The Washington times., 1901-07-15

While the mileage for the last half
of the fiscal year ending June 80 last in
creased only 8 per cent over that of the
corresponding period of the previous
year. vet the earnings of I76 roads in that
period. as computed by the Financial
Chronicle show the gain OF slightly
more than 10 per cent. The receipts
were S65S, Ill 500. In the first half of the
year the gains of these roads aggregated
81. .3OO. 600 over the gains of the corre-
spending period of the preceding year.
The fiscal year of l9e0-l90l, therefore, was
easily the best on record for the railroad
business OF the United States
The tremendous liquidation in the
Steel securities on Saturday showed that
some interests at least were fearful of the
result of the Saturday conference be-
tween the strikers and the representa-
tives The news showed that their pes
simism was well founded. IL is hardy
to be doubted that there VIII be re-
newal of the selling movement on large
scale this morning. The question OF
whether the stock will be supported py
the outsiders or not is most interesting
one. 1t seems entirely likely that the
break will extent TO below ~ Tor the
common stock and below 80 for the pre-
ferred There was good buying on sat
urday by brokers supposed 70 represent
Mr. Keene but some skepticism was ex-
pressed as to the bona hde character OF
the purchases.
Members of the firm Of j. P. Morgan &
Co. deny the report that Mr.. Morgan
with the assistance of Senator Hanna,
President Cassatt, Of the Pennsylvania
Railroad, and President Griscom, of the
international Steamship Company. are
considering the formation of big
shipping combination. The same repre-
sentatives characterize as absurd the
statement that j. P. Morgan & Co. are
underwriting s3oo1o,0oe armor plate
combination in which the Krapps are
supposed to be interested This last re-
port carries its own refutation for the
reason that the Carnegie and Bethlehem
Steel companies control here the hrupp
process of armor plate manufacture.
1t was reported in Wall Street on Satur-
day that plans were practically completed
for the formation of a bituminous coal
combination in West Virginia, Ohio, and
PENNSYLVANIA. The company. the prelim-
mary prospectus states, Will be known as
the Pocahontas Coal Company, and will
be capitaliZed at ST. .e000r0. The present
concern, operated under the same name,
has been identified with the Norfolk and
Western Railroad, and mines high grade
of soft coal in the virginias 1t is stated
that the Flat Top Coal Land Association,
which has been recently formed, will be
included in the present deal. Several Of
tion are said to be interested in the pro-
ject and this fact has given rise TO the
report that the new coal consolidation
may be sold TO the big Steel Trust At
the office of ]. p. Morgan a member of
the firm stated on Saturday that so far as
he was aware there was no truth in the
statement that his firm would finance the
project.
The hard coal securities were strong
features of the Saturday market on high
ly favorable reports of the anthracite
trade. With the June production up to
4.756, goo tons, the aggregate output for the
first half of the year IS q. .333, ,o0J tons, and
exceeds that for the January-June period
in 1900 by fully 5.0o0 coo tons, while the
output for July will run UP to nearly s.
0oo coo tons, and 1t will go largely into the
hands of dealers and consumers. The in
dividual operators who ship their product
to market through the carrying companies
are doing better than in many years, and
IL is noticeable that they are becoming
fewer in certain districts as direct ship
pers, thus throwing all their business to
the hard coal combination. ensuring a
new source of revenue TO both Erie, Read
ing, and Ontario and Western. All three
roads are earning more than enough to
pay substantial dividends on their COM
mon stock