The Washington times., 1907-01-20

lFhNN covering movement on Aile part OF
shorts resulted in partial recovery,
the market closing with a rally In prog
ress.
Government bonds We're unchanged.
Railroad and other bonds were frm.
FINANCIAL GOSSIP.
The year 1907 promises TO be a fruit
ful one in the matter OF railroad stock
and bond issues. Already 81 80 O00, 600
has been authorized by stockholders OF
different companies.
The Calumet and Hecla Company has
10 date declared dividends amounting to
is9, 250.090 in addition 10 which the stock
market .alue Of the property, on the
basis OF a recent high quotation, is
So, 6o0,000d
II Thomas F. Cole and John d. Ryan
succeed in bringing about a consoIida-
ton OF certain Lake Superior proper
ties they. together with the Amalga-
mated Copper Company. will control ap-
proximately $40, 10000 pounds Of the
copper production of the country. or Ga
Per cent based on the estimated output
In the year 1896.
The shareholders IN the British West
lnghOuse Electric and Manufacturing
Company. Of Manchester. have consent
Cd 20 a reduction Ia capital 40 the
amount Of over s., 10000. The losses are
due 10 the fact that the works al Man
chester were laid out in the expectation
Of great technical development in
Great Britain. which has not taken
place.
CRANKY, in the calendar year 1906
earned approximately s. 1807S0 net, or
SO on each new share par value 800
During the year four dividends OF 3 per
cent each We're declared calling for the
payment of s.. 62o,0 600. leaving S5l0.7s0
either for new construction OF To be ad-
ded TO the surplus account Net surplus
On June 80 1896. was $2,547,79s.
George J. Gould is quoted as having
said that he believes that railroads win
practice rigid economy this year IN the
way OF spending money for betterments
and improvements. He says that while
money Is active. there is very little
available for railroad purposes. He
looks for an Improvement in this regard
little later in the year and predicts
bond market about June /.
Quaker Oats earnings are so large
that the stockholders expect a further
Increase IN the dividend on the common
stock this year. The present rate is
per cent ana per cent extra. Surplus
FOR the fiscal year is estimated at $780,
BOO. Last year the preferred stock was
raised from $4,000 10 10000. and the
common from s4OOo,Oo from 100000.
The Union Pacific will probably spend
In the course OF the current fiscal year
perhaps more money than any other
railroad in the United States, for vari-
9us corporate and other purposes. The
amount may be put conseryatively at
from $50, 600 10 $3.50 90, 600. OF this
The company has already had 5000
300 for these purposes. SO that il appears
Il has yet TO raise fully $4,000. 600 or S6O.-
A9,ol3 more.
+. II. Gary, chairman OF the United
States Steel Corporation, says the out
look for 1907 is remarkably good. The
untitled orders on hand are larger than
ever before, and the daily bookings ex-
ceed capacity. Although the output has
been Increased about % Per cent in the
last five years, the sales for 1896 largely
exceeded production Az a result the
untitled orders are sufficient 10 keep
furnaces and mills fully occupied for
the greater portion OF the year 1897.
There is scarcely anyone in bond mar
ket circles y no vii. say that he is sat
lsfled with the outlook for the current
year. The houses are. Of course, getting
some business. but il is not in the vol
ume it should be al the time when in
vestcrs are expected TO begin the rein
vesting OF the surplus funds Of which
they ma themselves in possession after
the January disbursement The bond
houses report that the investment llteTa-
tuTe which they put Out has thus far
met with comparatively cool recep-
ton.
Since the Cleveland. Cincinnati. Chi
cago and St Louis offered its stock
holders tl0O00.0OO OF new common stock
AZ 50 the market quotations for the stock
have declined from around q TO about
The level OF the subscription price. The
tight 10 subscribe expires January 81.
and or late the rights themselves have
practically disappeared from the public
trading, although they were fairly act
We for a time at =. 10 Is an interesting
question whether the stockholders will
fully subscribe for their proportion Of
the new issue.