The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-10

Il feQucIlOn OF three ana Onc-HdA @Sh0
from the recen high price.
About $14. 600. 900 of the ss9.o0O.0OO of gov
eminent deposits to be withdrawn mol
later than today has been taken from. the
banks prior to yesterday.
The Union Pacific syndicate will. 1t is
presumed, be Obliged to take all OF the
SIS, 0O0,o 600 of convertible bonds. The syn
dictate will get them at IS. A payment OF
over $13,O00.o0o is due upon them today.
The steel trade estimates that>the earn
ings of the Steel Corporation for the sec
ond quarter Of this year will exceed
4 .oOO,o 900.
T. A. Mcintyre & Co. say: 'Ths money
situation here has perhaps never been so
uncertain in recent years. and the general
outlook for the crops. while somewhat i'm
proved under the past months more IA
vorable weather. is still precarious, with
| good average Yields Of corn and spring
wheat, as we'll as cotton entirely depend
ent on the question of a late average date
of killing frost. which Is nothing more or
less than a pure gamble on the vagaries
of the weather three OF four months
hence"
Kuhn, Loeb & Co. and the First Ma
tional Bank of New York announce that
all of the $1O.o 100000 Delaware and Hudson
first lien equipment Az per cent. bonds
have been sold.
From what can be learned there is no
foundation in the rumor that Secretary
Cortelyou may defer to a later date the
withdrawal of government deposits
amounting to $50, 900, 900 from the banks
scheduled for today. A step like this
taken at the last moment would be very
unwise and it would tend to create the
impression abroad that our money 'situa-
ton was in a more serious condition than
it is really the case.
The greatest aggregate movement of
freight cars In the history of the Pennsyl-
vania Railroad is disclosed by the records
for the month of May. Total freight car
mileage for the month vas 122, 1903. a
figure probably unique in American rail-
reading. The number of freight carrying
cars on the Pennsylvania lines during
May averaged 146,47S per day. These figures
do not include cabin cars, the monthly
average of which amounted to approx
mately 1900, 900.
The Journal Of Commerce crop report,
based on 100 replies. shows considerable
Improvement In winter wheat during June.
Corn. Eon the other Ehand, is Elm a Euni-
~versally low Econdition. e r e
Marshall, Spader e. Co. say: Until the
outlook of the money market becomes
clearer we do not believe in any extended
advance in the security market. On the
other hand we do not anticipate pro-
nounced weakness so long as other gen.
eral conditions remain favorable"
Ira A.. Mccormick, assistant general
manager of the New York Central, ten
dered his resignation to Vice-Presiden
Brown. Mr.. Mccormick has been elected
president and general manage of the
Randolph-C Cumberland Railway Company.
It was semi-oficially reported in Wall
street that the earnings of the American
Steel Foundries Company for the fiscal
year ending this month approximate $1,000
600. and there will be a surplus of about
81, 100000 after all charges are made. 1t
Is said that the company is trying to
accumulate a large working capital be-
fore assuming dividends on the preferred.
1t is said that of the s3,O00.O 900 three-year
6 per cent. notes to be Issued by the
United Railways Investment Company
81. 0oO,00O will be used to take up a similar
amount of notes issued by the United Rail
roads of San Francs ID.
The Pennsylvania Railroad Is consider
ing q plan for buying in the outstanding
minority stock of Bald Eagle Valley Rail
road, a small line. The Pennsylvania al
ready owns 500, go of the Sl,6i3, 15O stock
outstanding and operates the Dad under
a ninety-nine-year lease. which expires
in 1868.
Dick Bros. & Co. say: Barring new
developments of an unfavorable character,
we believe stocks of the better class
should be picked up on any further drives
drives of consequence.
Subscriptions of the 81, 0o,000 convertible
debenture Union Pacific bonds must be
filed by tonight. According to authorita-
tive information, the stockholders only
subscribed for % per cent. of the issue
BY way of supplementing the elaborate
statistics of new securities for the half
year figures may be given relative to the
output in Great Britain. The grand aggfe-
gate for the United States was $1,2lS,
900, 900; the British total is $4,000. COO, in
elusive of capital applications made there
for Colonial, Indian and foreign governA
ments and for foreign railways.
II was enormously reported that officers
of the New York Produce Exchange had
decided on a plan by which the exchange
will be enabled to dispose of its big build
ing and move it's quarters more suitable
to the needs of its members and also more
conveniently located.
Mr.. King, of Eisele & King. says: AT
| tempts to force a bull market at the
present low ebb in financial are
meeting with just condemnation. We are
of the opinion these conditions will correct
themselves soon, but in the meantime ex'
pect to see the decline go further before q
substantial advance can be sustained by
the real participation of the public"