The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-24

At one time this week the average
price for twenty active railroad stocks
was about Sc.
The United Metals Selling Company.
1t is authoritatively stated. has sold
principally for export, at an average
price of 12% cents a pound.
~
Percival Roberts, jr, has been elected
a director of the Pennsylvania Railroad
Company. in place of h late A. M.
Fox.
The New York Stock Exchange stocks
are not the only issues which are max
ing new low records nowadays. his
New York curb has also been an ardent
admirer of low marks for its securities.
President Mellen, of the New York,
New Haven and Hartford Railroad. de-
MES 1T has bought any of the Morse
steamship lines.
A very interesting point appears by
the injunction secured by Mayer & Co.,
preventing banks from depositing coll
lateral held for loans. The banks are
tied and a only dispose of these loans
after an application to court.
American producers and sellers of
copper are disposing of some of their
accumulation through the medium of
the London Metal Exchange.
George j. Gould, in his annual report
to the stockholders of the Missouri Pa
cihc Railroad Company. takes the same
position as other railroad heads in COM
planning of the adverse effect that anti
railroad legislation has had on railroad
earnings and the cost of operation.
The entire night shift of the Cananea
copper mines has been laid off, owing
to the slump in copper. but the smelter
is still running and will continue till
the ore on hand is smelted.
Secretary Cortelyou, of the Treasury,
announced early today that the govern
ment would Immediately deposit $685.
100000 to relieve the situation.
-
The long controversy over second
class e~ast-bound steamship business
has been brought to a crisis by the
ERIE giving notice that. beginning No
Vember 20. it will make a rate for this
traific OF $40 from Chicago and Cincin-
natl to New York. The object is to
meet conditions due to the payment of
a commission of SO on eamsh
tickets by the Grand Trunk, wabash
and Nickel Plate.
Minister of Finance Limantour. of
Mexico, in denying the rumor of a loan
oI $zU,O00, QUO in connection with the
railroad merger scheme, said that NOT
only mad no loan been contracted. but
the arrangement for the floating of
ponds had not been completed.
Ihe crowd in the loaning section of the
new York Stock Exchange was very large
TO-DAY and an urgent demand for money
was exhibited throughout the business
hours.
and brokers having in charge
the placing of loans for John s. Rookie
Keller were instructed this morning to
make all loans at the rate of 6 per cent
The National City Bank of New York
placed $2,0OO. 600 on the floor of the Stock
Exchange to be loaned yesterday in $780,
600 lots at 6 per cent.
Directors of the Pittsbure Stock ~
change held a meeting this morning and
decided to keep the board closed TODAY.
A meeting of the directors OF the Calumet
and Arizona Copper Mining Company TO
De held about November 20 to declare the
quarterly dividend will be held on the lat
ter date. 1t is believed that the quarterly
rate will be reduced to 50, but a great deal
VIII depend on the condition of the metal
market next month.
senator Knox, of Pennsylvania, said to-
Jay that ne had been in long-distance-tele-
pone communication with business men in
Pittsburg. and that 1t was his opinion,
from given him, that the gov
eminent aid furnished by Secretary Cor
telyou entirely relieved the financial situ-
alton there. The Senator called on the
President this morning.
Cincinnati Price Current says: Weather
conditions have favored the prosecution
of s~easonable farming operations and the
sowing OF fall grain has made progress
to an extent which was tending to make
it appear that the acreage of winter wheat
In the central regions may closely approach
that Of last year."
Money conditions continued the sole in
huence in the stock market today.
A dispatch from Goldfeld, New, says:
THE Goldfeld Mining Stock Exchange
and its clearing house will suspend bust
ness until Monday, frightening all con-
tracts four days. The banks have tenn
porarily withdrawn credits on drafts,
which will max business harder. 1t is
believed, however, that things will right
themselves shortly. The Smelters are
holding up settlement on large shipments
owing to a shortage of money, and this
is partly responsible for the situation"
Said a conservative broker: II do not
believe the country is going to ruin, but 1
do believe that the stock markets have
been and will be doomed for some time
to come. We may have substantial rallies
due to the heavy short covering, but that
Is about all in the way of good prospects
for the stock markets. The bears seem
to have everything their own way, and
they certainly take advantage of it. I
think that the best side of the market is
to wait for rallies and SELL"
THE LONDON MARKET.
LONDON. Oct. 2~4.-Trading on the Stock
Exchange today opened with a cheerful
tone on the more encouraging news re-
garding the financial situation in New
York, and the prices of Americans started