The Washington times., 1901-07-28

,SneiHs from point to D points, due
largely TO such buying. and this advance
might almost be considered remarkable
IN Flew of the recent long continued see
saw OF prices, in which every day wit
!esia nesseu an upward movement and a re-
| action netting nothing in particular at its
ciose. The general upward tendency
might be continued during the next week
or Two and not cause surprise to careful
~ htse people advise the purchase
oi securities conservatively. on the reac-
tlons. especially if improvement occurs
In the crop and strike situations.
Among the general factors in the situa-
tion that should be considered favorable
TO gradual upward tendency In the mar
ket Ior the present. the improvement in
the financial outlook is important The
figures of the bank statement Yesterday
were as follows:
Reserves increased. sed.........,,.s 80 099 900
Loans Increased. ....................l |. asa 900
specie increased. d.................. /, 419 400
Legals increased. d............,.,..l 628 leo
deposits increased. d............,. & 793 go
Circulation decFeas sed ........... 72GOo
The gain in cash of 50, 100000 was wholly
from the interior. il appears, and, in fact,
the net gain from the interior was more
than this amount, as a small sum was
lost TO the Sub-Treasury during the week
The decrease in loans is seen to have
come to an end for the present and IL
may be inferred that liquidation by the
public has ceased largely, If not wholly
The increase in the reserves makes the
surplus reserves something like S23 600 600
The banks will be likely to continue to
draw money from the interior for week
or two longer, and 1t is probable that the
bank statements of next week and per-
haps for the first half of August will
show Improvement. This is most encnur-
aging. The reserves will be in excellent
shape for the annual transfer of money
to the West and South for the movement
of the crops. The money situation has no
element OF danger in it that can be dis
cerned at present.
The Atchison statement shows for the
year gross earnings of nearly s5i, 500 0G0
an increase of $3.50. 600 operating expen-
to special betterment fund, an increase
for the year of S3O0.0O0. and net earnings
OF 81. 600, an increase of s3,300000. The
taxes and rentals for the year were 81 O00
600. in round numbers, leaving as income
from operation S202O0, 600 The other in
come of the system may be estimated in
round numbers at $4,000. which would
make the total income $50 $50 900. The
fixed charges are in round numbers 81 350-
600. and the net income for the year will
prove to be about sl3OG0 900. more rather
than less probably. Deduoting the diyi-
dend of s5.700QQG on the preferred stock
II VIII be seen that the company earned
for the common stock more than Z per
cent in addition TO the S90J,toe set aside
for special betterments. 1t may be
inferred that this special betterment fund
Will prove ample for all extraordinary
expenditures for construction and new
rolling stock. This remarkable showing
makes il quite clear that the Atchison
system has jumped in a very few years
into the same class with the other great
granger systems.
In view of this report it is matter OF
much interest to consider the prospects
for the Atchison for the coming year The
corn crop outlook must be considered a
chief factor in this problem, of course
The bears on Atchison, and they have
been many during all its recent great Nd
vance to prosperity, have ended all their
arguments with the assertion that a fail
ure of the corn crop would knock the rosy
of the system into a cooked hat
in a few months Al the beginning of a
new year there come at the same time the
best report ever made by the company
and the possibility that the corn crop will
be badly damaged. The bear theory seems
likely to be tested in a very thorough,
in almost a dramatic way. To q lesser
extent the same conditions exist with re-
gard to all the granger systems. While
1t is not possible as yet, of course, to esti-
mate accurately what damage will be
done to the corn crop, IL is possible to
many general facts regarding to
the relation of the corn crop and the earn
ings of ;he granger systems. And II may
be stated very positively that carefui~