The Washington times., 1912-06-30

ing out that unless the price is main
| tained at a reasonable level, many other
| mines, now Improbable, will come into
production, creating, In time, another
| awkward surplus to deal with.
Rounding Out the Half-Year.
! The rounding out Of the half-year ma
turally. brought forth comments on in
! dustrial conditions. and numerous re-
sumes Of the first six months of the
business year. These have been fav-
orable in the main, and bankers and
merchants are substantially of <one
opinion. that a real betterment Of in
dustrial conditions, has taken place in
most Of the leading industries. This has
been pronounced In the metal markets
and also In textiles. While there Is
nothing which betokens speculation in
merchandise, a sustained demand is re-
ported to replenish depleted stock and
care for the needs of an ever increasing
population. That the expanding volume
or business, has not in most instances
been attended by corresponding mar
gin OF profit, Is still a rather general
complaint, and Is, of course, attributed
labor.
This feature is very we'll illustrated
In the aggregate gross railway earnings
or companies reporting to the Interstate
commerce Commission, which figures
are completed to March and for nine
months of the fiscal year Total gross
earnings for the interval were 81, ,OS6, 46O, :
732, against s2,057, 930 $50 for the CORES
ponding period in the preceding year, an
Increase OF s2s,53o, 4s2. Increased cost
sumed all this Increase and s3,oss, SO
besides, that being the amount Of the
decrease In net earnings. In these fig
ures. no doubt. rest very much. II not
all, the reason why the railway shares
ararpalV n nl In hn otA
ket. The net earnings OF the roads,
taken as whole, are not increasing,
but tending the other way. despite the
larger volume of business and increased
gross returns.
Railroads and Dividends.
Probably more attention was paid to
the interstate commerce figures than
they ordinarily receive. in consequence
Of the declaration of the full per
cent Illinois Central dividend, though
1t was not earned in full, and the pass
age Of the dividend by the Ontario and
Western Company. Both these Incl
dents served as unpleasant reminders
of the uncertain outlook for the trans
porting companies in the matter of
earnings and dividends under existing
conditions. The unusually severe win
ter floods, labor disturbances, and in
creased operating cost nave Deen very
severe blow to many of them and
make II difficult for some corporations
to procure funds for needed improve
ments, and at this time also the COM
merce commission seems to be show
ing an increasingly hostile attitude In
suspending one rate advance after an
other.
The Ontario and Western road Is SO
small a property that under ordinary
circumstances the passage of such a
dividend would cause scarcely a COM
ment. But as an anthracite coal car
rier the action measured. in part, the
cost to the road through diminished
earnings Of the anthracite coal strike,
and It served also to direct attention
to the investigation contemplated by
the commerce board into the rates and
recent advance in the price of anthra-
cite coal The impending inquiry was
cited as one of the reasons why the
company did not deem II desirable to
strain a point in making some disburse-
ment Naturally this reminder Of the
impending investigation of the anthra-
cite situation, which is one OF the things
in the heat Of politics that the Street
has ignored. has its application on other
properties. for. as the On
tario and Western officials, point out,
It threatens the stability OF rates.
Wheat advanced sharply in the mid
week on advices Of very high tenn