The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-17

Stockholders of the Metropolitan surety
Company have voted to reduce the capita
stock from $4,000 TO 25o.o0o.
1t is said officially that no formal action
has been taken by either the executive
or board of directors OF the Atchison
Santa Fe Railway Company regarding tbs
disposition of the unsubscribed remainder
of the $26, 0 1000 5 per cent. convertible
bonds. the first installment of which WAS
payable last "Wednesday. 1t is understood
that private offers have been made for
blocks of these bonds and that several OF
these offers have been accepted.
Copper broke again yesterday. declining
three-fourths of a cent u pound on the
New York Metal Exchange. The COM
b~ination has not yet announced publicly
the reduction, but tho consumers bid Il
cents a pound. and they do not buy copper
at that price In large quantities. In Bos-
ton lake copper sold for 20 cents a pound
and In London yesterday 1t sold down TO
the equivalent of 1872 cents in New York.
Dick Bros. & Co. say: THE market is
bearing out our recent predictions OF IT.
regularity and an upward tendency. We
expect this to continue, and advise the
purchase of representative shares on all
moderate receesions.
1t is eonservatively estimated that there
are more than $500, 000,0 in cash on de-
pcsit in the national, State and private
banks of Texas. II Is proposed that Il
portion OF It shall be used for the con-
of new railroads In the State.
Reports that Morgan interests had
bought 100000 SHELTERS from the Guggen-
helms In March excited much comment.
1t Is regarded as a bull argument on the
stock by those who have regarded the
G~uggenheim position somewhat extended.
It is said that they secured the stock at
par. The low price of Shelters in the
March panic was 1914.
All the steel companies, with few eS-
ceptions, show an increase in untitled ton
mage as compared with a year ago.
-
F. Augustus Helnze, president OF the
Mercantile National Bank of New York.
Is probably the only bank president in
the United States who serves without
From what cables say from Germany
prominent bankers in Berlin will probably
negotiate a foreign loan in America for
the purpose of relieving the domestic
money market in Berlin.
Another circular has been issued to
stockholders of the United States Express
Company by the committee which has In
charge the campaign for increased diyi-
dends. 1t Is charged that the directors
obtain returns from subsidiary concerns
which derive susterance from the United
States Express Company.
Robert p. Lamont, vice-president of the
American Steel Foundries Company, says
the stockholders are wrong In asking the
company for dividends. He also says that
business has been very good, but the divi-
dend question is left entirely to the direc-
who are not amateurs.
That the 205,0 100 employees OF the United
States Steel Corporation are getting q fair
share of the income Is evident from a
review of the corporations operations from
the time 1t began business on April ], 1901,
to June 30, 1907. In that period the corpo-
ration disbursed in wages and salaries APP
proximately $76s, 900, 600 and its dividend
payment to stockholders aggregated $24i.-
900. The ratio of dividends to wages
and salaries paid was approximately 80
per cent. In brief, the amount paid to en-
exceeded the amount disbursed to
shareholders three times over.
Mr.. King, of Eisele & King. said: The
market looks good and should do better.
with a reaction now and then. Union Pa
cifc Is the barometer of the market and
way this goes the market will
This is a good traders affair and
profits can be made e~onservatively either
j. j. Hill will return to the West today.
he arrived in New York the other
day rumors were rene wed about the Bur-
lington deal, but Mr.. Hill says there is
In 1t.
A shrewd observer of the stock market
when asked his opinion of the character
Of transactions today replied that APP
the market and conditions which
it are gradually getting nearer to
the point where active trading will be
Justified. He is inclined to believe that
Tor some little time money will not be
my tighter than 1t is at present and that
tendency will be toward easier con-
litions in that market. He thinks that
( confidence could be restored the trad
in stocks and bonds would soon be
considerably larger In scale than it has
been for some time. 1t Is his opinion that
he actual supply of money is much larger
Than appears from current reports. He
thinks 1t is simply being held In reesrve
&ttA Vi III n&AAA M VI
corporate nffairs.
Preliminary returns from the Northern
Pacific Railroad show that the surplus
FOR the fiscal year will probably amount
to more than $3.50 Oo OGe The earnings Of
The road are said to nave increased dur
Ing the last year az the rate Of 81. ooo,OoO
a month.
Mr.. Cooper. of Malcolm & Coome, said:
ut is undeniable that the existing situa-
ton offers opportunities for good returns
on capital, and when confidence returns
and the demand for capital outside of the
security markets slackens, in this fact
will probably be found the key to the
movement of prices, provided corporation
profits are not seriously curtailed. The
reaction III the stock market last week
was caused by an extraordinary collection
adverse news. but toward the end of
the week resistance to further declines
became marked and the market closed the
week under a renewal of somewhat con-
ndent buying. Our opinion remains the
as that expressed In the last two
letters, namely, that it will be found
prontable to purchase stocks whenever
occur
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