The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-12-16

next month will lay off 10 per cent. Of ~
train and shop employees, which is a larger
reduction than usually takes place in mic
winter.
In some directions the railroads are be-
ginning TO feel the benefit OF lower prices
for materials. though as a whole the cost
of railroad supplies is still very hiSh.
Lumber is one of the important classes OF
ma which the railroads use in .ar@e
quantities and the price OF it at present Is
very high, although IT has fallen off since
October over 20 per cent. in market price,
Generally speaking. however, the decline
in Prices has not vet gone far enoush to
result in important Improvement iii The
matter Of operating cost
United States interests. in competition
with Europeans who have the advantnSe
of cheaper transportation facilities, have
captured a contract for the first eleelfih-
cation of n steam railroad in Mexico.
-
Gables from abroad indicate that the
foreign situation, with the exception OF
London. is not OF The best. Both the
Paris and Berlin Bourscs are rather pes
simistic in tone, and there is frequent
talk of n general relaxation in business.
The London markets are in frst-class con-
HulllUl- TUE tAAh ~ -
and the money markets not SO tight. In
all quarters. even In the habitually pessi-
misticai 1t Is now agreed that the
period Of monetary difficulty is now APP
preaching Il termination, and that the
era of cheap money may come with the
first of the year.
Notwithstanding the fact that the last
six weeks of the current year will reveal
= ebu ~, FALLING fff i'm nrOdiIpttOn. the
United States Steel Corporation will show
u heavier output in 1907 than in any year
since its organization.
The New Haven Road has appealed from
the decision of the Board of Appraisers of
Bridgeport, Conn, and will bring suit
against the city to recover $3.50, 090, to
which it claims to nave been injured by
reason of a change In the city harbor
lines.
The Associated British Steel Makers
nave decided upon Il substantial. reduction
in prices to meet the American and Ger
man competition arising from the latter's
lowered rates.
BY the shipment of is. 100000 pounds of
copper through New York exports Of the
metal to Europe for eleven weeks, includ-
ing small amounts to China, approximate
167, OOO, coo pounds. of which the United
Metals Selling Company furnished 80 per
cent.
Henry Clews said: Business operations
of all sorts will have to be conducted
with unusual conservatism during the
coming mouth, but confidence should grad
ualIy revive, especially as the monetary
situation begins to right itself"
The receivership of the Knickerboeker
Trust Company. of New York. has again
been postponed for two weeks. During
that period the committee in charge may
arrange affairs of the company so as to
avoid the reeelvership.
When the first of the year arrived it is
expected to see a great revival In the cop
per industry, for manufacturers nave been
deferring purchases for several weeks,
until supplies are short. Practically all
the copper being produced is now going
abroad. The miners say that every indi-
cation points toward q boom in the copper
market at the beginning of the year
The delay in making the payment of the
cash dividend of the American Steel
Foundries Company is due to the fact that
the plan for the disbursement of both
cash and scrip dividends is being modi-
fed.
Reports that sixty-ive railroads east OF
the Mississippi were prepared for a threat
ened strike of the trainmen and conductors
for a REIMBURSEMENT of wages were dis
credited last evening by officials of some
of the roads.
Though realizing that the stock market
is not likely to record a strong upward
movement until after the end of the year,
most Of the stock and bond specialists and
commission houses. believe that as money
conditions undoubtedly wills return to the
normal shortly after the beginning of 1908,
the market quickly will reflect this i'm
provement in the financial situation and
begin to climb toward higher price levels.
Regarding the reports concerning the
plan under discussion for the funding of
the entire debt of the Westinghouse Elec-
trio and Manufacturing Company and the
restoration OF the management of the
property to its directors, President West
inghouse today said that very substantial
progress in the direction indicated had
been made through numerous conferences
between the receivers, creditors of all
classes and officials of the company. These
conferences have resulted in a comprehen-
sive tentative plan, the details of which,
however, can only be determined after tbs
representatives of creditors have before
them the full report in great detail by the
public accountant which has been asked
for and is to be presented to the receivers
tomorrow. The plan discussed will re-
quire the cooperation in participation OF
the shareholders who will in the end be
greatly benefited.
1t is learned from an authority ina the
United States Steel Corporation that tho
finance committee of the corporation de-
cided to send out notices recalling the
order to cut wages. which reductions were
in some instances 80 per cent, and about
10 per cent. average. A change Of plans
was adopted us a matter of policy as it
was feared that the lowering OF wages in
connection with large earnings OF the cor
poration In the present year might be the
cause of odious comparisons.
TIL output of gold in Rhodesia, Souta
Africa, in November was 50,S91 fine ounces
against 55,S2S in the previous month, and
S,503 fine ounces in November last year.
Western railroad officials say they notice
very little If amy improvement in the
trnfic situation. but assert that it has not
lost much ground in the last ten days
Railroad men say they have not much
cause for complaint when they cohe 70
consider the present volume of tonnage
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