The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-17
BUSINESS AND FINANCE.
NEWS AND NOTES
FOR INVESTORS,

4 UrF cent II inc NAlnt OF IfAfFfF NH'HH ~
one OF the large Eastern cities. shows that
individual enterprises a. well as the big
CORPORATIONS have been %prospering a.
never before. II shows. moreover, why
there has been such demand for money
for other purposes than stock speculation.
The Citizens Southern Bank. the largest
bank In Savannah. has refused 10 accept
as collateral for loans certificates Of de-
posit made out for the Georgia Central
income bonds By the bondhoidefs' protec-
tive committee. The chairman Of the com
mittee says that his will not prevent
them from fighting for the fun amount OF
interest. and IL Is also said that the hank
is allied with the controlling interests IN
the Central OF Georgia Railway. whom the
committee Is fighting.
Having expired by Imitation. The Union
Pacific syndicate which underwrote the
S5.ooo.0o convertible bonds. has dissolved.
Only about 2 per cent. we're sold by the
syndicate managers. while the stockholders
took about I per cent. Of the issue, leaving
the syndicate 10 take care Of x70.0olooo or
the issue TO be distributed among the in
dividual participants. The syndicate under
wrote the bonds At %. ~ which price they
were offered 10 the stoekholdersi less a
commission Of ? per cent bringing the
~ 4NNA - ~ AANN I 49, ~ -
ent at IS 10 s5N.
President George J. Kohuseh. Of the 81.
Louis Car Company. denies the rumor that
his company In about to reorganise. IL
Is stu dickerinR with a French syndicate
for the purchase Of 100000 Of the pre-
ferred. he says.
The bill Of iading committee Of the
American Bankers Association VIII meet
r. Atlantic CITY next Monday to consider
the uniform bill Of ladlng formulated at
the suggestion Of the Interstate Commerce
Commission.
A Syrian merchant, II Is said. bought in
New York yesterday 50,09a shares Of Han
son Consolidated Silver Mining Company
stock and took an option on 5000 ad-
ditional shares.
The enormous decline in industrial issues
on the New York Stock Exchange has
caused much discussion as 10 the outlook
for trade, and prophecies of a recession
such as has occurred I'm the copper
trade. e.. II. Gary. chairman of the board
OF the stell Corporation, says that he pre-
dlcted the falling on in orders in the steel
and iron industry, but he expects a
gradual Improvement as soon as the crops
begin 10 move That will give the rail-
roads more business and win force them to
improve their facilities by ordering more
material. which will cause a general quick
ening OF business. The country, he also
added, was In need OF capital. which could
be had only through a recession, and that
is taking place at present, which Is the
next best thing. according to his view of
the situation.
An increase OF s5s.52s. 4ss in the value of
cotton exported In the eight months ended
August 81. compared with the like months
last year, is shown by a preliminary re-
port issued by the Bureau OF Statistics
The total value of these exports was $685.
494,613, consisting of 4,212, 7S4 bales, being an
Increase Of 1.075,o22 bales.
The European crop report of the Depart
ment Of Agriculture for the month OF
August says that a survey of European
countries suggests a marked decrease In
the production of wheat, as compared with
the exceptional crops of last year. i'm
portant increases being expected only in
Russia (spring wheat) and France.
President Adrian II. Joline of the Mis-
souri,. Kansas and Texas Railroad dis
cusses In his annual report to the stock
holders the general subject of the public
attitude toward the railroads and the
effect on the roads of the requirements
made of them by State legislatures. He
says that, in spite of the increased gross
earnings and the bright outlook for con-
tinued prosperity, the situation of the rail-
roads In the United States is not a happy
one, because of the above reasons.
-
Mr.. Cooper, of Malcolm & Coombe, said
1T is the opinion of a very clear broker
with whom we are o. very friendly re-
lations hat there is the most determined
effort under way to break A~malgamated
Copper still further, to shake out some
holdings. If the effort should prove sue
%cessful and a larger amount of stock
should come out and heavy breaks, Anal
gamated Copper ought then to be a pur-
chase for a quick turn. Meanwhile we
prefer to let it Alone"
All grades of copper were again reduced
today y cent In both bid and asked prices
at the New York Metal Exchange, making
lake l5h016, electrolytic 15@15h and cast
ings 14%@15. The copper situation has
been the most important depressing factor
In Wall Street for two weeks. The demon
s~tration OF the complete inability of the
large producers to control prices under
existing conditions has led the consumers
10 declare that they will not contract for
future needs until the price is settled on a
staple basis. and predictions are freely
made Of 12-cent copper before this con-
dition is achieved.
The stronger tone to the copper stocks
today on the New York Stock Exchange
is attributed largely TO the report thai
was current in very strong circles this
morning that a syndicate composed largely
of copper consumers had been formed
with the intention of taking over a large
portion OF the copper metal now hanging
over the market. probably from 100, 900 1I
to 100, 100000 pounds. 1t is probable thai
the purchase would not be made at thu
present quoted price of 15lR cents pei
pound, but at some price nearer Is cents
The consumers themselves have concluded
that 1t would not be wise to nave this
price of copper fall too far at this time
as 1t might react seriously on their owr
special lines of industry. While this re.
port cannot be confirmed, 1t seems to hay,
become current in some very important
circles, and it is believed to be true by in,
terests which would undoubtedly bs
directly Interested in any such transaction
MONEY AND EXCHANGE.
Call money in New York. sos per cent
New York Clearing House statement: Elk
changes. 1920, 914, s44; balances. $12 .542.4 $50