The Washington times., 1902-12-31

During yesterday afternoon a number
OF loans were made at per cent. al
though earlier in the day many were
renewed at - and lS per cent The
bankers pool has not been called upon
10 relieve any distress. but 10 is said
the individual banks Of the yool wero
among those who have called oans late
ly, only to -ut the money oUs at higher
rates. Il never was believed FOR mo-
ment that the pool would keep the rate
down 10 o per cent. That was nos its
purpose. II was organized 10 restore
confidence. and this IL has accomplished. 4.
but with the acknowledged stringency
in the money market IL could not pre-
serve that confidence by encouraginz
speculation. Hence, Il has been the pur-
pose OF The banks 10 raise the money
rate whenever the market seemed about
TO run wild. These tactics have success
fully maintained confidence and relieved
The tense condition. a continuance Of
which would have prccipitated a panic.
The strength in Erie is based on a
well-founded rumor that the second pre-
lerTed stock Will be retired or convert
ed into first preferred. and thereby Will
enhance the value OF ths common stock.
In making this conversion a part OF the
scheme viii be TO raise money 10 he
devoted to improving the system But
back OF all this il can be said that Erie
is gradually emerging from the sloth-
ful condition it has slumbered in for
years, and under the maDagement OF
President Underwood is developing into
a frst-class road. The acquisition uf
the Pennsylvania Coal Company Is one
Of the best investments il has ever
made, and henceforth the Erie may be
placed in the front rank Of The coal
ers. Even last year during the strike
IL mined and carried II 900 900 tons or
coal, or nearly 40 per cent Of it's en-
tire traffic. and during The present year
that output viii. OF course. be IN ,reas sed.
The increased profit on the selling price
OF coal alone Will be IS. 500 900 at an
advance OF 90 cents a ton. To this
profit should be added freight charges.
Besides this source OF income 70 Erie
IL should be remembered that there is
no road terminating on the North River
that has better or larger yard facilities
or a larger suburban traffic and with
the completion Of the double-tube tun-
mel under the Hudson River 70 Chris
/ topher Street this traffic naturally VII
I increase
AnN AA4lFnuluE eAllAt on lut ldAfTlluaD
roads-which would involve 10 600 men
I is practically settled. The introduction
OF the piecework system was the be-
ginning OF the trouble among the men
and lately they have objected TO the use
Of new engines on the Union Pacific
/ OF the transferring Of other engines from
the Southern Pacific. even though the
! enormous increase in traffic demanded
greater power. The stocks OF Union Pa
ciic and Southern Pacific became stronl
when Il was known that the strike haC
/ been averted.
The recent buying OF Chicago Great
! Western has been for London account
where the control OF the road Is held
and it is rumored that Developments
I Of great benefit 10 the property will
soon be announced
Three bond underwriting syndieates
\ were dissolved last week because. il !.
said, Of the high rates OF money. The
securities underwritten included the Chi
cHgO Great western 3lz per cent refund
l ing bonds. the Toledo. St Louis and
Western IS. and the Brooklyn Rapid
Transit IS.
Perhaps no industry in the country is