The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-27
BUSINESS AND FINANCE.
NEWS AND NOTES
FOR INVESTORS.

have sixty-three ral1roAu conneclloh9
by December 10 next. Work on the
than at any time within the last twelve
months.
Banker expect the export of the
cotton crop In the South will result IN
a steadily increasing demand for cur
rency at least until the END OF octopei'
Shares of able companies in London
have fallen off considerably in price,
due TO the apprehension that Mareonis
wireless system will enter into serious
connection with them. officials of the
cable companies say they entertain no
such fear.
The following companies have ap-
Piled to the New York Stock Exchanse
list securities: Union Pacific Railroad
SIS. 200, 900 A per cent. t~wenty-year con-
vertible bonds, u 1871; mo 1Iano'
| western Railway, $63S,0OO additional
| first consolidated mortgage n col
lateral trust 4 per cent. f1fty-year bonds
due in 1949.
Tntal earnings for the coming year
of the United States Steel Corporation
are estimated to be $3.50, 100000. b
will show an available surplus for divi-
dends on the common stock OF 10 per
cent. whether the directors will cut
the 2 per cent. dividend on the common
took is a
Brokers who have watched the trad
ing of the New York Stock Market for
the last few days closely, declare that
business is becoming a little less pro-
fessional, and that selling orders are
being received from the outside, hdl-
eating renewed liquidation.
- a. s,,h3aDf IF much dis
cussion at this time in the financial
circles. Those familiar with conditions
declare that corn has advanced TO a
point at which frosts are not likely TO
do much damage. Nevertheless IL Is
recognized that the weather gives the
bear party an excuse for raids on the
stock market.
Stockholders of the Boston and Maine
Railroad, at their next annual meeting,
will be asked to authorize an issue OF
bonds not to exceed $4,000, 900 to the
floating debt, pay back money borrowed
for lawful and make additions
to equipment, etc.
The question whether the Erie can
issue scrip dividends is one which the
Public Service Commission of New
York has been asked to decide. Evil
IDENTIFY a ready answer is not available,
There is no particular reason why the
stockholders should raise the question
1t is a case of getting scrip or nothing.
Since the dissolution of the Union
Pacific bono syndicate, which under
wrote the III 5000, 900 convertible bond
issue, the price has risen over SO.
Directors of the American Ice Seeuri-
ties Company, the holding company of
the Ice Trust, voted at their meeting
to suspend the next quarterly dividend.
Following the passing of the divi-
dend of the International Smokeless
Powder Company, the Du Pont Interna-
tional Smokeless Powder Company, the
holding company, has also passed the
usual dividend on the preferred stock,
The report that Theodore p. Shonts,
president of the marlborough Metro
politan, was going to resign because OF
the change in the management of the
New York City Railway, caused by the
appointment of receivers, is declared
untrue by Mr.. Shonts's private secre-
tary.
There is little change in the copper
situation. The large are
still out of the market and show no dis
position to stock up in a hurry. The
Amalgamated Copper Company contin-
ues to reduce it's operating forces, and
If there is no Improvement in the situ-
alton next month its production will
soon be nearer 30 per cent. of the nor
NAL output than 40 per cent, as it is
as present.
During the first nine months of the
current year American corporations
have obtained over $3.50. 900 900 of new
money by the authorization and issu-
ance of securities. OF this amount 50
per cent, went to the railroads and is
per cent. to the Industrial corporations
About IA per cent. of the mount was
raised by means of ponds and notes
and the balance through the sale OF
stock.
Post & Flagg say: wall Street appears
to be pretty well lfquidated and has been
expecting for some time that a CORE
spending reaction was going to set In
along the lines of general usin Much
disputing was heard in the past of such
an hypothesis, but it is generally admitted
now that trade contraction is well under
way, and the only question is to how
great an extent 1t will be carried. A mod
crate reaction is certainly to be desired
to relieve the overstrained money market,
but anything like the sensational condi-
lions of the copper trade would certainly
be much deplored. IL is this point winch
IS being watched by business men and in
vestors, and which causes the present
heaviness and hesitation in the stock
market"
At the New york Metal Exchange con
siderable weakness was again displayed,
all grades of copper were further reduced
4 cent a pound. The Sheet Copper Asso-
citation also reduced prices 4 cents a pound
to 20 cents.
1t is generally conceded hat the attack
on prices this week on the New York
Stock Exchange has provoked little lioui-
dalton, the success which followed the
selling in certain issues Is expected to en-
courage a renewal Of similar tactics In the
market tomorrow. In the absence of buy
ling and ralfyingi power in the market IT
is believed that the professional element
viii be able for a time to make Roadway
in its campaign for lower quotations.
RAILROAD EARNINGS.
For third week in September:
SSouthern, $1,214,514; increase, $685.
From July 1, s13. 307. IA; increase, $685., OIL.
CCz.kL--- e1A 40. 4...,--N