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NEW HAVEN MORNING JOURNAL AND COURIER, FRIDAY, NOVEMBER 8, 1907.
If HOME SAVINGS BANKS F'REE. Our little Home Savings Banks servo as a constant reminder TO SAVE to look out for the future. They assist in teaching- the children how to save and be frugal. Start a savings account for your boy or girl here now. Deposits made on or before November 10 receive interest from the first. You do not have to wait six months. This is the only New Haven bank paying 4 per rent, interest quartely. The only New Haven bank open Saturday nights. LATE FEATURES OF THE STOCK MARKET England's Advance Bate. jf Bank DISTURBS WORLD MARKETS Currency Premiums Easy Gold Imports Near Forty Million Dollars. , The stock market was disturbed yesterday by the advance from 6 to 7 per cent, of the Bank of England's dis count rate and prices of stocks fell oft. This is the first time the rate of Eng land's bank has been put above 6 per cent, since 1873, when it went to 9 per cent. It was backed up by an advance In the rate of the Bank of France from ( 1-2 to i per cent., and It was report ed that the Bank of Germany's rate may be raised from 6 1-2 to 7 1-2 per cent. The London stock market led oft with a decline before our opening, extending to 1 and ,8 points for the leading Amer ican shares. The continental markets were also affected adversely. In this market there was a decline at the opening from 1 to 3 points. .A partial recovery ensued, but later the market again weakened. This action by the Bank of England Indicates on the part of the English directors no serious misgivings over their own position. They have discov ered that the 6 per cent, rate estab lished af the emergency meeting at the start of the week did not avail to check the American gold withdrawals, and being determined that those with drawals have gone far enough, they propose to raise the rate until it is effective, the recent trading were said to be the persistent accumulation of Union Pa cific and the extraordinary, not to sav lUl'XHrensth (llsPIa'ed by United States Steel common. Wall street again yesterday heard very definite reports that control of the I nlon Pacific had been sold to the Mo - Sorv Khn I' According to the Infest and I J P Vnreb $ 9' were the sellprs i?,tJ,' ,1 fl0r?-n & Co- t"e buyers, the other-recent rumors of the son 1 31 75 Brooklyn Rap Trans. Co, Brooklyn Union Gas Co. Brunswick Co 52 Canada Southern " 58 Canadian Pacific 140 Central Leather iZi do pfd 73i Central of New Jersey . . 150 Ches. & Ohio 2S ' Chicago & Alton 11 Chi. & Gt. Western do A pfd Chi., Mil. & St. Paul Chicago & Northwestern.. Chi., St P. M. & Omaha.. Chi. Term. Trans, pfd.. . Cleve., C. C. & St. L. . Colorado Fuel & iron . Colorado Southern Consolidated Gas 86 Del. Lack. & West. 375 Denfl & Rio Grande pfd. 59 Erie 17 do 1st pfd 3S!i do 2d pfd '. 27V General Electric 110 Gt. Northern pfd - 112 Hock. Valley pfd. 65 Illinois Central . . . '. 122 Kan. City Southern . . I do pfd Lake Erie & Western i Louis. & Nash. 94'4 ; Manhatan Elevated 106 Mexican Central 14 Mo., Kan 7 2S 101 132 110 10 49 16 17 23 11 & Texas rmtlnn ro t" "o con A seat on the stnpir P? ce 3r',rT for 0)-00'. the 'lowest I do pfd E3 broifeh? nn8lncS.,1004' w!lpn a seat ! Missouri Paelflc 55 Ansnn Wu...1."' purcnaser was ownP v,;"u' ?" .e was that who died last summer. stats !)t,O00 each was received. ev1oV"-.ll'1s?,co"lmit.tee of the stock ikt vo.,..-1 '...' 