Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-15
Days Financial
News and Gossip,


interests close to the American Car
& Foundry Co. expect TO Coo an ~
| c'edse III the common dividend rate
| rom Z TO per cent not later than
the close of the current fiscal wear
April 90 next.
New York+Robert Scott Lovett. who
was yesterday chosen chairman of the
Union Pacific executive committee hos
more than any other man, been cast
INTO prominence in the world of rail.
road finance by the death of f. II. Har.
rlm3n. He is tall self-contained
griInfaced and taciturn Texan. with
taciturnity relieved by humorous
twinkle in his eyes and wagrish
smile. The first impression he make
upon one is Of physical and mental
strength of the Abraham Lincoln tyne
ashington-Contract has been on.
tered into by Uruguay with the Pan.
American Transcontinental RAILWAY
Co., being financed as an initial exten.
sive enterprise of American capital in
that country.
The proposed American capital to be
invested is approximately $12,p0O.0 600
Railways at present operating in Uru-
quay are said to be showing profits az
high AS so per cent of gross.
Acting Attorney General Ellis has
decided that the new tariff law does
not apply to Isthmian Canal zone.
A Pittsburg dispatch says that H. c. /
Frick, with the Mellon interests is
forming an immense steel combination. \
which will control all commodities from
ore bed to finished material. The Nc
Clintoc-Marshall Construction Co. of
Plttsburg. the Mellon and Frick inter-
ests al Butler, Pa, the Standard Steel
Car Co. at Butler the Forged Steel
Wheel CO. at Butler, the Lackawanna
Steel Co. at Buffalo and the Middleton
Foundry Co. at Middleton, Pa, are
part of the combination being formed.
the Standard Steel Car Co. (Mellons
and Frick) yesterday began negotia-
tons for the South Baltimore Steel Car
& Foundry Co. of Baltimore to add to
the string.
New York-In view of President Rip
ley's statement that the corn prospects
in the roads territory promise larger
crop for Atchison than in any pastsH
year, the expectation of an INCREASE in
the dividend is widely entertained In Y
important official quarters intimations
were given weeks ago that in the event
of crops being good the stock would
be put back upon a per cent basis
That United States Steel has been
obliged to purchase coke from outsid-
ers is regarded as a very interesting
sidelight on the activity in steel and
kindred trades
From the fact that Lehigh Valley 1
was active and strong in the PhiladeL
phia market, While Reading was one
of the leaders here, it was surmised
that some important developments
were pending in the anthracite group
Negotiations are under way between
the International Agricultural Corpor-
alton and the Smith Agricultural Chem-
ical Co. of Columbus Ohio, whereby
the latter may join the new fertilizer
combination.
The plant of the Smith Agricultural
Chemical Co. represents an investment
of over 100000 and is the largest IN
dependent fertilizer company in Ohio
If it should become a part of the Inter
national, the output of the latter would
be materially increased. It's phosphats
beds are located in Tennessee.
Boston-There continues to be Q
broadening interest in the shares OF
both the common and preferred stocks
of the United States Smelling, Refining
& Mining Co.
There are market evidences of some
good selling of the preferred stock, the
proceeds being reinvested in the COM
mon. A price of at least $50 per share
is predicted for the common stock with
in the next II months by those well In
formed concerning the eompany's op-
erations.
Chicago-August ore shipments were
7,193,200 tons, breaking the record. inc
seasons total is estimated to exceed
100000 tons
Hunt, Ellis & Co.'S. market letter To-
day will say: Southern Pacific's re-
port for June and IL months ended Jun0
30. 1909 is it's own commentary on w
reserve power possessed by these Inc,
in periods of business depression an
the resultant economies which mus
necessarily be put in force at Tine
when earnings are showing tremendoDs
declines. There has been als'
amount of investment buying OF n.
preferred during the recent decline, ~
several thousand shares are sala
have been shipped abroad. The sto's
is selling too low for the DIVIDEND
pays, and could easily be advanced n,
the SOS. While present earnings Nv.
out little hope of dividends upon w
common, the road is likely sooner
later to become part of one Oh III
larger systems and buying for COM ~.
is likely to be feature. 1t would ~
nish a convenient outlet to the Gun =
ho IIilIr road " 49,