The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-12

/ YET OUeTeu is ludl lne pUOlS udNt pctu IA
pairing for bull campaign.
The following shows the relation he
tween reserve and liabilities:
Specie .sl6a, 7es. 100 s1e5 os9, 90;
Legal tenders .......... 67,0s5, 500 66,564,7 0i
Total rescrve..........s22o,s $4,000 s2Sl,'ei,sS
Reserve required against
deposits ................ i9s,9'9,S25 eoSc9'''2'
Surplus Of reserve above
legal requrement...... $40, S7l,255 S27,s 81
The big struggle that has been wagins
for the control of the lighting situation in
| Greater New York has been one OF the
hindrauces to a bull market during the
past winter. and il has been :he opinion
OF many careful people that settlement
of the light war would be OF immense
! benefit to the market. The people inter-
ested are among the most important In
the financial world, and their interests are
well-nigh boundless. 1t is obvious that
the Consolidated Gas Company took cvel
the Heat and Power Company on very
favorable terms. and that its acquisition
has placed the Consolidated in strong
position. II will be a matter OF com
paratively short time when the situation
will be again dominated by the Conso'i'
dated. With the Standard Oil party ard
the Whitney crowd dominant in STANDARD
Gas, IL is reasonable to assume that the
ending OF the gas war is more a matter
of expediency with the Consolidated In
terests than Of inability to control. fht
I opposition Standard stockholders are ready
to sell out, but are fighting for favorable
terms. The condition of the New Amster-
dam does not permit a prolongation of the
war on its part. 1t is not earning fixed
charges, and money has been borrowed
TO meet interest payments on its bonds
= a condition which cannot continue. People
well informed express the opinion that
New Amsterdam holders are also fighting
for better prices for their securities rather
than from any opposition to loss of con-
troll of their property. The end of he
gas war may come at any day. The pur-
chase OF the Heat and Power Company
was the first step, the purchase OF the
Standard stock the second, and the third
and inai will be control of both the
Standard and New Amsterdam.
The coming week promises to be an inn
portant one for the steel securities. For
several reasons many are looking for a
revival of the upward movement of a
week or more ago. The Federal Steel
directors will meet tomorrow, and in all
probability will then declare dividend
OF 1-2 per cent on the common stock out
of the earnings for 1899. II is understood
that dividends viii be continued there
after at the rate of per cent out Of last
years earnings.
The Forthcoming annual report o. the
National Steel Company will make a Won
derful showing. An iron trade authority
who is identified with the company is
quoted as saying that the statement when
published will be a surprise to stockhold-
ers as well as the public. The company
started business last February with a
cash working capital OF so. 900. This
gave it an exceptionally strong position in
the. trade and enabled II 10 take advantage
of every favorable factor. The company in
its fiscal year has made some very valua-
BILE purchases of COAL coke, and iron ore
properties. but its outlay for these is GER
tainly net more than $1,000 900. and is
probably less than that AS stated here
tofore in this column one authority esti-
mates that the company has earned in the
year net less than s23,00O.00o net. If these
figures prove only approximately correct
the report might well surprise the public.
There is a canvass going on FOR proxies
for the coming annual meeting Of the
Leather company, and other preparations
for the meeting are on foot. Ii is impos
sible TO learn whether or not the Standard
Oil interests will themselves go into the
company's directorate. but whether they
do or not, the fact remains that they are
heavily interested in the company through
ownership of an enormous block of the
common stock. II may also be depended
upon that the inevitable readjustment of
the Leather Trust capitalization and
finances will be brought about according
10 Standard Oil dictation and in favor OF
the Standard Oil party's common stock.
II is probable that there may be some
activity in the stock this week, but care
full spectators see no reason for fooling
with it.