The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-10

TENDER q. They will be received pE d
committee from the New York Cotton Elk
change.
One of the properties to be benefited most
by the increase in The dividend on Burning
ton stock is the Northern Securities Com
pany. 1t probably will mean an increase
in the next disbursement of Nortnerh
Securities stubs. Though the exact figures
have never been made public, the Northern
Securities Company owns about l4,-V
shares of stock of the Burlington road.
The prices OF copper continue to fall,
despite the fact of the encouraging stories
circulated by the large producers. Copper
will IN all probability drop below fifteen
cents a pound. yet 1t is said that such I'M
portant mines as the Anaconda, Calumet
and Hccla cannot pay the high dividends
which they are paying with labor and fuel
so high.
T. A. Mcintyre & Co. say; THE under
tone of the market continues strong, but
there is less evidence of outside buying
trend of the market will depend entirely
upon the mood of the professional ele-
ment."
New York Central. Baltimore and Ohio
and Southefh Railway will show large de-
creases in net profits for the first half OF
1907.
In the first six months of this year l4S
railroads earned gross 100000 900. a net
gain of 10 per cent. Operating expenses
rose Is per cent. and net profits increased
a little over Z per cent.
The fact that Union Pacific is selling %
per cent. below the point atswhich the new
popvarfihIa bonds rqr ho ayrha at n
profit does not add to- the other joys of
the underwriting syndicate which took
81, 900, 900 of the SIS, 900, COO issue.
The London Satist says: "The policy of
Mr.. Cortelyou in regard to depositing pub
lie money with the depository banks has
had n reassuring influence upon all the
money markets and stock exchanges, not
only of the United States, but of Europe.
1t is a statesmanlike policy, and it is likely
to have the best results Upon the inter-
national money markets.
In 1897 British consols sold at ia. Last
month they we're down to 81, which Is a re-
markable decline for leading government
bonds. There are several sound reasons
for this decline. In 1897 the consols bore
ga per cent. interest, but row or since 1908
only 2s per cent. Besides. in ten years
from prior to 1897 the British debt de-
creased 1926, 100000, but since 1897 1t in
creased $780, 900, 900.
In some circles considerable pessimism
still obtains. 1t Is claimed that there Will
be a general falling off in business through
out the country and that there will be
further commercial failures Of importance.
II is maintained Furthermore that the de-
clining tendency in the copper metal mar
ket will go far enough to impair the earn
ing capacity of not a few Of the companies
so that it will be necessary to. reduce
dividends. These are not ideas, however,
Of most interests prominent In Wall Street
affairs. for they believe on the contrary,
That with the present outlook for crops |
and the easier tendency of the money
market business will go on about the same
late at Which it has been running for many
except in a few special lines.
THE drain Of currency to the West Is
now the chief influence in the New York
money market. Beginning usually about
the middle Of August, the outflow general
ly galrs great Roadway in September,
which always Is an Interesting month i'll
monetary affairs. The movement this year
has been made peculiarly interesting by
the tension in European markets and the
resumption of gold shipments to London.
The first and last weeks Of September
o1ten witness sensational fluctuations In
money rates. The fact that Western banks
are pretty well loaned up this year, hav-
ing had an extraordinary demand to finance
at home. makes 1t extremely unlikely that
the Wall Street loan market will receive
the assistance that is usually accorded
from that quarter. Interior banks will ACT
be nearly as heavy lenders at New York
this year as they were last fall,' says
Harris. Winthrop & Co.