The Washington times., 1906-12-23
FINANCIAL GOSSIP.

The dividend rate of the New York
Trust Company has been advanced
To IA 32 per cent basis, as compared with
% per cent hitherto.
Ii is officially announced that the Rus
sian government, before January II, VIII
redeem about SlO0.0O0O 900 of bonds.
In addition TO the regular quarterly
dividend of 3 per cent, the Garfield Ma
Jional Bank, of New York, has declared
an extra dividend of S per cent This
action was also taken in December, 1908.
The appellate division Of the supreme
court Of New York has affirmed the de-
cision OF Justice Rischoh, refusing to
compel the Consolidated Gas Company
to supply gas a. the SO-cent rate.
Positive denial of rumors that Presi-
dent Cassatt OF the Pennsylvania rail-
road. is seriously i'll comes from Fnila-
delphia. He was out driving yesterday
afternoon. and is only taking the neces-
sary precautions after his late slight i'll
ness.
Representatives OF the American Steel
Foundries say there is little basis for
the reports that the company is to re-
sumo dividends on the preferred stock
shortly The earnings OF the company
are far In excess of what they were in
any previous year since organization.
Stock brokers advise their customers
10 purchase good securities on recess
sions, this advice being applicable. how
ever. to those who are able to finance
them. This means that the man with
a small amount of money would better
stay out of the market until the skies
become clearer.
Many of the leading members of the
stock exchange are agitating the ques-
tion of changing the rules of the stock
exchange clearing house. They hope 10
bring about changes that viii simplify
clearanCes. and which will not involve
such a large financial outlay. They viii
euueaVOr 20 create changes to conform
with The London stock exchange clear
ing house methods.
Bankers identified with the hotation
of the Norfolk and Western new bonds
place great reliance upon the convert
ible feature 10 make these bonds at
tractive TO stockholders. They exoect
largely
scTIbed by the latter alJhoush the offer
at the present time means only a 4e-
income yield with an option upon a 81
STOCK now selling al about 81 or 9
points below The conversion price.
Representatives Of the General Electric
Company state that the gross business
of the corporation for the fiscal wear
ending January g. 1907 viii not fan
short of S,S Ot1 600 an increase of .l,..,,~
SlS,o.o'v"t over the preceding year As
sulnlnE that these figures will prove cor
rect, the net earnings of the CoruOra-
tloh pased on the percentage of net
earnings 70 gross in the two preceding
years, VIII not fall short of sgGBBJ9
If the Amalgamated Copper Company
ana its associates do not already ,Gomi-
hate the copper industry OF the csun-
try, they viii reach that coveted GOAL
within comparatively short time. The
acquisition Of The Greene Consolidated
Copper Company and Cananea Central
mater itlly strengthens the position OF
II. H. rogers copper company in this
respect as il viii give him an addi-
tional production Of something like 128-
OoO10 pounds a year
Another dividend on Steel common is
10 he paid I'm January. and reports are
persistent that the rate is 10 be raised
by the directors. The Judgment of those
who are in touch with the affairs of
the United States Steel Corporation is
that the rate will not be advanO u until
April at the earliest It is said that
Morgan interests have been buying
heavily, and il is known that the shorts
have covered largely. But then when
ever Steel goes up the so-called Nor
gan interests are credited with the big
buying.