The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-26

all industrials or fractions and they have
all declined, from fraction TO more than
Il points. The record is by no means
dispiriting one wher compared with the
jubilations of the bears. |, shows that the
professionals have been the only active
party and that they have attacked the less
stable securities. The investment stocks
have suffered little from their work
The following are among the earnings
statements not heretofore published.s
Chicago Great Western for January
s.ioss earnings. S5229s. Inc. sTi,5i
Net earnings; -...;....... lse,iss Inc. ASS
From July TO January 81
Gross earnings 4,0l65i0 Inc. j9o.1io
Net earnings. 1,3ss 63S Inc. 219, 363
Hooking Valley
Third week February...... sl,699 Inc BLOB
International and Great Northern
Third week Febrnary...-. 100 inc. II, sG3
From January l;..:-..-,;. 576,05l Inc. $3.50
Third week february...... los, 600 Inc 1900
From July l..--.-..-... 3,i6s, 53s Inc. i42, $50
The weakness of iron stocks during the
week has been one of the most prom
nounced anomalies of the situation The
immense earnings of these companies are
acknowledged on every side but there is
still lurking in peoples minds a remnant
OF the cynical ideas that were broadcast a
Few months ago that no dividends would
ever be paid on these securities and that
they would all be in the hands of the re-
ceivers in the course Of very short time.
The public fails to see that the records of
the companies, or OF several OF them at
least, for the past year are positive and
most satisfactory answer to all this. II is
said that large British iron interests are
investing in the shares of the Federal
Steel and the Steel and Wire companies,
and there is good reason to believe that
this is so. In Great Britain many of the
industrial securities are considered among
the best of investments. 1t is not to be
expected that the earnings of the new
American companies will continue TO be
as large as they were last year, but there
is the best OF reasons for expecting that
during the present year they will exceed
the record of 1889. And there are most
conservative people that believe many of
these securities are worth for investment
much more than their present prices.
Ii is said that the plan TO be submitted
TO the stockholders of the Tennessee Coal
and Iron Company on March 13 contem-
plates the issue OF 100000 additional
common stock, raising the total outstand-
ing amount TO $23 900 900 to retire the
81. 000, 600 of s per cent preferred stock and
"a per cent accumulated dividends thereon
II is proposed to offer the preferred stock
holders for each share. with the 81 per
cent accumulated dividends as OF April l.
$50 per cent in new common. which is
equivalent 10 a premium of 20 per cent
large percentage of the preferred stock
holders has assented 10 the plan The
81 200. COO of new common to be issued over
the amount required to retire the preferred
stock will be offered at par to the stock
holders and underwrtten The proceeds
from the sale of stock will be used to pay
for the three Sheffield furnaces which have
been acquired together with the ore and
coal properties connected Herewith: also
for building a finishing mill in connection
with the steel works 70 pay for the Besse-
mer rolling mill and other. improvements.
The Bessemer rolling mill at Birmingham,
Ala. just acquired. has been idle for
seven or eight years. hut. has been put in
thorough repair and will be operated
shortly. t-J
The absence from Wall Street at this
time OF a young man who for several years
has been the lieutenant OF a prominent pro-
fessional operator has attracted much at
tention. The explanation Is that the young
man has been sent abroad by mis- chief to
remain several months, or at least until
the special grand jury which is locking
into the Brooklyn Rapid Transit conspiracy
has completed its labors. Despite the de-
mails which have been made, it is said thar
the circulars which were used TO break the
stock down to 81 were traced very near to
the office where this young man is en-
ployed, and that the trip 10 Europe was
decided upon with haste that bordered
upon the precipitate.
II is said by the way, that some promi-
nent interests which were caught in Brook
lyo Rapid Transit last fall have been even
ing up old scores in the Third Avenue
fght. These interests have as a rule been
,,7.,,.,a a., tho hull side of th. pnarket b,,,