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

Forty charters for new natlonal Dank'
were granted during July. There are nov
$3.50 national banks In the country. INT
total circulation Is $63, S95,ss6 and the au-
thorized capital 5000. 405, no,
The Iron Age says: ''The July output Of
coke and anthracite coal pig iron wai
somewhat disappointing. According to tins
returns received, the production In july
was Z, 1853. 6S2 tons, which is 1888 tons pei
day, as compared with 2~.2S4,375 tons IN
June, at the rate of 74,4S6 tons per day
The steel works furnaces were chiefly re-
sponsible for this, the output having peer
1,452,5S7 tons in JULY compared with lSh-
2O tons in June"
Only routine business was transacted at
the meeting of the Erie Railroad.
The money market is beginning to look
ugly. There is an abundance of call money,
but it is not in great demand. Time money
is In good demand, but az almost pro-
hibitive prices. Rates are about l per cent.
higher all around than they were a year
ago, and the banks are not In as good
condition as they were then.
A. II. Davidson, president of the st.
Louis and San Francisco Railroad, said
thatAhe saw no signs of a business recess
sion In California. In July the San Fran
cisco lines Increased their gross receipts
nearly $500, 900.
The Butte and New York Copper Com
pany. of Butte, has found that a com
munity of interest is of benefit In working
mines. Forty per cent. of the employees
are now stockholders in the company, and
they take an intense interest in its pros
perity.
Dor,,1b t{ooe hox,o haa, fcantn1 hv fhQ Seq
rotary of the Treasury TO govern disburs-
ing officers after September 80, 1907, and
restrict cash payments. Discussing Off
GERS checks are to be accepted by auditors
as satisfactory receipts for expenditures,
but exceptions are to be made where the
law requires a different procedure.
The average price for industrials at the
close of yesterdays business was about a
point under that made in the March panic.
They rallied 10 points from that level, and
have now gone back about II points.
Shelters, Amalgamated Copper, Sugar and
General Electric are among the prominent
industrials that have sold lower than they
did in the panic.
Stockholders of Wells. Fargo & Co. hold
their annual meeting today. Since the
contest between the minority holders and
the Hartman control at last years an
nual meeting, which resulted In a victory
for the management, the controlling in
terests have further fortified themselves
in their position. Up to date this year no
organized opposition has developed. and it
Is believed that the directors hold proxies
for considerably more stock than is neces-
sary to control the meeting.
In open market. copper sold yesterday at
1914 cents a pound. The open market
rate is now 21S cents lower than the estab-
llshed prices by Phelps, Dodge & Co. and
the United Selling Compang o three
weeks ago. Copper sold in London at a
price equivalent to 1874 cents a pound in
New York.
Rumors that the Western Maryland is
to be sold and that the probable pur-
chasers are the Pennsylvania, the Reading
and the Baltimore & Ohio railroads were
received in Baltimore with incredulity, in
view Of the positive n emphatic pro-
visions against jusx such a sale in the
ordir zee under which George j. Gould
obtained possession of the Western Mary
land in 1902.
Mr.. Cooper. of Malcolm & Coombe. says:
1.-THE break has impaired margins, and
We look for further liquidation before the
atmosphere clears."
American Sugar stock has been pounded
severely on the New York Stock Exchange
on the strength of a rumor that the fed
eral authorities would be able to get an
other big fine for sugar rebating.
The Traction arbiters have decided to
announce their plan for reorganization Of
the Union Traction Company. of Chicago.
and its underlying companies into the
Chicago Railways Company.
The directors of the Colorado and South
ern Railway Company are scheduled to
meet today, but 1t is understood that no
action on the dividend question will be
taken. President Trumbell is expected to
return from Europe early next month,
and at its September meeting of the board
the question Of dividends will be settled.
Price Current says: "The situation and
outlook for leading grain crops are not
essentially changed, corn making rapid
growth and progress. Maturing period for
oats favorable.
It is pointed out by conservative stu
dents Of the situation that the most i'm
portant financial and corporate interests
III WIS couHlry are no petter dOle 10 10TH
a. current opinion of the outcome of the
present situation than Is the ordinary
student of affairs.
Post & Flagg say: when the market
will turn 1t is lard to say, but the short
interest is getting very heavy and the
price level as low or lower than during
the panic of March, and his should soon
prove attractive to purchasers who always
are on the lookout for low figures"