The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-01
NEWS AND NOTES
FOR INVESTORS.


About 5000 900 in quarterly and semi
annual dividends were disbursed today on
st. Louis listed securities. This is the
largest melon cutting in July In the his
tory OF the st. Louis market.
The iron and steel market continues to
hold Its normal strength. No important
transactions in pig iron are reported, but
consumers are becoming more insistent
FOR shipment on existing contracts. The
movement in steel bars has been steady.
1t is estimated that the agricultural in
terests have about covered for their re-
quirements.
For nearly eight days the advance in the
New York Stock Market has been up
ward. with but one check in its tendency.
Prices have reached a level where in
vestors who nave money and who have
not been using 1t thought they could de-
rive good profits by buying the high-class
standard dividend stocks, receiving the
quarterly and semi-annual dividends
which are disbursed this week. The mar
ket itself was purely professional, and the
advance without any setback is due
largely to this element
The situation in the local securities mar
ket is becoming more serious every day.
Although the prices are bid up now and
tNS' ai6 lew. - low jus
by any broker or investor will put prices
up a few points. The local market is as
stringent as 1t could be. There is very
little to borrow on good collateral for
stock and bond investment purposes. The
action taken by the Public Service Cor
p%oration in declaring a 4 per cent. annual
dividend has only helped the market senti-
mentally.
The outlook so far as the international
market is concerned is in a better condition
than 1t was q week ago. The London set
Element went through without a furry and
only one small failure was announced. The
Paris situation Is fair, but the Bank of
Vienna has been Obliged to raise its rate
OF discount to prevent Berlin from taking
away a large part of its gold supply. The
situation in the latter place was anything
but good. The situation In Egypt is be-
coming clearer, but evidently a large
amount of unsatisfactory securities have
been circulated there, causing SOM large
gold buying on their part. This is being
taken care of by the Bank Of England, and
for the past few days affairs have become
better there.
Saturday was the end of the gold export
movement, In which we have parted with
$25,000,C00. Exchange reached a level where
the metal could De exported with good
PiOiltcs 81 tue iulGEHdttOHdl HOUSES lOoh
advantage of the situation. During the
middle of last week a decline set In on the
foreign exchange market under the pres
sure Of finance bills, and gave the shorts a
chance to cover, practically ending the gold
export
1t is officially announced that the Chesa-
peake and Ohio Railroad Company has
sold $5,oO0.000 three-year 6 per cent. notes
due July 1, 1910. The notes will be secured
by Sc, 500. 900 of the proposed issue of s10.-
COCO O Chesapeake and Ohio Railway
Company general improvement and equip
ment 5 per cent. bonds.
T. A. Mcintyre & Co. say: I'VE are in
clined to adhere to our conservative policy
and advise refraining from loading up
with too much stock until the general
situation and outlook and the underlying
conditions surrounding the general market
become clearer and much more reassuring
than at present. OF these, the position
Of the money market and the outlook
for the cotton and corn crops are most
important, and they should continue to
receive the most careful attention from
the generality of investors as well as the
speculative element"
The United Electric Company, of this
city, which is a subsidiary company of
the Public Service Corporation, has de-
clared an initial special dividend Of 5 per
cent. out of its accumulated stock.
Coincident with a decrease in the out
put of telephone instruments there has
been a steady stream Of new telephone
securities, a fact that has engendered dis
cusslon of the dividend prospects of tele-
phone companies. According to the con-
sensus of opinion and statistics the new
stock issues may not injure dividend pros
poets.
j. S. Bache & Co. say: Indications point
to higher prices in the immediate future"
Figures compiled by Collector of Gus
toms Stranahan at the close of the fiscal
year 1866, with comparisons. show that
fully 1884, 0 900 more of duties have been
collected at the port of New York during
the fiscal year closed Saturday than dur
ing the preceding one. The receipts from
all sources last year was approximately
$500, COO, 900, compared with this years 1928,
900, 0O0.
On the heels of the meeting between the
railmakers Inc rail consumers at New
York there came out in Pittsburg some
detail of the much-talked-of Cassatt rail,
which the Steel Corporation people in
F1ttSourg nave been experimenting with al
the expense of the Pennsylvania Railroad,
and for the manufacture Of which the
railmakers have demanded S. a ton ad-
ditional.
Henry Clews avs The outlook Is for g
quiet market until after the Independence
holidays. There are many prominent alb
s%entees, and this contributes to inactivity
Should we continue free from unfavorablt
developments, confidence ought to gradu'
ally recover. The future depends largely
upon the course of money and the crops'
favorable developments in these quarters
being likely to be followed by better
prices for securities and vice versa"
FOOLS DJEWELEF