The Washington times., 1902-01-12

Covering of short Contracts.
, The stock market yesterday was NOT an
! important one, but it was not so discour-
aging as that OF Friday. The professionals
covered their short contracts largely, and
| somewhat higher range Of prices re-
suited There was not much investment
buying, however, and it could not be seen
that the large interests were doing any-
thing in the market.
There is nothing on which to base the
prediction that the market Will be an i'm
portant one this week. but careful neonle
do not look for a break and some good
authorities are optimistic enough to hone
that the tendency will be toward a grad
ually higher level
Rumors of Another Bank FaiIure
There was story late in the session
that another Western bank had failed
and as result there was some selling
after the bank statement which pre
vented the market from closing at its best
level
The AtchisOn Bonds.
The talk of the proposed issue OF bonds
by the Atchison Company was the chief
topic of conversation in the street yester-
DAY. The stories regarding this issue are
conflicting President Ripley is quoted
differently by different authorities One
statement alleged TO come from him is
that If bonds are issued the stockhoId-
ers viii be apprised of the issue in ad-
vance, and there will be nothing in the
move that they will have any reason to
complain Of" Another statement also
supposed to come from him is that there
is to be no issue.
Nature of the Issue.
Apparently there is very little doubt
that the company does contemplate rails
ing $50, ,000,0 600, and has already made ar
rapgements to do so. The Herald" story
yesterday was that the issue will be call
ed a "debenture serial to be paid off in
twelve yearly installments of 81. 500, 600
each year. This perhaps is not to be
considered technically a bond, and it is
conceivable that for this reason officers
of the company consider themselves able
to state that there will be no issue Of
bonds.
Extensions and Betterments.
The disposal of the money received for
the bonds is a most interesting matter
Here, too. there is much difference in the
statements. The company has
purchased recently three small railways
of value of something like $1,000, 600.
This accounts for a portion of the issue.
Then, too, it has been making immense
and improvements during the
past five years, and perhaps considers It
self justified in reimbursing its treasury
for these expenditures.
AtchisOn stock was much stronger yes
terday, though its advance was not sufii- |
cient to cancel the losses of the previous
two days.
Railway Earnings Excellent.
Despite all the predictions that railway |
would fall off badly during De-
cember, they continued to increase over |
he remarkable record for December, 1900.
The gains were not SO large as they were
IN the earlier months of the year, but |
still must be considered most satisfac- |
tory.
Dun reports that gross earnings of ali \
railroads in the United States so far re-
,eived for December are s55, ,931, ,O22, a
gain of 6.1 per cent over the preceding
year and ITO per cent over 1899. The in
:rease would have been larger but for the
oss by storm blockade in the third week
in the West and Southwest. Pa
life roads. now including Northern Pa
,ific and Great Northern, still lead all
others in the percentage Of gain over the
preceding year, and the increase on Cen
raj Western roads is large in spite of the
Interruption by storms. Granger roads !
Ilso report a considerable gain, but on
runk lines, Southern and Southwestern
oads including in the former New York
and in both the latter nearly all |
he large systems. earnings are practi-
ally the same as in the preceding year
It'll traffic was heavy in December. 1890.