The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-13

1t is reported from abroad that the
American market is there considered the
cheapest market In the world for. invest
ment at the present time. Such cases as
confidence abroad in one month than it
would take the combined efforts OF all our
great fnanciers TO restore it.
The two things now being watched with
greatest interest is the progress of the de-
cline In the business volume and the Co
velopments of reeeiverships, reorganiza-
tions and failures in the commercial word.
The former Is moi so serious as the latter.
because all statements pertaining to poor
earnings are for the past, and the present
earnings will not be known until a future
date. AS mills are gradually reemployins
and taking hacl; their laid-off hands. how
far the present curtailment in business is
cannot be judged until their statements
are made public a few months hence.
Henry Clews SAID. AS far as stock mar
ket conditions are concerned. we only look
at the semiipvestment md Investment side
of the situation. Therefore. we come to
the conclusion that the investor bad better
invest when his money is ready. because,
no matter how much lower prices may 60.
the present level Is far below intrinsic
v~aiee.J''
EEHH@ -
A good demand for commercial paper
exists at more reasonable rates. and sound
concerns have little or no diff1culty in re-
neWing ohiigst lions. the extension Of which
a month ago threatened serious commercial
al ffculties.
There. are as many favorable as unfavor-
able Developments in the financial situation
at present. but the favorable developments
seem to hold the upper hand in the stock
market.
Julius. e. French. president of the. Rail
way Steel Springs Company, says the cas-
lug off in lime loans indicates that the ra,l-
roads will nave less trouble than heretofore
in getting accommodations and that de-
layed improvements will now be taken UP.
The. Burlington Railroad is consolidating
into the parent company its tbirty-seven
small roads IN Nebraska, Wyoming and
Kansas heretofore operated by lease.
Following the drop in prices OF tin plate
the American Can Company has announced
a general reduction in prices of the product
for 1908.
1t Is stated that ]. p. Morgan and bank
ing associates who were Instrumental in
staying the panic have taken measures that
will. avert what at one time threatened TO
become serious trouble to the dry goods re-
tail trade. The situation has been COM
pletely relieved.
The most favorable feature in the bus,.
ness situation is the steady Improvement
in the position of money. This Is making
a better credit outlook. Then, agan, the
free movement of currency and the more
normal condition of domestic exchanges are
resulting in a decided Improvement In col
lectious. all of which. naturally. tends to
stimulate the business sentiment. Blu re-
port from the general trade are not alto
gether favorable.
Although we are rearly through with the
second week of the new year. there has
been no improvement in the copper situa-
ton .domestioally. The exports abroad are
still large, but domestic consumers still buy
on a hnnd-to-mouth basis.
There is nothing so Irresistible about
"a stock MS mystery, especially when your
audience Is professional. This is the case
with a large number of issues on the New
York Stock Exchange.
With the exception of December, 1906.
the heaviest December cotton receipts for
four years came into sight last month.
In a special circular just issued the in
terstate commission has notified the rail-
roads that it desires and requires at the
earliest practicable date that certain long
and short haul clauses, maxim rules, al
Tentative rate or fare provisions or other
rules making the application OF rate or
fare uncertain. more particularly as to
Intermediate stations, not specified, shall
be eliminated from tariffs on file before
May l, 1907. aud discontinued either by
supplement or reissue of tariff.
1t is said that gold exports are still re-
garded as possible by February. despite
the easier quotations for foreign ex-
change. This is made possible should Eu-
ropean investors deem it wise on their
part to purchase our stocks and bonds.
In the last ten days 10000 workmen have
returned to work in the Pittsburg dis
trict n the payrolls are now being made
up of less that, % per cent. clearing
house certificates.
A large tract offland, belonging to the
Kill Won Kuil. at Bayonne. has been Sc
cured by the Texas Oil Company, a sub
sidiary of the Standard Oil Company. and
work is te be started soon on the erection
OF a refining plant which will provide
work for 1000 men,.
Foreign cables indicate that stock mar
ket conditions in the foreign bourses have
been strong and sentiment hopeful and
trade orlsker, but conditions are/rather
skepticai.
Traffic conditions on Western Railroad
have shown little or no Improvement dur
Ing the past week.
MONEY AND EXCHANGE.