The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-05


Mobilization Most Of The great reorganiza-
lions occurred in that period New con-
siruction was confined. TO local Develop
ment. With the reyi3h q business at the
end of the Spanish war. however, came
success to the railroads such as they had
never known before. Their charges and
expenses had been soepared down by the
, reorganization process that many oil them
found themselves earning a surplus above
dividend requirements. The new ten mile
theory so successfully practiced by James
J. Hill with Great Northern attracted their
executives. Heavier rails. locomotives, and
other equipment became necessary, ana
the period Of railroad reconstruction which
gave new impetus TO the iron trade.
already awakened to activity by the devel-
opment OF electricity as power, as we'll as
the demand for structural iron in building.
set i'll. The result has been that the las
been found employment for every furnaee
in the country. and new ones are being
opened with profit.
With the expansion of the foreign trade
and the constantly increasing demand for
American machinery abroad, together with
tie apparently Unsuitable necessities of the
consumers of the United States, the au-
| thorities in the iron industry declare that
their prosperity is bound TO be of long
duration.
The meeting of the directors of the Ma
tional Steel Company TO be held this week
is awaited with more than ordinary in
terest by the street. II is morally GER
tain that dividend on common stock
will be declared, but there is much I'M
certainty as TO the rate. Some of the di-
rectors will advocate a ) per cent rate,
and others believe that in view OF the
great earnings more liberal rate even
than per cent could be fixed. The d.
rectors are expected TO make public
statement OF the earnings and conditions
OF the company. The effect of the state
ment recently issued by the American
Steel and Wire Company was so marked
and encouraging that it has acted as
stimulus TO the other steel and iron COM
panies and made their arrangements more
inclined to take the stockholders into
their confidence. AS has been stated in
this column, il is estimated that the COM
pany's net earnings will show fully 20
per cent on the common stock after de-
Quoting a years dividends on the pre-
ferred
. Another property in which there are
said to be important developments pend
ing is American Steel Hoop. II will be
remembered that there was a very strong
bull pool organized in the Hoop stock
some time before the December panic It's
plans, which were rudely interrupted by
that event, have now been taken up again,
and for the past week pool brokers have
been heavy buyers of the stock. member
Of the pool makes the statement that in
view of what may come in the way Of
dividend developments the present is
more propitious time for working up a
bull movement than when the clique was
first made up. He considers it altogether
likely that the stocks, particularly the
common, will be pushed up sharply before
this boom in the steel shares stops.
American Steel and Wire stockholders
have received a circular letter outlining
important measures which will be sub
mitted for their action at the annual
meeting. in Jersey City February 20.
They are asked to confer wider powers
on the company by-girhg it power Ito
engage in and carry on, the business of
constructing, buying, selling, leasing. and
operating railroads. wharfs. piers. and
kindred business and enterprises One
important provision Is for the reduction
OF the preferred stock, step which has
been expected for some time
The following statement of the Chicago