The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-27

Il ltSliClll VI 1iC 0
Central, says the new 5 per cent. equip
ment certificates are not for immediate
issue. 1t is reported that the Central Will
have to do still further financing In addi-
ton to the equipment certificates within
the next year in order to continue the
terminal improvements in New York city.
There was talk on the floor of the New
York Stock Exchange that many Of the
members were seeking a holiday from
Wednesday night until Monday morning.
Nothing definite as yet has been heard
from the governors. 1t is unlikely, how
ever. there will be any longer holiday than
the usual Thanksgiving holiday.
The Consolidated Paper and Milling
Company, which has acquired a large
amount of Marsden Company stock OF
Philadelphia. and which also controls the
process of making paper out Of wheat
straw. has been very active on the New
York Curb this week.
Crop estimates by 146 MEMBERS OF The
New York Cotton Exchange range from
IS, 100000 bales to 10,75O,Ooo. The average
estimate is Il .97S.Go0.
1t has now developed that the United
States Steel Corporation had to buy a
considerable amount of the sinking fund B
per cent. bonus uurlnS tHe last bie"N' ~
order to secure enough of the bonds to
exchange them from the Tennessee Coal
and Iron stock. Enough were taken to
finance every share of the Tennessee Coal
and Iron Company. 1t is understood OIL
cially that every share had come in.
All American stock exchanges and banks
will be closed tomorrow in the observance
of Thanksgiving.
-
A number of railroads still meet part
of their pay-rolls in cash and check. So
far the plan has been successful, end 1t
has helped the banks from whidh. the
companies have to draw their money from
considerably.
While there are a few Americans Of Con-
gresham Fowler's type who haYe been
making u~nfavorable comments about Sec
rotary C~ortelyou's action in issuing the
certificates it is very interesting to know
what our foreign neighbors think of 1t.
That authority of American finance and
critic, tine London Starist, said on Noven-
Der 16. and before the certificates were au-
thorized: I'VE still think that the most
effectual way of putting a stop to the
panic would be for the President to In
tervene and issue notes or certificates, 1t
would be an act without precedent in ths
United States. It would be an assumption
of authority not directly conferred by
the Constitution. and. therefore. 1t would
require great courage and a great sense
of responsibility
December dividends in Canada will
amount to $1,000, 900. OF this amount the
Bank of Montreal will pay out $4,000, the
Bank of Commerce 5000, 900, the Merchants
Bank $4,000, ana the Bank of Toronto
100000.
One of the American consuls in Europe
writes that the erection of a large eenfr |
electric generating plant of something like
100000 horsepower Is contemplated he
states that. as the project is not a govern
ment undertaking, it might be worth While
for some of our firms to look into the
matter, IN case the erection of the pro-
posed plant should be definitely decided
upon.
The reported Intention of q number Of
steel and other industrial mills to reopen
at the beginning of next month has
been of a very reassuring effect on a large
number of people who are placing back
their funds in the banks. The smallness
of the demand for currency at this point
for pay-rolls is reflected on the premiums
for money. These conditions has brought
a good many hoarders to terms.
IN the government suit dBdlUbl lHo
American Tobacco Company it was testi-
fed that the Continental Tobacco Com
pany was formed by the consolidation Of
several competitive concerns of the Middle
West to lessen the expense of operation.
The governing committee of the New
York Stock Exchange announce the
listing of the extended stock trust certlh-
Gates of the international Mercantile Ma
rine for 8 per cent. cumulative preferred
and for common stock. These stock trust
certificates asserting to the extension
of the Voting Trust are admitted for $780,
344. 200 of preferred and for S0,026, 400 OF
common stock. The committee on stock
list is empowered to add to the list from
time to time, on notice of issuance, addi-
tional amounts of certificates asserting
to the extension up to a total for the pre-
ferred of $51, 1910 600, and for the common Of
$4s,9 21 800
At present writin all the wire and COM
mission houses are on the most conserva-
tive basis in the transacting of orders for
their customers.
A New York firm of brokers personally
Interested in the Hostetter Coke are trying
to prevent the sale Of that company to
the Frick Company.
william A. Baron Hepburn, president of
the Chase National Bank OF New York,
presiding. the commission of bankers APP
pointed by Governor Hughes to review and
recommend needed changes in the New
York State banking laws began considera-
ton OF the work. having for its object the
Improvement of banking laws.
Gould interests state that there IL no
foundation whatever for the many rumors
that have been circulated in the financial
district for the last few weeks regarding
the Gould railway and Industrial prop
critics,
Post & Flagg say: Nevertheless. in
view of the battered condition which has
resulted from the recent crisis. we can
have only moderate rallies. we believe.
for the time being and as we have stated
so often. nothing in the nature of a bull
market can be honed for until anaIrs are