Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-15
WALL STREET WHISPERS.

The withdrawal OF $f0000,O00 government
funds from the banks next month was gem
orally regarded favorably rather than
otherwise by the more far-seeing inter-
ests. 1t was pointed out that the with
drawal OF treasury funds at that time.
when money would In all probability still
be comparatively easy. would enable the
Treasury Department to afford more ef-
fectiye relief to the local banks during the
crop-moving season. should It be needed
According to the best information obtain
able there seems to be no probability of an
early announcement OF the ST. Paul imam
cial plan. 1t is now believed in the best
informed quarters that this VIII be deferred
for an indefinite time.
Former Assistant Secretary of the Treas
ury and present President OF the Casualty
Company of America Of New York Robert
b. Armstrong. in the course OF an address
yesterday before the Iowa State Bankers
Association. said:
Zone of these mornings you win miss
prosperity at breakfast. There will be
many excuses for her absence. One Will
say bad crops another will say over
production, another will say abnormal ex-
tension OF credits but none OF these win
be the real reason, though they may be
contrfbutory. The real reason viii be an
epidemic OF fear. of timidity, OF distrust
produced by unwarranted. continuous at
tacks upon every instrument OF progress
and development which has made and Is
making this country great Fortified as 1t
is with it's unparalleled prosperity, the ma
ton so far wfthstood the assaults upon the
developing agencies which have produced
our boundless prosperity. Had there been
less prosperity. had there been less cush-
ion for the impact. financial and Industrial
depression would already have overtaken
US. No commerce can keep its courage In
the face OF the demagoguery of politicians,
yellow journals and the envious."
1t is reported from Pittsburg that while
there has been official intimation of an
increase in the extra dividend on West
inghouse Air Brake stock at this time
there was some expectation of larger
rate, based upon reports OF the activity in
business and the knowledge that the car
building industry is crowded with orders.
There Is authority for the statement that
the business of the company far this year
Is the largest on record. At the close OF
the last fiscal year the company reported
surplus of $4.675.000 II the surplus after
dividends for the year ending June 90
should equal the surplus for 1903. the total
surplus would then stand at -. 49, 900. or
30 per cent OF the outstanding capital. 1t ID
regarded as possible that II the business
outlook remains as bright as at present an
increase In the extra dividend will be de-
clared for the first quarter of the new ifs
cal year.
An officer of the American Steel and Wire
Company is quoted as saying yesterday:
Our production in May was the largest in
our history, and still all Of the mills are be-
hind In delivery Domestic orders are large
and continuous. and. together with export
demand. the amount of product sold is
always up to the sixty-day limit. which is
as far ahead as orders are booked at any
time. The higher prices for wire has not
curtailed demand in the least. and every
thing is going into consumption 30 rapidly
that the stock Of jobbers and merchants
consists of little more than week-to- week
supplies
From Chicago comes the report that d.
rectors of the Chicago Pneumatic Tube
Company will meet early in the last of the
month perhaps in Chicago, for the purpose
talk of increasing the present quarterly
rate of per cent but officials say no such
action is likely to be taken until later In the
year. Earnings are increasing all the while.
1t Is said. but the growth of the business is
necessitating the reinyestment of great
deal of money in the property, the consis-
tency of which is recognized by the longest
interests in the company.
A test case In which the purchaser of a
contract for his delivery of marlborough
Metropolitan stock, when. as, and IL Is
sued" has refused to make settlement on
the original terms on account of the modi-
f1cation of the plan before the new securities
were Issued, was considered by the govern
Ing committee of the New York stock ex-
change at its meeting yesterday afternoon.
The decision was reached that the contracts
must stand.