The Washington times., 1907-06-23

hour session indicated so little interest
in the market as to render analysis
difficult in the extreme. The changes
were smaller. but mainly downward
The extreme recessions in the usually
active list did not exceed \ in Copper
and Reading. The market movement
after the publication of the bank state
ment was just as sluggish. The closing
WAS fat and colorless.
FINANCIAL GOSSIP.
1t is estimated that banks in New
York city win disburse more than s.. 600
600 in dividends on July l. High rates
for money during the past year have
enabled banks to earn enormous profits
The declaration of the Adams Express
Company OF what amounts to a dividend
OF S24,OOO,O00 is being used as an argu-
-nent in favor of the establishment Of a
parcels post by the United States Gov
eminent.
As the suits of the Government against
the anthracite carriers will need close
attention, George +. Baer, president Of
the Reading road, win not take a vaca-
Io1 this summer.
Unless the last half Of this year shows
material gain in output over the first
half, the increase IN the production Of
iron for the current year will not be as.
large as reported in 1906. In that year
25.3OI,l9l tons were produced as com
pared with 22,922, 800 tons in the preced-
ing year, gain of 2,3iS.S9l.
Henry Clews & Co., bankers, Of New
York. have issued a pocket investment
guide which will be found valuable by
all who are interested in stocks and
bonds.
The hardening of call money rates,
contingency looked forward to for some
time. is not relished by brokers. although
they have had plenty OF time TO antici-
pate it. Whether Wall Street is about to
face a real stringency cannot be pre-
dlcJed with accuracy, but this Is among
the possibilities. 1t Is known that more
than one bank in New York is discTim-
mating against collateral il once fav-
ored while the trust companies are very
chary about lending money at all.
Bear points on Pennsylvania are cur
7
delphia houses, who report that there
is rather a disposition among their Gus
toners 20 buy the stock than to sell II.
The stock Is still scarce in the loan
crowd, but the professional Gle
ment regards itself as protected by she
converubies In taking the short side
OF the market.
1t is plain to market observers that
stocks are oversold. The stagnatlon
which ensues on every dip proves this.
Nothing can help out the shorts. bat
unfoTeseeable calamity. In a normal
market such as may be expected, the
short-interest alone ought to be worth
a ten point rise
When will the present outward flow
of gold be brought to an end? This is
something Wall Street has a right to
worry overland it is worrying
Directors of Merchants and Miners
Transportation Company have declared
semi-annual dividend OF ~ per cent,
payable June %
This places the stock on a per cent
basis. The dividend is the first de-
clared since the capital stock was
raised 10 S5,O00.O00 from 100000 and the
payment of a stock dividend of 125 per
cent to stockholders. The company
formerly paid per cent a year on the
old capital.
The aftermath of the Suburban Handi-
cap developed the fact that John w.
Gates actually won close to 100000 in
wagers on the victory of Nealon-
According to a Boston dispatch. con-
cessions in the price of copper will prob
ably be made within the next two
weeks.
The amount of money which the Gov
eminent is called upon to redeem in the
course Of the year reaches an almost
r II totaled 1912. 900, 600 This redemption is
either for the purpose of securing clean,
fresh notes. or 70 get change OF some
other denomination.
George ]. GOulds new house. on the
northeast corner of Fifth avenue and
Sixty-seventh street, New York, viii,
when completed, cost over H,O00,OOo
TIE farm property of the United
States bias a valuation of $40. 900. 900 900,
having increased 400 per cent in The last
half century. The annual product Of the
farm is 5000 100000.
For more than a half decade the sur
ApIus capital of the country has been
pouring into new enterprises or given
over 20 the enlargement OF the older
ones. In the single branch OF manu-
featuring. there was an increase Of cap
ital Of over s.. $50. 900, 900 between 1900 and
1905, and by this time a total of 81 co.,
000.Co0 may easily be accounted for
Henry Clews is the only Wall Street