10 Be added to the poration. The nor imnafni' V. - L1,1?' clo?ed: The stock is to be rie. jju.-men at tne office of J. p. Morgan and the new sinking fund bonds of United States Steel wfll be delivered to tne Tennessee stockholders before the John W lre ,Week. Leonard C. Hanna! n V - Gates, Grant H. Schlev. ami &M O-. Payne deposited 'their large holdings of Tennessee yyterday. MARKET'S HEAVY TONE. National Biscuit 61 ai. (.Juigley, "L1""ul j-u soya The highest .N. Y. Air Brake 65 N. Y. Cen. & Hudson . . 97 N. Y., Chi. & St. Louis . . 21 N. Y. & New Haven 128 ;N. Y., Ont. & West 30 Norfolk & West 63 65 c 107 Chi 74 ar 14 pfd 69 Reading 76 do 1st pfd 73 Rep. Iron & Steel Co. . . 15 do pfd. ............ 57 bf thTrnJf, cnt; sinkl"S fund bonds , do Pfd- due in iqA dnt.ates Steel corporation. Northern Pacifi connection with ,f":l "", taen , People's Gas, stock of the Tennessee Coni an, Trnn Pressed Steel C uiiiiipany to the Unit nil siot c.i . " The critical question becomes, after this plain notice to cease drawing up on Europe for gold, whether the en gagements already made are enough to satisfy the more pressing needs of our banking position. Including the $2, 500,000 additional which was announced yesterday morning our gold importa tions amount to nearly $40,000,000. This ' would be enough to make good the de ficit in the reserve as reported last Saturday, providing that since then the drain on the New York instituflons from domestic sources had ceased. But, unfortunately, the evidence all points away from such assumption. Some commission houses advised their customers that they were ready to resume purchases of stocks on a fair margined basis at the current rates of interest. The brokers cannot be pre vented from doing business for long any more than their customers will be contented to see bargains going a beg ging when they have money to take advantage of them. Iron and steel authorities say that the situation in their trade In adjusting it self to changed conditions. This is help ed by the breaking of the deadlock be tween rail manufacturers and the rail roads as to the question of the quality of rails. Indications are that an agree ment has been reached between the two interests, and according to Pitts burg dispatches to-day orders for 2, 000,000 tons and possibly 3,000,000 tons will be placed in the near future. The valuation of these contracts, $56,000,000, will tend fc decidedly more normal conditions. V The New York savings banks will not have to sell any of their securities to meet any demands upon them. By the time the withdrawal notices re ceived from scared depositors expire the scare will be over and the depos itors won't want their money. Be sides the savings banks need not sacri fice any good securities at present pric es; they would borrow on them for any "emergency purposes. The directors of the American Cotton Wl company met yesterday, but took no action on the common dividend. The usual semi-annual dividend of 3 per cent, -was declared on the preferred stock. The company issued an explan atory .statement after the meeting in which It was stated that but for the present financial condition a dividend would have been declared on the com mon stock. Under the circumstances the directors thought it for the best in terests of the company to conserve their resources and. defer action on the divi dend, until conditions have improved. The liquidation of a scattered amount of Tennessee Coal and Iron stock was one of the features