The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-30
NEWS AND NOTES
FOR INVESTORS
So far the New York banks have been
losing money to the sub-treasury.

.F -
Money conditions in Europe continue to
improve every day. Nearly all of the
Kingdoms in the continent have reduced
their bank rates of discount within the
past month.
E.. Fl. Hartman at a directors meeting
OF the Illinois Central discussed future
financing of the company's needs but no
conclusion was reached. A meeting is to
be called to arrange for the issue of not
over $40, 900, 200 III new securities.
The Lehigh Valley Railroad has given
orders for steel car floats in order to meet
the increasing business in and around New
York
1t is reported that the Baltimore and
Ohio will be in the market for money. An
issue of trust certificates is expected to be
announced within the next month.
The Iron Age says2 THE volume of new
business being placed is still small and it
is only occasionally that evidence is forth
coming of quickening in. the demand,
There is disappointment that orders have
not yet come out in larger quantity with
the steady improvement in the financial
Situation. There will be a series Of confer
ences Thursday in many branches of the
trade, which may bring a settlement on
important points, particularly that of the
price of ore for the coming season. Closely
crude and finished materials is that OF read
justment of wages
Unless 1t be made up at the next semi
annual dividend period, the reduction in the
Big -Four dividend will remove about $685.
000,o 600 Of the company's bonds from the
legal list for savings banks in New York
CfRfA &c tla in.- .a-nfpae tLof :, Vaflraa1
must have paid at least 4 per cent. for five
years, in order that its bonds may be a
legal savings bank investment.
Comptroller Metz, of New York, said
that thee would be another New York
city bond sale. but he would not give
out any details pertaining to il.
1t is agreed by all bono men that the
bond market is strong and active. but it
is not q uniform market for all classes of
bonds. The only bonds which rave been
active and have had the rising tendency
in prices are the 1rst-class railroad bonds
and good municipal bonds. An analysis
of the market will show that only the
first-class ponds are being freely sold and
at higher prices. while the s~econd-class
bonds arr very hard to dispose of. But
taking the situation as a whole the bond
men seem to be well satisfied.
That the money market is very much
improved is shown by the better demand
for hlgh-class commercial paper at lower
prices.
Tonight at the Waldorf-Astoria in New
York a meeting will be held. when Judge
Gray. Of the United States Steel Corpora
ton, will obtain views from leading steel
men Of the country as to whether condi-
tions warrant a reduction in the prices OF
iron and steel.
The receivers of the Knickerbocke1
Trust Company, of New York, withdrew
most Of the securities It had on sale be
cause the securities had been taken up upor
the payment Of loans for which they had
stood as collateral. The receivers will
have to wind up the company when tbs
| depositors who are withholding assets
come in. Nearly So per cent. Of the depos'
itors nav come in on the asserting plan
but Is per cent. are obstinate In coming. in.
Life insurance companies holding the
Third Avenue bonds, which lately de-
faulted its interest, find themselves under
the provision of the new insurance laws
unable to exercise the usual salvage
measures involved in a protective commit
tee and a deposit Of securities in the gen
eral interest of bondholders.
Coal producers in Pittsburg, who have &
combined output of {. 100000 tons a year
have decided to take the complaint Of dis
elimination OF certain railroads to the In
terstate Commerce Commission.
Pittsburg coal operators representing al
annual output OF 5o.oOo.0o0 tons have de
cided that il the miners do not take a II
per cent. cut in every ton Of coal mine'
there will be a lockout.
On account of the decline in copper, thu
brass manufacturers a reduced the prize
on builders hardware 10 per cent.
Possession of the North and West Sid,
Traction Companies Of Chicago has passe,
into the hands or the Chicago Railwa.
Company and the Union Traction Compan!
is now only a memory.
Ill other industrial combinations til,
American Tobacco Company has felt tn
business contraction. 1t is estimated tina
the company has curtailed about 30 pc
cent. in its companies.
Post & Flagg say: .Rumors of gold ex
ports and further government withdra wal
from the banks We're current, but thes'
did not have as much effect as the fore
going, as it is generally understood tba
money will surely be plentiful from nov
on until the spring at least"