The Washington times., 1906-08-29
FINANCIAL GOSSIP

The earthquake at Valparaiso and
other cities in Chile has rather less ef-
feet upon the copper market than was
at first expected. As far as has been
ascertained. the disturbance did not
reach the interior regions, where the
mines are situated. so that copper pro-
ducers do not count on any prolonged
interruption in Chilean production.
a group OF French bankers has offered
the Chilean government a loan Of $2.OO0,-
900 for reconstruction purposes exclu-
sively. The Chilean congress Is consid-
erIng the proposition.
The directors of the American Sugar
Company met in New York yesterday
and declared only the regular dividends
on the preferred and common stocks.
In some quarters il had been reported
that a melon" would be cut in the
shape of large scrip dividend. The
stock sold on In consequence.
The report comes from Chicago that
several large New York brokerage
houses have been active bidders in thai
market for time money, running over
the end OF the year, without getting
the necessary accommodations.
To what lengths is the competition Of
the Northern railways to extend? This
is the question most discussed IN traf-
hC circles at the moment II is rec
Ognized that there Is great danger in
the situation. but the feeling Is quite
general so far as the officials on this
Side of the International line are con-
oerned. that there viii be no trouble.
It is stated that the Nichols Copper
Company, at its large refinery in Brook
lyn, handles about One-Jnlrd of the
Country's total copper output The
company has, IL is saiu IN the trade. a
contract with the Phelps. Dodge & Co
people. Tor the refining or much OF the
latter.S copper. II is provided however,
tnat this metal is returned to Phelps,
Dodse q Co. The remainder OF the
Nichols output is sold through one OF
the largest selling agencies.
The Galveston-DaIas News in its
third cotton crop report for the current
season, shows that the crop has deterior-
ated and is further threatened bv rains
Intermittent showers and rogs and rbe
depredatlOns of insect pests. Neverthe-
less, the condition in Texas on Aupusr
- was 81 per cent better than on the
same day last year; InGlan Territory.
90 better Oklahoma L per cent bet
Yer The crop averages about two weeks
late In point of maturity. Labor is
scarce for all industries.
rate bin leads the sun 10 say on IT'S
financial page.
"A few months ago anyone who ven
tured TO predict that the bill would
not have q bad effect on the prices OF
railroad securities would have been
greeted with deTisiOu. Now, even though
such competent authority as President
Eaer, Of the Reading. admits that he
does not know what The bin means. no
one considers it a bear argument"
The survey for the Mexican Pacific /
railroad. the construction of which will
open up the resources of the States OF !
Chiapas, TabasCO, CamDeche and
luCntan. has been completed under the /
direction of Pedro A Gonzales. chief /
engineer. This road viii he htiIt bv !
Americsn capital, the promoter being ]. !
NJ. Seeland, of the Pan-American rail-
road. which viii soon be completed from
the isthmus of TehCsHtepec to the bor-
Ger OF Guatemala
Leslie NJ. Shaw. Secretary of the Treas
ury. was in New York yesterday and /
paid a short visit 10 Hamilton Fish al i
the subtreasury building Mr. Shaw
refused 10 talk FOR publica tior, other
than 10 express satisfaction with the
financial situation IN general.