The Washington times., 1901-10-28
the place of 81. 300. .sse. irdIeating a shrink

the place of s17,3O6 So. Indicating a shrink
age of considerably more than S,UoOt0,
this exclusive of Delaware ana HUDSON
or Lackawanna, whose earnings are hot %
published monthly, and hence cannot DC
included in the comparison.
Net earnings suffered a greater proper
tionate loss, owing to the obvious fact
that expenses under such conditions rs
those existing a year ago did not admit
of adjustment. but in many directions
continued in spite of contracting sales
and loss of traffic and of all efforts TO
bring about economies. Instead OF beng
in exctss of $4,000 ,OJO, as in October 1893,
they were less than Sl,0o0OOo.
No suCh situation confrOnts the coal
companies this year. Improvement has
been in progress so far-not as pronounc-
ed. perhaps as was expected, from the
better prices for coal ana the good de-
mand which has prevailed for the large
outpUt-'ud certainly important gains
must be forthcoming. if not very marked,
for September, surely for the current
month. when comparisons Will be made
with the returns above enumerated, and
for later periods during which the effects
of the strike in 1900 We're still being felt.
Though some conservative people here
do not approve the recent increase of 80
per cent in the Atchison railroads dividend
charges. the action obtains some COM
mendation abroad, The London Statist'
says:
with such a statement of earnings
before them, the directors could not very
well do other than declare dividend at
the rate of per cent per annum for the
half year. Moreover, with so large
surplus in excess of the sum required to
pay the per cent dividends upon the
common stock, IL is probable that the I
per cent dividends will be maintained
The "Statist does not applaud the man
agement of British railroads in making
drafts upon surplus in order to main
tain dividends-a maintained policy
which is finally showing destructive re-
suits.
All transactions made in Illinois Central
stock on Wednesday. October 20, except
for cash, will be eX rights Certificates
of stock delivered after october 80 'or
contracts made prior thereto, or Tor cash
sales made on october 30, must be ac-
companied by an assignment. OF lights OF
a due bill for the same. SAFES u rlshts
made on and after OCTOBER ~ except
transactions made specifically fer cdsh,
must be settled on November %, on which
day all due bills must be redeemed lrans-
actions made in rights on November "
and thereafter must be specifically LOT
cash or regular way. TRANSACTIONS made
on the last day. November 2. should be
for cash only.
Advices from Pittsburg have it that the
executive officers of the steel rail pool
are considering the calling of formal
meeting for the advancen ent OF the price
of rails for next years delivery from 81
probably be called soon.
The United States Steel Corporation is
insisting on conservative acton, ana VIII
not permit the new price TO exceed $50.
Large orders are already in for steel rails
fer delivery next year. Up to the present
time the total orders exceed 100000 tons
and it is thought here that the orders
for delivery in 1902 placed with the Ameri-
can manufacturers before January VIII
reach 2CG0.C00 tons which Is within one
sixth of the total product of the Ameri-
caa mills. either this year or last All
contracts this year have been based on
the S25 rate.
Commenting upon the apparent heavi-
ness of the shares of the United states
Steel Corporation on the stock market
an authority on iron and steel says:
Not being Interested in the stock mar
het specuativcly. ! cannot explain the
why and the wherefore of temporary
fluctuations in the Steel shares traded in
on the stock exchange: but of the mar
stt for steel and iron itself mean the
finished products-I feel that l am in
position to speak
My opinion is that the year 1892 will
he the banner year for steel. and that in
that year there Will be unprecedented
in the industry. II is truth
NAT the orders for steel rails already
placed. notably that of the pennsylvania
Railroad Company. for 1O,gD tons-'0. 100
zach to the Cambria and PENNSYLVANIA
and 10000 to the nlted states
Steel Corporation-are larger than ever
before; while it is an admitted facC thAt
bridge renewals TO be made in the next
twelvemonth will require vast amount
Of steel
Beyond ali this and despite the new
equipment ordered this year there Is
crying need for new cars. the shortage
in the West at this time being particu-
ariy emLarra ssng.
Hence it is that | make the prediction
that the year 1902 will be the banner
-ear-to that date. at least-in the history
IF the steel industry Of our country.