Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-02

those that are at present most con.picu.
Gus in the public eye.
The latest financial report from the
steel trust gives net earnings for the
year at about S1OSoOo. 00oN-an increase
over last year OF about S4.oO0.Ooo The
last quarters earnings. S35.O0oO0c are
about what had been anticipated ON
Gals OF the trust are talking optimisticai-
~ about prospects for the calendar year
1913, and predict net earnings OF sl.S
OO0.OO with a large appropriation for
plant. In view OF the possibility OF the
disintegration OF the company these
figures may seem wild and unnecessary.
They are being INDUCED in. nevertheless.
and afford the statisticians more or less
satisfaction. With the practical certain
ty of tariff reduction ID Ia very difficult
to see how close figuring can be done.
The seat OF greatest uneasiness because
Of the impending revision of the metal tar,
III is found in the Offices of the independents
companies. They are the ones that Will.
be hurt worst by any material cut in
duties. In their calculations the inde-
pendents allow for a disadvantage OF 81
to S. in competition with the trust
Floating Stock Supply Not Large.
A better stock market feeling has been
developing OF late. although 1t is not APP
parent I'm all quarters. Traders on the
stock exchange notice that IL is easier To
sell than to buy. The floating supply Of
stocks is not as large as IL was. Thai
has becomes manifest. Whether the
great mass Of securities that was liqu-
dated during the period following the
break three months ago. and during the
subsequent seasons OF depression has
been distributed to the public. or remains
lodged with the strong banking combina
ton Of New York. is enc OF the unsettled
problems Of the street.
Traders would like to have a clear
idea as to just the location of the stun
that may come on the market any time.
either on the occasion OF "A slump or
big advance. The theory which seems TO
meet with most approval IL that the
banking interests are the chief holders.
and that their loans this class or
collateral are still very heavy-uncom-
fortsbly SO. some think. Meantime. the
money situation remains easy. Call
money Is cheap and time loans are being
made at rates which are proving at
tractive to many of the more important
borrowers. Arrangements for the re-
mainder Of the year a Az are being made
by scores Of the strongest houses IN the
street.
Railroads are industriously at work oil
their campaign to educate the statesmen
at Washington and the public at IarSe
that they must have increased freight
rates IL they are to make Improvements
in transportation facilities when az"
being demanded. 1t is no new thing TO
railroads to make poor mouth Owe
when there is an actual need for more
income In order TO enable the roads TO
improve upon their terminals and otner
facilities for the quick handling or tramc.
This is fact which has become so plain
that IL. cannot fail to be an important
factor in future action by Congress ana
the interstate commerce commission. ne
vexatious feature about this freight
proposition is that the big. strong. rich
systems would be the chief benenctaries
instead OF the impoverished lines when
are dragging on the lines OF self-preserve-
tion-having almost no surplus over and
above fixed charges to put back into
plant
I Ii some plan could be devised whereby
the roads In greatest need OF capital WIZ
get what they want and leave the rich
systems where they are. the statesmen
who have the solution OF the question IN
hand would be very much obliged. There
Is feeling that II would be cruel TO
give such systems as the Lackawanna.
Lehigh Valley. Lake Shore and lines or
that type the same benefits that would
accrue to Wabash. Chicago and Great
Western. Pere Marquette and others. OF
hot ola