The times., 1899-11-26

~ INFORMED quarters ludL Il iuiAbSl bL /
the industrial securities will be features |
of the coming week Especially is this |
likely to be true Of the steel and iron |
securities. II should be remembered that |
nearly all OF these new Industrial stocks |
are now selling below the price at which |
they We're underwritten by important !
financial concerns. In many cases these !
still hold immense blocks Of these |
stocks Il cannot be doubted that as soon |
as a strong bull market is under way there
will be advances in the prices of this |
class Of stocks. They must be advanced
in order that their underwriters can get |
out Of them at least whole. In these Sc |
curities. too, notwithstanding much that
has been said TO the contrary, il is certain
that intrinsic value is in many cases con-
siderably greater than the present market
quotations. There has been no bull mar
ket Of Importance since many of these
securities were hoated. With earnings so
immense. prospects so excellent, and divi-
dends assured. ii is not reasonable to sup
pose that there VIII not be large specula-
tion in them when a strong and booming
marke, does come.
Figures believed on excellent authority
to be authentic relative to the Federal
Steel Company are here given: The earn
Ings at present are ar the rate of more
than $1,000, goo a month This is at the
rate OF per cent on the preferred stock
and 20 per cent on the common.
The International Paper securities. and
especially the common stock, are believed
to be an excellent investment purchase.
1t is quite probable that the common
stock viii be advanced rapidly in the near
future, but a director of the company is
authority for the statement that it certainly
viii not sell much lower at any time. The
future Of the company seems assured. 4
true story might be told of the passage of
the common stock dividend a few months
ago, that would be very interesting to
many holders of the stock who lost money
on il at that time. 1t may be said at least
that there was no intrinsic reason for not
paying the dividend There was more
than sufficient cash in the treasury OF the
company at the time TO pay it.
It seems likely that there may be in
teresung developments in some Of the
Vanderbilt properties this week. Two
plans are known TO be under consideration
relative to Big -Four. The talk Of the COM
bination Of this system with the Chesa-
peake and Ohio is still heard. II is be-
lieved that President ingalls, favors this
plan. MT. ingalls, would like too, il is
said, to include the Monon and the Lake
Erie and Western in the deal. This may
be the scheme to go through. The o her
plan is that the Big -Four shall be added
TO the New York Central. w. X. Wander
bilt is supposed to lean toward the latter
plan. II viii be seen that with the Big
-Four the Central would have absolute con
troll IN the matter of complete through
line TO St Louis, and be able TO some ex-
tent 10 even up on the troublesome COM
petition of the Wabash.
Much interest is felt in the probable
course OF the Baltimore and Ohio securities
this week. The immense advances made
by both the preferred and the common
stocks last week. representing an advance
in the value of the capital stock of nearly
$40, 600 COO was much more rapid and much
larger than had been generally expected.
II is believed by many careful people, too,
that the present prices Of the securities are
higher than is warranted by even the ex-
celIent business and heavy earnings of the
system. a decline in both stocks is not
improbable.
The New York Gas war is believed to be
over virtually. Ii is understood that the
Standard oil people now have control OF
call the companies.
There has been no advance in the price
OF Wabash preferred that in the least COM
and its prospects. There is talk Of pool
being formed to advance the stock as soon
as the market is favorable.
The Washington Office Of the firm Of
/ Carley, Rosengarten & Co, which surprised
+ Street last week by making the inno-
walton of reducing the commission charged
on orders TO lie viii begin business this
week with a new manager, l.. N. Long
shaw a man who is well known in Wash
ington as an old and successful trader.
Mr. LongshaW is perhaps as widely ac-
quainted among the Washington specula-
tive world as any other man, and E. q.
! Carley. who has been in the city for sew
eral days watching the effect Of the changes
4 being made by the firm, is convinced that
7 he is an excellent acquisition.
NJ D. Jacobs, who has acted for Carley,
+ Rosengarten & Co, is establishing their
! Washington branch, was instrumental in
4 the choice of Mr.. Longshaw Mr. Jacobs
/ viii also il is understood, establish an
Office for this firm in Baltimore.
A. c. jenkins. partner OF Harrison Ding
man in the firm OF Dingman & Jenkins
is an enthusiastic bull on the present out
look for the stock market. He said yester-
/ day relative TO the bank statement: THE
figures are the best in many months. They
reflect directly the inflow of gold 10 New
York from the sale of bonds 10 the Gov
erument. but they are larger than were ex-
pected even by the most optimistic. The
bank statement will undoubtedly have q
good effect on the market next week, but
do not consider il the most important o
the bull arguments by any means. Money
will be easier. and tight money has beer
one of the few matters inimical TO tht
market for the past month or more. 1
is probable that there will be continual!
better news from the Philippines now, ant
however little the Philippine situation ma,
have been thought TO influence the marke
there can be no doubt that its solution vii
have a fine effect"
Washington Stock Exchange.
sales-U. S. 3's, registered: $4,000
10e IA: L. S. 9's, coupon: s20O@109 IA
: washington Loan and Trust: 2O@173, "a
1872; Capital Traction: 5@94, 2O993 S-4
2OG93 5-S. 4J093 Il; Washington Gas: 6G
sc SIS: Mergenthaler Linotype. 10@2lO, 5
G2l0 6Gd2l0 I-2 20d210 SIS, zoo
2l0l-4 10G210 5-S. 20m2l0 ga, 10m210 rs
. l0d21l. 10T2l1 Is, l0d21l IA. 1Gd2ll 3->
l0d211 -; Pneumatic Gun Carriage: 20
as cents Resolution to adjour
E over Saturday out of respect to the memo
' ~ OF Vice President Hobart was passe
< on the Exchange today.
GOVERNMENT BONDS
j Bill Asse
4 SIS ie03 OJ...............--- ll3 llS1
!. / & : - 1907 O J........ .... ........ ll3 ll3
4 : ~ r lG2l.......... q. ...--... 10 1913
{ q IS 6 W. :. ..-. '--.-.-.--.... J9i J l55
z / L IS G. 1901 . = -..-..--...-- III