The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-21

NEWS AND NOTES
FOR INVESTORS,

WHY itllle dllecl upon the money InlI y
Currency is at a premium, and It is said
that all the gold that comes is either
taken by the banks to build up their low
reserves or sent to the interior to move
the crops.
The average price of the leading indus
trial stocks is just aboI. ualf what II
was one time within the past year.
Morgan stocks seem to be the most per-
secuted is ues on the board. a week
hasn't passed since the March panic that
h nave not made a new low record.
1t is almost certain with leading brokers'
that high interests have been forced to sell
their stocks in order to secure money to
pay of forthcoming debts and interests.
-
From statistics already .ssled by the
leading roads, 1t plainly shows that a
large number Of peopis have bought small
investment lots of the leading standard
paying railroad stocks. These lots range
from 70 to $50 shares and are bought out
right. The consensus of opinion among
authorities Is that this is good policy to
follow.
The revision committee of the New York
Cotton Exchange met again. but no action
was taken to change the difference be-
tween the grades of spot cotton as applied
to deliveries on contract.
Another large copper mining company
has cut its quarterly dividend by twenty
hve cents a share. Unless a sudden radical
change occurs In the tone of the metal
market In the world more mines will cur
tail in their output, therefore causing the
cutting of more dividends.
The Iron Age says: There is a slightly
better feeling in the iron trade, which has
settled down to a practical solution Of tue
problems facing it. One fact is being re-
fected In the order books of the producers,
and that is consumption and buying are
continuiT g at a rate which appears to be
between go and s. per cent. of full capacity.
Outside of export sales of steel rails. the
new tonnage placed has been exceedingly
and pending normal financial con-
ditions the rail mills are closing down.
A meeting of the directors of the Ameri-
can Car and Foundry Company will be
held the first week in December, and 1t Is
expected that dividends on the common
stock will be reduced. The company Is
busy filling out old orders, but new ones
are very slow in coming. However, the
ompany has u surplus of $40. 900, 900. Here
tofore the policy of the ompany has teen
of the most conservative kind, and it is
expected that the directors will not
change it.
1t is said that the board of directors of
the New York Central considered the plan
of %refunding $14, 900, 600 first mortgage bonds
of Canadian Southern which mature Janu-
airy l.
Severe declines in certain stocks have
only inspired SPECTATORS and shrewd IN
vestors to sell bonds which are affiliated
with these stocks, the result being lower
prices for the bonds.
Within a period of three weeks four local
savings banks have increased their rates
of interest on all deposits up to 81, 900 up to
4 per cent. annually. This places them on
a par with the leading institutions of New
York.
Wall Street displayed. considerable in
terest IN the sale ut public auction of an
unusually large amount of railroad. in
dustrial and bank stocks. The conspicuous
features of the sale were offerings of near
ly 1900 shares of Toledo, ST. Louis and
western Railroad common and preferred.
mis- is the Clover Leaf system, which re-
Gently took control of the Alton, and the
financial district, which is In a state of
over liquidating processes, was
in knowing for who's account
the stock was being sold.
iioiuels Vi STOCK OF the HoStetter Coke
Company, control of which recently nassej
to the United States Steel Cornoration
met and decided to fight the sale of George
L. Whitney's holdings.
Pittsburg manufacturers have been com
pleteiy treasured, and mills which closed
down are starting up again in order to
eaten up with their numerous orders.
some progress has been made in the
matter OF securing an extension for the
unsecured creditors of the WESTINGHOUSE
Electric and Manufacturing Company, and
within the next few days 1t is expected
that an agreement will be signed bv an
parties interested.
James I. Harahan, president OF the
Illinois Central, predicts that the period
OF depression will be a short one, saving
that while the country Is prospecting as 1t
Is now no business setback can be serious.
Mr.. Cooper, of Ripley G. Cooper. said:
"Ihe banks and large interests have been
uhioauils STOCKS on every rally; that is q
very PAD omen. We have been advising
our customers to adhere to the short side
ana still advise them to. There Ia Moth
ing IN the situation to warrant any SUBJ
advance in stocks.
49, NC Stdleu coHHuently that neither
Cortelyou or his advisers share
the distrust or uncertainty regarding the
propose treasury financial relief plans
mat are said to be entertained by some
persons in New York.
1t IS o~ficially stated that the largest
smelter of the U. S. Reduction and Re-
ming Company, which was closed down
last February, has just esumed opera
tons' Inc smelter is located at Florence.
Col. ~
General market conditions are more or
less disappointing to the speculative fra
ternity,. and this does not apply exclusive-
~ 10 the fluctuations III price. The feel
prevails that the market is giving
more or less conclusive evidence that ne
real rally Is probable in the near future
that for some time to come there
WI not be q sustained market even for
the good stocks.
The smelling companies are taking adj
vantage or the currency stringency in the
most unpatriotic manner They are adj
vancing the price for treating gold ores.
The jewelry trade has received n severe
setback and persons desiring to hoard
their money IN the shape of diamonds and
other precious stones can do so on a basis
Will be a good Investment. Nobody
objects TO this kind of hoa r1fn1