of the dealings. The control of this stock having pussed to the United States Steel Corporation the pool support in it disappears and mi nority offerings of it yesterday had to be disposed .of at heavy concessions from recent .quotations. The first transaction was at 120, a drop of nine points, and later sales were made down to 101. This approximates the price of 102, at which it is understood the Steel corportaion takes over the control of the company by paying for the T. C I. stock 120 per cent, in its 5 per cent! sinking fund, worth in the market about &5. Cabled advices before our opening re ported losses for the leading American shares in the London market extend ing from 1 to 3 points. The last was in Canadian Pacific. There was soins selling pressure in British consols which fell 5-16 of a point. Copper shares weakened decidedly in the Lon don market on a break In the metal price. Here the New York metal ex change lowered Its quotations. Conditions Not Yet Right for Perma nent Improvement. New York, Nov. 7. Several import ant events to-day served as an admo nition that conditions are not yet ripe to move definitely out of the influ ences of the financial disturbances irom which the country has suffered. The action of the stock market Indi cated some disposition to contest the effect of these events, but the heavy iuub prevailed ultimately. The rise in the cflicial discount rate of the Bank of England to 7 per cent., while jcieariy foreseen yesterday, was too I imposing an evidence of the strain I now extending through the world's money markets not to make a formid aDJe impression. It had been expect ( ed tha t the Imperial bank of Ger many would be forced to follow thio example, but the rise In the Bank of i ranee official rate to 4 per cent, had not been so much considered and em phasized the influence of the English bank's! action. Additional gold was engaged for New York to-day in spite of these measures, which may, in fact, serve to attract gold to London and Paris from other sources, but seem in efficacious to obstruct the withdraw als for New York. Foreign money markets "have held so suspicious an attitude towards New York requests for credits all through the present year that advances were consequential, even such as are usu ally made in anticipation of the mar keting abroad of our commodities The consequence is that now, with the out ward movement of our commodities In force and payments falling due, the foreign banking centers have no off set In the form of maturing loans of American borrowers. Our choice of payment in gold for our exports there fore leaves the foreigners no alterna tive. The extent to which the money market was affected was a disappoint ment to those i-ho had looked for prompt relaxation with the first ar rivals of gold. The explanation is found in the necessary repair of the deficit below the legal reserve of the banks and also of the urgent require ment of the interior for currency to complete the movement of the crops Money on call for operations In stocks still remain scarce In consequence of these conditions. The immediate results of the com pletion of the Tennessee Coal transac tion In the stock market nrnvwi tk;. disconcerting. With the admission to the stock exchange li.st of the $,10 000 -000 of U. S. steel sinking fund bond's presumably employed in that transac tion, there was evident 'liquidation and a decline of three points in the bonds Tennessee Coal also fell precipitately