The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-31

way Ddch-
Directors of the Erie Railroad will meet
this week to take action on the DIVIDENDS.
1t Is believed there will be no change IN
the rates Of the first and second preferred
stocks.
The Delaware and Hudson Railroad hat
finished negotiations for the purchase OF
coal lands at Pottsville, Pa. This is the
last important coal tract there that was
not owned by the company.
The secretary of the New York Stock
Exchange has been notified that the Hack
ensack Water Company has increased us
capital from 5000. 900 to 100000 by issu-
ing 81, 900. 900 common stock.
A reduction on July 3 of a half-cent a
pound on the price Of pig lead has e.
fected a great change for the better IN
the prospects of the National Lead COM
pany for the rest Of the year. the com-
pany's production is as heavy as at any
time In its history, and its sales are
keeping pace with the output.
Although electrotypic copper has been
reduced TO twenty cents a poundS the ueao-
lock In the metal has not been broken.
During the last few days copper meta.
has broken a quarter of a cent Fer pounl
daily on New York Metal chang put
the consumers seem " 49,
prices are too high yet, and that a furtner
decline will come.
Foreign newspapers report large buying
OF Russian bonds by French investors.
The month OF July closes with the prices
of andar railroad bonds at approximate
ly the same level of a month ago. INT rev
slight changes which have taken place
in the list have resulted in the lowering
OF the average price of the representative
issues of about 4 per cent, the July aver
age standing at '90.13. as against an aver
age of 90.54 In June.
The London Statist says the amount of
British capital invested in colonial and
foreign countries since 1866 is R1.670,O 10 ,OOO,
or more than $3.50, 900, 900. Since 1891 the
amount has beenmore than S2.000.O0O.OO0. In
19O5-O6-07 the amount of British capital
invested abroad Is estimated at G150,000,00
AS the earnings Of the United States
Steel Corporation were not published until
after the close Of yesterdays market,
and In view of the fact that the
brokerage offices are deserted at 3 o'clock
nowadays. not much comment was heard.
Early estimates were very close to the
actual figures. The statement is regarded
as entirely satisfactory, and the untitled
orders indicate that the present quarter
also will be a good one. The dividends
remain unchanged.
While the Buffalo. Rochester and Pitts
burg cut Its common dividend the stock
holders are really unaffected. The Ma
koning Investment Company, the shares
Of which are divided equally among the
railroads stockholders. has Just declared
a dividend of 4 per cent. which compen-
stated exactly for the / per cent. divi-
dend reduction on the railway company's
stock.
The United States Steel Corporations
new orders received since July l are 20
per cent. less than those received In the
corresponding period last year. Therefore,
the long predicted curtailment in the in
dustriai field of this country has undoubt-
eddy set in.
Upstate Public Service Commission Of
New York has granted the application to
Issue 81. 800, 900 equipment bonds by the
Buffalo, Rochester and Pittsburg Rail-
way Company. The proceeds of the sale
Of the bonds are to be used for rolling
stock equipment for the road.
Tt was announced that the Pennsylvania
Steel Company, through a subsidiary com
rany, the Spanish-Amerlcan Iron Com
pany. has negotiated a loan of T,000,000
with a syndicate composed of Henry &
West, of Philadelphia, and two firms Of
Boston. The loan consists of a sale of
twenty-year 6 per cent. first mortgage
sinking funds. They are part of an issue
Of $1,000, 900. The Spanish-American Com
pany negotiated the Issues.
Thomas w. Lawson who was In New
York. said that his negotiations for taking
over the Humboldt smelter were practi-
cally concluded. 1t is mis- intention, he
said, to- make this smelter the base for a
scheme of extension of operations in
Arizona, but that the details of the plan
have not as yet taken definite form.
announcement by official interest con-
nected with the Atchison say tina ar
rangements were concluded late yesterday
afternoon by which ]. p. Morgan & Co.
purchased the unsold portion of the roads
SIG, 900, 900 new convertible 8 per cent. bonds,
Rumors current for several days that the
management of the Missouri, Kansas and
Texas contemplated the declaration of a
dividend on the roads common stock
brought out a denial that a dividend will
be declared in the near future. The reason
given is that the expenses of the company
are too heavy.