The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-30

prices. 40 matter who is e.eSted, they
should not sell very much lower than at
present aca # MIR. Mckinley becomes
President they will very surely have a big
boom. because the danger of executive ac-
tion against the trusts will be removed
for time
In considering the outlook + r tn, Steel
Trust stocks there are n number Of thing;
to be taken into consideration, ard one #
these is the fact That the water IS pretty
well squeezed out Of them at their pre- s.
eat level. Federal Steel prefer is sci
ing at 81 and the common at IS, so that
the two together are selling FIR very lit
tie more than par. The same ccnd.tion
OF things is true of this entire group Of
trust stocks. This means that as far as
these securities are concerned. the bears
have nearly If not quite discounted the
election of Mr. Bryan. and much &C ivi y
against the trusts by Democratic Ad-
ministration. The chief, or che Ct the
chief, faults that the antitrust people
find with the trusts is that they issue
double the amount of stock they should
ard then try to earn dividends on the ex-
cess. 1t is fact that the owner of
share of preferred ard a share CT common
stock of the Federal Steel Company az
thcir present prices has very n arly if not
quite actual property as security for all
that his stocks sell for in the market. He
would have good investment il his com
mon stock were not in existence. and he
had only the right to call on the company
for dividend on the preferred sto k.
Tennessee Coal and Iron sold off from
an opening at 81 IL to "a, and then ad-
vanced to SO at the close. This stock Is
the least watered of the steel and iron
securities. Its capital is only $4,000 Go
or so. while that of the Federal Steel
Company is five times that amount.
Moreover the company has coal and iron
lands that il obtained at very low prices
and furnaces and machinery that enable
it to manufacture iron and steel at low
prices. Its coal output is far in excess
Of its manufacturing needs. and it las
been selling it at high prices during the
past six months in this country and
abroad. With the prospects for continued
high prices in coal and a revival of basi-
ness in the iron trade at good prices 1t
seems entirely probable that this stock
will sell at higher level in the near fu-
ture.
Two pieces of gossip regarding Federal
Steel and Steel and Wire were given to
the street yesterday. 1t is said that the
Federal Steel Company has been given the
larger part of an order for 10, coo tons CT
steel rails for the Northwestern Railway
at SEC ton. The street heard the whis-
per that Mr.. Havemeyer was to be elect
ed to the directory of the Steel and Wire
Company yesterday, but the story could
not be confirmed.
The gross earnings of the st. Paul for
the month of September decreased s1al.s4o.
The net earnings for the month
showed an increase of $50. COL. This
statement should be eminently salts
factory to any holder of the stock. 1t in
dicates what has been foretold in this col
umn heretofore. that the reduction in the
prices of raw materials used in both oper-
alton and betterments will allow the rail-
wavs to save a larger part OF their gross
earnings for net in the future. The gran
gers generally were rather inactive and
inclined to weakness yesterday. The net
changes for the day were all losses, but
only fractional ones
The buying of Northern Pacific was large
and it was to a certain extent at least for
a brokerage firm Of Importance. At the
same time the look Of the squirt in the
stock was that of manipulation. 1t ad-
vanced from low price Of IS rs to a
closing and high price of 81 7-S, or two
full points.
The meeting Of the Pennsylvania d.
rectors on the dividend question will be
held this week and the September state
ment OF the company will also be issued.
Pennsylvania stock was one of the few
that exhibited any strength yesterday. The
rumor that the directors will declare an
extra dividend or the stock has been cir
culated and not officially denied. The
September statement will be a good one.
in soft coal transportation. The outlook
for the stock is good, whether an extra
dividend is to be declared or not and the |
buying is for prominent interests.