The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-19

was due to the taking over of the Ma
| tonal Bank of the Republic by the First
| National Bank of New York, thus caus-
| ing the decrease of $4,000 in circula-
| ton.
The Financial Chronicle computes
that sixty roads earned gross in the
fourth week of July SIS 169 40 against
| sl2.604.072 in the corresponding week of
last year, an increase of S2,565,SSS, or 2o.25
| per cent. For the first week of August
| 1901. fifty-three roads earned gross
50. 49, 4o5, against IS 5S6.5 i7 in the like week
last year, an increase of $950,SSs, or II 26
! per cent.
Cuthbert Mills says of the Southern
| Railway securities; The marked steadi-
| ness of Southern Railway preferred and
| common has often been noted, these
stocks holding to "A regular level through
| the general fluctuations in the list in a
! singular degree. The report of the COM
| pany for the fiscal year has Just been
! issued, being the first report to appear.
| The Financial Chronicle reviews 1t at
some length and points out in detail the
progress the road is making. 1t says
| truly that the Southern has a manage
ment which is second to none in the
country, and under it the company is
steadily growing in efficiency and earn
| ings. The preferred stock of the COM
pany Is now paying per cent; the year
he to give il the full per cent to which
it is entitled. The road earned a surplus
of over per cent this stock in the
year covered by the report. All the roads
lying to the south are doing well, and
the Southern Pacific earned between six
and eight millions more than even ITS
most sanguine friends thought at the be-
ginning of the year that 1t could possibly
do
Henry Clews says of the market situa-
ton:
1T should be remembered that the en-
tire railroad system of the United States
is passing through a process of centraii-
cation that has a most important bearing
upon values. The grouping OF American
railroads into a few great systems. winch
promises to be soon completed. adds i'm
menseiy to their stability as investments.
EuinouS rate wars are very probably
thing of the past. and roads which have
been doing business at a loss are rapidly
entering the dividend-paying list Watered
stocks have either been eliminated by re-
organization or paid for in OUTLAWS from
earnings. Our railroads were never In
better physical and financial condition
than today. and their prospects as divi-
dend payers are excellent. Very few are
paying all they earn; consequently any
moderate reduction in gross earnings
would not affect dividends for the reason
that the present large OUTLAWS for new
equipment and improveme ntS VIII not be
permanent.
Conservatism has been the rul,, in rail-
road mana cement for the last few years,
and stockholders have been getting the
advantage of this new policy. Plans for
railroad consolidation are not by any
means complete. One combination forces
another, and the present movement is
not likely to end until the whole country
has been divided into groups; this being
the ultimate result predicted years ago by
far-sighted practical railroad men. This
public mind, for suitable legislation Will
certainly be devised to control the powers
OF these great railroad magnates. Pub
lie Ownership Of the railroads would
plunge US into a sea OF unknown forces.
National supervision could readily be
made sufficiently effective to prevent cor
pcrato abuses.
THE future of the market appears
somewhat encouraging. The country is
still prosperous; there is plenty OF traffic
in sight for the railroads for the balance |
OF this year. at least, and We are likely to
have good export demand for our sur !
plus products of the soil. The farmers. as |
a class. are sure of a year of more than |
average. though not mountaineering |
inent in stocks begins, the lower priced |
securities are likely to be made more ac- |
tive, as the old favcr!tes are now so high |
as TO call for prudence IN handling them. |
quick IN and out trades, and not buying /
for very long holding. 1t is going to be /
a good trading market hereafter, simply |
TO catch fiuctuation differences
During the first six months of the cur
rent calendar year 115. 79S. 133 shares OF |
stock were dealt in on the New York
Exchange. In the same period las, year
65. I'll shares We're sold. Sales of bonds |
for the first half OF the year amounted to
s636, esi 40. against SGs) 81 500 for the same
time in 1890. The price of seats on the ex-
change bears a close relation to the
volume of business done. The recent
prices of seats have been above $50 90.
and it is understood that one or two seats
at least We're sold for IS high as S60,De].
The following table shows the range of
prices of seats since 1878 with the cor
gO1Gippy Of Les Of ctr