Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-26
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, October 26.-There seems
to be such general expectation that the
increased next week that some men are
prepared for surprise.
u
Rather exaggerated ideas Of the business
Of the railroad equipment companies are
being entertained, according to President
Eator Of the American Car and Foundry
Company. He says: "The car business is
a strongly competitive one. and the pro-
ductfon Of the car companies is far in ex-
cess OF the demand. being limited only by
the supply Of material. There are seven
district companies engaged In the manu-
facture OF steel cars. only one of which Is
filed up for the year 1905. Our company
has five plants In operation this class
Of cars, only two OF which are filed up for
one year ahead. and from some Of our ten
or twelve other plants we can make deliv-
cry Of 10000 to $4,000 cars. commencing in
February, by September next
ct Is not the intention Of our company
to ask exorbitant prices for future deliv-
cries. but with attractive figures to en-
courage the continual placing of orders, so
that business may be carried on a steadfer
basis and prevent so-called booms. that are
50 disastrous to good business conditions.
The outlook for continued good business Is
very encouraging. With the enormous crops
to be moved and with manufacturers hav-
ing orders in hand for some months 20
come a foundation Is established for very
satisfactory conditions, covering long Pc
ROD
The Pennsylvania Railroad Company'5
statement Of the coal and coke originating
On Its lines east of Pittsburg and Erie for
the week ended October n, with cofnpari-
sons, follows:
week ending year to year to
Oct. n Oct. 81 Oct. q
tons ... Y" 81 .es4 a,s47,17o 3.597,o45
ot tons s,sass n sfa 1854 81 es7 $40
Coke short tons. .237.2o4 s.s41lo1 6.sa5.2so
Totals ........ .sos ,ssa se.1f3,sa5 s2.1oo, 1871
The New York Central and It's allied lines,
Notwithstanding their recent purchases of
40 900 tons of steel rails, have placed ad-
ditional orders for 2o,G00 tons The Great
Northern railroad has also ordered 1900
tons and the Tidewater railroad 1900 tons.
-
Although the collected statistics show that
last year the bonded debt per mile of rail-
roads in the United States was $40, Alb and
the stock debt $40. 6S6 the last twenty
five years marking steady progress away
from the conditions that obtained In 1880,
when the bonded debt per mile was ST ,466
and the stock debt $o9395, it is not alto
gether fair to say that the threat for the
future Of the railways consists In the fact
that there are too many creditors and too
few owners
If the criticism limited itself to an ex-
position of the menace of steady increase
in total Indebtedness, rejoinder could still be
made on the same ground as IN the other
case, that the exhibition of a growing bond
debt includes many hundreds of millions
of dollars Of convertible issues by Leading
railways and that in most cases these con-
vertfble bonds will sooner rather than
later be exchanged for stock. 1t is not
at all unlikely that at no very distant year
shares will be sufficiently extensive to re-
store the former status of stock capitalize
ton with relation to bonded debt.
!: y y
According to the exhibits in the ad-
vance sheets Of the Introduction to Poor's
which will be issued for 1905 on
November I, the length Of steam rail-
roads in the United States on December
of 5,014 miles in the year; the heaviest
Of the year was in the south
western group of states, in which no less
than 1.116 miles We're built; gross earn
ings increased SOS, IS0.SS7 in 1904, or
about 3.06 per cent; the increase in 1903
was $1SS.04 900, or about II per cent, so
that the gross earnings Of 1904 were
1856, S13. or almost Is per cent in ex-
cess Of the record for 1902
X x
The total share capital and indebted
ness, exclusive of current accounts, of ali
the roads making returns equaled at the
close of the year S14 .095. 4o5.114, an In
crease in the year of 1868. 1S1 ,S14 over the
total of 1303-S13, 525, 623, Goethe rate of
increase for the year being over per
cent The return on invested capital aver
as ed 3.31 per cent on stock and per cent
on bonds for the year 1904, as against
3 03 per cent on stock and AT per cent
on bonds for the year 1903.