from the artificial level at which it has been arbitrarily held. The fine levied on the Atchison for rebating and the reports from various sources of ex tensive shutting down of industrial op erations bore heavily on the market and forced it to the weak closing Bonds were irregular. Total 'sales par value $2,2Si,000. U. S. 2s and 3s registered advanced 1-2 and the 4s 1 1-2 per cent, on call. CLOSING PinCEsT" 12 39 67 102 14 29 102 Reported over private wires of Prince & Whitely, members of the New York and Boston Stock Exchanges New York office. 52 Broadway and 15 Center street. Now Haven, Conn. New York, Nov. 7. Bid Adams Express Co 165 Amal. Copper 43 Am Car Foundry Co. . . 26 do pfd 70 Am Cotton Oil do pfd Am Express Co Am. Hide Leather pfd. Am Linseed Co Asked. 175 48 26 Si 21 70 170 11 7 Southern Railway Co. , do pfd Southern Pacific do pfd St. Louis & Southwest, do pfd. Ten. Coal and Iron . . , Texas & Pacific... 18 To., St Louis & West pfd 34 Twin City Rap Trans .. 72 Union Bag & Paper Co.. 4 do pfd. 40 Union Pacific 109 do pfd I 77 U. S. Express Qo 79 UU. S. Rubber Co 16 U. S. Steel Co 23 do" pfd 83 do S. F. 5 per cent. . 82 Vlr. Car. Chem. Co 14 Wabash 8 do pfd. .. 15 Wels-Fargo Express Co. ,West. Elect. Co . 50 Wheel. & Lake Erie 6 do pfd 8 Wisconsin Central 13 do pfd 28 31 82 10 61 141 10 75 156 28 15 7 30 102 132?3 115 20 51 17 18 88 405 65 17 3S 27 111 113 70 123 23H 50 15 94 110 14 23 57 55 63 39 66 93 22 130 30 65 75 108 74 18 71 76 76 16 58 12 42 67 103 15 30 108 19 34 74 5 45 109 78 80 17 21 S.lvi 82 14 9 16 300 52 , 7 12 14 35 Isle Royal Mass. Cons Mohawk Nevada Cons North Butte Old Dominion ... Osceola Parrot Quincy Shannon Tamarack Trinity U. S. M. pfd tTtah Cons United Copper ... Am. Tel. & Tel... Swift & Co United Shoe com. do. pfd United Fruit New Haven Mass. Gas : 17 15 3 3 - - 48 47 - - - - 7. 7 43 40 40 40 23 23 22 23 - - 81 83 10 10 10 10 80 80 79 80 11 10 10 10 63 65 63 70 11 11 11 12 3S 37 - 34 33 33 33 - - 7 8 94 92 92V, 93 82 81 " 38 38 38 39 25 25 24 25 104 103 104 104. 130 129 130 1 47 46 45 46 LOCAL STOCK QVOTATIONS. Corrected daily by KImberly, Root Co., Investment Brokers, na Orange vtrocr. . . Par. Bid. Asked " 145 City Bank 100 First Ni.lllnnnl Inn nr. Mechanics no in Merchants National.. HO 07 72 Nat. New Hnven 100 1!)4 National Tra-esmens. 100 17S New Haven County . . 10 17 19 Second National ... 100 194 Yale National 10O 137 New Haven Tuist ... 100 J25 People's V.. H Trust. 100 102 Mlscpllnneotio Sturlm. . Par. Bid. Asked 200 150 170 . 100 115 . 100 , 117 . 100 190 193 Adams Express . American Brass Am. Hardware . . Edison, Boston . . (Continued on Twelfth Page.) Free Services. We collect and remit Interest nn1 look nfter pnj-niPJit of taxfn on nil New IJnven First Mortgag Rcnl TO.stiUe Loiidr Hold hj us wMhout nny choree to (lie Investor for onr aerrteca. Lomas & Nettleton BANKERS and BROKERS 137 Orange Street. 1 pi 1 3 , OUR QUALIFICATIONS. Among the many qualifications of this bank may be men tioned: Ample enpttal and anrplua; conservative management; rigid federal aniierviNlon; long experience; complete equipment. Our depositors receive uniform courtesy and attention without recard to the extent or rheir ratronape. TZ-. wwh W?.f. ,1V,W'lJ"llWtfWJwrja...ZZr- 11-. Li. "J BONDS STOCKS LOCAL SECURITIES F. S. Biittenvorfh & Co: Exchangt Building INVESTMENT SECURITIES. Prluati Wires: Telephones 3100-3101 H ORNBLO WER & WEEKS Members of New York and Boston Stock Exchanges. New