The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-04

copper were purchased. but no price /
given.
Torty-six Massachusetts street RAILWAYS
in the 1906 fiscal year, operating nearly 20
miles of track, showed a combined surplus
after fixed charges Of less than $l25,0o.
When its line to Havana is finished thu
Mackay companies will ave 5000 miles Of
ocean cable. of which 1900 miles are in the
Pacific.
Money in circulation on October 1 In the
United States amounted to $2,S05, S54.S74, al
increase Of SIG, $50. 900 from September. Tha
largest Increase was in gold certificates, Of
which there are 81, 2s9,0N more in circula-
ton than a month ago.
The gross business Of the General Eleo-
trio Company for the current fiscal year
was much greater than that of the pre-
vious year. Notwithstanding this, how
eevr, the company has laid off 5000 Of its
1900 employees, giving as an excuse that
new business is not coming In as rapidly as
it ought.
United States Steel shares continue to
be the object Of much hammering on the
New York Stock Exchange. Foreign SELL
hA6 OOitAiuCo III Az SituuhAOh 10
proved by the split between the commit
tees of the railroad men and steel manu-
facturers trying to make an agreement on
new rails.
None of the companies have purchased
any copper as yet and their representa-
tives say their supplies are not exhausted.
A representative of one electric concern
said: We do not propose to enter the
market until we are assured that pro-
ducers will be able to bid the price. A re-
cession in business is under way n we
have sufficient copper on hand to enabie
US to hold out until conditions are more
united.'
The meeting of the American Railway
Association will be held In New York the
latter part of the current month, at which
its COMMITTEE on rail Specifications will
make its report.
Every brokers' office has its speech
maker who dilates on the possibilities of
war. The weakness in the London and
the irregularity in the New York market
were ascribed to the certainty of a clash
with Japan when our fleet reaches Pacific
waters.
An expert on street railways, speaking
of efforts which nav been made to lower
rates on trolley lines, says: practically
every class of commodity which the public
is buying today outside Of street railway
and telephone services and in a few
Isolated cases gas and electricity, has been
advanced in the past three years. The
street railways, either by charter or Gus
tom. are held to the 1ve-cent rate. And
yet the advance in the cost of operation
has affected the street railways precisely
as much as it has the manufacturing con-
Germs. There can be no question but that
If the present tendency toward increased
cost continues, the street railway COM
panies of the country will. be obliged in
time to seek relief in higher rates. The
city traction systems which serve a dense
ly populated area can probably manage
to make a living profit on the fve-cent
rate, but the long country lines in sparsely
settled districts nave already felt the
pinch, and are apparently destined to feel
it even more severely. The city lines
get a liberal percentage of profitable short
haul business, but the riding in the SUBJ
urban and country districts is for the
long haul"
Said a broker In commenting on thu New
York Stock Exchange: "The situation on
the Stock Exchange is at present of
trihing interest from the standpoint Of
large finance. In such seemingly ire
sistible stock market booms as those in
the autumn of 1904 and 1905 there are petty
a~dventurers, p%yramiding on narrow mar
gins, who come in the end to regard their
luck as evidence of financial genius, and
so discard all restraints of prudence and
common sense. They seem for q time to
be making amazing impression on the mar
ket, but the time comes when the blow
falls upon them and on their backs they
go, and Wall Street, which was Just
staring at their achievements In the air
goes its way with a mile OF pity and
superiority. What needs at present to be
remembered is that the same sort of
miniature heroes Of the hour take their
turn Of a falling market. They direct
the movement of the tide in swaying
the fortunes Of finance, but when the wave
engulfs them they are seen no more"
The H. G.. Prick Coal and Coke Com
the fuel end of the United States
Steel Corporation, closed a deal whereby
the Frick Company will take over its
greatest competitor and the biggest indie
pendent coal and coke company in h
country, the Hostetter Connelisville Coke
Company. The entire deal involved about
fsOOJWOs dllllOuE0 the fflck ~
owns a little less than half of the stock
Of Hostetter Company.
According to the annual report of the
Lake Superior Corporation for the year
ended June 30 last, the net income de-
creased $4o0, 1o2, MS compared with the le-
suits OF the previous year.
At a meeting of stockholders ranrasa,+
ing about 5000 shares In Hartford of The
Illinois Central Railroad Ii was nnani1
mously voted to have all the proxies Of the
stockholders present turned over r. s
of the road who is a supnortar IF
.tuyvesant Fish In the fight withfba Garl
rinan interests. On the other hand n
Harahan, who represents the Har-
interests, says that he does not 60
result Of the coming election as he e.
of the majority in proxias and
according to his story, he has aIrea 49, a,
majority OF the proxies outstanding in bis
~ ms
There is said to be a hitch &, +ba
negotiations now in progress lookiny ~
the manufacture of a perfect staai r.HY
ana that the steel manufactnrers assa,t
cannot make the rail demsndad hv
American Railway Association T. ss
pm the chemical composition that the All
way men ana the steelmakers cannot agree
Mr.. King. Of Eisele & King. said. 1--WE
continue to think that there Is enough fond
for bull speculation on an extensive 800
course, there will be sharn raIiias ~
snort covering, but that is about aIl From
writing the best side ON Tho ~ y
fE a nao1nortr ~ Az