The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-13

ing within a short period. With the
present monetary stringency Predominant
ing and which will continue for some
time. 1t certainly looks bad for the rail-
roads, as far as buying up the notes are
concerned 1t Is likely. however, that they
will be renewed
Fears that the dividend of the American
Smelling common stock will be cut in
half next month have been the cause of
a large drop in the maraet value of the
stock The smelling business at present
is not :p to its normal conditions, due
to the closing down of a large number of
copper mines, thus, curtailing the earning
power OF the smelling companies. Smeif-
ers common pays 5 per cent, and under
present conditions it is doubtful that 1t
will pay the full dividend.
A noticeable feature in the brokers' Of
fees at present Is the interest customers
are taking in reading panic literature.
There are more books and newspapers
publishing this kind of literature at the
moment with comparisons of former panics
than in a good many months.
The general mortgage fifty-year 4 per
cent. bonds, due 1910 of the Manhattan
Beach and Land Company. have been
stricken from the stock exchange list.
-
Guesses on the United States Steel Cor
poration's October earnings range around
s14,0 O0.0 900.
The New York Trust Company has been
designated by the United States District
Court as a depository of funds in bank
ruptcy.
Steel men are not at all worried with
~ o. nd 20 tho fufTiro oI1flOnlx Of THAR In
dustry. Although they expect to have
a temporary reaction in their trade, they
do not expect any pronounced dip. even
during the most serious phase of any de-
preston which may develop.
According to the Bureau of Statistics.
the country foreign trade in staples of the
farm during October fell off to the extent
of nearly $9,000,0 600. The principal decrease
was accounted for by the falling off in
cotton shipments.
Circular letters containing several rather
strong and convincing statements have been
mailed to the stockholders of the Illinois
Contra Railroad by j. T. Harahan, presi-
dent of the company. They + regarded
as replies to the many statements made
by Stuyvesant Fish in his efforts to obtain
the election of his candidates as directors,
and Mr.. Harahan uses very forcible Ian
guage.
w. c. Harrington has been elected to
succeed w. E. Pearce as vice-president
and manager of the Pacific Coast Steam
ship Company. Mr.. harrington has also
been made vice-president of the Pacific
Coast Railway.
At the meeting of the board of directors
of the Georgia Railway the designations
of Oakleigh Thorne and NJ. J.. Perry were
accepted.
Accountants for depositors of the
Knickerbocker Trust Company. OF New
York who have been compiling a report
for the committee, will finish their work
tomorrow. Semi-oficial statements show
that the valuation of securities and other
assets that the capital is unimpaired and
that a substantial amount was left for the
surplus Its capital is 81, zoo. 600, and be-
fore the suspension it had s.. 800. 900 Of un-
divided profits.
1t is now feared that the price OF cop
per will decline to a material extent from
the present level as a result of further
decline in its use throughout the world.
Never before in the history of the Treas
ury has there been such a rush and crush
for money by national banks. The amount
of railroad bonds put up as security for
public moneys during the past two weeks
will amount in weight to twenty-five or
thirty tons, and aggregate $50, 900, 600 or
$40. 600, 900 in value.
Figures furnished by the New York Sub
Treasury and the assay Office show that
SCI, 600, COO of imported gold was delivered
- - k-,~ 4A-- - -
New York banks.
Texas shippers and railroads have
reached an agreement regarding reciprocal
demurrage, which will be submitted to the
Texas Railroad Commission for approval.
Mr.. Cooper. of Ripley & Cooper, said:
There is nothing in the present financial
situation to warrant anything like a bull
market. Wall Street, as well as the rest
of the commercial world, is feeling keenly
the money stringency. This sorrowfully
handicaps a stock market. The best we
can see In the condition of stocks is to sell
on all bulges."
Two New Orleans banks have arranged
to import $1,000,000 gold from London.
Evidently the higher speculative ele-
ments in the New York stock market are
more aggressive than they nave been for
some time, because conservative brokers
discouraged marginal transactions. This
element is compelled partly to operate on
the short side. The principal interests are
circulating a large number of unpleasant
and they seem to be very conf
dent Of their position. They allege
among other things that the forced liqui-
dalton In industrial securities will be
general and on a pretty large scale for
some little time to come, and they main
tain that the conditions throughout the
country are more unfavorable than has
been currently reported.
h New York bankers are negotiating
for a large block of gold for import from
Paris was learned definitely today, and 1t
was generally believed that the deal would
be successful In the near future. How
large an amour. the contemplated pur-
chase insolces was not disclosed. but 1t
was said that that would depend a good
deal on circumstances.
MONEY AND EXCHANGE.
Call on poney in New York 56D15 per
cent. New York Clearing House statement: