The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-23
BUSINESS AND FINANCE

NEWS AND NOTES
FOR INVESTORS.
A Chicago dispatch says E. Fl. Har-
riman is going to spend 100000 in an
advertising campaign.
The General Electric Company has sold
its entire issue of $1s.Ooo,oOO 5 per cent.
1O-year convertible bonds.
Steel trade experts say that the actual
buying and selling of steel and iron
products is now at the lowest ebb in W
years.
A petition is being circulated by mem
bers Of the New York Cotton Exchange
requesting the managers to amend the by
laws by striking out section 81 and sub
stituting a provision to make the men,
bership of the committee of revision Of
quotations to spot cotton consist Of seven
teen members, ten to constitute a quorum.
A special meeting of the stockholders of
the Esperanza Central Sugar Company
has been called for July 20 to elect directors
and to vote on propositions to increase the
capital of the company from $4,000 to
81, 200, 1000.
The Buffalo, Rochester and Pittsburg
Railroad Company will have a hearing by
| the New York State Public Utilities Com
mission on next Monday on its application
for authority to issue 81, 800, 900 additional
equipment bonds, under agreement with
| the Guaranty Trust Company Of New York,
to put out $s,Oo0.0o0 Of such an issue.
The National Nonduff ConnanV a IarRe
consumer of copper, came out in a state
! ment with the intimation that the pro-
| ducers would have to lower their price
still more before buying would begin.
A rumor circulated in financial centres
says that Frederick D.. Underwood will
shortly resign as president Of the Erie
Railroad, and be succeeded by Samuel NJ.
FELTON,, now president OF the Chicago and
Alton. Mr.. Underwood has been president
of the Erie since 1901, and has done much
good for the road in his time.
Conditions remain unchanged In the bond
division Of the New York market. While
in some quarters dealers have reported a
better feeling and some little absorption,
Others reported that they could detect no
change and no disposition on the part of
financial and investing institutions to buy
anything except a few short term notes.
Bond business on the Exchange certainly
indicates no change.
1t is said on good authority that the re-
celpts of the Delaware and Hudson Com
pany for June showed large gains. amount
ing to several hundred thousand dollars.
-
Exports of cotton from Egypt were 500, $50
bales, of approximately $50 pounds each,
from September 1. 1906, to June Is, 1907, or
1,2S4,0OO bales of 500 pounds each. OF these
the United States Is credited with $4,000
bales.
Many Of the Westerners who were bear
ish a few weeks ago are buying stocks at
present, having become convinced that the
crop situation has improved.
For ten days United States Steel COM
mon hts been more or les of a puzzle to
certain traders. 1t has moved upward and
downward without special reason apparent
to ordinary observers, and by Its varia-
lions has provoked a conflict Of sentiment
and theory. Under such conditions the
clique OF brokers who have been manipu-
lating this stock, always working for
lower prices from time to time and by the
depression to spread suspicion as to the
position Of the corporations business and
the iron and stee, trade as a whole.
The new clearing house of the Chicago
Mining ard Stock Exchange will begin
operations July %.
JUNE payments by the Pennsylvania
Railroad lines east OF Pittsburg TO the EN-
~Eployees' relief fund amounted TO $10e. 634.
Mr.. Cooper. Of Malcolm & Coombe, says:
w have much confidence In the future
Of the msrket. With the large crop re-
serve and fair crops to come. the Western
contingent have become bullish, indicating
their course. Prices will advance In our
estimation all this and next month with
natural reactions, when purchases can be
made conservatively TO profits"
An important interest in the ST. Louis
and San Francisco Railroad Company says
that c. r. Gray is to remain as vice-presi-
dent of that system. According to recent
rumors he was to succeed 8. M. FELTON, as
president of the Chicago and Alton Rail
road Company. So far as can be learned
no plans are under consideration which call
for the retirement OF Mr.. FELTON, from his
present office. There Is excellentA reason
for believing that there Is no truth what
soever in the rumor that he is to become
president of the Erie Railroad Company.
Naturally the character of today's trading
oNA ~ hNAto ~ III tiiC
future of the New York stock market.
Everywhere 1t was freely acknowledged
that the transactions were conducted by
professionals even to a greater extent than
most of the time last week. The large
operators, who have been such important
factors in previous speculative markets, are
still disinclined to participate in the pres
ent movement except in a very small way.
Theodore H.. Price issued his usual
monthly report on the cotton crop. 1t.
makes the average condition 7S.8 against
69.2 a month ago. The prospect is now for
at least an average production upon prob
ably the largest acreage ever planted.
Post e. Flagg say: THE short interest
seems 10 have increased Of late and this Is
technically helpful to the upward move
ment, ms not much long stock gems to
have been brought out on the advance.
There is still a general consensus of opin-
ion that the crop outlook Is steadily I'M
proving, but the greatest diversity Of opin-
lon prevails as to the prospec for he
money market in the autumn