Haven Office, 27 Center Street. v- WETMOKE, Manager. We Buy or Sell New York, New Haven and Hartford Railroad Co. . RIGHTS . On Commission In Xcw York or Boston Markets. Bv Reason Of having a most complete equip ment, and the best facilities known in modern banking, the Merehanti National Bank is es pecially well qualified to give your account and banking busi ness the prompt and efficient at tention It reauires. , MERCHANTS NATIONAL BANK t? STATU) 8TOEKT. H. C. WARREN & CO . I BANKERS Investment Securities 108 ORANGE STREET. f ' DICK i CO NEW YORK STOCK MARKET. Reported over private wires of Prince & Whitely, members of the New York and Boston Stock "Exchanges New York office, 62 Broadway and IB Center street, ivew Haven. New York, Nov. 7. Open.Hlgh.Low.Last. 48 2614 21 i 88V4 66 103 103 14 14 48 26 22 39 89 66 Amal. Copper ... A. Car & Foun. .. A. Cot. Oil Co. . A. Loco. Co. .... do. pfd A. S. & Refln. Co. A. S. Refln. Co. IA. Woolen Co. .. A., T. & Panta Fe do. pfd Bait. & Ohio ..... 80 B. R. T 32 Can. Pacific 113 Cent. Leather ... 14 14 14 14 Ches. & Ohio .... 28 28 28 28 Chi. & Gt. W. ... 7 7 7 7 C, M. & Bt. P. .. 104 104 101 101 Chi. & Northwest 133 133 133 133 C, C, C, & St. L. 50 00 60 50 . 50 26 25 40 88 69 105 14 72 84 50 26' 25 40 mi 69' 105 14 73 . 81 80 32 145 14 28 7 104 71 83 78 31 139 71 83 78 31 140 Your Minor Children may need jGuardlnn of tliclr estates. Upon your petition the court will Appoint this Company ns snch Guardian, and when the children are twenty-one years of age they will receive their re spective shares of the properly In our charge. ?Kusr companV ' 40 CHURCH STREET. " Col. Fuel & Iron. Cons. Can Del. & Hudson . Erie do. 1st pfd. .. Gen. Elec. Co. ... Gt. North, pfd. .. Illinois Central .. Inter.-Met do. pfd. Louis. & 'Nash. .. M., K. & T. pfd. Missouri Pacific . N. Y. C. & II N. Y. O. & W. ... Norfolk & West.. North. PaciSc ... Pacific Mail .. .. Pennsylvania .. . People's Gas Keading do. 1st pfd. .. R. I. & S. Co do. pfd Rock Island Co .. do. pfd South. Pacific ... South. R'way. Co. do. pfd 16 17 18 17 85 '86 85 86 129 129 127 127 17 17 17 17 39 39 33 39 111 111 111 111 114 114 112 112 124 124 123 123 6 6 5 5 16 16 16 16 95 95 94 94 56 5G 55 55 55 65 55 55 98 98 97 97 31 31 30 30 63 63 I 63 65 108 10S 107 107 21- 21 21 21 109 109 107 107 1 1 'A 76 15 5S 13 34 66 121b 40 Tenn. Coal & Iron 112 Texas & Pacific Union Pacific do. pfd U. S. R. pfd. ... U. S. Steel Co. . do. pfd Wabash pfd. ... W. U. Tel. Co. .. 19 110 SO . 20 25 81 16 63 75 78 76 15 5S 13 34 67 12 40 112 19 , 111 80 20 25 83 16 05 74 76 76 13 57 13 34 66 12 40 111 1S 74 70 76 15 57 13 12 40 111 18 109 109 30 BROAD STREET, NEW YORK. MEMBERS Vcw rork Stock Eeh:e Philadelphia Stock Erchanee ork Cotio Exchnn, Wew York Coffee Exohance vcw Orlcnnn Cotton Escbanffe Chicago Board of Trade ' , jimnmiaie racmofn Liverpool uotton Exchange. Stock, Bonda, " Cotton, Grain and Coffee. . EDWARD B. EA IVIES, Mgr. EW HAVE BRANCH S3 CEVl,ER FOR SALE. International Silver Co. first mortgage 6 bonds due De cember 1, 1948. Price to yield nearly 6. International Silver Co. 6 de bentures due January 1, 1933. Price to yield nearly 9. International Silver Co. 7 preferred stock. Price to yield over 10. SPECIAL CIRCULARS UPON APPLICATION. 