The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-10

There can be little doubt that the steel
securities have come into prominence to
stay. These securities have been neg
lected for many weeks and even months
for reasons that have been analysed il,
this column repeatedly, but. as has been
pointed out, they We're certain to attain
to their rightful place in the market as
one of the most important groups in time.
| The immediate reason for the great buoy
ancy of the groups is Of course. the great
deal by which the various companies are
to be brought under one harmonious man
agement. The deal is so far advanced that
| its fathers are willing to acknowledge
their offspring. 1t is of such vast i'm
portance that no one questions its value to
the securities of the companies involved,
not even the bears, who stick at nothing
! as general rule. 1t is hardly to be
doubted that the advance in the prices of
the steel securities would have come in
time even without the deal. but that is
matter of little moment at the present
time. II is not worth while trying to work
out the problem how prosperous the steel
companies would have been without the
combination when the combination is as
sured. As to their future prosperity, there
are now many degrees in the predictions,
but they are all on one side. II is diff
cult TO figure out anything except pros
the world behind the combination, with
the demand for iron and steel greater than
ii has ever been before, and with the most
perfect understanding between the steel
people on the one hand and the coal peo-
pie and the railway people on the other.
1t would seem that the preferred securi-
ties of these companies are removed from
the speculative class of investments en-
fF,-
holder OF Federal Steel preferred stock
1t is Impossible to look into the gentle
mans mind, but there can be little ques-
ton that he believes he will receive his
per cent dividend regularly in the future
on this stock. II this is the case. Federal
Steel preferred is worth considerably
above par to any investor and will sell
above par in the near future. The COM
mon securities of the group are likely to
be worth much more than the preferred
stocks, but this is to a certain extent
speculation. 1t is certainly fascinating
speculation. The prices VIII be higher
than the present level, az any rate. the
financial experts say. The course of the
group has been upward in a handsome way
during the past week and the close yes
terday was near the top.
The merry game Of the millionaires in
OF the country as well as the coal com
panies and the steel trusts. goes forward
with giant strides these days. No week
passes that does not give to the coterie
at least one or two great railway lines.
II is not necessary that the rumors OF
deals should be included. The officially
acknowledged transactions recorded this
year already make long list There can
be no question as to the benefit OF this
mutually OF interest" plan. but up to
the present time it has been impossible
TO obtain any accurate figures. as it has
been ia operation only few months and
on only a few lines. Now figures may be
obtained for a limited period for the
Chesapeake and Ohio and the Norfolk
and Western. for these lines have both
completed the first half year since Mr..
Cassatt bought big blocks Of their securi-
ties for the Pennsylvania company. These
figures are necessarily Incomplete and in
conclusive. but they are most suggestive
nevertheless. The brokerage firm Of Scott
& StTiHgfellow, of Richmond. has just is
sued circular letter dealing with these
two properties that is particularly inter
esting along these lines.
The letter gives the following approx
lation OF the business of the two lines
during the six months ending with De-
cember 81, 1900. The net earnings are
Official.