The Washington times., 1907-07-06
FINANCIAL GOSSIP.


This is the first Saturday holiday for
members of the Washington Stock Ex-
change. Many are away on their vacA-
tions and more will leave the city soon,
while those who remain through the
summer try to get away for the week
end at least.
Directors of the Washington Ter
minal Company. which is building the
new union station TO pc used by all the
railroads entering the city. yesterday
sold the Brown Bros. & Co, Of 50
Wall Street, New York, its recent issue
Of $l.500000 of two-year per cent gold
notes, secured by that company's So
100000 of first mortgage 4 per cent gold
bonds. These gold bonds. In turn are
guaranteed. both with respect TO prin-
cipal and interest, by the Baltimore and
Ohio Railroad Company and the Phila-
delphia, Baltimore and Washington Rail-
road Company.
The Journal of Commerce says that
the amount of new securities created in
the first half OF 1907 has never been
paralleled. The grand total authorized is
l,27S, S27, 800. Already 1898. 442, 100 has been
Issued since January l, leaving t479.-
1854 Of this years output 10 be sold,
In addition 20 a large carry over from
last year. The railroads have asked
for 1913, 40, 500. exclusive Of s252, 0O0 0OG
announced by the Hill roads and the
St Paul last December. Industrial cor
porations have asked for 1926, 2S1, 900 The
feature OF the years financing TO date
has been the issuing of $503, Col, 900 OF
short term notes which pay from 20
per cent 10 investors.
Official announcement was made hy
the Westinghouse Electric and Manu-
featuring Company that IL had sold an
entire issue of $4,000 three-year per
cent notes. dated august l. 1907, anc ma
turing August ], 1910 10 Kuhn, LoeD =
Co. These notes were Issued TO furnish
funds with which 10 retire a similar
amount Of per cent notes which ma
ture on August l.
The new issue is secured by deposit
with the Mercantile Trust Company OF
81, 000, 600 OF consolidated mortgage per
cent first lien bonds OF the Lackawsnna
and Wyoming Valley Rapid Transit
Company; $4,000 Of asserting stock
OF the Westinghouse Electric and Manu-
featuring Company. and $5.JJ,O0e OF first
mortgage debenture stock OF the British
Westinghouse Electric Company. max
ing a total OF SO, 900 in recognized
securities OF merit The new notes also
are Endorsed by the Security Investment
Company. Of Pittsburg.
Sealed proposals will be received by
the city clerk OF Rome. Ca, up 70 Au-
gust l. for the purchase OF $3.50. 900 pub
lie Improvement bonds. The bonds are
10 run from one TO thirty years from
September I, 1907, being divided into
three series OF $4,000 each. bearing re-
spectively per cent, AZ per cert, and
per cent intsrest-
The Bristol county, Massachusetts.
commissioners viii receive bios until 10
o'clock Tuesday, July f6. for the pur
chase Of $4,000 Bristol county ~ per
cent bridge notes in denominations OF
$40 goo each. dated July IL, 1901, andNma-
turing in four years.
There Is every possible indication that
the Bank Of England will retain its
per cent rate throughout the summer.
This has not occurred since 1875, and Is.
therefore, very well worthy Of note.
The high rate in 1875 WAS the COnse-
quence OF our gold panic Of 1873. ard.
after an experience or per cent In that
year. pcr cent looked reasonable. II
lasted, in fact, from early IN 1874 10 the
late spring OF 1876. We are not facing
anv crisis so serious as this. but high
money rates abroad do not help that
kind Of assistance in the late fall which
We have been accustomed 20 expect IN