The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-05-08

~ was f,5Gi ,ooI IONS, anu the COIa4 pro-
duction of pig iron was 9,157 900 tons.
These figures were the largest that had
been recorded up to that time IN the
iron and steel industry in the history OF
the country. The smallest years pro-
auction Of crude steel after 1892 was in
1898, when 4,019, 995 tons were produced,
a decline of % per cent from the nigh of
1892.
In the production of pig iron, which
the conditions of the trade, the falling
off was still greater, the lowest figures
being those of 1894, 6,657 1893 tons, de-
cline of 81 per cent from the high Of
1892. From these figures we may rea
sonably infer that in the worst year
which the steel sndustry may experience
the production of iron and steel should
not fall off more than 40 per cent from
present production. In 1902 the produc-
ton of pig iron was IL, 800, 900 tons, and
the production OF crude steel was about
100000 tons. If In bad year produc-
ton should fall off 40 per cent, we
should still produce 100000 tons of
The fact that these figures would be
larger than those OF 1892, the highest
figures ten years ago, should not affect
the estimate, since the production of
! iron and steel almost doubles every ten
years.
The Steel Corporations proportion of
| the total production of steel products
In 1902 was about IS per cent. If the
trust controls no more of the trade than
60 per cent. it should produce in bad
year at least $4,000 tons of pig iron
and 100000 tons OF crude steel, or 1t
should produce, in round figures, $780,
900 tons of finished products This pro-
duction, on a basis of last years aver
age profits of $16 ton, would allow for
liberal charges to depreciation and sink
ing funds and the payment of interest
and preferred dividends. On a produc-
ton of 5000, 900 tons q year the aver
age profit required to pay interest and
TO allow liberal charges for deprecia-
ton would have to be about SO a ton.
and. to pay preferred dividends. 81 a
ton more. This computation takes 10
account OF conversions of preferred
stock into bonds. If all the preferred
be converted, the average profit a ton
required to pay interest and allow for
depreciation on a production of 5000, 900
tons per annum, would be about 81.
and, to pay the preferred dividends,
about SIS.
One of the interesting developments
In Wall Street Yesterday was the cir
culation of a rumor that Atchison in
tended to issue additional bonds, this
rumor appearing coincidentaily with the
publication of tip" to sell the stock
for at least 10, the price then being
81. Following the rumors and tip d
| concerted selling movement appeared
in the stock, breaking 1t from the high
of SIS to 1914. where support was ex-
| tended The close was at So marking
a net decline OF IL points on dealings
| in 81 600 shares.
Apropos of the bond issue rumor it is
said emphaticaIly at the Offices OF the
company that there is not a word of
truth in it, and that no issue is con-
templated It is pointed out in this
connection that about two months ago
an issue of $40, 000, 600 Eastern Oklahoma
Division q per cent twenty-five year
bonds was authorized, of which 1T was
decided to issue s5,645, 900 at that time
So far as is known at the offices of the
company here IL is not thought that any
part OF the balance will be issued for a
year at least.