The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-09

lS IL sAiS ASNASS ~
side, and there ought to DO q full and
courageous expression OF opinion. That is
all we nsk.
}t35$g EtH ==--@==-=--=aS !ij 6N
"A STOCk-TRADER'S PANIC.
5 The stock traders OF Wall Street have
been d state OF nervous prostration for
some time past and prices OF nearly earl al az
classes OF securities have tumbled. Va
&r!ol,s causes IRE asst gned for this state
OF things the principal factors being, Is
alleged, the scarcity Of money md the
over product d OF secur ties. 1t Is said
that the various trusts Of the country
have been manufacturing securities Mt
such lively rate rs to make the de-
mand greater than he supply; that the
country IS unable to absorb these securi-
ties. ana so prices even OF good securities
are forced down. .,l..5
There is doubtless some truth In these
statements, but be Lit remembered that
this is mainly a ~ Wall Street affair
There Is certainly nothing, so far MS we
can see In the signs Of the times, to
indicate a. termination Of our season OF
prosperity
The annual report OF the United States
Steel Corporation while showing some
falling off in earnings for the past quar-!
ter due, tits claimed. TO lack of trans
portation facilities, nevertheless shows
that the affairs Of tho company are In q
most prosperous condition; that the earl
.ings are enormous and that trade Is most
active. The tonnage of untitled orders.
on the books at the close of 1903 was
5,347 o53 tons Of all sklnds-of nlanufac-
5tured products against b4,491 TAO tons at
the corresponding period Of 1901, and It
is stated that In many Of the classes Of
heavy products, like rails plates and
structural materials. practically the en-
tire capacity OF tho mills 4! Is sold nearly
to the end of 1908. 4. II. !3l..
The New York Commercial says that
representatives Of steel rail- manufacture
Ing concerns admit that the amount Of
business already booked is SO large as
TO make is impossible to complete their
deliveries during the current year, SO THU
a considerable tonnage Will have TO be
carried over into 1901.
"A representative OF a large steel rail-
plant had the following to say: 8s$
notwithstanding the business already
booked, the demand continues una bated.
The capacity Of our mills is inadequate
< for tho consumption. and 1t looks as though
a number Of railroads. that have not al
ready done so, would have to go abroad
for their rails. Il
Tho street railway and interurbanz sys-.
tens of tho country are large contrbu-
tors TO the demand. They are now using
E GO and 50 pound rails. and this makes It.
moro difficult to all their orders. Next
year tho production will be larger.Gas the
5Lackawanna Steel Company will be
ready to contribute something like 500, 900
tons to tho output. The mills so far have
been handicapped by short supplies Of
fuel due to the overtaxed condition OF
tho railroads.
mo action on prices will be taken for
several months, but ] believe aunani-5
nous vote Will be given In favor ofScon-.
tinuing tia present schedule,
There was recently cut in tho price
of pig iron. but this was made neces-5
sary because the price had gotten so
high that tho foreigners were able ito
come In. in spite OF the tariff. and com
pete In this market. But from all that
wo can gather there Is no decrease In
the demand for iron and iron products
Now, let us look for moment at rail-,
road earnings. The New York Central
reports an Increase OF Sl.1G3O0O for the
month of March. Tor the fourth week
In March the Missourl-Pacllc reported
an Increase OF $4,000; tho Southern
Railway an increase OF sl05,ooo Nor
folk and Western an increase OF sll1.0o0;
Chesapeake and Ohio an increase OF
ST, 900; Missouri, Kansas and Texas an
Increase OF $4,000. For tho month OF
March. Missouri Pacific reports an ms
crease OF s4o3,o 900; Chesapeake and Ohio
an Increase OF s141,o03; Norfolk and
Western an Increase Of s433, 4s9.
Speaking tho other day OF tho earnings
OF tho Big Four Road, President ingalls,
said that It was the greatest year the
system hau ever known, 1T has been
u remarkable season. no added, "and
the business has all been carried at
tariff rates, IT was an easy business.
II just came; and all we have had to do
has been to add UP the cash. We are
entirely over tho congestion. although.
that does not mean that we arc not still,
filled up with business, Every piece OF
equipment Is moving nt top speed, The
business Is OF the kind that railroad men
used to dream OF. and Its reality Is In
deed very gratifying"
There are no better Indications Of tho
general business Of the country than tho
earnings OF iron-produclng concerns and
railroads. II has become an axiom that
Iron Is the barometer Of trade" and