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

Vice President Thayer. OF the Penn
sylvania railroad. says: There is no
truth In the report that the company
contemplRtes an advance in freight rates
to provide for the increased dividend
rate and the advance in wages Of the
employees"
The United States Steel Corporation
has set aside out OF earnings this year
enough to pay for all the work which
win be done on the new Gary plant for
another year 10 come. In other words
expenditures for all the work that can
be undertaken at the new plant during
the coming year have already been pro-
vided for IA advance.
The United States circuit court Of
appeals of Minnesota has handed
down a decision uphoIding the validity
OF contracts for the purchase and sale
of grain for future delivery as il is
practiced by the Chicago Boa rd of
Trade and the Merchants Exchange OF
ST. Louis.
Anxious looks now are turned toward
the Bank OF France, which has enough
gold on hand To meet its own needs,
and those OF others as well. II was
the expressed belief IN the financial dis
trict that this institution would come
10 the assistance OF the Bank of Eng
land, and the price of Paris exchange
ON London Justified this belief.
Since September 10 last, when the or
Ger OF the Secretary of the Treasury
facilitating gold imports went into ef-
feet. S44. Got. GO gold has been Engaged.
OF which amount $44. .4e2, ,O00 has teeen re-
CeiVed here, leaving $4,000 yet to come.
There have been no gold engagen- -2nts
for some time past, Secretary Shaw
havirg rescinded his order nearly a
month age.
Norfolk and Western is in a good
position 10 pay per cent dividends
even after increasing the capital Oblga-
tlons TO reasonable amounts under the
recent authority given by the stock
holders.
For four years prior to 1906 the com
pany annually showed a surplus over
hxed charges and preferred dividend
equal 10 6 per cent or Z per cent on the
common stock. For the year ending
June 30 1906. the corresponding earnings
were 9la per cent. as against the divi-
deDd of 1 per cent then paid. Since
then the earnings have been increasing,
and are on a basis double the new dtVi-
dend rate OF per cent per annum.
The campaign for lower commission
rates on the Chicago Board OF Trade
win not down. A fresh petition is in
circulation. A seat sold recently at
$500. a decrease OF 500 from the pre-
ViOus sale
Generally. the Vanderbilt stocks,
which are dealt in on the stock ex-
change, are selling lower at the present
time than in the corresponding period
in 1901. In a list CT six OF these seCuri-
ties, with four OF their preferred Issues.
but two show advances in the specified
time.
Boards OF trade OF various cities IN
Georgia have raised fund for the pur-
pose Of directing immigration to that
State. Money has been placed In the
hands Of an agent tn New York who
will meet desirable imml grants and en-
deaVOs To direct them to the South.
SC8ndinavians arc particularly desired.
There is in progress of formation an
organization.Svhi will endeavor 10 secure
from the next Legislature of New York
the amendment or repeal OF the stock
Interested IN the movement. but brokers
will only constitute a portion of the
membership Among the remainder viii
be found bankers. traders, and others
affected bY the tax
II now is agreed that firm rates for
money will prevail for some time yet.
until the cash that has been sent to the
West begins to come this way again.
However. the bankers do not betray any
uueasiness in consequence OF the situa-
tion. although they do not deny that
there may be some lurries In the stock
market Those they do not regard as
serious OF likely TO cause any particular
trouble
Interest in 2. II. Hartman and his
connection with the Illinois Central, is
so keen in Wall Street these days that
any story having TO do with them is
eagerly listened to. A story came out
yesterday to the effect that IL was Mr.
Harrimans intention 20 bring about the
lease OF the Illinois Central by the
Union Pacific with a guarantee OF
per cent yearly dividends upon the
stock OF the former
FAILURES FOR MONTH.
Liabilities OF commercial failures thus
Tor reported by Dun for November
asa,orrvfaI ~ 10 ,--t.f.R SE9- -