The Washington times., 1903-02-18
FINANCE IND COMlMERCE
CURRENT NEWS AND GOSSIP
AFFECTING SECURITIES

capital is $4,000, 900, and it operates 52S
miles of track. 1t earned last year a
surplus of only $1O3, 321.
Amaigamated Copper was the notable
exception to the general tendency OF the
market. scoring advance at opening and
steadily holding its gain, with only
slight recessions on profit taking.
Anaconda advanced nearly four points.
but later reacted over 1 per cent.
There was reaction of u in smelt-
ing. a good part Of it was subsequently
made uD.
Steel stocks we're u higher.
Ii is reported that strong interests
associated with J. p. Morgan & Co. have
accumulated 100, 600 shares of United
States Steel common.
Should the Steel Corporation retire
some of it's preferred stock, the common
would be far more attractive. The above
report seems a confirmation Of the ru-
mOred retirement OF preferred
Until certain details and preiiminaries
arc worked out. there will be no official
announcement concerning the intentions
Of the directors OF the United States
Steel Corporation as regards the CONVEX
sion plan. Meetings OF the finance com
mittee have been held. and Developments
may be expected shortly.
1. may be said that the plan as origi-
nally outlined will be put INTO effect,
and IL Is reasonably certain that the Of
fetal announcement will take the form
Of a circular 10 the preferred stockhold-
ers. giving the plan in detail, specify
are concerned and inviting them 70 take
advantage OF the plan. 1t is understood
that this circular is being prepared and
viii be issued shortly.
One Of the men deeply interested in
the plan and who. as a member of the
finance committee. will have much TO
do in shaping the final details. is II.
G. Frick. There was more or less com
mept when Mr.. Prick was elected 10 the
finance committee. but the Significance
of it has not been entirely appreciated.
He had been a director since the in
corporation of the company, but he had
not been prominently identified with
its affairs. He was interested in some
smaller companies Of late
1t is said that Mr.. Frick did not desire
10 become active in United States Steel
affairs until he had severed his connec-
ton with some OF the minor companies
The acquisition of the Union and Sharon
Companies by the United States Steel
Corporation accomplished that practi-
Cally and MIR. Frick then consented to
become a member OF the finance commit
tee. He Is deyOting much of his time to
the affairs OF the corporation and his
friends understand that he is enthusiast
tic over the outlook and believes the
Steel Corporation to be in an impregna-
BE position.
Mr. Frick is a large stakeholder in the
corporation-some say he holds $40. COO
GOO of Steel securities at present. His
name is one 70 conjure with IN the iron
and steel trade. both from the practical
end and the point OF view OF finances.
The significance OF Mr.. Tricks election
TO the finance committee viii be better
appreciated within the year.
The orders on the books OF the United
States Steel Corporation have increased
COO, 900 tons since the first OF the year
and are now 100000 tons.
A number Of promotions and changes
among the officials of the American
Sheet Steel and the American Tin Plate
Company are said TO be probable. owing
to the designations OF two important Of
ficials of the two companies Vice Presi-
dent John a. Topping. OF the American
take effect March J. Considerable specu-
lation is being INDUCED in as 10 which
OF the officers Of the company will sue
coed MI Topping. and il is reported that
the position may be rendered to a Pitts
burg man.
l. VI Scott. auditor of the American
Sheet Steel Company. is also reported to
have resigned TO take effect March 1.
II is generally understood that the va
cancy will be filled from the New York
Office of the company. The changes in
the officials list Of these two auxiliary
companies OF the United Steel Corpora
ton. II is said. will result in the pro
motion Of d number OF subordinate Of
ficeTs.
Employees Of the National Biscuit
Company own 1855 shares OF the COM
Eany's stock
PERSONALS.