The Washington times., 1901-12-22

| 4 record reduction In the loan account
and as a result although the banks lost
cash. they showed an increase in the sur
| plus reserve, The figures of the state
! ment were as follows;
4 Reserves increased .............. $3.50 600
! Loans decreased. d.............-... i5,"bS, 3OV
Specie decreased d....-............ S.ilo,6po
Legal tenders deareased.---...-. 1.025.20o
/ Deposits sed.-.-..-..-.... l*.Ob2.U UhJ
Circulation incrcased........... $4,000
II will be seen that the total loss of
] cash was nearly 81 .50a 0O0. OF this about
! half was lost 10 the b-Treasury and
/ the remainder TO the interior. The eN-
/ perts had estimated that this would be
about he loss in cash. The decrease n
! loans was the surprise OF the statement,
and IL is not clear where il came from.
ThC financial situation is considered to
/ be much improved by the showing OF the
/ banks. The end of the year is now not
| far on and as il is hardly likely tnat the
stock market will be active during hGli-
! day week. IL is said by the experts that
no money stringency need be expected
until the dividend and interest disburse-
ments give 4 plethora OF funds. Money
rates have been easy during the past
week with the exception OF a short pc
riod or Friday when belated borrowers
OF over-Sunday money ran the rate up to
10 per cent.
Gross nnd Net Railway Earnings.
The Wall Street Journal says of rail-
way earnings:
Railroad gross earnings for the second
week in December present striking con-
trast with the showing OF the weeks i'm
mediately preceding For this week the
returns of the forty roads reporting to
the Wall Street Journal" show aggre-
.,FS g Eg- red
IS. .g9l .stS for the corresponding week
year ago, an increase OF S4I5.5SS. or 5-S1
per cent. For the iirsr week in December
the total earnings OF ffty-four roads are
$40, ~ o5o an increase over last year of
S95S.55 or 9.se per cent In the last
week in November the gain Of fifty seven
roads was 1918 per cent.
"One hundred aid twenty-three railroads
have reported gross and net earnings to
the Wall Street Journal for October.
The following is the aggregate exhibit
for the month and four months ended 0c-
tober 81:
October. 1901. Changes.
Gross ...-.... 1I.G57.5f4 Inc. s1i 7oS. .s19
Expenses go. 6S.474,S52 Inc. s,is1,16S
Net .......... s45. .Is2. .sg2 Inc. s5,527. .e5l
Gross earnings increased 15.17 per cent:
operating expenses increased l5.4S per
cent. and net earnings increased 1l6S
per cent.
cone hundred and eighteen roads sor the
four months show:
Gross ...... s4O2.s14Ts Inc. si2. los. .21O
Expenses .... 251,245.s22 Inc. 1902. 41s
Net ....... s151. .sss,l72 Inc. So. Jos. 7sl
Gross earnings increased 1i.sS per cent:
operating expenses increased Sis per cent.
and Let increases 1901 per cent.
The London Market Firm.
The British stock market is in much
better shape than It was week or SO
ago The advance in consols and the
strength Of Kaffrs suggest that the i'm
portsnt general business conditions con-
tinue entirely satisfactory
Trade Reports superb.
The reports of the trade reviews yes
terdsy were o; the same most gratifying
nature that has characterized them for
many months past The reports from
all over are that the trouble of the manu-
facturers Is not TO find buyers, hut to Sc
cure the privilege Of postponing deliv-
cries beyond the date originally speci-
fed.
The iroa and steel trade is still crowded
with business. ana orders are p!ling up
further and further into next year.
Prices are not advanced, but il is said
that the United States Steel concern is
directly responsible for this. having taken
the stand against advances on the ground
that steady prices will prove much the
best thing for the business in the long
run.
Railway earnings statements for the
second week OF December almost Wirhont
lar
remarkable business of last ygar The
railway officers are beginning TO predict
with much confidence that despite the
failure OF the corn crop. the records for
the year VIII be better than those for
lso0-ls01 owing to the immense general
traffic
Financial interests have probably been
put In possession OF good news regarding
the situation In South Africa. even more
satisfactory than the cables report Lon
don has not done much business in Aineri-
can securities during The past week bu.
it Is believed that purchases from that
market have exceeded sales.
Heavy Bank CIenringx
Bank exchanges. as reported TO DuD's
are large in volume for the third week in
December. Total exchanges last week at
all leading cities In the United statos
were $2.14l6312g2 a gain Of 2.s per cent
over last year and 2.5 per cent over 1893
Though loss appears at some cities in
comparison with both preceding years. II
is due to heavy settlements then-in 1893
forced by break In Wall Street and
heavy bank failures Ia Boston In volume
payments through the banks this year are
the largest ever known for December.
exceeding last year by 10.5 per cent. and
1899 by III per cent. nDtv outstanding con-
ditions existing in the East in both pre-
ceding years, which forced heavy settle
ments that do not exist now. In the West
hank settlements are up TO the average OF
the large Eastern totals. Average daily
bank exchange r the year to date are
compared below .-r three years:
1901 1900. 1899
Dee 80. $3.50. .aS2 900 S33s. ~ 600 Ss05 GiS 900
Nov 60. 31s. 736. 600 33S. al 600 3O5. .0iG 600
Oct 80. 324 Ole. 900 257 95i O06 297 .627 .o0e
lst guar 309 e4s. 06V. 2lI 164 900 2G0 .373 O0a
% quar-. 430.Ol2. OO0 257 gs3. 600 pa. s25 900
80 guar. Sss l37.ooo 25G. .206. coo 307. 49, coo !
The course OF prices has been upward |
for the past few days and basing their |
predictions on the better financial out
look, the settlement Of the ANA lgamated |