The Washington times., 1906-07-15

1t Is understood in London that New
York banks are negotiating for El00,-
600 gold. which would uecossitate with
drawals from the Bank of England as
well as purchases in the market
The appeal made by Secretary Shaw
several days ago 10 national banks that
they increase their circulation OF s.
notes 20 relieve the scarcity of small
bills has met with prompt and favor
able response.
Articles of incorporation have been
filed for the Atlanta and New Orleans
railroad, the intention being TO CON
rtruct a railroad from that city TO New
orleans and Baton Rouge. The capital
is nominal, being 10000 The in
Corporators are local business men.
While the action OF AmaIgamated
Copper is very discouraging ana some
uneasiness is felt over the continued
cut in copper metal prices. there is rea-
son to believe that this is a manipuia-
tive condition and that AmaIgamated
stock is being accumulated by insid-
ers.
With the speculative element sJIu in
control of the situation and the strong
est members of the bear party c0utluu-
ing aggressive iu their demonstrations
against values, IL is folly 10 look for
any marked general upward movement
for some days, though fundamentals
are so alluringIy favorable, is the way
one prominent financial writer s1uts it,
Increased circulation by the banks is
expected TO COuuterbaIance the effect Of
The Panama bond sale, while il U.s.
thought that the gold import movement
viii soon be resumed, So that ON the
whole fears OF the monetary striugeucy
are without SOund basis Secretary
ShaWs s visit 10 the city having led 10
q feeling ot more confidence in this Te-
spect-
There is much speculation as 90 the
action the directors of the Consolidated
Gas Company may take ar the regular
dividend meeting on July 26. The direct
ofs then VIII nave nearly three months
experience with the new eiguty-cent gas
law ana what they may do i'm the mat
Ter OF the dividend Is exciting much cu-
riosity iu WaD Street
IL is the general opinion that the pres
eQt dividend rate of I per cent quarterly
VIII not be increased. al the same time
no suggestion is made that the rate be
lowered
The decline Of the Pennsylvania con-
verubls Sls per cent cent bonds from "a
high price OF l0l 10 "a low price of q5ls
has been one OF the most disturbfna- =
episodes in the bond market this wear.
Ihese bonds were brought out and wide
~ distributed O. the public around 100
ana interest 10 yield ale per cent. They
are now selling around g2la, and inter
est To yield AZ per cent
me issue is 500. .o0O0oH Because ir is
so large an issue the effect of the long
steady declines reaches an corners If
the bond market
II is admitted on an sides that tbs
lack of initiative ON the uart of the
SO-cailed banking interests is what is
hurting the market more than aDv 0th-
er one thing, and that the lack OF buy
ing power so frequently referred 10 Of
late is atUibutable 20 this source Fy,-e,1
the optimist does not hesitate 10 saw
that stocks are not supported. eNcrDr
where serious break is threatened and
then only at considerable concession in
price, as evidenced by the wide omen"
sales in certain issues of late.
Stockholders of one of the Walsh
banks. the Equitable Trust Company.
arc asked 20 raise million 10 deposit
with the associated banks, TO prevent
forced sale of its assets. Assets are
worth S4U00,0Oo.
The Indebtedness of tine Equitable 10
the associated banks ~ 5000 O10 The
banks have agreed TO cancel 5000. COO of
the debt ~ taking securities AT the
same price the Equitable paid. on con-
dition that the Equitable stockholders
nay the remaining SlOQ1000 I'm cash. The
clearing away of this debt viii reduce
the Walsh load with the associated
banks from S10.50oooo 20 S7,5oo,o0o.