The times. [volume] (Washington [D.C.]) 1897-1901, 1900-04-04

inspiring Federal stcel was very evidently
sold by insiders ana Baltimore and ONO
was quite as certainly manipulated for the
higher prices 10y clique interests
The Federal steel excitement came in
the first hour Of ihe day. The stock
which declined on Monday from % Il TO
50 3-S. opened yesterday from o 10 % ana
quickly declined to 40. Il hung between
This price and i all day and closed at the
lowest level. As has been said frequently
Of late. this stock is intrinsicaliy one oI
the most attractive in the steel group
and for this reason iu the industrial hSt
The statement OF the company shows TINS
clearly After the payment Of years
dividend on the preferred stock there was
a surplus Tor the common stock OF over
S. 800 eco on December 81. This is equal
80 more than l@ per cent. After dtducuhs
the dividends already paid on the com
mon stock there is still q surplus sufficient
30 pay ,he entire preferred stock diNlutuu
this year. and considerably more. iLls
is a marvelously favorable showing Tor q
company which has been in business Only
a wear and there can be- no questioning
the fact 4 method Of bookkeeping mas
been adopted whether Intentionally OF
moi which tends 70 cloud the significance
of the figures The constituent compa-
mics are credited with nearly all the sur
plus az the end Of the year. and the red
eral Steel concern itself with only a small
part As The combination is run ihc con
stiueut companies pay dividends TO the
Federal Steel Company The chief owner
Of their stocks They had paid over only
a small part OF their profits at the end oi
the year These large profits are shown,
"a
Federal Steel Company
a flood Of bear gossip was circulated on
Monday and yesterday with the issuance
of the statement. It was said that the
common stock dividend will not be paid
during the present wear. owing TO inc
clause Of the charter Of the company which
allows Of no distribution Of current earn
ings to his stock until the preferred NV
/ idend for the wear has been paid. Al one
time President Gary was quoted as max
/ ing a statement to this effect II was
( thought by careful observers that the in
/ sidsrs themselves were circulating these
! stories and selling the short stock. and 1t
was said that the campaign looked like
/ working 10 accumulate stock. 1t seems
certain that holders and purchasers Of
the stock at the present level viii be re
warded with good profits in the near fu-
/ ture. especially If the general market con
! tiuues strong.
r.,,..-- 81 o. ..,,,-i,;,s ,,ors
i,al.''iIG' 'Iiu -, 3D.. g.
/ noon the common making one Of the most
/ sensational spurts in its pyrotechnic career
/ The opening on the common was al 81. and
/ the high price touched was IS -. The
close was al So 81 The preferred opened
? al 81 IS advanced TO 81. and closed az
D - l.. f'opit VINO hA"W '"t SoiNi''u "
! the Baltimore ana ONO lh"iousHiS' an" arr
/ not disposed 10 olscrealt us recent maj
. Vicious earnings a'elnehis III me ledS'
J nevertheless "tiitNe maj me price Oh ln'
! common sio-F is eh'li''y 100 u'kh az '''
/ present level me 'olnp"NS - ear ~ '-s
ne'"eeL I'D" '' per 'e.' on ,,l, ~
allef 'ue F-. H-sA- vi 't.e '"ii N'U "
/ contrary notwithstanding, however. there
I is 10 prusTCiC Of a dividend on the stool
( this year This is learned on excellent au
. thority The company has immense i'm
I provemeutS 10 make on its lines. II
issuing bonds for This purpose and ii IL
/ eNuendiug surplus earnings also. There i
( every reason 10 believe thar IL will con
/ riuue 90 10 so The management Of tn,
compauy will have a sufficiently fine recor
behind 10 al the end of this wear if il ha
ia tb. f,,1r ,raser-e5 .ro.k 5ivideu5 am
i,-,...,,7,.5 i,,,,-,,,-s suns in ss5itior on IN
,,s.g-.a,,. f.,rerr,,.rfe ror a svstern g
Is..1,- H. IN. hands ~ -b. receivers s8r1
racor5 il. 81, ,.r.rlsrf,,1 me
,-.,. 3D., ,,,s--i,-., nj, ~. ,,r..,,. ..,,,,,, +;
.,, - y. - No.. f,'7ao f,, nm,
- =. - -. -.-,,;,,i-
lff'- lit-' 80
non on . very laHH Niilu. Aiiu no MAJ. a..
'-e S.'1" sogs NiN"Si u "O"-N 9''ii N'i "a
iHal JUS 'ui''it 'n '"' H'aI ~ mus u
DIX one. ENeA III" 'll' "i'-'N'.s -.
NAV s'o'hh".NeTs are TO DC gwen I'en,s
OF some ZINC lN 'ol-ue''lo" WIN 1he Iais
lns or FUNDS lot ht,ieFInehI9 zone OF IN
stories circulated yesterday s"'n ilgH'
would seem TO have been much more tina
discounted iu the advance OF The sioc
from &c.
yesterday afternoon. Reading first IRE
ferred advanced 10 g. "a. and closed a
2 So 5-S with net gain OF three points
Jersey Central advanced to 120. and Oth'
securities 81 the group were all stronj
The movement iu these stocks has bee
=. =. .,.,r,-,,l,- ,.rot.sll.. ina, II is n,
. - vol ,l,, pes5ipo- sre, Dreferred bf
y-s, ~ 4-ornfre ba.l, nearly 10 #
f,r-,s- fa,ai amor srrb an advance eve
+ ,,rer ID is strongest which is most III,
,.rr-sgfng fo people who buy il on n
l,fr.s Thor are Tins ip tb. street