mixed-car loads az reasonable
rates. An influential committee. in pro-
testing to the Southwestern Traffic Asso-
citation against the action Of the Mis-
md
shippers will not, and cannot, patron
ize with any business whatsoever
any railroad that wthdraws from
this classification" This has the appear
ance Of threatened boycott OF the Katy
As 70 passenger rates. all OF the Texas
roads are endeavoring TO meet the redus "a
rate Of the Southern Pacific road between
Texas points and New York. Much bitter
feeling has cropped out in this contro-
versy, and rate-cutting tactics are in oper-
alton all over the State, some roads threat
ening to carry passengers at ten cents
dozen rather than let the Southern Pacific
get the traffic" Fears are expressed that
the Texas rate troubles viii soon affect
traffic in and out Of ST. Louis.
There are so many factors entering into
speculation in Brooklyn Rapid Transit
while the market for the stock is so wide,
that traders find ii easy TO make turns in
it, There; Is undoubtedly a large short
interest. while the bull element is conf
dent and willing to buy on the least en-
couragement Therefore, Brooklyn Rapid
Transit stock gets steady following when
traders moye IT. There is a strong belief
that the property may pass at any time
into the control OF interests which can
readily manage It very profltaby. Just
at the present. also the speculation with
respect 10 the showing of the annual re-
port is considerable, and influences the
price according TO the information passing
from time to time.
fs1I -
W. II. Hfhts & Co. have established
branch Offices at the Imperial Hotel and
at the Broadway Central Hotel in New
York.