The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-08
BUSINESS AND FINANCE.
AND NOTES
FOR INVESTORS.


A good many people say that the United
States Steel Corporation had paid toe
much money for the majority OF the stock
of the Tennessee Coal and Iron Company
The latter was not considered worth 500
although the market value was s13S, be
cause the pool and the banks which loaned
on II would not let 1t 80 down.
Directors Of the American Cotton on
Company decided to drop the dividend on
the common stock until financial condl-
ions should be In a more normal state.
A statement was issued showing neI
profits for the year. above all charges ana
the dividend on the preferred stock. OF 81
755, s4e. The dividend action was taken
In order to conserve the cash resources
of the company.
Frederick Holder, senior member OF the
Arm of c.. Schumacher & Co. has been
elected a member Of the New York STOCK
Exchange.
For the first time in two weeks copper
metal had a setback. The partial decline
is due to a selling movement In the lead
inc copper issues. TIL foreign demand
which sprang last week suddenly dropped
and the leading. American consumers are
living from a hand-to-mouth policy IN
using up the metal partly because OF tne
.stringency in the market and the uncef-
tain business conditions. The decline was
rather small compared with the sudden
raise during the past W weeks.
Traffic movements on the great lakes,
measured by the volume of shipments
from the various lake ports during Sep
sember. as reported to bureau OF STATISTICS
Of the Department OF Commerce and Labor.
show a 10 per cent. decrease In volume ~
compared with the preceding months req
ord.
The annual income of British holders Of
foreign railway and other securities is but
$50, 900, COO per year. according to the In
come tax returns. The income from DO
nestle railways is $500. 900. 900.
1t is estimated that the total anthracite
production for the current year will ex-
eeed all previous records by 100000 tons.
An official estimate places the tonnage for
1907 at e6.5O0.0O0 tons. The tonnase of the
year to date aggregates 1851, 467 tons.
At the regular monthly meeting of the
Chamber of Commerce in New York A pre-
liminary report was made on the subject
of improving the terminal facilities Of the
port. New Jerseys competition is feared
and this was made a strong point In one
of the speeches at the meeting.
T. II. Ripley. of New York. and a merd-
Der Of the Consolidated Stock Exchange,
las formed a partnership with Abram Z.
Cooper. of this city. Mr.. Cooper was fol :
merly nam ger for the Malcom & Coonioe
branch local office, for the transaction OF
commission business in stocks. bonds and
produce stocks. Mr.. Cooper still maintai5s
his Offices in the Globe building, 800 Broad
street.
Post & F1agg say: 1T is useless to ex-
pect that after such a crisis as we have
been through here, and with such world
wide contraction of credit as has resulted,
that recovery cen take place all in a min
ute, and we must make up our mind that it
is going to be a slow process"
The First National Bank, of Portland.
Ore, has engaged $4,000 additional gold
In London. This makes nearly 100000
which this bank has secured within the
past few days.
Quite an active business was reported to-
day in currency. but rates are practically
unchanged at 2 10 3 per cent. Dealers re-
port an active demand with an increasing
supply, and in some cases dealers are re.
fusing to handle lots of less than $1,000,
-----
Regarding the statement published in a
morning New York paper that the New
York Central and Hudson Railroad Com
pany owes the General Electric Company
SOS, 200. 900. an official Of the General Elec-
trio Company today said; That story Is
q absolutely false. The New York Central
has paid In full for all the electric loco
motives purchased from our company. As
new work under contract is completed the
New York Central Is paying our company
for 1t as soon as the vouchers are pre-
scented in the regular routine manner"
Tho hoard IT directors Of the North
American Company In view of the dis
turised financial conditions now prevaillpg
have decided to defer the declaration oi
the dividend on the company's stock for
the present.
At a meeting of the directors of the
American Steel Toundries COMPANY It IL
the company will declare n cash dividend
Of s per cent. and a script dividend OF %
per rent. to stockholders of preferred
stock. The script will bear interest, It Is
reported, at I per cent. per annum
49,
Trading on he New York Curb Mar
ket today was Of the bull kind. Prices nd
vanced under the leadership Of Goldnel.
Penney and Steel Fourirles stock, due TO
short covering on the formers part and
beneficial r,iinors on the latter.
Call money in New York city loaned as
lew rs D per cent, but very little was
!, ffered at that price.