The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-05

! directors and in the bylaws of the clm-
pany. Stuart Knott will remain as pTesi-
( dent He was the joint selection OF Ear-
! riman and myself The road will be oper-
ated in the interest of no individual road
or syndicate of reads. but for the best
I interest of the security holders"
| The probabilities are that the net earn
! ings of the Federal Steel Company for the
year ending December 81 will reach the
enormous total of S20.000.0C9. To pay e
per cent on the preferred stock OF the
company and . per cent on the common
stock s5,5l9, $50 will be required. There
fore. for the year, great surplus of
about 5,o000C0 may be disclosed. For
some time reports have been current in the
better-informed financial circles that the
financial exhibit of the Federal Steel Com
pany for 1900 would be astonishing. For
weeks there has been a steady accumula-
ton of Federal Steel stock, especially the
common stock. by inside interests. From
orders in hand and in prospect il is be-
lieved that the earnings of he company
next year will equal the remarkable earn
iLgs of the present year.
The outlook for the steel and iron securi-
ties generally is certainly fine, measuring
it by all known facts.
The activity in the iron and steel trades
during the past few weeks has been sub
ject of much favorable comment, no less
among steel, men than in Wall Street.
Where in other lines of business hesitat-
ing, waiting policy has been observed, it
is a fact that in the steel and iron indus
tries there lately has developed an ac;iv
fly that has been as gratifying as generally
it was unexpected. That this is SO is
borne out By the figures bearing upon
the movement of pig iron, which show that
last week and the week preceding were
two of the biggest weeks in the history Of
the pig iron trade for the present year.
Further testimony Of the encouraging con-
ditions is herewith presented in the views
of representatives of leading steel COM
panies. published yesterday in the New
York Times"
Stephen w. Baldwin, OF the Pennsylva-
mia Steel Company, says: Business is very
good indeed and l may say that, SO far as
we here are concerned, no orders have
been placed with US contingen; on Mr.. Nc
kinlsy's reelection. Confidence seems to
be growing and orders are being steadily
placed The foreign trade is expanding.
and after election l look for a wonderful
outburst of trade activity"
c. z. Phelps, of Colorado Fuel and Iron,
says: ut is an unmistakable and unques-
toned fact that the steel business has
steadily improved in the last few weeks,
though for our part We have never had
any reason to complain. / do rot know Of
any orders placed with us to be executed
only in the event of Mr. McKinley's re-
election" '-
An officer of the Pressed Steel Car Com
pany says: Eve have orders placed with
us which will keep us busy for long
time to come. These include the recent
orders from South Africa. may say that
our export trade is developing wonder
fully and gives promise OF steadily ex-
banding. We know OF 70 orders placed
depending on M. McKin,eys re-eiec-
ton"
An officer of the American Steel and
Wire says: In the absence of the presi-
dent, l do not care to speak for pu' Ii
cation, but you may recall that some vs.
ago he said that cur business r The n t
three months of this year would be bet
ter even than for the same months last
year. That is fact. and the hop full con-
ditions continue
director of Federal Steel says: I'VE
are doing a splendid business. and thu
orders already placed with us assure to
US continuing prosperity. To my mi d.
the steel business win be the most &C lie
of any after election, and the earnings Of
some of the companies will be nothing
short of phenomenal
From all reports the situation in the
copper market is stronger now than at
any recent time. Prices hold firm at
16 ga to is 7-Sc for lake copper. The
continued large demand for lake copper
has been a feature of the situation. Con-
sumers are not carrying the customary
stocks of ordinary times, and must, there
fore enter the market for new supplies On
a generous scale at no very distant date.
With so many producers well sold up for
the balance of the year. the quantity of
available copper supply is more concen-
trated and there are no weak holdings ap-
parent anywhere.
The natural result OF the improved con-
demand for the various copper stocks. in
Boston the inside interests have been
steadily accommodating the issues of the
producing companies, and they are now
SO firmly held that a general advance
could very easily be inaugurated. One Of
the features OF the Boston market re-
Gently has been the heavy transactions in
Boston and Montana by Charles Head &
Co. There were sold there on Friday
about 5000 shares of the stock against
former average transactions of only a
few hundred shares a day. Notwithstand-
Ing these heavy sales, which seem to
represent the shifting OF the control OF
the company through the medium Of the
open market. the price dropped only ten
points, to 315 and rallied Immediately
back to $40. There has been accommodating