The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-29
Miles line Miles line

Canada 0.6 3s.f
A large falling off in the demand for
tin plate is reported by the United States
Steel Corporation, and is ascribed to the
poor fruit crops
Attention is called to the fact that thus
far the Consolidated Stock Exchange has
weathered the financial storm In a highly
creditable manner. Only one failure has
been reported. so far.
Announcement is made that at the ex-
piration of the present year transatlantic
steamship lines trading in North Atlantic
ports will make a slight advance in freight
rates ON all classes of goods.
From what can be learned now it
seems doubtful If an agreement will be
reached by the committees appointed by
the railroads and Of the rail m~anufactur-
ers upon new types of steel rails. Few
rails have been ordered for next years
delivery, but the rail manufacturers are
hopeful that a buying movement will set
soon.
1t is expected that the agreements tying
up the Pere Marquette Railroad with the
Cincinnati. Hamilton and Dayton will be
cancelled. and that a reorganization of
the Pere Marquette under the Michigan
laws will be effected.
The Kansas City Southern Railway has
given an order 70, twet iy one simple loco
moti,es ato nine switching locomotives
for December and February delivery.
The new bill in regard to. the advance of
money oh cotton bills of lading are ex-
Pected to tie up a good deal of cash in
the South. Heretofore 1t has been the GUS
tom of shippers Of cotton to present the
railroad bill of lading at the primary point
of shipment and get the cash on it. Now
it Is necessary to ship the cotton to a tide
water port, as sthe bankers will not adj
vance money except on the steamship bill
of lading. This will result in the delay
of two or three weeks in the getting of
money advances on cotton and may make
an entire readjustment Of the old way of
doing business necessary.
Creditors of the Southern Steel Com
pany agreed on the ADLER Brothers for
general receivers. They command the
necessary money to continue the business
n were therefore selected.
Fourteen railroads operating in Texas
have enjoined the State Railroad Commits
sion from further reductions in freight
rates. These lines present figures showing
decreases in earnings aggregating nearly
$40, OO0, 600 annually. and declare self-preser-
walton compels them to seek relief.
Beyond referring the whole subject Of
second -class fares and eastbound steamship
business back to the joint passenger com
mittee, which will meet in New York to-
morrow, nothing was accomplished at the
special meeting of the Central Passenger
Association that was Called with the hope
.aeoa+t. n saftIananf of fha COnfrO-
versy.
Said a conservative broker: you hear
all over, in the newspapers especially,
that the financial situation Is cleared,
money is getting easier and other optimis-
tic rumors. AS a matter of fact 1t IS
only to restore confidence in the peoples
mind that stocks in Wall Street are GOOD
A man takes his life in his hand when he
goes in a market like this on margin to
buy stocks. The banks have taken pre-
cautionary measures, why don't the IN
weston? We are at present in the midst of
n hear market and nothing but conditions
can change it. That will take some time.
The railroad and Industrial corporations
which are paying high dividends will have
to' cut down in order to carry out Improve
ment plans. and that means still lower
prices. I can say that II a man is only
natient prices will come down to a level
never dreamed of, then buy"
The First National Bank of New York
loaned 81, OOO, 600 at the rate of 70 per cent.
There was another sharp advance In
conner metal today. At the New YORK
Metal Exchange all grades of copper ad-
vanced q to 1 cent a pound in both DID
and asked prices.
-
The Pennsylvania Railroad officials en-
phatically deny any truth in the state
ment that 10000 men are to be discharged.
They add further that nothing Of the kind
has ever been discussed, in view of the
fact that the traffic for October is Ii per
cent. greater than for the same month last
year, which would make the movement for
the month the largest In the history of
the company.
AT the regular meeting of the Cabinet at
Washington today the financial condition
of the country will be the main topic of
discussion Secretary Cortelyou will go
into the meeting with the latest informa-
lion by telephone and wire from the lead
ing cities.
The rise in the discount rate Of the I'M
perial Bank, of Germany, makes it almost
certain that the Bank of England will ad-
vance its Iale on Thursday. The only
restraint upon the action of the directors
is the indisposition to add to the embar-
rassment Of the American situation or to
introduce obstacles to the relief of the
New York money market. Nevertheless
the fact that both Paris and London IN
terests bid AGAINST the United States for
the South Africa gold, but which was Sc
cured for New York. is an illustration of