The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-21
Financial Notes

The u. S. Oil Company has gone into
strong hands, and it is assumed that
Just as soon as the present excitement
has subsidized a bit, the syndicate which
owns the properties for which the 50,-
600 new shares of Oil were to be issued,
will be asked to sell again, though the
previous option had to be given up.
The syndicate will do it as the two
properties ought to be operated to-
gether. But if they are not united, the
syndicate can make a good deal of
money operating its own properties.
The recent buying of Bell Telephone
stock IS said to have been for ac-
count of some of the largest investment
interests in Boston.
The action of the Federal Steel Com
pany OF taking the initiative regarding
dividends on common stock, has pre-
sumably served to show the Importance
of other companies doing likewise.
Pressed Steel Car Company directors
have expressed themselves as unani-
nous in favor of placing the common
stock on a dividend basis in the near
future. There is reason for believing
that other steel companies will in time
take similar action, among which
might be mentioned American Steel.
1t is said that officials of the Broad
way bank of Boston have in contemp-
lation a plan through which depositors
Of the bank will be asked to aid the
ban.- in providing for the J. P. Squire
paper which cannot be realized upon
at the present time. They are to be
asked to donate to the bank on secured
loans certain portions of their deposits
in proportion to the amount. This plan
was only thought of after the officials
had received generous offers of assist
ance from some of the biggest deposit
tors, one Of whom offered to loan the
bank $4,000. The depositors, of course,
will not be urged to aid if they do not
wish to do so, but it is expected that
the plan will meet with the hearty sup
port of both depositors and stockhold-
ers.
The Chicago Economist, commenting
on the smash in stocks, says, THAT
such an event had to come was clear
to unbiased, outside observers months
ago. There were circumstances that
seemed to call for it many times in
the past six months, but artificial sup
port has saved the list"
William Rockefeller, when asked
what he thought of the present market
situation, replied: cit is an unnecessary
scare. I have thought, however, for
many months that in view of the
money situation. stocks were selling
too high. but they now have reached
point where. in my judgment, they
can be bought with comparative safe
ty. I believe liquidation is over. We
are likely, of course, to have more or
less feverish markets for months, but
after the turn of the new year, there
promises to be ample relief for the
money market
The New York World quotes Keene
as saying: I've got all the money /
want and guess I'll quit the street. |
think I'll split money in three parts
one for Mrs. Keen, one for Foxy and
the third for my daughter. l will keep
enough to give me $4,000 a year. That
will be enough"
A member of the firm of Dillaway &
Starr says: "Our future depends
wholly upon the outcome of the United
States Mining negotiations that are
now in progress. We are hoping for
the best in this direction, and if nego-
tiations are satisfactorily consum-
mated, am confident that we shall
soon be able to resume business and
pay 100 cents ON the ST."
The London Daily Chronicle says:
THE fear of a large new issue of con-
soils undoubtedly overhangs the mar
ket. Monday leading financiers thought
that the issue might be made at 95;
Tuesday 80 seemed more like the figure
at which $50,000,000 could be sold, but
the government could not put out a
larger amount just now at any fig
ure."
President Tappan of the Gallatin
National bank in whose hands the
S10,0O0000 of the New York clearing
house banks was placed said that only
SIS, O00,0 900 of the pooled fund had been
placed. The loans had been made at
from 30 to 10 per cent. He added that