The Washington times., 1907-08-11


over its line from Victoria. Va. to Nor |
folk and the jamestown Exposition, a |
distance OF 125 miles.
Edward J. Mayer has been elected a |
member of the New York Stock Ex-
change. He purchased the seat OF W. |
s. Alley, who recently committed sui |
eide.
The Hill lines are making new high ]
records in the present fiscal year Earn
ings are said to be piling up al an |
enormous rate. particularly in the cases |
OF the Northern Pacific and the Bur
lington
While a drop Of twenty points IN
Standard oil is not generally considered
serious. In view of the recent fine i'm
posed by the Chicago court IL Is inter
esting TO note that present prices are
the lowest at which the stock has sold
since 1889 Last year the issue sold as
high as 700 and as low as sos, and in the
present year to date the high price was
at 564. Al present levels the issue yields
but a little more than per cent, which
Is not as great as other issues OF n less
pretentious character.
The views Of leading bank officials IN
the middle West, as 10 the business sit
uation, summarize IN the statement that
thus far there appears TO be little re-
duction IN the volume OF business, and /
II crops realize present expectations, no
seriSus setback Is anticipated. Prevail
ing conditions, however, have induced
a strong feeling Of caution among bank
ers. who say that moderate contraction |
would do much 90 restore confidence"
William E Corey, president OF the
United States Steel Corporation, and
other officers OF that company said that
late reports from the Minnesota ore dis
tTicts are encouraging. The mines OF
the corporation, he added. Will be In
full operation within the next few days.
Cotton manufacturing throughout the
United States continues unusually pros
porous and active. the same as has al
ready characterized Il for a considerable J
period, with no visible signs Of relaxa- !
ton within the immediate future, in
every way consistent with the industrial
prosperity that prevails throughout the
civilized world affecting all mauufac-
turing and commercial enterprises, due
TO the material welfare Of consumers in
all countries, says Cotton, OF which
Henry G. KlttredFe, a well-knowu au-
thority on cotton and textile topics, IS
editor.
Returns from the Atlantic Coast Line
railroad for the full twelve months to
June 80 last show that the dividend Of
per cent on the stock was hardly
aorra1 The e+n.lr cola Vrr,4---y4---
ST5s, the lowest price so far touched on
this decline. 1t sold as high at 1894 In
January. It's range for 1906 was between
1878 and 1914.
There are only FIVE banks OF issue
and three mortgage banks in Bolivia,
the Oldest bank dating from 1867. That
country has never had paper money.
Currency is on the hard-money basis.
The mortgage banks only loan on real
estate and not exceeding 5 per cent OF
the value of the realty.
A new stock exchange will be opened
In Pittsburg soon by brokers whose
business was interfered with by the
Hesla anti-bucket shop law.
The Calumet and HeCIa is now having
to stockholders at the rate OF IS 900 900 a
year. the Amalgamated Copper Com
rany. N2, 100000, and Anaconda. S. 900. .OOo.
Bank losses In New York are very
very small. and officials OF long expe-
rience declare that II statistics were 10
be compiled on the matter l. would be
found that the losses amount TO less
than .0OOl Of / per cent Many OF the
banks IN New York city are said to be
so well safeguarded that not even an
executive officer, eXcept in isolated
cases, has single access TO funds.
Our South American trade In 1905 N
increased y per cent over the previous
Year, and exceeded 1904-05 by more than
10 per cent. The value OF this trade
last year was S2+2,322, I'll, compared with
80, SD - 20! IN the preceding year. and
$-Oi,gSS-SSl IN the year previous to that
In the course Of twelve months Soutb
America purchases from other Countries
S9Oo, 1000 worth OF goods. The United
states portion Of this IS only So OOO, 600.
or l5 per cent The South American
countries ship for sale 10 other nations
ABOUT Sl5OWOOOO, OF which the United
States buys $3.50, ,000, 900. or ever IN ner
cent, much more than we sell
TO the investor Pennsylvania railroad
stock yields at going prices from SD
per cent 10 81 per cenc on his money
There are railroad stocks of good chat
acter that yield considerably more than
this. but none have the PENNSYLVANIA &
almost unparalleled history OF half q
centuFy's prosperity and so long an un-
broken dividend recoro.
German capitalists, who have sunk
their money I'm Russian railways. are
just now making very wry faces. Al
most without exception, the balance
sheets OF Russian railways disclose A
particularly pad state OF affairs show
ing the same proportion Of decrease Of
receipts 10 increase OF working expenses.
The total net earnings for June Of all
the Rock Island systems lines were
stated at g. 500, 800, or 1896, $50 more than
those for the corresponding month of
last year. while the total net earnings
for the year ended June 80 were given
as SS5,215, ,i04. or S6OSl, rs more than
those for the previous year.
The United States Treasury has III
ward of $4,000. COO which it. may use
r. relieve the fall stringcncy OF money
that seems as inevitable this year as
in any preceding year.
Practically the money markets OF the
world are relying upon that $4,000. co