The Washington times., 1907-09-15
FINANCIAL GOSSIP.

The Carnegie Trust Company. OF which
former Secretary OF the Treasury Leslie
n. Shaw is president. has purchased
10000 stock of the Mechanics Bank and
Trust Company. of Knoxville, Tenn,
and Mr.. Shaw has been elected direc-
tor This purchase is part Of q plan 70
bring the trust company IN close work
ing alliance with a number OF outside
Institutions The Knickerboeker Trust
Company has extended its influence in
this manner throughout the State.
Action on the New York Central divi-
dend for the third quarter usually is
taken on the third Wednesday In the
present month, and there Is every lndi-
caden that saeh VIII be the case this
year. The stories being circulated in
VAN Street regarding possible redue-
zion in the dividend rate are not taken
seriously at all.
The Southern Cotton Association. in
its annual meeting at Jackson, Miss. re-
ports that this year bonded warehouses
under its auspices would handle 1906, 600
bales, against 3oo,0O0 bales last year.
Tho shriakage in copper stocks dealt
. in on the Boston stock exchange.
amounting 70 over s400, 100000, is not
source of any jubilation IN that city.
New Orleans Is to have q stock ex-
change. A charter IS to be secured and
the exchange IS expected 10 begin busi-
ness between September Il and Octo-
Der l.
The Harriman-Ku hn-Loeb party, so
called, directly control 70 per cent Of the
shares necessary 10 control the Union
Pacific. A leading Hartman interest
says that they would not object 10 other
interests becoming the owner Of large
block Of Union Pacific stock, and. IN
fact, would welcome it. As for control,
however, this man, who IS very high in
q Union Pacific councils. says It cannot
be bought.
In 1892, Of $50 savings banks IN Massa-
chusetts all paid per cent dividel1s
except four which paid nothing. Last
year seventy-four paid 4 per cent, one
paid nothing, and the others paid from
8 to 81 per cent
The city council Of Jackson. Miss.
has changed the form of the bond ordi-
nance TO read per cent instead of
per cent, The council had found they
could now sell the s2l6,o00 issue at 4.
and believe they can sell the at a good
With only four months Of the current
year yet to be heard from. it looks now
as If the Pennsylvania lines VIII earn
this year about $3.50, 600 gross. All the
Pennsylvania lines in the year 1906
earned s295,so0o00 gross, representing an
increase in 1906, over 1896. Of nearly $50
O0J.0gO.
The present Indications are that gross
earnings this year vii! increase fully
SIS, 100000
Four years ago today. September Is
1898. the Goldheld mining district was
formally organized That recent period,
with its buried bonanzas begging for
purchasers at a mere song. and its tiny
cluster Of tents, as compared with the
hustling city OF the desert tOdav fanked
by the rich properties. requires the pen
OF an inspired writer TO portray
The Chicago board Of trade has voted
an extra assessment OF SIS annually, pay
able October I, for i've years. for a fund
10 retire memberships below the price
OF $500.
In the past twelve months twenty
States haze either reduced passenger
rates or initiated means 10 do so. In
addition to these fourteen now have a
law making a fat rate Of ? cents a mile.
and ten have legislation pending for the
same purpose,
II is said that the New York, New
Haven and Hartford read. being in need
Of money, VIII raise ii by offering some
thing Ike SOS, 900, 600 of new stock TO tho
Stockholders at $50 a share. The direc-
tors voted last January 10 make this
offer but the latter was held in abey-
anee owing to the state of the money
market. II is said the stockholders may
be solicited to subscribe before the
H0nth IS out, but that the price asked
VIII not exceed SI25 or $50 a share.