The Washington times., 1907-03-03
FINANCIAL GOSSIP.


One strong feature Of the stock market |
during the recent slump was the support /
given the shares of the United States |
Steel Corporation. The preferred stock !
has suffered n very small decline as
compared with other issues. and the |
common is selling within five points OF |
the high level reached.
More savings banks were organized in
New York State in 1895 than during the
preceding ten years IN 1905 resources
and the amount due depOsitors increased
almost equally. by nearly 100000.
while In 1906 the gain in resources was
S9,l49s2S, and in the amount due de-
positors $69616.969.
Eight subsidiary telephone companies
have recently authorized the issuance
of new stock to an aggregate Of $50. pa
100, OF which all but SS1I. 200 viii have TO
be paid for by subscribing stockholders
before the expiration OF 1871 The share
OF the American Telephone and Tele-
graph Company in this financing will
be Ss,503,Oo0.
As the floating supply of Missouri Pa
ci1c is small. short selling Of that stock
is a dangerous proceeding. as has been
demonstrated more IMAM once lnerc
have been times when it did not take
the issue very long TO make up some
very serious declines.
Chicago and Atoms earnings state
meEt for January and the seven months
ended January y is one OF the most
favorable which the road has ever made
for a corresponding period. II shows
Increases I'm both gross and net which
are about the same as the average or
Increases which has been steadily main
tanned since the beginning of the new
fiscal year.
Most OF the buying in Atchison for
some weeks past has been predicated on
an advance IN the dividend rate 70 a 8
per cent basis. II Is said that President
Ripley is committed 70 this policy One
OF its possible objects woul1 be to help
the sale of new stock or bonds author
lied but not as yet issued.
Western houses have been rather free
sellers Of stocks. The Westerners seem
To be OF the idea that the situation may
change soon, and that the business OF
the railroads may fall Off quite per-
bulliSh. but they are not in that frame
Of mind at the present moment
The directors OF Southern Railway
probably will act on the question of the
preferred dividend rate at their forth
ching meeting, and the feeling ~ WAL
Street Is that the rate may be reduced
to per cent. or ~ per cent annually.
The semi-annual dividend now is 2Ih per
cent There is not much of Specuia-
tive position in this stock.
II is said that the policy Of the Re
public Iron and Steel Company, while #
I~,
and extensions. Is to begin the payment
of dividends on the common stock FOR
the first quarter Of the new fiscal year,
which begins July ]. The rate will
probably be per cent. In 1906 the COM
pany paid per cent OF the deferred divi-
bends on the preferred issue Tho com
pany is still per cent in arrears of ITS
cumulative preferred dividends.
noticeable drop in the price o
Stock Exchange memberships was re.
corded Wien IL was announced that a
scat on the exchange has been sold fos
S,3,Oo- The latest previous sale of .
seat. which occurred about two weeks
ago. was made - $4,000. and duriul
1905 and 1856, seats brought as much a,
S95.O00- Nc reason. except the unsettle,
ana unsatisfactory condition Of II,
stock market was assigned for the sud
den falling of.
Those Who wish TO buy stocks lin,
plenty Of them for sale In fact. hold
ers want to get rid of what they have
The professional traders do not like Cn
looks of things at all. They would Xix
20 see rally. and are willing to iOil
with others I'm bringing one about. bu
all their suggestions meet with no en-
COuTdgement. The market is full q
stocks. and in this state of things n,
one cares TO buy. for the reaon that Ia
cannot persuade himself he is getting
bargain. At the same time, many con
sentative traders thinl, Il is quite risi
TO 80 short heavily now
Fears are entertained by investor
that when the Interstate Commerce
Commission begins TO 6elve into the af
fairs Of other roads than the Union an
Southern Pacific * will discover man
startling things of which the public la'
no idea. The ways OF high finance a
not seem So bad when they are no
thoroughly understood. What the mar
ket fears now Is that there may be
biF deluge of these investment holdings
which woulc be bad thing for prices
but a picnic and blessing for the bar
Eain-nurter.