The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-26

As the majority of the railroads in the
South and West have stopped further i'm
provements on a large scale for the time
being, owing to the difficulty in providing
funds, shipping interests again fear a gem
eral congestion of freight.
With several sellers in the market, steel
billets are quoted - less a ton than they
were sixty days ago.
BY a system inaugurated by the Ameri-
can Savings Bank, of New York, interest
is declared at the end of every three
months, and the bank has raised its rate
to 4 per cent.
Notice has been issued for a special
meeting at New Haven of the New Haven
system on October 30 to act upon the
amendments to the charter of the Consoli-
dated Railway Company, which is now the
charter of the steam road. passed by the
General Assembly. to accept an act in
cooperating the New York, New Haven
and Hartford Railroad in the State of
Rhode Island, and also to act upon a
proposition to authorize the increase of the
capital stock of the company by 3o4,695
shares.
At the regular monthly meeting of the
United States Steel Corporation it was said
new orders continued to show falling off.
The shrinkage run between % and 30 per
cent. as compared with a year ago.
Concerning the iron and steel trade. the
Iron Age says that heavy orders entered
in the wire trade lately are considered Sig
nificant, since that branch of the industry
reflects better than any other the demand
from a very wide range of sources, and
from the agricultural community in par
%ticular. 1t emphasizes the export that the
farmers are having better crops than at
first expected. and at very satisfactory
prices.
Evidence that the American market for
copper is lower than Japanese, English
or continental quotations is had in the
purchase of 100000 pounds of electrolytic
ingot for shipment to China. The buyers
of this copper decline to give the name Of
the sellers, and what price they paid for
the metal. but it is stimate at fifteen
cents a pound. 1t is not known for what
purpose the copper is to be used. but
China, however. is a large user of the
metal for coinage.
Many of the municipalities in need of
funds are retaining from borrowing ow-
ing to the congested condition of the bond
market and the high rate of interest that
must be offered in order to secure the
loans, but as soon as the situation shows
signs of ~mending not a few bond issues
will appear on the market.
| sudden appearance OF cOlu WehlnST was
used by bears in the stock market to good
advantage.
Directors of the ''Clover Leaf system
will hold a meeting tomorrow at which
they will reach a decision regarding the
condition agreement entered into for the
purchase of the Rock Island stock holdings
in the Alton Railroad. which will give
them practically the ownership OF that
property.
Contracts were signed and delivered call
ing for the cancellation OF the option of
1000 900 shares OF Goldfield Consolidated
stock. held by a New York syndicate and
clients of a San Francisco bank were the
leading interests. Details OF the settle
mont of the negotiations were obtained
yesterday. The liquidation is effected by
the loan of 81, 100000 made by the Gold1eid
Consolidated Mine Company on January
IS last. which was to run one year and
bear interest at the rate Of 8 per cent.
After years Of effort the Vanderbilt in
terests nave succeeded in gaining a direct
entrance into P%ittsburg, and within eigh-
teen months they expect to be running
trains over a new road which Will connect
the New York Central with the Pfttsburg
and Lake Erie, owned by the Vanderbiit6,
and which has a magnificent terminal in
Pfttsburg. This will lessen the distance
between New York and Pittsburg by
seventy miles.
Wire houses do not seem to know ex-
actly where they stand in the matter of
the new rumors concerning the calling out
OF brokers telegraph operators. h the
strike began the brokers operators pre-
scented their special demands, and they
were granted in many instances, and 1t
was assumed hat the incident was closed
so far as the wire houses we're concerned.
When asked Yesterday what he thought
of Mr.. Harahan now. Stuyvesant Fish
said. oh, In not after HIM; he too
small; I am cunning for Mr.. Hartman.
He's the man I want"
A combination has been effected within
the last few days in London between the
Westinghouse interests and British owners
of certain railroad signalling patents.
Another shock has been given to lumber
dealers on the Pacific coast by a notice
from the Southern Pacific Of an advance
In freight rates to the East, TO take effect
November 1.
Mr.. Cooper, of Malcolm & Coombe. said
w cannot encourage the purchase of
stocks OH light margin at the current
quotations. with any degree of assurance.
We would only favor pursuing the policy
Of a scalper in operating for small turns.
To those We would suggest to purchase
only the high-class dividend paying rail-
road stocks or future breaks from this
level, with a view of securing profits
promptly whenever a point or two is
shown"
The annual meeting Of the stockholders
of the Allis-Chalmers Company. which
was scheduled for today. was adjourned
to October "a owing to the absence Of a
quorum.
Scattered selling continued today on the
New York Stock Exchange and brokers
handling some of the orders said that
the fresh liquidation was chiefly due to
the news of the new issue OF the New
Haven stock. This additional increase to
what is considered an already overbur-
dened capitalization was freely discussed
on the floor and some doubt was expressed
as to whether the stock could be placed
on the terms named in current reports.
The amount Of new selling, according to
these reports, is larger than was named in
current rumors yesterday. There was lit
tie support in any of the issues.
Post & Flagg say: Time money is
quotably easier, and it looks as If before
long we would commence to clean up the
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