80 20 23 83 15 64 SO 20 21 83 15 64 ROSTO STOCK MARKET) Am Locomotive Co 39 Two of the most suggestive facts do pfd. Am. Smelt, and Reiin. . . , do pfd Am Sugar Reiin. Co .... do pfd Anaconda Cop. Min. Co! Atchi., Top. & St Fe . do pfd Bait. & Ohio do pfj Ea.y Gtale Gas Co 88 66 86 103 10S 31 71 S3 78 195 l'l M4 91 6?, Reported over private wires of TTorn- blower & Weeks, members of tho New York and Boston f'.toclt Ex changes. Ncv Haven o-ice, 27 Confer street. Boston, Nov. 7. "lig'.i.Low.BId. Asked Adventure Allouez .. Ai'i-iullan .. Atlantic ,. 86 1 r.Insh'.un 103? 110 71 84 81 H.-st'm Co ICalri.ut & jCL-nti :.nia! . Kv:pp;r Rnn : D'ily West . Fran Id hi .. Cran by .. .. G:ce:ic! .. .. Hf .... 23 .... 3 .... 10. .... 6 12 da 1 611 21 .. 5-lit) .... 10 23 3 10 6 11 6G5 21 ,r3 10 1 2! 3 10 6 605 om ' 53'i in 71.; f-D 1 23 3 10 6 670 21 54. 13 THE Ghas. 1. Scran COMPANY Investment Brokora 103 ORANGE. STREET John Knox & Go., Commission Brokers nuDinger Bunaing, mu unapel Street, Stork, Bond, Grala and Cotton bought and sold for cah or on modern to deposit. Qnlck -rvlco, prompt delivery! Immediate aettlementa. AUo dealer la mlnlag aeearltle o t high grade. THE NATIONAL TRADESMENS BANK 96 Orange St., NEW HAVEN. CONN. Capital ,$300,000.00 Surplus, over.... $300,000.00 Warren A. Spalding, President. Augustus II. KImberly, Vice-President, Frederick C. Burrorghs, Cashier. Frank B. Frisbie, Assistant Cashier. NEW ACCOUNTS INVITED, MERCANTILE SAFf, DEPOSIT COMPANY ItUN'ilUS A COXVEXlESf "Xi i-k PLAcn von tun niirosir op vota sr. CUB3TIES AXD VAI.UAT!! E 72 CHURCH STREET IHs-Union Trust Go. NEW IIAVEN. Chartered by the State of Connecticut with authority to act as Executor, Ad ministrator, Guardian, Receiver, or Trustee, under win or deed. Is leg-al depository or money paid in to Court, and .Public Trust Funds. act3 us Trustee (or Municipalities, Corpora tions and Individuals, and .-.dminlster Trusts of all kinds. Empowcieu 10 net as registrar of Stocks, Bonds or other evidences of indebtedness, manage sink ing funds, and do all business such as is usually done by Trust Companies- It also does a general banking busi ness, collecting checks, notes, coupons, and receives deposits. The principal of each trust is invested by itself and kept setmrate and apart from the gen !ral assets of the Compan... This Company is by law regularly examined by tho Dank Eramijier of the State of Connecticut. IIEMIY I,. HOTCHKISS, I'resident. . . EUGE.E S. BRISTOL. Treasurer. Prince &" Whitely bTOCK AND BOND BROKERS. 52 Broadway, New York. 15 Center Street, New Haven. Members New York and Boston Stock Exchanges i STOCKS, BONDS and all classes of Investment Securi ties; also Grain, Provisions and Cotton bought and sold on commission. Private wires to Now York, Boston, Chicago and Rielimoiid, Va. C. B. B0LIWER, Manager New Haven Branch. New Haven Gas Light Subscriptions Bought and Sold. BERLY. ROOT & CO.. TeI- I109- 133 Orange Street Private wliee to New York and Bu.to FIWAWOAL CanYouAnswerThese Three Questions? Will my widow wear as good clothe as my wife? Where jvffl the bread come from when the breadwinner passes away? Will my orphans have the advan tages of my children? COUPON. To C. H. Porter, Manager, Equitable Life Society,' Exchange Building, ..!,, New Haven, Conn. 10 enable me to answer your three question send me the premium rat tor a standard Equitable policy for ' I wag born on the day of It... Name , ...''' Business addreg Date - 107 BRANCH OFFICS liiiY.hltflii lik, BANKERS AND BROKERS 27 Broadway, New York. MEMBERS Or New York 'Stock Exchange Bonds and Stocks Bought an aold oa cwnintmloa fer cash or carried on marKlnt cUo Cotton, Grain and Provision. ' