The Washington times., 1902-12-26


large lots. only 90 buy them back again
. eft various times u smaller quantities
. when tha market gets weak Their hold
f Iurs are NOT decreased bv this maripu-
lauoa. but are. in fact. increased.
+ The failure of Che Tries ShipbuiIIins
. Company. of Richmond. to- meet its oa-
legations and tbe application for "a re-
ccivCr to Doe appointed do not come as
/ matters of surprise to those who have
+ been identified with che company.
I Charges OF management are current.
bat who Is responsible cannot vet boz ass
Icrrtaiucd. Although criticism IS now
made because MT Tries. the president
/ OF The company. did not resign over
year ago when NE became physically in
capacitatcd Since then Oh vice prcsi-
dent 0r tle company has been IN control
and it Is said his knowledge OF the busi-
.uess was not broad enough 90 carry on
the enterprise successfully. Some two
ears aro q new stock issue was made
for the purpose. DO wa saUeged. of en-
Iarei0e the plant. but BE- hos since been
learned that the money thus secured was
20 pay outstanding obligations. Uivi-
dends of q per cent were paid on the
preferred stock for one year after it's is-
sue. and none since. subsequently q new
bond issue was made. a=d notwithstaud-
.nE a number OF Government contracts
The company has been in financial DIFF
hculties It would seem that the stock
holders who live principally i'm Rich
mond and Washington wiz lose ali their
holdings and that the plant viii go 20
lhe b0nrIoldcrs.
Were it possible to wine from the map
Che tortuoUs routes of Che railroads and
build them on new lines there would be-
but l-T curves. and grades would be mi-
imizcd Tla object now fro railroad build
ing i5 TO get as direct a line as possible
between commercial points and tho
railroads of the East as vcu as q num-
Der i'm The West. are applying their sur
'ulus earnings t1 straiEhteuigg Qua their
.rcadbeds This policy OF Improvement
Twas begun years ago on the New York.
New Haven and Eartfori. ON The shore
line and hes almost reached completion
Its enormous earnings iu tho culture WILL
therefore have to so 10 the stCCkhOld-
ers and tho price oi the stock. about
has been working on the same plan Tor
some time between Washington and
Philadelphia, the Baltimore and Ohio
intends building line out of Pi,is-
burg which viii cut the distance Gfty
.uilCs. and on The Union Fa i1c millions
IJl dollars VIII De spent iu traighteuing
rLhe road between Omaha and San Fran
cisco. I- win take three Drs 90 ac
.couplish this last undertake - but when
completed it viii take but three and one
half days t0 go from New York 60 SAN
Francisco when the plan OF the Penn
.sylvania is completed New York can be
.reachGd from Washington Ga four hours
and on Che Baltimore and Ohio The time
go Chicago viii ue materially reduced.
THE greater part Of The earnings OF the
IFauderbiit roads has been devoted 10
this same purpose 10 would appear from
this general policy OF railroads TO
.straiEhtcu t1eir lines that tho engineers
who laid out the routes were rot eff
'cient That may De true 20 a certain
.eEtcut. but thirty or forty years ae1
.tbe object in railroad buiiGias through
Ia srarsoly settled country was t0 touch
every available village. Now that the
East has become thicEly populated the
object i5 10 have direct communication
between commercial points with
branches 10 act as feeders TO the main
line.
Reports from steel manufacturers fu
the south are TO The effect that their
/ earnings are greater than in any pre-
viOuz year and that they are AN behind
. with accumulated orders. AS a result
they have Withdrawn their inducerseut
TO the trade 90 pay freight 20 the lsti-
nation OF the consignment These re-
ports apply directly 10 the Tennessee
Ccal and Iron Company, which has been
managed with great ability by President
Bacon since De- assumed thst office, some
three years ago From a speculative as
well as an investment point OF view it
would seem that the stock of this com
pauy IS worth buying.
The Frick Coke Company has voluntar-
iiy increased the wages OF its 20 90.
w0rkmen an average OF per cent p
beau the Grst OF fhe year. This company
IS ora Of the subsidiary companies of th.
United States Steel Corporation The in.
crease viii amount 90 about $1,000. .O0C
AS 30 is accepted bv cc0u0MiC-l experts
that steel is the barometer of business of
nation, b. would seem cha tnis iu-
crease means there De- no prospective adj
verse change in the tide of prosperity
which now floods our country Mr. FrieH
has empb8Ueally denied he win be- thc
president Of the United States steel Cor
p0ratiOD should Mr SchWab resign, as II
81 rumored DE will
The rise in Brooklyn Rapid Transit or
{ Wednesday is accredited t0 the GOVERNS
al short contracts by persons Who con.
sileral the increased earnings not
buNlah argument Tho rise was aided
J by rumors that Penn vlyaaia bad bought
control af the road. This rem0r has SOM,
semblancg of truth in it. but .ae hold
inzs 0f the road arc Cf no greater s.z,
than those OF tHc Nanderbuts. who arl
said 90 own 10000 shares. which wcrr
purchased Ly William x Vanderbilt
several years ago..
Tho bank statement should De much
better cham lrrt wrnE $50 TAR tho banks
3 have lost but 500 600 since lasf Friday
Money opened today on can az per cent
, and went to ~. but most of the loans
, were about ..
The United States Shipbuldiag Com
uany. OF which Lewis Nixon Is rresl-
dout. make "a showing OF its nfsj thre,
morths' business. ending November 30
1902 which must De- extremely crafty
ing 10 lfs slocbhoiders. UcduCtlng ro-
serves on CEuuatcd profits and iuteres,
and sinking fund payments. tho net
earnings amount 10 SfgI 2I4