The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-15
MARKET NOTES.

A Houghton, Mich, dispatch to the
Boston News Bureau says that eonsid-
cradle stock in the Great Lakes Com
pany has been taken there. The Sud
bury district is unquestionably rich in
copper, nickel and gold, it being the
source of the worlds principal nickel
supply for past decade. Nickel is
selling at just double price of copper.
Prof. Arthur Richmond Marsh has
resigned from the chair of comparative
literature at Harvard university, which
he founded, and has identified himself
with the Planters Compress Company,
having charge of the hay and fodder
interests of the company.
President Miller of the ST. Paul Rail-
road says: Railroad affairs are in bet
ter shape than they have been in years
past. The crops in the country through
which our road runs are very fair,
though not so good as last year, which
was an exc eptionally fine year For
the last three or four weeks we have
been suffering from a-shortage Of cars
and cannot handle all our business"
In anticipation of interest on govern
ment As, the amount to be paid aggre-
gates S5,596526, as follows: Coupons,
1852, SS2; registered bonds, $4,913,644.
G. W. Ely, who has been secretary
of the New York stock exchange for
many years, has resigned, to accept the
presidency of the Bankers Trust Com
pany.
On dividend matters, the Boston and
Maine report says: In the fiscal year
1S9S-94, as the result of perhaps the
most severe and widely extended finan-
eial and commercial stringency that
New England has ever experienced, the
gross income of your property de-
creased, as compared with previous and
more highly prosperous years, about
Sl,2OO,O00, and as this decrease in gross
caused a relative decrease in surplus,
your directors, wisely, as they think,
at once met and dealt with this emer-
gency in your affairs by reducing the
common stock dividend twenty-five per
cent, or from IS to Sc a share.-a total
decrease in the surplus dividend of
about $350,O00 per annum. Although
occasional partial revivals in business
conditions have from time to time seem
ed to promise return of the company s
former prosperity, there has been no
permanent fulfillment of these promises
until within the past six months, and
your directors have considered it the
part of wisdom to continue the divi-
uCAIu dI the Ieuuceu rate adopted IN
1893, and eXpend the remaining surplus
in needed permanent improvements on
your property. Now, however, it is
their belief that the long hoped-for i'm
provement in your affairs has come, and
come to stay, and that the increases
in gross and net income now being re-
ceived, warrant a reconsideration of the
dividend question from the point of
view of these improved conditions. They
have therefore decided to raise the rate
of the common stock dividend to 81 a
share, and the distribution thereof au-
thorized for Oct. will be upon that
basis.
The rally in the market had a good
deal Of snap and vigor, which indicated
the presence Of an eager enthusiastic
and strong speculative public. The
public may be a few large men or il
may be many men.
There is a quiet market for copper
at 1Shc. for the lake brands, with sell
ers more numerous at these figures. Nc
special activity shows itself, however,
and prices hold their own
London, 2.30-American stocks strong
and considerably above opening of New
York buying and bidding up.