The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-25
NEWS AND NOTES
FOR INVESTORS.

Directors of the Greene Gold-silver Com
pany nave voted to pass the 4 per cent.
%semi-annual dividend on the preferred
stock. and 1t was learned from official
sources that the earnings are to be de-
voted to construction and development
work.
The quantity of steel rails to be ordered
by the railroads next year will depend
largely upon the outcome OF a conference
held between a Joint committee of the
American Railway Association experts and
the manufacturers Of steel rails. Their
conclusions will be reported to a meeting
OF the manufacturers to be called by Chair
man Gary, of the United States Steel Cor
poration. 1t is said that many Of the
railroads are Withholding large orders for
rails until a satisfactory agreement is
reached as to quality and price.
Secretary Cortelyou. Of the treasury, has
decided to, stimulate national bank circula-
ton by permitting national banks to with
draw government bonds behind public
moneys and substitute for them State. city
and railway bonds. provided the govern
ment bonds thus released are used to in
crease national bank circulation to the
limit authorized by law for every bank de-
string TO take out the additional cireula-
ton.
An early announcement Of a plan to re-
'duce its output is expected from the Calu-
met and Hecla Company. As this concern
mines only pure copper it has a steadier
demand for its product than the other
companies. Additional small sales Of cop
ner on a fifteen cent basis have been made.
The immunity bath given by Judge Lam
dis to the Chicago and Alton Railroad
washed away impediments to the sale OF
that property to the Glover Lenf' sys-
tenn. Under the agreement for the sale,
the GLOVER Leaf" will issue ten-year 4
per cent. bonds for an equal amount OF
Alton preferred stock at par and ten-year
bonds for an equal amount of Chicago and
Alton stock at So. The latter bonds will
draw 2 per cent. for the first five years and
( per cent. thereafter.
Bankers who keep in close touch with
industrial and mercantile enterprises say
that business for the few months will be
large on residue TO fulfilling OF old CON
tracts, but that thereafter there is likely
to be a ~shrinkage.
1t was admitted by the New Haven road
interests that the company would sooI
make its stock issue of $26, 600, 900 to share
holders. The terms will probably be SINH
lar to those previously made known, but
the stock win be offered on the basis Of
1925.
The Boston and Maine Railroad sold4yes-
terday &,oO0. 900 one-year 6 per cent. notes
at or about par, the proceeds to be used
in taking up other short-term notes out
standing, but not vet due.
The Pennsylvania and the Reading both
announce that during October the round
trip fare rate within the State of Penn
sylvania will remain the same as at pres
ent, pending the decision on the constitu-
tionality of the two-cent fare law, which
goes into effect October 1. Where the
be reduced to two cents.
Between the close of the New York
Produce Exchange In Monday and the
close of business on Tuesday sales of
wheat to be exported came very close 20
the million bushel mark. Definite lots
aggregating $3.50 O bushels were announced
and members of he grain trade are
convinced that sufficient sales-not openly
ACKNOWLEDGEMENT made to bring the total
above the million figure.
Directors of the Lake Superior Com
pany have decided to suspend payment Of
interest on the $780, 900 5 per cent. in
come bonds issued under the recent plfn
of reorganization. The suspension is due
because the money Is needed to conduct
the business.
That the New York stock market will
continue to f1uctuate within comparatively
narrow limits, and be largely professional
for some time. is generally believed by
prominent interests. In fact, 1t Is very
evident that the stronger banking ele-
ment Is not inclined to any
big bull speculation for some time to
come, believing that the money market
is hardly In a condition to warrant 10
with inactive speculation in stocks.
President Mellen, of the New Haven
system, in speaking of the proposed new
issue Of $26, 000, 900 in stock, says that there
will be no underwriting syndicate, as he
expects the stockholders to take all of
the new issue.
Post & Flagg say: AFTER the recent
improvement there seems to be no desire
to force prices further upward at the
moment, and with the Standard OIL and
traction investigations going on, the mar
ket has assumed a waiting attitude. 1t
will do no harm to go cautiously for a