The Washington times., 1901-10-07

| responding week Of last year there was
| n surplus of 900; while for the same
| week of 1893 there was a surplus of s6i3-
| a1i IN 1898 there was surplus of SIS, 743,-
| 600; in 1897 there was surplus of Sl5, $50 =
| 400; i'll 1895 there was a surplus of sl6.526,-
| 025, and in 1898 there was a surplus Of
s16,47l.
AS on several previous occasions, It was
the loan account, in the weekly statement
which upset most of the calculations of
the street bearing upon the showing
Brokers who counted on reduction in
loans, as result of the heavy stock
market liquidation, were nonplllased as
they were also one week ago
The increase in the loan account is more
readily explainable on this occasion than
for some time past Several special
transactions have figured in the week
some domestic and some of an interna-
nonal nature. The preparation for the
October disbursements figured in the
week operations. and was not relieved
on TINS occasion by Government interest
disbursements, those having been antici-
pated by the Treasury Department OF
transactions of special nature are
ciassed the payments incident TO the pur-
chase of the Broadway Bank and the
exercise OF the option on the purchase of
two-thirds of the capital stock Of the Tel
egraph, Telephone and Cable Company of
America. Arrangements TO provide the
means for the payment of taxes TODAY TO
| take advantage of the rebate also prob
| ablN.hgured In the local New York opera
lions The shipment of 10000 TO Phil
adeiphia from New York to pay for the
minority stock Of the Bethlehem Steel
Company bought by Charles NJ Schwab
had its effect also, the money having been
borrowed in New York.
One of the most gratifying features in
the present situation in the finarcial
world Is the constant increase in the earn
lngs OF the trunk lines of the country
These earnings are keeping up in a way
that encoura ges the belief that there has
been no diminution in the volume of the
countrys domestic trade or any decrease
In the thrift which has been displayed in
every section of the country for several
years. Notwithstanding the great pros
perity which the railroads enjoyed in 1900
the Financial Chronicle" estimates that
during the fourth week of September the
earnings of the roads reported showed an
increase of 1l-O1 per cent over the same
week last year. Taking the Pennsylvania
Railroad as an example, because of the
diversified character of its traffic very
striking lesson in trunk line prosperity
may be drawn. In the reports of this
railroad for August there is shown an
increase IN gross earnings of SSS6.2G0 and
in net earnings of 1896 500 of the lines oper-
ated east Of Pittsburg and an increase of
SS22,6N In gross earnings and of $244 50J in
net earnings on the lines operated west
of Pittsburg. Taking Louisville and Nash
vile and Southern Railway as representa-
tive of the South's commercial condition,
equally satisfactory results are shown
far West and Of the Northwest all show
similar increases for the month Of August
The great growth of the Southwest in
the last two or three years cannot be
Illustrated more strikingly than By an ex-
animation Of the latest reports of the
St Louis and Southwestern Railway
which is part of the Gould system. The
operating expenses. fixed charges. and
rental payments S.54.974. After payment
of the full per cent interest on the sec
ond mortgage income bonds, which call
for only 500 coo, there remains a surplus
of s1.l5i,974. which if the directors de-
sired, would be more than sufficient to
pay per cent dividends on the s200 900 900
of preferred stock This surplus how
ever, is to be devoted to the improve
ment Of the equipment and roadbed.
policy which has the approval of nearly
all of the stockholders The steps by
which the Southwest has progressed are
shown by the following reports Of earn
ings OF this road since 1896: In the fiscal
year 1869 the gross earnings were S4.743-
1890 they were s5so8. .2s4; IL. the last fiscal
year they showed an enormous increase,
the total being s7,3S7.I74
The annual report Of the Chicago, Bur
lington and Quincy Railroad. for the year
ending June 20. has made Its appearance.
1t is not promising showing when con-
sidtred with reference TO the acquisition
and Great Northern Through a heavy
increase in the operating expenses. the
returns for the year show decrease Of
tl29 99S In net earnings. while through this
cause and the Increase in the capital
stock, calling for an increase OF Ss22.S7g
In dividends. the surplus for the year
shows reduction Of Se26 233.
The statement OF earnings and operat-
ing expenses for the year is as follows:
1901 Changes
In - =
Operating expenses "a. .OsS9 907 Inc. 2,ei6,5GG
Net earnings .s15. s,Os1 Dec. ;l29 9ss
Other income ..... 3so797 Dec. 1887
Total ............. .,l6.2e3,s78 Dec. slsl. .ss5
Charges ........... S.2@S,4n Dec. $2s,el
Balance .......... s8l25.407 Inc. *196,649
Dividends ........... 6.652.557 Inc. so $40
Surplus ........... S1.472, $50 Dec. Sc. .23s
The report has been awaited with con-
siderable interest In Wall Street, in con
sequence of the acquisition Of Burlington.
under Joint lease. by the Great North
ern and Northern P.cific road, which is
sued its joint bonds to the amount of
$40 600 900 for the $40 coo 600 of Burlington
quirer1ent is $500, 90, against net earn
ings available for dividends, as shown by
tho report Of SS,l25.fO.
The falllnE on IN earnings OF IN" Ameri-
can Car and Foundry Company in the
four months ended August 81 was que to
the fact that comparison was with
period in the preceding year when the
company did the largest business since
II was organized. In fact, the business In
the four months last year was unpre-
cedented, and no one expected that for
that period the same great showing would
be made this year. Furthermore, during
July and August this year the heat was
so intense in the Southwestern part OF
this country, where most of the company's
plants are situated, that IL was utterly
impossible for the men to work TO ad-
vantage, and this resulted in "A consid-
cradle Curtailment Of output. Again the
company greatly delayed by reason
OF the strike during July and August as
1t prevented receipts Of steel for which
the company had contracted and this nut
II behind In its WORK. The fact remains
that the company is In. better shape today
than II was a year ago; it has on its
books about Gouble the amount of orders
that II had last year at this time.