The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-24

In New York and from nearby States.
Money continues active and firm in proml-
nent grain centres, but banks in smaller
towns in the West seem to be well sup
piled with funds, aud these institutions
have been current buyers of paper. The
general rate for prime names is maintained
at 7 per cent.
New steel orders show no tendency to
increase. The amount of business that has
been done so far this month, according
to many of the large companies. is con-
siderably below the corresponding month
of last year. The wire, steel hoop and
steel structural branches are holding up
well, however.
According to a bulletin just issued by
the Census Bureau on carriages and wagons
and the steam and street railroad car In
dustry shows that the State of Pennsyl-
vanla leads In this line. The total num-
Der of cars manufactured during the year
was lis, $40, aggregating a value Of 500, :
346,912. A capital of s126, 320,6 O4 was in
vested and 5,058 salaried officials and clerks
and so. 722 wage earners were employed In
the manufacture Of vehicles propelled by
animal power.
About 200 stockholders of the Standard
Oil Companys rave sold out their holdings,
IL became known, since the present aglta-
ton against the corporation was begun.
Much interest is attached to develop
ments in the New York city traction situa-
ton. The possibility of a receivership in
connection with one, at least, of the sub
sidiary companies Of the PETERBOROUGH
Metropolitan is a very unfavorable factor
toward traction securities.
Another order has been sent out from the
headquarters Of the Pennsylvania Railroad
Company to reduce expenses. 1t is pro-
posed to make a cut of at least one mill
lion dollars a month. This, however, will
not affect improvement work.
President Stevens, of the Chesapeake and
Ohio Railroad, was quoted as saying that
his company has resumed operations that
were dropped when the recent monetary
scare came, and that he did not see any
thing dangerous or alarming in the slight
falling off in business.
After being in almost continuous session
for a day and a half, directors of the
Mercantile Trust Company and the Mis-
.souri-Lincoln Trust Company, of st. Louis,
signed papers whereby the former institu-
tion absorbs the latter.
Wall Street displayed considerable in
terest in the announcement thai Joseph
Milbank had retired from the directorate
of the st. Paul system. Members of the
family have been represented in
the st. Paul directorate for many years,
when Mr.. Milbank's retirement was
announced surprise was expressed In many
Creditors of the Scoheld Company, New
York, a corporation doing business in
Philadelphia, filed a petition In bankruptcy
against the company, declaring 1t in
solvent. The assets may exceed $500, 900.
The report of the Comptroller Of the
Currency of the condition of the national
banks at the date of the last call, August
p, shows that in all sections of the coun-
try except the Eastern States there were
pared with a year ago. while in Eastern
States there was a falling off of over 1884,
100000.
Of the long-delayed corn products
works at Summit, Ill, will be COM
menced. President E. T. Bedford of the
company now estimates that the cost of
and $1,000 900 and the construction of the
various buildings number about thirty.
Post & Flagg say: ut would seem that
the present advance had CONT about far
enough for the time being, and we believe
the larger interests here are opposed to
like a bull market under existing
conditions. Apart from this opposition
such a movement would seem impossible
in any event with Wall Street in its pres
ent battered and crippled condition, for
the men who have made our markets in
the past two orNthree years are so tied
up and have lost so much money that they
neither have the inclination nor the abil-