The times., 1901-03-17


Total. $3.50, ,o9a. Al
Ptp ptocE Geit ui' ius'u ''' $4,000 90
Surplus, December 81. 19o0...... A.3OS,o9S d
1t should be stated that the net earnings
given above are the hgures aIter az
charges and expenses for management OF
every kind. The following paragraph OF
the report is also important in TINS con-
neCtion:
'.This statement does not include the
net earnings for 1900 of some OF the com
panies in which 1t is at present interested,
of which earnings this company snare
is about SS00,000, and which 1t has beeh
deemed advisable not to declare as dlNl-
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 s. 000. .0U0; tobacco, ABOUT
SO OO0. coo, stocks in foreign companies
about 81 500 coo, stocks in other tobacco
companies about SD, ,5000 900; cash, about
81 300 600, and patents, trade marks gooa
viii. etc, about $5Q0oO.WO AS the result
of the business of the year there IS a toIal
surplus Of S4.30S, ,f9341 The surplus
year ago was S2,575 SO. So that the IN
crease has been $l,132, b63S2
In connection with this report there was
a rumor current in the street yesterday
that the dividend on the common STOCK
is 10 be increased to per cent annuaily'
will be seen that this increase could be
made easily if the business is to continue
as profitable as ii was last year. II WouIu
REQUIRE about 81 900, 900 more year for
dividends. There is much speculation as
to the probable amount of the saving 10
be effected through the new schedule OF
the War Revenue law. This item VIII
be very large and apparently il 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 5-S, 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 60 per cent Of all
these securities is now assured. II Is
entirely probable that after "Wednesday
the recent excessive dullneSS IN these
scuritieS 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 fne
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 - 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 surplus of S6,-
352 an increase of $l34,97S. 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.