The evening star and Newark advertiser., 1907-07-12

M. n. Hewitt, president OF tue Md6
Metal Copper Company, has been elected
director Of the National Copper Bank
of New York.
In a circular to stockholders accompany
ing dividend checks George westinghouse,
president of the Westinghouse Electric and
Manufacturing Company. announces that
of the 100000 shares of new stock recently
offered to stockholders between $1,000 and
5000 were subscribed and paid for.
A movement to strengthen the prestige
of the New York Metal Exchange in
cludes reorganization of the committee
which regulates the prices. Though the
exchange issues daily a list of copper
quotations few actual transactions are
ever reported. The interests back of the
movement wish to bring about active
trading Of metal on the floor of the ex-
Change.
Charles Gates mas sold his New York
Stock Exchange seat for $4,000 as COM
pared with $500 for the last sale.
1t was asserted that only 100000 of
the s75,000,000 convertible Union Pacific
bonds vert subscribed for. The litiga-
tion by the administration against the
corporation. the tIghtness of money
throughout the financial centres of the
world. combined with the discouraging
movements of >the stock market and the
trouble by such large railroad systems
as the Pennsylvania, the Hill and Harri-
man roads. Is said 10 be the cause.
Atchison's 26o0o,OO0 of new bonds were
not underwritten. The official announce
ment by the rallroad waws that 1881 900
had been bought by shareholders of the
company. A few belated subscriptions
will bring the amount to So, ,0O0.0 900 at least.
In London a s10,oO00o0 loan was under
written for East Indian Railways. 1t
bears interest at 3h per cent. and is under
written at CSC. Details for the new jap
anese loan will not be made public.
Announcement that the report of the
Interstate Commerce Commission on the
Hartman railroads would be released for
publication Sunday caused some covering
Of shorts.
Chandler Bros. & Co. say: I'VE do not
believe any great decline can be brought
about from the present low levels and
think on the sharp breaks stocks should
be bought. The declines in wheat and
cotton show that crops are growing satis-
factory"
The financial statement issued by the
81. Paul road shows surprising gains in
gross earnings while operating expenses
increase very small. The gross Increased
S0l while the operating expenses in
creased only Sc per cent A gain of %. "a
Is shown in net for the nine months of the
fiscal year.
T. A. Mcintyre & Co. say mo genuine
bull movement can be started until the
bond market has been cleaned up and the
money situation and crop outlook becomes
much more assuring What we are con-
cerned is over the money situation which
Is In the most precarious condition we have
had at this stason of the year for many
years past
Bird H. Robinson has retired as pres-
dent of the Mobile, jackson and Kansas
City Railroad and the Gulf and Chicago
Subway, and L. s. Berg will succeed.
Oscar Murray, president of the Balh-
more and Ohio, officia1ly denied the re-
port that his company had made a
temporary loan of S., ,000 600 as a result of
the depletion of the company's treasury
through, the payment of S17.00O,0oo made to
acquire the bonds Of the Chicago Terminal
Transfer
Mr.. Cooper, Of Ma1come g. Coombe, said
I'VE think providing the market saggs Off
little they will be good purchase for
turn. The report, which will be made
known by the Interstate Commerce Com
mission on the Hartman investigation is
the cause of the dullness."
Chicago holders of preferred stock Of
the Knickerbocker Ice Company. of Illi-
nos, according to what was heard in
Wall street are considering legal action to
force the directors of the company to de-
clare the dividend due on July 10. 1t is
not disputed that the company has earned
an ample amount over the disbursement,
but president ]. s. Field, of the company,
says that 1t has been impossible to obtain
quorum.
From the returns for nine months to
March 81 last, the New York City Rail-
road Company did not earn more than 11s
per cent. on the $50, 900. 900 capital stock of
the Metropolitan Street Railway. while the
amount guaranteed yearly is nearly Z per
cent
The presence of 81 $4,000 bushels Of
wheat in farmers hands on July 1. shows
that more than $1,000, 900 bushels of wheat
have been sold since Marchc /, when 206.-
$4,000 bushels Of last year crop were re-
ported in farmers hands. The exact diff
ference is nearly 152, 10000 bushels, and is
nearly equal to the total quantity in
farmers hands on March 1, 1905, when
1853, 900 bushels was reported.