The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-08

Colonial Sugars Company, which will Civ
it control of about ID per cent. of the out
put in Cuba. The Colonial property, TO
gether with other plantations, was recent.
obtained by the refining company at al
estimated value of $40, 900, 600.
A special meeting of the stockholders O.
the Norfolk and Western Railroad has beef
called for October 23, at Norfolk, Va. t
act upon the proposition TO issue $25, 10000
first and refunding mortgage 5 per cent
sinking fund gold bonds
The fact tina the consumers of copper
nave not yet responded to any extent t.
former reductions Is given the reason fol
the further decline in the price of thu
metal, which is now selling at IA cents d
pound. In spite Of the curtailment at the
mines OF 90 per cent. or more Of the MOI
mai output, the production is still far in
excess of the demand, and the metal Is
moving only in small lots on orders for
Immediate requirements.
The American Smelling and Refining
Company and other smelling concerns are
becoming seriously embarrassed owing to
the decline in copper metal. The Smelt-
ing Trust buys ores from mine owners on
the basis of the of copper proved
TO be in them by sarnpling. The ore is
purchased as soon as sampled, and is paid
Tor on the basis OF public quotations. Quo
'atlons Tor the last six months have been
hrtlIleial and the trust has been compelled
10 pay TO the min owners millions that Ii
VIII never get back unless The price of the
metal will suddenly jump back to Its for
mer hgures, but This is very likely to hap
pen.
Pressed Steel Car officials deny that the
has discharged a big force of
workmen.
According to a dispatch from Bethlehem
III per cent. Of the Bethlehem Steel Com
panys workmen have been laid off.
A treasury statement shows that since
August 26 last the national banks have
received $lS,500,000 of government funds.
The Tennessee Coal and Iron Company
offers its stockholders the right to SUBJ
scribe to a new capital issue of u per cent.
par. The proceeds from this new issue,
amounting to 49, $50. 800. will be used TO
carry out the plans of the management to
complete the new construction at present
completion.
1t may be possible that crops have figured
in the speculative game this year than
for a long time. Certainly there has been
scare in the market from predictions of
a crop failure. Early in the year there was
a little uneasiness, but 1t was overshad-
owed by other factors vastly more potent
more definite. Thus far the crops nave
caused no uneasiness with regard to their
Effect on the money market, because of the
necessity Of financing their movement,
but with the reduction Of the surplus re-
last Saturday that question has be-
insistent, m probably the crops
will becom more Of factor after harvest
than they have at any time before.
In some quarters the severe declines in
the Southern Railway stocks have been
attributed to the prevailing belief that
the ive-year voting trust agreement will
expire on October IS. 1t was pointed out
today, however, that the certificates now in
circulation state hat the agreement will
until terminated by a majority
of the shareholders.
The immediate increase in national bank
circulation through Secretary Cortelyou
allowing State. city and railroad bonds
to replace government bonds to secure
government deposits, and using the others
for circulation. promises to foot up to
5000, coo or $5,O00.000 by the end of the
week.
Bond dealers see signs of improvement
in the investment market. 1t cannot be
said that the public is eagerly buying
bonds. but there are evidences of a dis
position to seek investment in standard
securities. The latent purchasing power is
very great. and it is being stirred into
action surely though slowly. Money con-
ditions are against the bond business, but
they are shaping themselves In the way
of a lower level.
Rogers, Brown e. Co., say: There has
been a fair business in the East, and more
interest in the West, but special change
of the feature of the iron and steel mar
ket. The orders are almost entirely for
moderate sized lots for prompt use. The
feeling is spreading that the present price
basis is pretty well established, and that
buyers have little to gain by waiting, This
is evidenced by more inquiries each day
TO- deliveries into the first quarter. At
the same time furnaces are holding back,
20 far as offers for that period are con-
cerned. and are moving very cautiously
before making any long commitments.
The Journal of Commerce makes the
average condition of fifteen principal pro-
duclng States of corn 1876 per cent.
against sos per cent. last month, and 80
per cent a year ago.
Coal operators of the Pittsburg district,
who annually produce 5O,000.OO0 tons, are
in open revolt against rates charged for
the carrying Of their product to the lakes
by the New York Central, the Pennsyl-
vania and the Baltimore and Ohio and
the Wabash. 1t IS intimated that unless
the rates art reduced certain coal inter-
ests may combine and undertake to build
a road to both the-lakes and tldewater.
RAILROAD EARNINGS.