The Washington times., 1907-08-08
FINANCIAL GOSSIP.

iNtuIUHlE OOOOll
Yesterday was the first million-share
dav Wall Street had known for some
time and the floor traders could not
complain of lack of interest.
Copper began it, Industrials were the
principal sufferers.
Somebody will have 20 finance about
$4,000 worth OF cotton before tie
end of the month.
The American Tobacco directors have
declared a quarterly dividend Of Zh
per cent on the common stock and ~
per cent extra Three months ago the
dividend was 25k per cent AMI per cent
extra. The dividend is payable Sep
tember /. The announcement OF an IN
crease in the dividend for the third
quarter of the year IN the common
stock of the American Tobacco Com
pany caused much surprise.
It Is q very bad market for inactive
railroad stocks. A lot Of only 100 shares
Of Lake Shore and Michigan Southern
sold at a concession Of y points. after
allowing for the dividend. from the last
recorded sale.
Although the executive committee OF
the Erie Railroad Company held a
lengthy meeting yesterday afternoon for
the purpose of discussing routine busi-
ness. its members did not take action
relating to the dividends on that COM
pany's first and second preferred stock.
Directors of Consolidated Gas have
declared the regular quarterly dividend
OF l per cent on the capital stock, pay
able September l6-
Increased activity is shown IN a num-
Der of stocks hitherto neglected, some
sixteen issues crossed the lOOOo-share
mark as against twelve on the previous
day, and an average Of eight Tor many
DAYS past. Union Pacific was the star
performer. with q per cent OF the ousl-
ness.
The London break in copper metal and
the reduction Of metal prices on the
New York Metal Exchange took the
heart out Of the copepr issues.
The Reading Company has declared
the regular semi-annual dividend Of :
per cent on the first preferred stock.
payable September 10
Tuesdays engagement Of $4,000 gold
for export TO Holland is the third ship
ment of gold TO that country this year
The Consolidated Gas Company has
declared the customary quarterly divi-
dend OF per cent, payable September l6.
There is conservative and well-in-
formed opinion TO the effect that the
heavy selling of the day came very
largely from the Standard OIL interest,
who are said to be finally disheartened
with the complication Of developments
worthy also that the market has gone
steadily lower since the return Of II. &.
Frick from Europe.
The. sharp break in American Sugar
Refining Company stock. which caused
a drop Of 5la points during the slump
IN the stock market yesterday. was
based upon unverified rumors that a
huge fine soon would be imposed upon
that corporation by the United States
, Government authorities as a result of
an action now being brought against the
company in the Federal courts.
Work on the steel Corporations S1O.-
or. 90 plant at head Of-the lakes has
begun. Contractors put men at work
clearing the site on the Duluth side OF
the bay on Spirit Lake. Plans are be
ing drawn for 80 houses to be erected
there.
Those who presume to predict the
course of the stock market very far in
the future find themselves up against
q hard proposition. There is quite an
accumulation Of stocks. bought on the
upward movement, yet to be distributed,
and in connection with this must be con-
sidered the possibilities of financial dis
turbance caused by movements against
corporations more or less political in
their nature
It is rumored that the Brazilian coffee
loan Of G3,00O.00O has failed because OF
the attitude Of European bankers.
With the shipment Of the $4,000 gold
yesterday the total gold engagement TO
Europe since May q reaches a total
OF Sc. $50, 900, Of which S23,30O.e00 was
sent TO Paris. 81 750. 600 to London, and
$1,50o,000 to Holland.
Assistant General Manager Alexander
r. Shepherd. ir., we'll known in this
city. Of the Batopilas Mining Company,
telegraphs that the yield for the week
ended August was $500 ounces of
silver.
Western national banks are reported
10 De strengthening their cash reserves
IN anticipation OF call from the Comp
troller or the Currency at an early date
Tor statement 4 their condition. IL
Is probable that Eastern banks are con-
serving their resources at present for
10 restrict time loans and TO limit loans
upon call