The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-30


A large New York firm has advised
It's customers to convert all their m
dustrial stocks into railroad stocks.
The theory is that a depression in bust
ness will produce a much greater ell
feet upon stocks like United States
Steel and Amalgamated Copper than
upon high class railroad stocks.
The Kansas City Railway and Light
Company has sold to New York bank
ers $4,000, 900 of s per cent. notes. The
proceeds will be used to redeem $4,000
600 of 5 per cent notes maturing De-
cember 10. and for other purposes.
A representative of the chicago and
Northwestern Railway Company says
there is no truth in the report from
Tacoma that the North Coast line, now
being built between Spokane and Port
n represents a Pacific Coast extern
sion of his company.
It is said on good authority the net
earnings of the New York Central Rail-
road Company for the second quarter
of 1907 will show a surplus beyond the
quarters dividend requirements. 1t is
understood that the gross earnings for
July Will show an increase of 500, 900
over the corresponding period of last
year.
Cable advices received through Berlin
give details of the financial crash that oc-
CURED In Japan several weeks ago. 1t was
due to over speculation in industrial securi-
ties, and the effect was only local, 1t
began in January and culminatcd In April.
The tea and silk crops are very abundant
this season, and Japan is enjoying general
prosperity.
Nipissing, the mining stock which caused
such a boom in mining shares on the New
York curb market, sold down to Sc, the
lowest price since the decline set in. APP
p~arently everyone was anxious to get out
of it. as they were to get in it a year ago,
when it sold as high as 81. or about 700
per cent. over its par value. The public
has lost millions in 1t since the Guggen-
helms refused to exercise their option.
T. A. Mcintyre & Co. say: The money
situation, as we understand it from con-
sentative bankers, is calculated to preclude
the development of any renewed bullish
activity in the stock market, and 1t is the
best judgment of the best posted and
most conservative banking interests n
others that 1t would be much better to
liquidate long stock held on margin and
wait for a substantial setback before taxi
ing them back, owing to the exigencies OF
the money situation, which Is likely to be-
come worse as the summer draws to a
Several banking houses have offered to
over all the unsold 5 per cent. con-
bonds of the Atchison, Topeka and
Santa Fe, recently offered to stockholders
at par. at prices ranging from 971k to 9S1a.
The bonds will undoubtedly be disposed of
in the near future, but the money will be
used In 1908. There are about s.. 900, 900 of
RI aaA hOndS Inf rAt &lo Iuo.so - QQc mn nm
Acknowledgement Jackson's request for
permission to begin a suit In the Supreme
Court to annul the charter and corporate
existence of the Consolidated Gas Com
pany was denied yesterday by Justice Me-
Call, who held that the .anti-monopoly
laws under which Mr.. jackson proposed to
proceed do not prevent a corporation from
acquiring by purchase stock in another cor
poration engaged in a similar business,
and that Its franchise has not been for
feited.
Those who have predicted a further de-
cline in the price of copper are inclined
to look upon the all-around reduction of
one-half cent per pound in the nominal
prices quoted on the New York Metal Ex-
change as foreshadowing further conces-
sions by the big metal selling companies.
Bondholders of the Central Of Georgia
Railway who have been conducting nm
Anonymous campaign against the present
owners of the company's stock. have add
ed to their list of complaints the allega-
ton that the present owners of the stock
mean to cause the interest on the COM
pany's income bonds to be passed. with
the purpose of using the money saved In
this way to buy other railroads In the
Central of Georgia's territory.
The Westinghouse interests, 1t was learn
ed yesterday, nave closed several British
contracts for the identification of collieries
and the supply Of various apparatus to be
installed In traction and lighting power
plants on the other side.
A falling off in the brick business Is re-
ported by the larger manufacturers. Half
a dozen plants are already closed.
According to a dispatch the National
Packing Company has purchased the stock
in the Colorado Packing Company, on
which it held an option for more than a
year.
Our total Imports from Germany for the
fiscal year is placed at 1851. 1888 an in
crease Of $27,0O0,000 over the preceding nscal
year.
officials In charge OF the mail service
Of Western railroads held a conference in
Chicago over the wholesale reduction In
pay for conveyance Of mails which has
been made by the Postof1ce Department
through the reduction of size Of postal cars
and the imposition OF heavy fines for the
lateness OF trains.
1t is officially stated that there Is no
foundation for the published report that
the Sovereign Bank of Canada will be
taken over by the Canadian Bank of
Commerce.
Patten Is out for a bull campaign in oats
In Chicago. He bought 100000 bushels
on Saturday and Monday. All his reports
show light yields in quantity and weight
and those very close to him figure that
the oat crop is likely to be between loO-
OO0.0 600 and 200, 100000 bushels short of last
year crop.
Bradstreet's weekly statement shows
wheat stocks east of the Rockies increase
1850, 900 bushels, Canada decrease l.267 900,
and the total in United States and Canada
increase $1,000 bushels. Afoat for and IN
Europe decrease $4,000; total America and
Europe decreases SO7, 900 bushels Corn in
United States and Canada decrease Isl
900. while oats decreased 1,S66,O00 bushels.
Post & Flagg say: The markets abroad