Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-05-06
Days Financial
News and Gossip.

oOStoU--l ne directors Oh the quincy
Mining Co. will meet in the next two
or three weeks to tax action on the
quarterly dividend due for payment in
June. Three months ago the quarter
~ rate WIS Increased from 81 IT, $3.50
and Il director states that the next divi-
dcnd will probably be at the increased
rate.
There is unquestiunably a more con-
fident sentiment in the highest financial
circles. One reason is ihc improved
situation in London. The Bank of Eng
land has not only apparently satisfied
its requirements, but London and Paris
bankers are again buying of American
securities in quantity. This would
seem to be proven by the sharp weak
ness in sterling exchange.
Chicaso-Pres. Sunny, of Chicago
Telephone Co. says: There are two rea-
sons for the decline in Chicago Telc-
phone from Is, to 100. One is the I'M
certainty in forthcoming fixing of rates.
and the other the fear of automatic
competition. Rate adjustment is not
likely this. summer. and we do not fear
competition.
New York-Ranfall in the surplus
state of Iowa, Missouri. Kansas aud
Nebraska some portions of which had
not had rain for 80 days, puts corn in.
the best of position. All these are sur
plus states for the main cereals, and
timely rainfal,s puts u different phase
on the prospects of the railroads which
depend upon the crops for their traffic
Even winter wheat, which is within
80 10 30 days of harvest in Kansas. will
be greatly benefited. Most of the corn
has been planted SO that the moisture
will give it an excellent start. These
four states produced 10000 900 bushels
of corn last year, 10000, 900 bushels Of
wheat. and 235.oOO,O0O bushels Of oats.
Chicago-Diamond Match stockhold-
ers have noted down q motion requir-
ing directors to call a special meeting
to authorize increase i'll capital stock
whenever they deemed earnings suff
Cient to pay dividends on per cent.
basis
New York--H. F. Dawson. of J. P.
Morgan & Co. sailed Wednesday for
Europe on the Adriatic.
John Hays Hammond has gone to
Mexico for "a months inspection trip,
London--TotaI quality of coal export
ed from the ports of the United King
dom in 1903 amounted to 63.076. 739
tons. 1850
New York--World's visible coffee sup
ply us of May totalcd H,57O.24S bags.
decrease 3S9,d4i from April L.
New York-.Thc average price of 70
active stocks at the close "Wednesday
was 119tS, an advance of 1888 compared
with Tuesdays close. A year ago the
average was 123.SS.
New York.-'i'hc Iron Age says: Sharp
curtailmcnt in iron production is shown
Twenty-four furnaces were blown out in
April, and 10 others have gone out since
May /, or are scheduled for early clos
ing. Production in April, a 30-day
month, wds 2.4S3.7G3 gross tons, or 81
1872 a day, against 2,6i7,949 tons IN
March. or S4,i59 day.
Daily capacity i'm blast May J was
1868 tons. against $3.50 April 1. show
ing that production is 5000 tons DAY
less than u month ago This represents
q reduction in yearly rate of 2soo'oVv
tons, indicating that production OF d"
kinds of iron is now at the rate oil W.
loo. 900 tons u year. Furnaces about ="
go out represent 100000 tons year, ~
that by another 10 days production wiz
be 10 per cent. less than on April j.
New York-Judge Holt has conllriheu
the proposition by Ennis & Stoppanl az
accepted by majority of creditors, io'
Is per cent. in cash and IS per cent ~
four notes, three for 20 per cent eaoh'
payable six IL and 18 months ai''
confirmation and the fourth for 20 p''
cent, paya able "A months after date
New Notwithstanding, Thalman
say negotiations have been concludeu ~
listing the s125.0OO,0O0 National na A.
WAYS of Mexico second preferred on .ne
official list of the Paris Bourse p"'
auet" next Monday. o
New York-The New York AIheioa
financial, discussing market condiuo ,a
comments: The public has not su .
much stock in the recent break
selling has been from one banking ih'e
est to another. 1t might more prope
be said to be from one railroad ih'.
est in particular to a large bankihs -,
terest. The professionals have also so'N
freely. 40
New York-Local refined sugars
quoted on the basis Of $50, less ! ~
cent, for standard granuiafes@ an ~
sao " ~ .REACON"