The Washington times., 1906-11-28
F FINANCIAL GOSSIP

FINANCIAL GOSSIP
The United States Leather Company
has declared the regular quarterly divi-
dend of ~ per cent on the preferred
stock, payable January .,
The American Sugar Refining Com
pany has declared the regular dividend
OF Ia per cent on the preferred stock
and 1a4 per cent on the common stock,
payable January ?.
The wealth of the United States in
1904, the latest year for which estimates
are available, was nearly Slol 50cooU0O.
or az the rate Of Sl,5o' per capita.
Al a meeting OF the directors Of the
United States Smelling. Refining and
Mining Company Honday afternoon. the
directors declared the regular quarterly
dividend OF S,l= cents per share, payable
January To-
General confidence is felt that the
Louisville and Nashville Company can
no longer defer an advance In its diVi-
dend rate. and good authorities say that
the payment To be made next month
viii be at the rate of Z per cent or
per cent.
An analysis of the ten principal English
railroads shows that the amount spent
the fiscal year 1856 To E21 S95,000 in the
fiscal year 1866. This is an increase OF
3l-2 per cent In the same period the
gross earnings increased with the same
ten roads from G64,173, $50 To Esl, ,65l, 100
or an increase of 2t2 per cent,
a leading steel manufacturer says
that IL weather conditions in December
are as favorable as Ihey have been this
and last month. he wOIlI not lie sSIT-
prlSeI if the net earnings of the steel I
corporation in the last quarter cClpsed
the returns for the second quarter, /
which was a record breaker Weather
conditions iu October ana this month
have been ideal and the railroads have
been moving freight more fIee,y Jhan
IN the -5ird quarter,
That there is TO be some new finan-
cling In Northern Pacific is a fOTegOne
conclusion, but just when il is TO come
about has not been announced. This
company has done no financing for
several years, but, although the road
has received little fresh capital there
has been substantial physical expansion
and development going on all the time.
Provided the directors of Norfolk & !
Western at their meeting take the ac- /
JiOn which it is said they are contem- /
plating-thaL is the issuance of $1,000 |
900 Of the S34 OO0000 convertible bonds I
which were authorized in October the /
road funded debt will be increased to /
Se5,2l6r5OO and the annual interest charges /
10 about $500, 500 Since the bonds are to I
De call on the common stock, Il like /
amount OF the latter security Will pro-
badly be issued at the same time
IN December the Secretary Of the /
Treasury viii have about S50O00.0O0 /
at his disposal, but Wall Street I
dares not to hope that he will do /
anything toward the relief of the sit
uauon here. Much might be done with 1
so large a sum as that. If placed here /
II would put a pronounced buH move /
InenL on q firm footing and keep ii 4
Ihere. for that matter Before the ef-
ieetS of this addition to the money /
Supply had worn away the cash sent to (
banks once more
The General Electric directors meet
this week. There are some on the
BOARD who are in favor of increasing
the dividend to a 10 per cent basis. but
II Is not yet determined that their posi-
tion viii prevail.
As soon as the least sign Of weakness
appears, Standard OH interests are ac-
cused OF selling When the market is
strong they are credited with putting
prices up. There must be reasons ready
for all advances and recessions.
Judge George Gray has accepted the
invitation TO act as umpire in arbitrating
the dispute between the Southern rail-
way and its machinIsts relative TO
wages and hours, ON the understanding
that he will not 5e called upon 10 act
before the middle of January. Pending
his decision the men are to go back
10 work.
manufacturers. which was formed OctO-
her 3. with a capital of SfoUOlUU0, has
oeeu dissolved by mutual agreement. |
The newspapers and public generally
Waged bitter complaint against the
combine. Sales fen to such a low level
inaJ as matter of protection the COM
Dlie agreement was abrCgated.
The earnings of the Republic Iron and
Slett tcmp2ny I'm the month of October
ss.,tL'l ess.,nlished "a new high record The
In steel until March 81. 1907. and has
very Httle space remaining in APRIL
May ana June. BY spring of next year
the back dividend obligations on the nre-|
ferred stock of Republic viii be elimi-
mated.
and W X. Grace & Co is To- finanCe fba
construction OF the Bolivian raiIvCsH,s a.
an expenditure OF SIS. COO 600 yVcrII ~, |
the nrst section has begun and contracts
for rails have been placed with fbe T.
s Steel Company. The buildinrr of = o00
miles has been planned already l. a.
said the National City Bank win assist
The Federal Mining and Smelling Com
pany has declared the regular Onarfer-
ly diVi0end OF Ia per cent on the nrefer-
red stock The regular dividend OF Ii,
per cent and an extra dividend of az ]
per cent on the common was also de-
eenlber 1E