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

lSIeQ on the New YORK STOCK EAcnduSe ~
far.
Trading in tandard Oil stock on the
curb. market has been remarkably quiet
during the past week or two. Only small
lots have been sold, and the price has
hung around 450. Thus far this week
only ninety-three shares have changed
hands.
The Greene Consolidated Copper Com
pany's annual meeting has been adjourned
until March II of Next year. 1t is then
expected full reports concerning the Greene
Cananea, which controls 1t and other sub
sidiary companies, will be made.
The fact that the voting of 10000 shares
of common stock was prevented by a re-
cent act of the Legislature ives the fea-
ture of the annual meeting of the Boston
and Mime Railroad, the e~njoined stock
being held by New York. New Haven and
Hartford interests. A bond issue of $1,000
GOO was approved, but a majority OF the
shares was not represented in the vote FOR
directors. and the old board Will remain In
office for another year.
Banks in New York ave been calling
loans for the past few days and discrimi-
mating against the class of collateral IS
ascribed for a good deal of the weakness
in stocks on the exchange.
1t is generally believed on the Stock
Exchange that a very small part OF the
apparent liquidation from Amsterdam is
genuine. It is known, of course, that Hol-
land investors are heavy owners of Rock
Island. Missouri. Kansas and Texas and
Steel issues. Operators have been trying,
with very little success, to create the I'M
preston that the foreigners are heavy SELL
ers, but it is known that wire and COM
mission houses in this country originated
a large part of the selling.
While the majority of Stock Exchange
members are not earning sufficient to pay
their office expenses, the odl lot houses are
doing the largest business in their his
tory. What stock the last buy is trans
ferred to the small Investor and is taken
out of the market.
A report circulated that the Erie Rail-
road was going to build a branch line into
Pittsburg designed to connect the main
line with that city was denied by officials
of the road. Representatives of the Erie
say that the traffic agreement between the
Erie and the Vanderbilt roads with regard
to transportation of freight from the Pitts
burg district has many years TO run yet.
Foreign bankers have had a great deal
" say u OANNH ~ 49,
traction inquiry in New York. They are
almost a unit that the, net results of the
disclosures would be harmful. 1t is not
generally known that very considerable
amounts of Observation-Disclosures
stocks were placed with foreign capitalists
at the time of the merger in 1906.
Some new standards Of value have been
set up In this latest decline. High grade
y 49,. 11-4 olI,Ao chn ~ MA rfona1 1 ~ |
the auctioneers' hands to sell at about lis,
s per cent. railroad common stocks at about
50, 7 per cent, industrials from so to So, 2
per cent. industrial common shares from Is
to 80, and l aud 2 per cent. railroad divl-
dend payers at 30 or under.
The threatened car shortage against
which the railroads have been fighting for
months has arrived and business In all
Eastern traffic centres is more or less af-
fected. One reason for the shortage Is the
great grain movement, which is taxing the
capacity of the railroads.
Directors of the Pennsylvania Company
and the Panhandle road approved the new
contract with the Western Union Telegraph
Company, by which the telegraph COM
pany will use the rights Of way of those
railroads for its poles and wires.
Chicago Terminal Transfer Company's
annual meeting, which was to have been
held in Chicago, has been adjourned until
the third Wednesday of January at the
request of the Hill-Morgan interests; they
have reached an understanding with the
Hartman interestes as a result of which
litigation will be abandoned.
The American Shipbuilding, Company
has made public its annual report which
shows an increase In the valuation of the
plants and property from SIC, 1886, O42 to &c.,
SIS. 404. and of construction from $2,2S4,2T7
to 49, 4S, 26S. These and other increases
brought the total of assets up from $685.
GA, so4 to s26, 25S, 800.
Mr.. Cooper, of Malcolm & Coombs, said:
THAT a curtailment in business is evident
was plainly illustrated by the laying off Of
men by the leading industrial corporations
and the cause is that new orders are de-
creasing. The leading corporations pay
large dividends on enormous outstanding
capital stock and in order to improve their
facilities money is needed. AT present
money can be gotten only at exorbitant
rates, and this they refuse to pay, so the
only thing that is left for them to do Is
to cut dividends. Prices seem and look
very cheap. but for the patient investor
they will be cheaper"
Despite the fact that copper metal has
reached what was termed not very long
ago a reasonable level, all prices on the
metal were reduced again today Is TO Is
Of a cent a pound. bringing copper down
~ q 1911 oapt hoaia