The Washington times., 1907-08-18


The Empire Savings Bank has posted
notices TO the effect that as a result
Of increased earnings the interest rate
10 depOsitors will soon be increased 10
4 per cent per year. The bank is now
paying and 331 per cent interest.
Where did all the stocks come from
that were sold Iately2 Many OF them
had been bought on margin. it is true,
but others represented actual invest
ments, thrown over by scared or tired
holders.
Stock exchange floor traders say that
the New York Central sold is not being
delivered, while the stock is being bor-
rowed TO make il look scarce and hold
the price up. This, of course, means
that there is more stock TO come from
the same quarter, as there can be 10
object in borrowing the stock when tie
line has been marketed Il Is thought
that the Standard OIL interests let go d
very substantial part Of their holdings
The LehIgh Valley Railroad Company
earned 20 per cent on its common stock
in the last fiscal year. The underlying
earnings in coal. and other companies
bring the total 70 something in excess
Of 3 per cent
Mother Eddy's reputation for mental
and financial sOundness VIII not suffer
with the bond brokers from her exami-
nation by experts. for In substance she
declared: Trust In God for life insur-
anCe and for Investment buy bonds
Some Of those more pessinistically in
clined are Of the opinion that the price
Of copper metal will go TO Is cents, IN
which case IS asked, can Amalgamated
continue TO pay an per cent annual
dividend
Baltimore and ohio's report for July
compares ds follows:
July gross. .S7.251.s0s s5.544S45 50, 76s. SO
Expenses go. 4947,315 4,S47sS7 S75osOi
July net. 2,3l4.5SS 2,1s6S5s 2mzs25
It is expected that the production Of
gold in Alaska will be near S4,0Oo,0O0 for
the present year
It is all right to be fearless. but the
man who rushes into the stock market
at a time Ike this must be prepared TO
take the consequences. To some, II may
be said, the consequences have been
serious.
There have not been so many bargain
hunters IL the Street since last March
Buyers are largely professional men,
and small merchants who have been
taking IN sail FOR the past six months.
Since January / hast the subsidiary
companies OF the American Telephone
and Telegraph Company have been max
ing marked progress in the reduction OF
-T-N-# slN
the cardinal principles of the present
administration that the associate COM
panies should cut down the total Of their
obligation which they owe either 10 the
outside public or TO the Western Elec-
tric Company
There has been an Improvement in the
steel situation over the last two weeks
from the standpoint OF new orders ac-
cOrding to reports given out from the
poration. The latter being practically
the industrial barometer Of the country,
these reports are worth considering
At present prices, some stocks yield
from IS to II per cent But there are
many people who are waiting to get
them at even lower rates
The stocks OF fourteen steel, electric
and equipment companies over the last
twelve months have suffered a paper de-
probation of approximately 800. 100000.
Or that amount about $lO0. 100000 or
practically one-half was con ntributed by
the common and preferred shares OF
the United States Steel Corporation
From conservative figures just COM
plcted it is estimated that since 1892 20
date the total production Of gold from
the Cripple creek district has amount
ed to s15O,o00, 200, 1t was Colorado
Surings capital which was first used in
the development Of the camp. and the
investment has made two-score million
aires.
One weak feature in the market is
pointed out, this being that the stock
bought TO protect prices and support the
market is sold as soon as there are in
dications of anything like a rally. This
tends 10 lessen the strength OF the tech
nical position, and leads to the inference
that there is not as much confidence in
the situation as some might wish.
II is an astonishing commentary on the
che nges that have taken place in market
valuations in the past few months TO
say that II the Union Pacific railroad
had not liquidated any of its Hill stocks
its entire profits in the Northern Pacific
campaign would nave Deen wiped out
now and IL would be under loss today,
because the Union Pacific paid more in
1901 for its Northern Pacific stock than
the proceeds OF that Northern Pacific
stock after putting 1t through the North
crn Securities operation and converting
it into Great Northern, Northern Pacific,
and Northern Securities stubs could be
sold for now.
A leading financial authority said: 81
believe the same interests which a few
months ago bolstered up stocks and
made them look good when they were
bad. now are using every endeavor to
make them look bad when they are
good. These interests are powerful
ones, and can accomplish a good deal.
but If we follow their own methods and
buy in favorable circumstances, we Will
get the best results"