The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-09

until further notice all transactions in
Great Northern Railway subscriptions re-
celpts for new stock shall be seventh in
stallment, So per cent. paid.
Directors OF the AmaIgamated Copper
Company will meet next week to take ac-
tlon on the quarterly dividend. Copper
men believe hat the dividend will nos be
unchanged. II is figured that even with
copper selling at % cents a pound 1t will
be earning about II per cent.
Because of the money market not being
in a position to warrant a successful flo
tation of equipment notes, directors of the
New York Central road nave decided to
walt at least two months for a large is
sue of these notes. The company has
enough funds on land for current needs
and they believe by waiting two months
they will float securities at a much better
figure than they could now.
Notice has been given to the stockhold-
ers of the Brooklyn Ferry Company that,
default having been made upon the inter-
est on the first consolidated 5 per cent.
mortgage bonds, three men have consented
to act as a protective committee for the
stockholders. A similar committee has
been formed to represent the bondholders.
Va tAC inv
Railroad Company. announces that
the company has provided forms of reaui-
sitions for making subscriptions to the
new twenty years 4 per cent. convertible
bonds. and suggests that bankers. brokers
and others intending to subscribe would
do well to obtain these forms.
Alfred Mestre & Co. say: eve believe
that the short interest has been pretty well
eliminated. which will leave the market
vulnerable to attack by the big traders.
Prices may resume their upward course.
but we believe that sales on bulges will
prove profitable. Money market conditions
are precarious."
Japanese bonds are weak in London a
fact widely commented upon by bankers.
The strike talk of the Western Telegraph
Company in the West and the probability
of the next dividend has caused quite n
drop in the price of the issue. Yesterday
it fell Az points.
According to figures compiled by the Rail-
way Age thus far In 1907 the railways have
been able to meet their obligations and
maintain their solvency. with the excep-
ton of five small roads. whose embarrass-
ments began long before the beginning of
the year. The total length of these lines is
PIT miles, the bonds involved aggregate
81. 10000 and the nominal capital Is s.. 49,
eco. Compared with the r~eceivership record
for the six months of 1906 the number of
the roads is the same, but the mileage Is
thirty-three miles more. but the capital
involved is about one-eighth of that seek
ing receiverships in the corresponding pc
rlod a year ago.
The New York money market has an in
teresting, not to say strenuous. period, i'm
mediately ahead of it. The American
Telephone and Telegraph syndicate has
called for 10 per cent. on Wednesday on the
sl00, 000, eco bond issue, and on the same day
20 per cent. is due on the Union Pacific
bonds. while the national banks of the
country have to return S27 ,o00.0 600 govern
ment deposits, of which New York banks
hold $4,000, 0G0. but in addition will have to
turn in considerable amounts for out-of-
town institutions.
The big Mexican railroad merger will be
brought out some time In the future. The
plans are perfected, but it Is left to the
Judgment of the bankers involved when to
make 1t public.
1t developed that the heavy receipts OF
wheat at Minneapolis are nearly all of old
grain. The new crop is not coming In free
ly, owing to the backwardness of the
season.
E. n. Gary, of the Steel Corporation,
said that the business for the first six
months of this year was fully equal to
that of last year. When asked about the
increase of a dividend on the common stock
he declined to give an answer. but he said
that it was always the policy of the COM
pany to remain strong In cash.
The Wabash Railroad has arranged for
m pXtapeiOn of SQS0 ono of tha SS2S ono q Ner
cent. notes of the Buffalo Terminal Asso-
citation notes, which were due June 20, for
one year at ) per cent.
1t is said that the Chicago Union Trac-
ton Company will bring out a rehabilita-
ton and betterment bond issue of about
SIS, 00O.000 or 500 0 600 coincident with the
announcement of a successful termination
of the difficulties and friction between the
different sets of stockholders.
The June statement of the' British Board
of Trade shows a decrease of SS55,0O0 in
imports and an increase of $l2, 1853, 500 in ex-
ports. In imports the falling off was in
food and manufactured goods, but cotton
from America increased nearly $5,0O0,OOo.
In exports the gain was principally $780,
coo In coal and 5000, 900 in manufactured
goods.
1At itAhS IldlltOdu SOhhhAASoAOh .
sued a notice of a public hearing on August
Is to consider a proposition to reduce
freight rates on cotton In round bales.
Heretofore the round-bale shippers claimed
an advantage to the railroads, of ten cents
a hundred pounds.
Bradstreet's reports wheat stock east of
the Rockies increase 5000 bushels.
Canada stocks decYease 1,l6S.O00; total
United States and Canada decrease $50, 900.
Afioat for and in Europe decrease ~5.5oo,Oe0;
total available decrease, 100000. Corn in
United States and Canada decrease $1,000.
Oats decrease, !, 294,0 600 bushels.
1t is estimated that the finished steel
production of the country In the current
year will run close to $ 1000, 100000 in value,
the largest in the history of the iron and
steel industry.
1t is believed in various quarters that
the S1o.09O.000 Miner Smelling Company,
which has been Incorporated under the
laws of Maine. intends ia construct a 5000
ton smelter in the Salt Lake Valley.
MONEY AND EXCHANGE.
Call money in New York 6@s per cent
New York clearing house statement Ex-
changes, S309, 1853, DOS: balances, H.773. 1856;
sub-treasury debtor for 81. 1918. Sub
treasury pnir VI 80 5n3 00O. hut since Fri