The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-05
PRICES C VEST 4 TERDA'I
WERE IRE OCULAR.
Traders Were Rather Nervous, But
Market Closed Firm.
MORE GOLD GOES ABROAD.
Very Few Bonds Offered TO Secretary o,ze
Sterling Remained Strong ia Spite
of Heavy Offerings Of Cot
ton Bills. !.

- / .-gfs =
In view of the Tuesday holiday traders
were cautious yesterday, and more or
less nervous. There may be some devcl-
opments in to-day's election; which WI
be construed as unfavorahle to snccula-
ton, and traders were unwilling 20 ccr:l-
NIT themselves. The mark.t Wis in the
hands of the professionals and MAS with
out interesting features.
The news of the Cay was not favorable.
Gold was engaged for shipment to Europe
and sterling remained strong in spite of
heavy offerings OF cotton bills, while the
treasury bought only a small amount OF
bonds. There was still no news concern
Ing the Northern Pacific settlement, but
Union Pacific WAS active and strong.
Southern Railway preferred also showed
some activity and sold as high as SO 3-s.
tSeaboard 4's were higher and there were
several sales of Tobaccol4's at 64 rs.
SOUTHERN. RAILWAY.
The New York Times prints the fol-
lowing article onn,SenitheEii Isalway op-
erations: 5t,.,,..-.4., 5.-ftgs1-=
A feature which has stood out with
much prominence in the policy OF the
Southern Railway management is the
rounding out of the system by consider
able additions to the mileage operated.
Several strategic points have been gained
by what has been accomplished in this
respect, and it is safe enough to say that
while expansion has proceeded much
faster than may have been at first con-
templated, results have amply justified
the course adopted, and the efficiency of
the system has been vastly improved
thereby.
During the whole of the seven years of
the present companys existence. pro-.
has hoe r1 "a FONDA tiOn
upon which the existing structure has
been raised. as most people are aware,
was composed of lot of poor. material,
and the task before officials of the new
concern not only consisted of rehabilitat-
ing the properties which were taken over,
but Of working out such improvements
as should give them their proper place in
the industrial activities of the section
they We're to rely upon for support.
Thus, raising physical condition had 20
precede attempts to secure larger pat
ronage, increased facilities had to be
offered, and these. at the same time,
had to be SO planned that the outcome
should be a growing measure of profit
to the company
How much success has been attained
in the latter direction is easily gathered
from the fact that tho Southern Railway
Company earned in the late year a ball
ance of So $4,000 or full 5 per cent. on
its S6o,000,000 Of preferred stock and d
surplus of Sale, 800. This is a round three
million dollars-7the equivalent bof-s' the
dividend referred to-in excess ofiiwhat
was earned as recently as 1S97.Hndicat-
ing a rate of progress which would have
been impossible of accomplishment but
Tor the fact that persistence In spread
Ing out, and in reaching after business
With the facilities wherewith to do that:
business, placed the company in posi-
E~ef !, r~1,
eral growth in the commerce and In
dustry Of the South.
in it's first fiscal year, 1895, the South
ern Railway made a sort OF piecemeal
|pstart. operating only 2,012 miles in July,
1894, and 1882 miles III August, While
during September, and for the remainder
of the period, operations covered 4SS92
miles. Comparisons with that year for
the purpose of showing actual traffic
growth. which is the present intention.
would therefore, give unreliable indica-
tons. For 1896 further additions brought
the mileage up to an average or 4,?'4
miles. and on this length OF road the
records show that nearly i .2i0 coo, 600 tons
of revenue freight were carried one mile.
Here we are able to see that the traffic.
density of the system, as it then stood,
was 27l .029 ton miles per mile of road.
Following this came further increases
in mileage-223322 miles In 1897, only % miles
in 1898, but 427 miles In 1850. no less than
LOSE miles in 1900, and 119 miles in the
late year. These are the actual averages
operated by the company for the years
mentioned and Indicate Il total in
crease since 1896 of 1851 Tniles-in itself
a good sized system-and an annual adj
dition of 80 miles. Such a record is not.
a common one, and where something re-
sembiing 1t may be found it has not
in'tre1uentlw turned out that the extern.
sions have dragged down the average
traffic carried, reducing the density as
the whole ton mileage is measured by
the aggregate of the road mileage.
In this case it is very gratifying to see
that an abundant success has crowned
the efforts put out to make. of the South
ern Hallway a more representative
agency in the transportation industry OF
the territory covered. the volume of
business developed having increased
1,1Oi.G $4,000 ton miles in the five years
to q total clr 2,3i4ceo.T0 fer 1901. the
report for which fiscal period has not
long been issued. This shows for the
late year on 6.425 miles AN average for
every mile OF roaddof, 264. sS3a ton miles.
81, Sn4 tor, tnlilesfGhaNing< come forward for
every mile additional to- the volume re-
corded for 1896. Thus the freight traffic
has grown as much az 81 per cent, not in
the aggregate. but over all the lines,
which were more than 30 per cent. longer
in 1901 than in the previous year alluded
to. The actual increase IN the freight
movement itself equals SO per cent, re-
venue freight alone being quoted.
The Produce Market.
Blue Monday on the produce market
is not an occasion Of special joy to the
| wholesale merchant. He hates 1T worse
than a. load of green apples which he
| can't got rid of, but like them. it bobs
every once and a while to worry him.
Yesterday was such a Monday as that.
Stock moved slowly and consequently the
merchants, moved slowly. The weather
WAS blue and. SO was business. Prices
did not change much in any special
line and: those quoted, for Saturday might
| stand again as the days record.
Apples have been dull during the past
week, but show signs of Frightening.
| The cooler weather. if 1T holds out. will
have a beneficial effect. Apples are
selling now ordinarily at $3.50 to s.. Some
specially fine eating stock are going at
$40 to 81.
The prospect this year for a large
showing of Florida oranges is bright.
They are coming in in good quantities