The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-04

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vestment houses report a demand TOT
high-class stocks from small investors.
This demand has undoubtedly helpeu
to make a number of the small shorts
run to cover, but in doing this these
small investors should buy their hign-
class dividend paying stocks outrlgnt
or on large margins, otherwise tney
place themselves in a precarious stu
alton"
The president of a large banking IN
stitution said: Fortunately the gen
eraI public will not .ollow Mr.. Law
sons advice to withdraw deposits. Ii
ali denositors in the United States were
to follow that advice, every bank N
America would fail. No bank could
realize on it's assets quickly enough 70
pay off all depositors at once. Inc
failure of all the banks in the couh-
try would create such a crash that tne
depositors who bought the securities
would have defeated the very object
which they. sought to obtain"
President Stickney, of the chicago
Great Western Railway. says the run
dividend on the. preferred "A stock
action Of which is usually taken IN
August, has not been earned and may
be passed. or at least reduced.
Grear Northern's new plan of readjust-
ment, whereby subsidiary companies
are to be absorbed. instead OF being
controlled through stock ownership,
was not fully understood, and 1t did
not help the stock n on the market.
Tbere remain no change in the In
ACKNOWLEDGEMENTS and other New
York city traction issues, but their
p~osition on the stock board has been
bettered, due to short covering anu
good foreign buying. The opuiar pc
lief is, however, that receivership Tor
the parent system will be hard to avoid
The blight of the Seaboard Air Line
is probably the worst of the important
Southern railroads. The Seaboard re-
ports a deficit of nearly 100000. There
has been an enormous expansion OIL
onerating expenses. These ABSORBED
1873 per cent. of gross receipts In the
last fiscal e Operating expenses
and taxes together absorbed ~ per
cent. Of gross receipts. In lsoo ope-
rating absorbed but 500 per
cent. of gross receipts.
IT was Just a year ago that Pennsylvania
sold one-half of its holdings of Baltimore
and Ohio stock to the Hartman roads, az
which. time the preferred was bringing IN
the market SO and the common us The
lHSJ SAFE IN Ine COAiiniOh Woo - -"
preferred sc.
Fisk & Robinson in theirs monthly cir
cular say: ''The present is neither a time
for far-breeding pessimism nor for unreal
soning optimism. 1t is a good time to
calmly take account of stock to See where
we really stand"
Forecasts of the earnings of the United
States Steel Corporation for the third
quarter, ending September 30, range around
$4,000 900, a decline of abedt S5,00o,0OO over
the second quarter of the current year, but
an increase Of about $2,000,00O over tie
corresponding period Of 1906
In defense of their recent statements to
stockholders of the American Steel Foun-
dries Company that net earnings OF the
company for the year would be in excess
OF 50. 0,0oO, a figure which the president
of the company In a circular last week
fsaid was "overstated," Swartout & Appen-
cellar. who have been carrying on the fight
for dividends. say that their figures had
been based on the monthly estimates of the
directors as reported to the newspapers.
The total capitalization Of the new rail-
road, Industrial. mining and miscellaneous
concerns filing incorporation papers in the
Eastern States for $1,000. 900 or more dur
ms last month amounted to $685. ,00,
which compares with $50, 100000 in July and
$40, $50, 600 in August of last year.
It was announced offcially that a COM
promise had been effected in the copper
trade. and the deadlock, which has ex-
listed for over FIVE months, had been
broken Phelps. Dodge & Co.. the, United
| Selling Company, and other big producers,
| notified their customers of their willing
ness to concede their demands for lower
prices and that they nave fixed the basic
price with variations according to the
customs of the trade. 1t is definitely
stated. however. by the large selling COM
panies that eighteen cents Is the bottom
price. but numerous buyers assert that
they will buy copper lower than that
The monthly statement Of the public
debt shows that at the close of business
en- August 81. the debt less cash in the
Federal treasury aggregated 1881, 500, 49,, a
decrease for tie month OF $3,O0S, 772.
New coinage for the month Of August
totaled SIS. "a. 240. of which $24.394.2 40 was
gold. s8sS.00 0 silver and $165,0O minor coin.
Bradstreet's weekly statement Of the
worlds available supplies Of grain, figures
in bushels: Wheat stocks in United States
east of the Rockies, decrease, 1.1S0, 900
Canada, decrease 1,176,0OO; total United
States and Chnada decrease 1855. 900. AhOat
for and in Europe, increase 4,40O, 900; total
available increase 2,044,00O. Corn stocks,
United States and Canada. decrease 100000,
and oats, increase 1,117,0W.
After the regular monthly meeting Of the
directors of the Atchison, Topeka &
Santa Fe Railway Company, which was
held today, 1t was officially stated that
only routine matters were considered. The
report for the fiscal year ended June 90
was approved and will probably be made
public between September 20 and Septem-
Der Is.
The American Smelling and Refining
Company has issued a pamphlet report fol
the fiscal year ended April 80, Gross earn
ings were SIS. $780, 5S. increase $1.5S4,175; gen
eral expenses and taxes $763, S54, increase
$S7, 9O7; total deduction S1,470,3S increase
s235, SCI. net $11, 500. 249, increase 81, 257, 31l
employees proft-sharing fund $40, 400, in
crease SOL, 216; balance for dividends $9,914,-
253. increase 81, 140,1 1873; total surplus $13,
397,02s. increase 81. 914, 1853. Adding to this
balance for the common stock the amount
appropriated for new construction and i'm
provement during the last fiscal year there
would be shown an earning power on ths
common stock of 1893 per cont, compared
with 12.s per cent in the previous year.
It is the opinion of conservative interest,
that the recovery in the market may hav,
about reached its maximum for the mo.
meDt, and that prices will recede moder
/ afalu but an anf{xxa ofoot< .-vaho-.o 49,