The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-17

ps1t
Surplus. December 81. 1900. 900. A,3OS. Og3. Il
! 1t should be stated that the net earnings
given above are the figures after al
charges and expenses for management OF
| every kind. The following paragraph OF
! the report is also important in this con-
| nection
This statement does not include the
| net earnings for 1900 of some OF the com
| panies in which Ii is at present Interested
| of which earnings this companys share
! is about $500. 600 and which it has been
/ deemed advisable not to declare rs dlVl-
| dends. but to let remain for the present
| as surplus on the books of those com
| panieS.
The assets of the company include real
| estate, etc. about S5.00O.0J tobacco. about
/ 100000. stocks in foreign companies,
I about $500. 600: stocks in other tobacco
! companies about 81, 500. 600; cash, about
I 81 100000, and patents, trade marks. good
/ will etc, about S30.OO0000 AS the result
! of the business of the year there is total
! surplus of s4.30S G93.f1. The surplus
| year ago was s., 575. 429.59. So that the in
/ crease has been $l,7S2,665
! In connection with this report there was
/ a rumor current in the street yesterday
I that the dividend on the common stock
is to be increased to per cent annually,
( instead of per cent as at present. 1t
will be seen that this increase could be
made easily if the business is to continue
as profitable as it was last year. 1t would
; require about Sl.OO,0D0 more year for
dividends. There is much speculation as
to the probable amount of the saving to
be effected through the new schedule OF
the War Revenue law. This item Will
be very large and apparently it assures
a better statement for 1901 than this one
now made. Tobacco stock was very
strong all this week and closed yesterday
after an especial squirt at IL SO, the
highest price since the stock dividend of
100 was made in 1899. The outlook is good
for further advance, but the stock is
( much manipulated and therefore DANGER
/ Gus to speculate in.
The last day for the deposit of the Sc
curities of the steel companies with the
Morgan syndicate is Wednesday of this
week 1t is said by people close TO the
inside that the required GO per cent Of all
these securities is now assured. 1t is
entirely probable that after Wednesday
the recent excessive dullness in these
securities will give way to something more
interesting. An advance in both the old
and the new securities should be looked
for. The reasons for keeping the prices
down will all have disappeared and the
reasons for putting them up will begin
to he operative. Considered simply as in
vestments both the preferred and the
common stocks of the United States
Steel Corporation seem to have fine
future. As far as the best steel ex-
perts can compute the new trust should
he able to earn considerably more than
! the old companies singiy have. and this,
it is estimated assures the full preferred
dividend and something like 10 per cent
earned on the common stock.
The Southwestern securities gener-
ally have been active during the
week and their general course has
been toward higher prices, though
the San Francisco securities have
had a sharp tumble during the past two
days. 1t is believed that these stocks have
not yet reached their high price. though
they. like the general market, may have
a good reaction at any time now. The
January statement of the Missouri. Kan
sas and Texas, shows a surplus of &c.
352, an increase of Sl3497S. there having
been a deficit Il year ago. The other lines
are all making reports equally rosy, that
of the Missouri Pacific for the fiscal year
published early in the week, being an
example.