The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-20
AND NOTES
FOR INVESTORS.

FOR INVESTORS.
It is understood that within a few days
a large amount of money will be trans
ferred to New Orleans and other points for
cotton crop moving purposes. Already this
week $4,000 has been transferred 10 New
Orleans.
The Westinghouse Electric and Manufae-
turing Company has put out a new loan
issue of $4,000, 900 ten-year 5 per cent. notes
In Paris, dated August |, 1907. The security
for the notes consist of bonds of the Rus
sian, French and Canadian Westinghouse
Companies, and the proceeds are to be
used by these companies. The notes are
to be sold by the societe Generate de
Paris.
Swartout & Appenzellar, who are work
ing for a dividend o n the preferred stock
of the American Steel Foundries Company,
say in a circular just issued to stock
holders that the annual report of the COM
pany~ and the personal assurances of the
directors satisfy the firm that a first divi-
dend at the rate of 6 per cent. will be de-
elared at the October meeting of the
board.
The Mormon Church is going TO help
David Moffat, of Denver. build his 500
mile railroad from Denver to Salt Lake
City. About 125 miles is already finished.
Another interesting rumor in circulation
in Wall Street was that J. p. Morgan has
bought at private sale 10000 shares Of
Union Pacific, and that he was trying to
procure control of the system. Both OF
these rumors were emphatically denied at
the Office of j. p. Morgan & Co.
Many prominent Western and southern
banks are applying TO New York for re-
discounts, and New York banks say h
the demand from those sections of the
country Is much larger than usual.
Estimates differ as to the amount Of con-
per metal now being carried on money Dor
from the banks. Some estimates
run as high as $50, 900. 900 pounds. while
200, 900, 900 pounds Is generally accepted the
more correct figure. Consumers expect TO
see this large amount of metal forced upon
the market at any time for my price 1t
best will bring. Predictions are now made
that the metal will be selling at ten cents
a pound.
Rumors OF all sorts bob up with the rally
in prices of railroad stocks. The latest Is
that some OF the leading railroad stocks
which have had fair rallies are going to
ttAOA @nEC Aiitl I'll hAeohi Vii ~
Such talk Is absurd to the conservative. It
would be very unwlse for any corporation.
either railroad or industrial, to increase its
the coming year for many rea'
sons. Much litigation and agitation by
legislatures and the Federal government
against the railroads In the reductions of
passenger and freight rates, and unlawful
practises will be shown up and the present
in business has forced leading
industrial corporations to abide by the
most economic basis.
THE chief factors in the money market
for the next three months" said a banker,
will he the movement Of the crops. espe-
cially the cotton crop. and the operations
of the United States Treasury. The Treas
ury operations will include the ordinary
receipts and disbursements of the govern
ment and the distribution by the secre-
tary of the Treasury of public funds as de-
posits In national banks. The movement
of cotton to market has hardly begun, but
reports from the South indicate that it will
be soon In full volume, and with this years
mig prices for the staple, the amount
needed to move the cotton crop will be at
least as great as last year and probably
greater"
a. v 1 &GnlIai GAdiTOdu mas TOW
nearly $4,000 stockholders. Since the heavy
decline in the stock from March to the
resent date fully 5000 names were added
to the stockholders list.
Henry Fl. Rogers Is said to have become
very sick because of the heavy financial
burdens he has been forced to sustain in
connection with the Tidewater Railroad
property. He appealed to the money mar
l<af ocf cnrtnr 81 l.. -
of interest estimated between s to 10
per cent. for a $40, 200, 900 loan. This can
explain part Of the absence of protection
to the copper stocks SO far as he is con-
cerned.
The option on a controlling interest in
the stock of the New York Air Brake
Company, which has been offered for son,c
time past, presumably 70 the Westing-
house Air Brake Company, from Septem-
Der Is to November
Chicago bankers do not thlnk there is a
startlingly large increase in loans by West
ern banks. 1t is pointed out that the
loans for Chicago banks, as printed Au-
gust % for the period ended August 20
were s245;66 664, as compared with SAP
444,S51 for the period ended May 81. De-
posits as published May q were 1857, 257 997,
as compared with the August 90 state
ment Of deposits $3e2, ss7, 125.
Joseph Ramsey, jr., formerly president
of the Wabash system, is in New York
attending to details connected with the
New York-Chicago Railroad enterprise.
In an interview he said that the Wabash-
Pittsburg Terminal Railway line regard
ing the construction of which he at one
time severely criticised, has justified the
management by the results that were De-
ing obtained. He also does not believe
that the coal roads can be Invested of
their properties and the present credit
situation is due to the political uncertainty.
Another move on the part of the East
ern bondholders of the Chicago traction
companies TO illustrate the plan for the Is
suance Of rehabilitation bonds which
have priority over existing bonds is to Re
made within the next day or two in the
share Of a motion before the United States
Circuit Court for an injunction against The
receivership of the companies.
Directors of the Anaconda Copper Com
pany meet next week for the purpose Of
taking action on the dividend. It Is be-
lieved that in view of the demoralized
condition of the copper market a radical
reduction will be made in the rate. Certain
interests are predicting a decline to 81 OF
$1.25 a share. the last disbursement wa:
$l.75 a share.
Mr. King. of Eise,e q King. saws: ''Tht