The evening star and Newark advertiser., 1907-10-02
BUSINESS AND FINANCE.
NEWS AND NOTES
FOR INVESTORS.

| tain spectators to frighten investors
by yelling Teddy Bear" has lost its
point and no longer fools many persons
The American Bridge Company .
subsidiary of the United States steel
Corporation, booked $1,000 tons of new
orders last month, which compares with
$4,000 tons in the corresponding month
of last year. The tonnage booked last
month also represents loss of 22,0OO
tons as compared with the preceding
month.
Said broker in commenting on the
New York stock market: There is a
great difference of opinion in Wall
Street as to the size Of the short inter-
est now outstanding. Some say that
the relatively small amount of stock
held in brokers' offices makes the bor-
rowing demand seem larger than it
really is. On the other hand, II is said
that some of the plungers on the bear
side have sold largo amounts of spe-
cialties and that the short interest In
the market is concentrated For this
reason only a few stocks are in heavy
demand in the loan crowd"
The lesson which the bears received
on Monday in Canadian Pacific has
made them more cautious in selecting
stocks for attack. 1t is believed that
there are OLntT- StOCkS WHICH WiAi Huf .
sensational rises providing the houses
lending to the bears see fit to call in
their stocks. Such rapid advances,
however, are discouraged by Wall
Street men as well as by the public.
Commercial failures in the United
States during the first nine months of
1907, according to statistics compiled
by r. G. Dun & Co, were 5000 In num-
Der and s116,038,34S in amount of LA
bilties. In the corresponding month
last year there were 1912 bankruptcies,
involving a defaulted Indebtedness of
ss4,660,237.
Statistics put the number Of railway
employees in the United States ut
1,521,355, an increase of "a per cent. in
the last ten years. The number of en-
ployees per 1000 miles is 6S4, an in
crease of 50.7 per cent. in ten years.
The national banks of the country
held $119,097092 more individual de-
posits on August %. 1907, than they did
on September A. 1906, but their loans
and discounts on August %, 1907, were
$879,600,652 greater. In this connece
tion 1t is to be remembered that the in
crease in bank capital was $61, ,3S4,51S.
The increase in surplus and undivided
profits for approximately year COW
cred was $64.042.722. an amount equal
to 7.6 per cent. on the amount of cap
ital September 4, 1906.
President George ]. Gould, of the st.
Louis Southwestern Railway, in his an
nual report to the stockholders, says that
passenger business on the line must con-
tinue to be unprofitable for some time to
come unless relief can be secured from
two-eent fare laws enacted in Arkansas.
Missouri and Illinois last winter While
the laws apply only to intrastate traffic
the effect has been to compel railroad
companies to reduce their Interstate rates
as well. Before these laws took effect
there had been an increase of is per cent
in the revenues of his lines from passen-
ger traffic.
The annual report of this. manager of
the New York Clearing House Assoeia-
ton shows a falling off of ss,457,o 600 in
transactions from those Of the preceding
year.
President Ripley, of the Atchison Rail
read agrees with the suggestion made by
MINES j. Hill of the Great Northern, that
railroad building in the United States has
received a severe setback A more hope
full view is taken by President ]. T. Hara-
han. of the Illinois Central There are
bound to be more railroads built in the
United States" he said, but I question
whether we will see much construction
for a time"
William Rockefeller characterizes as
nonsense a report that the Chicago St
Paul and Milwaukee was arranging to
borrow $12,O00,00O on short term notes.
The company. he said, was not only in
no need of money, but would have $40, 000,-
900 left from the payments on the $780,
100000 stock issues after the completion
of the extension to the Pacific coast
Important changes in the management
of the New York Central Railroads Bos-
ton and Albany branch were officially an
nounoed. A. H. Smith becoming general
manager, and A. II. Hustis, assistant gen
eral manager of the Boston and Albany
system. The changes follow the. sending
of severe letter to the New York Cen
tral officials by the Massachusetts, Rail
road Commissioners regarding the service
on the Boston d Albany for more than
year past.
Mr.. Cooper, of Malcolm & Coombes, said:
THE money situation remains involved in
uncertainty. Abroad, all of Europe and
Egypt are drawing gold from London. AT
New York the harvest demand from the
interior is being felt more keenly than at
any other time this fall, and last Satur-
days bank statement was by no means
f4Rorable one. The money situation NAV
reach crisis some time during the current
month. The formal Endorsement by the
american Bankers Association last week
OF credit or assets currency seems to us a
most important step in the right direction.
and may at last result in some action by
Congress. A reasonably elastic currency in
this country would be boon. Even though
the decline in the stock market has mn
doubtedly discounted great deal of adyer-
sity in the business Of the country In
view of the fact that some of the possibiu-
ties referred to above may result in reduce
tions in dividends here and there. we still
favor the purchase of stocks only on de-
clines.'
The American Telephone & Telegraph
Company has applied to the New YORK
Stock Exchange to list s21, 925, 200 additional
capital stock. ''i''''''''
Bankruptcy proceedings of the National
Steel and Wine Corporation have been
brought to close by the purchase Of the
plant In New Haven for $3.50, ,000 1t Is said
that the agents of the United States Steel
Corporation have been negotiating with
the receivers of the bankrupt concern
Post & Flagg say: Nevertheless with
earnings falling OFF and Industrial concerns