The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-26

The following shows the relation be
tween the total reserve and the tota
deposits on the respective dates:
Aug IL. Aug. o. Changes.
Specie Slsl. Ill 100 SlS2 g26 coo Inc. 81 2I5 ),
Legal tends. 77,s6s,Ioo 77,25s,9oo Dec. co., 20
Toll $3.50, So 200 SEQ lis. 500 Inc. 5000, 80
deposits = 2lI, ISL, 500 242. Os7, 400 Inc. $50,
Reserve -. SIS, 42l 800 slsl4s, 100 Dec. s27S, so
The following are the changes for The
corresponding weeks of the three pre-
| ceding years: 19J0-Eoans increased S2,5lS
100. cash increased SJ,U9l 800 deposits in
| creased 81 .05S,500 and surplus reserve in
| creased sSS3l.Sl5. Is93-Loans increased
| S9.e5S.,JO, cash decreased s970Sc', deposits
! increased $6924.1 100, and surplus reserve
| decreased 81. iGJ.Si5. 1s9S-Loans increased
| s5.S4s.4O0, cash decreased sS.69o.So0, de
| posits decreased s4.7I9,i 400 and surplus re
| serve decreased 81 1880.
The additional shares of the United States
| steel Corporation listed day or two age
| on the stock exchange were issued fol-
| the acquisition of the Shelby Steel Tube
Company. 1t was officially stated that the
| basis of exchange was one share of Uni
| ted States Steel preferred for 2-3 shares
| of preferred stock of the Shelby Stee
| Tube Company. and one share of United
| States Steel common for four shares OF
| Shelby Steel Tube common
| OF the 10000 shares Of preferred stock
994 have been delivered for exchange into
| United States Steel preferred, aId of the
| Sl,Si5 of common stock, 1903 shares have
| been turned in The exchange is equiva-
| red for Shelby Steel Tube preferred. and
| Is in United States Steel common for Shell
| by Tube common.
| 1t will require 81 SIS 600. par value of
| United States Steel preferred and S2,U37,-
[, 500. par value, of common stock to take
up all the stocks of the Shelby Tube
Company. When the exchange and list
| ing are completed. 1t will bring the
| amount of United States Steel stock list
| ed up TO $50 1851, 800 preferred and sos 81
| 20q common stock, leaving only s4O,OU,-
| coo or so of each class of stock in the
| treasury or unused
Railroad earnings have been crafty
| ingly ind almost universally larger thus
| far this year than last, when new records
| Were established. $50.
The wall Street Journal" has received
| 81 reports of railroad earnings for the
| second week in August. OF these forty
| three showed increases, seven showed de-
| creases. and one no change in comparison
| with the corresponding period of last
| year. The total increase was ll.A per
cent, or sl,OSi. l57. and the total decrease
| only $4,000. This followed an increase of
| l1.+4 per cent in the first. week Of August,
when forty-six roads reported larger
! earnings, the increase aggregating 81 ,t23, :
2e9, than in the corresponding period OF
! 1890; and nine reported decreases aggre-
/ eating s29,4l7.
For the month of June ninety-seven
| creased 8 per cent, or $685. 02. over those
| of June. 1900. while operating expenses
| increased only s4,246,07S, making an in
crease in net earnings of 2,ll2,220, or II
| 1-l6 per cent
Record breaking shipments of wheat
| have distracted attention from a heavy
| falling OF in exports of corn. The dam
| age to the corn crop resulted in such high
prices for this cereal that foreign demand
| fer it was chilled. Atlantic exports for
| the last three weeks were .S62 $50 bush
| els. In the corresponding period last year
| they We're 7.635, 5iS. Wheat exports last
week fell off considerably from the pre-
vious weeks record-breaking figures, ag-
| greSating 4,S53,135 bushels. In the
previous week they aggregated T.
So SIG. The week juse closed. how
| ever, shows tremendous gain over
| the corresponding week of 1906. when the
| exports Were less than 1900, 900 bushels.
| Boston sugar men express the opinion
that the earnings of the American Sugar
| Refining Company for the year 1901 will
| be the largest in its history. While there
has been a steady reduction in the price
of refined sugar since July. 1850. from
| 6l0 cents a pound to SIS cents a pound,
the present listed price. the reduction has
| been in sympathy with the decline in raw
| sugars. In the last seven months it is
worthy of mention that difference of
| cent pound has been maintained be-
| tween the raw and refined sugar net quo
| tations, which represents a profit to the
| company of Si.J0 for every barrel sold
since the first of the year.
| According to an authority, there is no
| doubt that this is the best leather sea-
| son in years. and the United States
Leather Company is making more money
| than at any period since its formation.
1t is not earning anything on it's common
stock, however. and has not enough cash
| IN Its treasury to pay off more than a
| fourth of the accumulated dividends on
| Its preferred stock.
Cuthbert Mills says of the Erie railway
! and its securities:
The Erie issues have come to the front
in the trading since the issue of the COM
| panys annual report some days ago. 1t
| Is distinctly n bullish document and read
| ing between the lines of Chairman
| Thomas remarks there is little difficulty
| IN seeing sort of notification to Wall
seems TO say, Gentlemen, keep your eyes
on Erie. We are going 10 bull IL for all
IL is worth. The new management, with
| Hill men In charge. may be expected to
make showing in the next eighteen
months, which will put Erie common
| where some of them say It will go-that
| is 20. They tell you to buy Erie common
on all weak spots and buy # for 70. This
| means that Erie common will be one OF
| the active trading stocks of the list with
| all sorts of ups ana downs, according to
the general treni of speculation for tn,
| week month. put with the main move
ment upward.
| Resides Erie common, however OF
| which there are si12, 900 900, there is Erie
first preferred. SIS, 000, CO., and Erie second
$4,000 00O. Both of these stocks must get
| their per cent dividend before anything
| can go to the common. A dividend at the
rate of per cent has recently been start
| ed on the first preferred, which stock is
| now selling around 20: the second pre-
| ferred sells at about CO. and, being rather
| small in amount. Is said TO be very closely
| held. Now, as the Hi people are talking
| most about the common stock and expect
i TO make their big telling in that-as they
| did in Northern Pacific common il is oh
| vious that the two preferred stocks mus
be moved out Of the way first. that is &c
| say. they must be paid their fun 4 pei
cent and so sidetrached to allow the Eris
| common train to pass. Hence IL woulC
seem that Erie first and second ought e
! be good investments, and particularly tbs
| latter, which is getting no dividend at al
and selling on that basis.
| THE company's report shows that Their,
! charges of 81 So. 600 Distribute this ovel
the three issues of stock and we have
per cent on the first preferred. 81 go, 900
per cent on the second, $40, 600. surplu:
for common, 1868 600. Rather small sur
Plus for a stock selling over ~. perhaps