The times., 1901-06-02

The statement shat the Goulds and
Rockefeliers. the Pennsylvania. Har-
rimau and Vanderbilts and the Morgan
and Hill people have come to an agree
ment parceling out all the railways of
the West among themselves is generally
believed by the street. The entire trend OF
development in the West during the past
six months has been in this direction AS
a matter of fact a division of the differ
ent lines almost identical with the one
now suggested was predicted IN this
column two or three months ago. For
short time, while the Hill-Morgan peo-
pie were at outs with the Hartman
KUHN, Loeb d co. crowd. it was feared
that the vast community of interests
plan might have been buiIded on sand
but il was seen soon that this little
squabble was I'm reality a potent argu-
ment in favor of the community OF in
terests plan, instead of against il. IT
showed, nothing else could how nee
essary harmony is
The plan as outlined gives 10 the Nor
gan-Hlll people all that they have been
after-Northern Pacific Great Northern,
Burlington, and Erie. 1t gives to the
Harriman-Vanderbilt people the Union
Pacific, the Central Pacific. the st. Paul,
and the Northwest, in addition to the
Vanderbilt Eastern systems. The Could
Rockefeller people will get all the Gould
properties and in addition the Southern
Pacific will be conceded to them by the
Union Pacific. The Delaware, Lacka-
wanna and Western is also given to the
Gould combination and with it a connec-
tion to the Atlantic. the proposition be-
ing that this latter line shall be extended
to Pittsburg TO connect with the Wabash
extension to that point. The Pennsyl-
vauia people will get the AtchisOn sys-
htem. When this plan has been carried
out there will be very little outside these
four big combinations anywhere either
in the East or the West. The anthracite
cOaIers Will continue under the tutelage
Of Mr. Morgan The Pennsylvania will
continue to control the Chesapeake and
Ohio and the Norfolk and Western, and
Mr. Morgan will not give up his control
Of the Southern, il Is thought. With such
a plan fully in operation II will be seen
that there will be little chance of rate
cutting and every chance for big earn
| ings and big dividends This is all, Of
| course, an excellent argument for higher
| prices for the railway securities. But the
| question IS whether prices already are
| not high enough. Many careful people
| believe that they are in a large num-
1 Der of instances. Some stocks. Of course,
/ are due TO have further advance.
The railway earnings reports continue
| excellent with few exceptions. One or
| two of the statements for April were dis
/ appointing and others Were not any
| larger than were expected. On the whole
| however, the monthly figures were all ex-
| tremely good The weekly reports also
| show up well. Gross earnings of all rail-
roads IN the United States reporting for
| the three weeks of May are $3.50 ,922. a
| gain of 96 per cent over last year and
| 26.0 per cent over 1El5 according TO Dun s.
| Earnings continue surprisingly large
J when IL is considered how heavy the traf-
/ iic was last year and while traffic is
/ heavier this year the increase Is relative
| " larger In the better paying classes or
! freights hence the large increase IN
| earnings The greatest Improvement con-
| tinues on Southwestern roads. though
| Central Western, Southern, and Pacific
| roads report a considerable gain. The
! loss on grangers, compared with last year.
| is now quite large and reflects the light
| grain movement this year. on all roads
| but grangers earnings show very large
| gain over 1893 Below is given earnings
| OF roads. classified by groups, compared
| with last year.