Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-10

nave the pankS Onered so high q rate Tor
deposits.
A railroad Official who has had wide ex-
perience In placing railroad securities said
that the rapid growth In the business OF ali
the railroads made IL necessary to supply
large amount OF funds steadily for improve
ments and for greater facilities. While The
credit of his company was good he said
that 1t was impossible to sell securities at
this time and that consequently all OF the
available surplus was being put back into
the property. Another shrewd observer In
commenting upon the situation said that n 3
believed that II would lead directors to
husband their funds and not declare the
larger dividends that. they would have dis
bIrsed II the bond market were in a more
favorable condition.
In spite Of denials. 1t was still understood
that the st. Paul Is actively negotiating for
a loan of about $25000OO0 in Paris. and the
outlook for getting the money was bright.
*
A well-informed Philadelphia interest was
of the opinion that less would be heard
regarding the Pennsylvania railroad situa-
ton than had been true for some little time.
He believed that the securities Of the COM
pany would be more highly regarded and
that there would be less adverse criticism
with respect to the management.
- "
The importation of railroad ties from ia
pan by the Southern Pacific Company for
use along the Pacific coast. which Is an
nounced, opens up an interesting subject
for discussion by the tariff stand-patters.
If Japan is able to lay down ties on our
western coast at IS cents each, Uncle Sans
rake-on included. how much would the duty
have to be increased to shut out yellow
labor ties and save the trade to the lumber
men who fgger on gettin' 10 cents for
their ties?
A heavy increase in inquiries, calling for
5000 tons of foundry and gray forge iron,
it is reported, set in yesterday after a week
Of inactivity. Machinery and pipe makers
are the largest prospective buyers, but
stove and radiator makers and general
foundry people are also represented
This new demand has caused the market
to become frmer, and some OF the large
furnace interests, both north and south,
have withdrawn from the market tempo
rarily. as they have booked their capacity
up TO october and are not willing to ac-
cept new business at any figure. Alabama
foundry grade sold on the basis Of 1880
O.C
and SIG, eastern Pennsylvania at 81. so and
New York state grades at $16.f5 and SIT.
-
San Francisco reports that the SeIby
Smelling and Lead Co. will build a large
smelling plant in south San Francisco to
compete with the Guggenheim shelters
The company has bought fifty acres of
land, and will begin construction at once
1t Is estimated that the new plant will en-
ploy about $500 men. or the same number
as the other smelling company.
The puddle mills of the Reading Iron
Company were to have resumed Yesterday
after a weeks idleness for repairs. In
stead the management announces that thew
are to be closed for several weeks longer
for repairs. Ten days ago the men decided
TO strike Tor an advance In puddlers
wages from "a to "a. 80 per ton. About l. 600
employees are effected.
A decision OF the Federal Court of An
peals. filed by Judge vandevanter at St
Paul yesterday In the case Of the McDer-
mott Commission Company Of Kansas City
against the Chicago Board Of Trade. ruled
In effect, that stock market quotations are
private property even after they have been
posted in conspicuous places by the owners
or lessees and that they may not be cir
cuiated by others without the consent OF
the owner. The case was appealed from
the United States circuit court for the west
ern district of Missouri. where the board
applied for and received a permanent in
junction. This the appellate court sustains.
r
The largest and most modern open-hearth
plant in the world was erected at the
Homestead Steel Works in 175 days break
ing all mill construction records. Yester-
day It cast its first heat. 1t contains ten
open hearth furnaces. with q capacity Of
fifty-five tons each. The main building Is
of iron. $50 by 131 feet. The mill Is con-
nected with the other departments of the
Homestead Steel Works by two elevated
tracks over the Pennsylvania railroad
tracks and a subway below. BY the end of
the week the whole of the new mill will be
producing.
According to report current In Phiiadel-
phia, the Pennsylvania Railroad Company
has authorized the work Of elevating and
depressing Its tracks through Washington
In order to abolish all grade crossings In
connection with the new terminal improve
ments there. The cost will be about s. 70O,-
600. and bids on the work will be asked for
shortly.
THE FOREIGN BANKS.