The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-19

isfactory one. 1t was the theory every
where among street people. fostered by the
bears. that the reserve would be entirely
! wiped out. The payment of the Standard
Oil dividend had much to do with the I'M
expected character of the figures -undouot-
eddy. The same condition existed in De
cember when the previous dividend by
this company was declared. Many secu-
rites which had been purchased by Stand
ard Oil men on margins were taken " lor
cash and the loans Cancelled This de-
creased both deposits and loans. and upon
these two items hinged the statement The
following table shows the comparison be
tween cash and the required reserve for the
week and for the week previous:
March IL Changes
Specie ..........sls7.2 76. 800 Dec. IS. i53. l0
Legal tenders. IS $780, 600 Dee. 1872, 500
Total reserve SOC, 2o7, 100 Dee. 80, s25, Iol
Reserve required against
deposits ......... 2o3. 520.6T5 Dec. ., sS5 80
Surplus ............ s26s6,425 Dee. s., 9s9, o5o
AS stated heretofore in this column, this
statement is probably the last that will
show any important decrease in cash, II,
indeed, next weeks statement does not
make good exhibit in the other direction.
Tennessee Coal and Iron may be one OF
the features of the coming week. The
declaration of the dividend on the stock
was unexpected at this time, though 1t
has been generally believed that it would
come in the near future. The street has
not had the opportunity to discount the
event. The full figures of the annual re-
port are as follows:
1899 Changes.
Profit mining and
TRANSPORTATION 81 Stii, lIn Inc. 81 Uit, 40
Profit on : l. bonds 1885 Inc. l,526
Total profits. ..........sl 49, Inc slo42 822
Interest Accrued......... 57.sS2 Dee. 3s.6O2
Balances .............sl 2s5.s7s Inc. 81 Oso,e24
Guarantees ............. 1862 Inc. 1892
Surplus ...............sl. 2lo,on Inc 81 Zoo, oea
Profit on purchase Rob
mine ................. ...... Dec. 5000
Various losses. .......... ...... Dee. 2o,9'S
Surplus .2lo,eIl Inc. SOS, 1856
The bonded debt of the company. minus
sinking fund credits, in 1898 was S9,l19.-
99S. In 1899 there were retired sS3,500
bonds of various constituent companies.
and there was an increase in the cinking
fund of securities available for the pur-
chase of bonds to the amount OF }lS,07S.
Il lUtdl pl siVl-o4o. WHICH itlt Tue let
funded debt on December 81, 1899, 80 07S,-
400 These figures. however, do Ict in
clude the sl,100000 s per cent bords of
the Alabama Steel and Shipbuilding Com
pany, on which the Tennessee Coal and
Iron Company has guaranteed principal
and interest. In the course Of the year the
company purchased the property Of the
Sheffield Coal, Iron and Steel Company
for $3.50 900. On this account the COM
panys floating debt shows an increase for
the year of 1868 SOL. On the other hand,
there has been an increase In quick assets
of sl,02s,324, in slow assests of S2l,5
and in ultimate assets OF 1886. 1S5, total
increase of 81. 1916 in value of assets,
or betterment Of the company's position
as to floating debt, of 1886. 371. The iioat
ing debt amounts TO Sass, 994 but the
total assets against II amount to So, ~, 235.
One of the features ofnthe market las
been the heavy buying OF Mexican Central
securities for the pools in them. Houses
with Boston connections have also been
large buyers OF the first income bonds. AT
the rate OF increase which the Mexican
Central earnings are now showing there
will be a Invisible income for the first
income bonds in the first half of the cur
rent calendar year. Well informed peo-
pie believe that In July or August the d.
rectors of the company will make some
interest payment. The statement for
January, just made public, shows gross
earnings of sl53S,297. an increase of
$3.50 1877 and net income 1872, 055, an in
crease of Sill 200.
II is stated that the recent election of
Vice President s. NJ. Provost, OF the
Pennsylvania Railroad. as a director of
the Morton Trust Company means that
within short time the latter institution
will become the New York transfer agent
of the railroad. If This is done Pennsylya-
mia will be eligible to the regular trading
list of the stock exchange, II has been
kept in the unlisted department hereto
fore because Of the management refusal
TO establish a transfer Office in New York,
and this fact has initiated heavily against
its popularity with spectators. All but
1.200 shares Of the TRANSFORMERS new
$l3 900 600 stock issue have been sub
scribed for by the shareholders.