Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-03
BANK Statement is FAIR
Net Average Surplus by No Means
Alarming.
RAILWAY EARNINGS FEATURE
Industrials Reflect Buoyancy Of the
Iron and Steel Trade-Santa
Fe's Fine Showing.

concerning the weekly bank statement
seemed to be the only matter influencing
the minds Of traders in the stock mar
ket today and, as the bank statement
did not appear until after the close of
business, talk about 1t led to more or
less hesitating and non-committal nuctu-
atoms in values through the stock ex-
change session.
When the bank statement was pub
lshed 1t proved to be Of the better
than expected" order. largely because the
decrease in the surplus reserve shown
was considerably less than gloomy fore
bodings had made out. The expectation
Of the majority Of spectators, and, in
deed. in many banking cirlees, was that
the average bank surplus of s9,SOO.OOO
shown last week would be today wiped
out, or pretty nearly SO. The return was
Of course. in and of itself unfavorable.
but it left the average surplus at ST.
100000.
Loans under the average system de-
creased $7,235,OOO, and cash decreased
1922. 900. In the actual figures loans
decreased SIC. 1S6OOO, and cash $12, 7OO.-
900. The statement of "other banks
proved that to some extent loans had
been shifted to their ledgers, and the
net average surplus at the present time.
although low still, makes a comparison
by no means alarming with that OF
other years when trade and stock ex-
change activity in the country was as
pronounced as 1t is now
An Even Mixture.
The record prices at the close Of the
stock market presented about an even
mixture Of advances and declines. but
plainly attested condition of great un-
DERIVING strength. Advances Of a point
or more were shown in the st. Paul.
Illinois Central. Louisville and Nashville
and Mackay companies stocks and over
five points in the new Pacific Telephone
and Telegraph stock. and of 70 Of a
point in United States Steel common,
bringing the last named stock again to
new high record. Declines in almost
every instance when shown were no
more than fractional.
A review OF the weeks occurrences and
developments of a financial and business
nature at the end of the week collates
a variety of data, showing that the up
ward trend of business in the country is
still vigorously asserting itself.
Statements of the buoyancy of the
iron and steel trade are becoming lack
neyed, but the truth is in this regard
that an unparalleled amount of business
such sort as indicates that the vol
ume of steel manufacture in the country
next year will be simply astounding.
Steel Trade Booms.
Steel companies have already on their
books orders for six or seven months
ahead, and even if no further recovery
takes place in prices-as of course there
almost certainly will belt seems prac-
tically assured that the profits Of the steel
companies for 1910, owing to the addi-
Of cf,
them, will far outrun all previous records.
Specifically the most important transac-
tions of note in this regard was the Penn
sylVania's large order for steel rails,
placed Wednesday, and weile the buying
OF pig iron Is said to be less in certain in
terror markets than il was some time
since, II Is greater in others, so that the
total volume is still considerably larger
tnan q week ago.
The rapid decrease In the number of
idle cars reported by the railroads has
brought this unused surplus to a point at
which 1t is evident there are really no
idle cars at all, since the cars so reported
are undoubtedly those which could not be
used at any time on account of disability.
This brings the question of a coming rail-
way car shortage sharply to the front,
and the railways are finding, as many peo-
pie earlier In the year knew that they
would find, that they postponed too long
their orders for new cars, rails and other
materials.
Railway Earnings a Factor.
Aside from this. students Of values in
Wall street were impressed last week
more than by anything else by the fine
statements of railway earnings reported
for the month of August. and especially
by the magnificent annual report of the
Atchison. Topeka and Santa Fe railroad,
made public Thursday. The results of the
Atchison's operations in the year shows
that 1t has made as quick recovery from
tho panic depression as any other railway
system. Indeed. as the Financial Chron-
icle today justly observed. the income
strength OF the company Is now surpassed
by that of very few railroad organizations
in tho United States.
The Atchison is now profiting by the
years Of President Ripleys frugal and
wise management, while the development
OF the territory contributory to the lines
OK the company has been such that its
gross earnings for the fiscal year ended
June 30 were $3.647.OOO greater than in
1908, and only S77.OOO less than in 1907
This leads inevitably TO one important
conclusion that the Atchison property is
now valuable as II never was before for