The Washington times., 1907-06-02

PLANTATION of movement in prices.
Only a languid interest appeared TO be
taken in the outlook for the weekly
bank statement. although the prelim-
mary estimates were short.
FINANCIAL GOSSIP.
II is now estimated that the Atchison,
Topeka and Santa Fe will be. able TO
record for its fiscal year ended June 80
a surplus, after the reduction of fiXed
charges and preferred dividends equal
TO Is per cent on its common stock, com
pared with 12.3 per cent for the previous
year.
The fourteenth annual convention OF
the Virginia Bankers Association meets
at the jamestown Exposition grounds
June 20. p. ..
Memberships in the Consolidated Stock
and Petroleum Exchange commonly
called the Little Board" now are
quoted at sl,2OO, which compares with
81 100 on the last sale
When it is said that the advance or
ders for steel rails for delivery in 1908
amount to SIS. Zoo, O09 it is hard 10 ac-
commodate ones mind TO the idea Of
great trade recession.
The recent stringency Of money in the
East has resulted IN negotiations for
great amounts of ready cash in the
west Omaha has been one Of the larger
cities TO invest large sums in short East
ern loans. This contribution TO the East
totaled nearly 100000 last week, which
marks the highest point i'm this sort OF
loan reached by Omaha banks.
The rise in American Car and Foun-
dry stock is due largely to the fact that
the cQmpany's directors meet for divi-
dend action this week. II Is known that
interests in the company are pressing
for a larger dividend rate on the com
mon stock. and the belief in some quar-
tiers that the increase is TO be granted
is responsible for the action of the
stock The present rate is only per
cent annually.
IS, The wage increase on the railroads in
the country at large easily is S50,OO0.O00
annually, and yet some railroad direc-
tors have expressed surprise at the
criticisms directed at them because they
have put up dividend rates.
The gold production of the United
States in 1906 was about $96.OOO.OOO as
against So, 10000 in 1905. In 1907. thanks
chiefly TO the increase in Nevada. the
production viii be above 500. 100000.
such gains in gold production are the
financial salvation OF this country. Had
e not been for the enormous increase in
our gold supply. enabling a large safe
expansion of credits, we would have had
a serious business reaction long ago.
The South has accumulated vast
riches in the last few years. Its wealth
is now greater by 5000. 100000 or $1,000,
10000 than the wealth Of the whole
country in 1850. and II IS Increasing at
the rate of 100000 a day.
There has been rather extensive liqui-
datiOn on the part OF wealthy holders of
Union Pacific, and traders would like to
know whether there is a chance or not
of its being renewed IL not then the
technical position of the issue, in view
OF the extensive short interest, is a very
strong one.
The indications are that the shipments
Of the Westinghouse Electric Company
for May viii be the largest for any
month in the history of the company.
aud likely to exceed by 81, %, 600 the
shipments for May. 1906.
Some anxiety is manifested in Wall
Street regarding the tariff question. and
hopes are entertained that il will be
settled next year, so that fnanciers NAV
know where they stand. Business pronn-
ises 10 be dull in 1908 and the men in
the financial district think it will be a
good time in which to thrash the thing
cut
All bank returns under last call as of
May 20 show that the banks are well
supplied with funds. and money rates
show easy money market conditions at
all financial Centers. A call of $40. 600 eco
deposits at this time would hardly be
felt by the banks.
The possible withdrawal of part or all
Of the $4S.000.OO0 of special Government
deposits made by Secretary Shaw in the
autumn and winter, figured as one OF
The chief factors in connection with the
New York loan market In view of tne
fact that about 81, 0O0 600 Of the matIir-
ing I per cent bonds will have to be
paid Oft on July l, 10 is considered likely
that Mr.. Cortelyou. the present Secre-
tary. VIII require the banks to soon sur
render at least that amount of the de-
posts IN question In fact. his visit 20
New York was supposed to have refer
ence to the arrangements for that pUr-
pose, though nothing official has yet
been made public
yUTNTuDODc MOcr EvrrnrCr