The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1908-02-04
AND NOTES
FOR INVESTORS.

Because a decision was reached bs
the steel men of the country at a BAN
quet in New York last week that it was
not necessary to change the iron and
steel prices the contemplated wage re-
auctions in the mills of the Pittsburg
district will not be considered, il is
said.
The Lehigh Valley Railroad announces
that it will take off it's passenger serr-
ice within the next few days one of its
pest trains, the Black Diamond express,
N order to carry out the rctrenchment
Of 10 per cent. in the company's oper-
ating expenses.
Owners of the 4 per cent. debenture
stock of the Chicago Great Western
have formed a protective committee.
1t is reported that the Illinois Central
Railroad has decided not to float at this
time its floating Indebtedness, but will
depend or bank notes for the present
and await a more favorable opportunity
to float a bond issue.
1t is announced that the La Rose
mine, n of the smaller properties in
the Cobalt silver camp, has been sold to
an English syndicate for $3,000,0 600.
Another stock subscription, which
fell due yesterday, was that of the
Milwaukee and st. Paul. amounting to
$40, 000, 900, and the ease with which the
payment was taken care of illustrates
the ease of money at the moment in
New York.
Bond men report conditions in the
bond market similar to those In the
stock market. There has been a no.
ticeable decrease in inquiries and :e5s
of a disposition to trade than has been
manifested for some time past.
The committee of car efficiency of
the American Railway Association to-
day reports q decrease in h number
of die cars throughout the country.
According to the committees report
for January % there were 1884, 900 idle
cars on the railroads in the United
States and Canada. This includes a
surplus of IL 900 cars on Canadian lines.
This shows a slight decrease in the
number of idle cars as compared with
the report of January s last. Traffic
managers of Eastern railroads also re-
port some improvement within the last
week.
Plans were aid to form a committee
representing note and b~ondholders Of
the Detroit, Toledo and Ironton Rail-
way in opposition to the committee
which was appointed on Saturday by
the banking interests identified with
the road upon the naming of receivers.
The representatives of the transatlan-
tic steamship lines engaged in the pas
senger business are having a hard time
in reaching an adjustment of rates.
After a temporary close-dovn the
West Albany, which employed about
/ 300 men, has resumed operations.
Signs of financial recovery: Clearing
aouse certificates are disappearing at all
centres; money cannot be placed on
oans in New York and other places very
easy; detailed bank statements will be
esumed in New York this week, and
merchants bills are now being dis
counted at 5a per cent,
The Chicago and Northwestern Rail
road defaulted its interest on it's S per
gold notes,l which made short
time notes not necessarily safe, be-
they have a short term to run.
The Moody Corporation, which pub
fishes financial books, has made a gen.
eraI assignment for the benefit of its
creditors, without preferences, to Guy
Cary, of Cary & Robinson, lawyers.
The assignment does not affect Moody's
magazine, which is published by an
other corporation.
Chairman Wilcox, of the New York
Service Commission, in a letter to
Mccall at Albany says that the
has the power TO fix reasonable
railway passenger fare rates and that
the Wagner Coney Island five-cent> fare
bill, in his estimation, is a just and
reasonable measure.
FAVORS CLEARING