The Washington herald., 1909-04-18
Commercial and Industrial.

ABOUT fifty representatives Of the hard
coal railroads and firms met in the Offices
OF the Trunk Lines Association AT New
York Monday 70 discuss the policy 70 be
pursued in the face Of the deadlock which
had resulted from the conference with
the miners at Philadelphia the previous
week. Several Of those present advocated
general reduction. but this did not meet
with the approval Of the majority. Others
Favored lockout unless the miners would
renew the three years agreement on the
basis Of the strike commission award. In
the ofhcial statement given 10 the press
by these operators after the meeting IL
was said significantly that 'lt was nor
decided TO reduce the wages OF the mine
workers az the present time But a com
mittee Of eleven was appointed 10 formu-
late policy 20 be followed by an the op-
orators, its report 20 be made on ApriI %
After the failure Of the Philadelphia
conference the operators committee ex-
piained that they could not go further
than 10 offer 10 continue for three more
years under depressed conditions the
wages fixed during times OF prosperity
They did however. agree TO submit 70 the
Cancellation board the rates Of pavment
FOR new work. President Lewis sfiU stood
out against a strike and expressed fears
OF a lockout
Siason Thomson. manager Of the bureau
OF railway news and statistics az Chi
cago, has issued the fourth annual report
Of that bureau covering the business year
ended November 81. 1905 II shows that
the loss OF the railroads OF the country
on account OF the panic and ensuing de-
preston was far greater than estimated
by the Interstate Commerce Commission.
The railroads complain that the commits
sion experts made the mistake OF basing
their estimates on a period which includ-
cd some Of the prosperous months or
lyy1- Thomson finds the total loss in gross
earnings amounted 10 $3.50 000.O00 as com
pared with the commissions estimate OF
$l64.00o00o. and that the loss in net earn
lngs was $i29340.4 400 as compared with
the commissions estimate OF SlII.O5l O0s.
The bureau also finds that the effect Of
the 2-cent passenger laws was a loss
OF $25,090000 In gross earnings. The heavy
loss II net earnings is accounted for
partly by the expenditure Of SS2.O01.G 600 in
meeting new requirements as 70 methods
or accounting and as 10 the hours and
conditions OF labor. The net capftaIiza-
ton Of the railroads has increased 7s5i
per cent, but this is only per cent a
mile more. The railroads carried 1Sq
more passengers per mile and go per cent
more tons Of freight a mile than in ISIS
For excellence in track maintenance
the coming year the PENNSYLVANIA Rail /
road Company is TO offer nearly Sl1 900 /
in prizes TO track employees To make
the record accurate, glasses OF water I
viii be placed on the sills OF the inspec- 1
tors car attached 10 the fast trains. and /
every spill Of water from the glasses 1
hn Or
track where it occurs. In addition 10 4
this, an instrument has been devised /
which VIII register every vibration Of 4
the car. vertically or horizontally.
A marked decline in earnings IS shown 4
by the report OF the Cunard Steamship /
Company, Of London, for last year, such
that il was necessary 10 pass the regu- /
lar dividend. This condition Of the great
transportation line was attributed largely R
70 the financial disturbances in the Uni (
ted States. which disorganized the west /
bound third-class passenger traffic.
Excitement continued in the wheat I
market, owing to the corner still main
tanned by the Patten crowd in Chicago. |
and new records We're made on Wednes- /
day when wheat for May delivery was /
sold up 70 Sl-29 a bushel and the July /
option touched S11SI4 Other cereals also I
5dlLleU Al Lle sdlllC lllllC ullllS were I
reported closing in the big -four centers /
or running on part time. An Organiza- !
ton Of bakers Of Pittsburg appealed to 4
Secretary Knox 10 take steps TO stop the 4
speculation IN the necessities Of life. In 4
the press Of the country considerable out
cry has found expression against the l
Patten methods. In reply TO these criti-
cisms the wheat king has denied \
that he controls the market. He saws
that he merely bought when the price /
looked TO him cheap, and that he saw
the rise first. He asserts that he has re-
fused foreign orders TO keep the wheat in
America
On Thursday, after the prices OF Nay
and July wheat had moved up still an
other point or two. there came suddenly
and without warning A terrific raid Of
bears in the Chicago wheat pit. and while
reigned the Patten crowd.
IN order 10 sustain their corner. were
10 buy upward Of 100000 bush
els on a decline OF 3-S cents Thus n
they were able 20 stem the ebb tide for n
the moment. and appeared 10 be in COM |.
plete control Of the market as before. II
The effects Of the wheat corner were n
seen in the rise in the price Of bread or
ln the smaller loaf
Thomas W. Lawson. in letters TO the Il
press. proposed TO call two great mass 4
meetings, in New York and Chicago. for n
the purpose Of organizing public senti- 4
ment against the speculation IN wheat |
futures. u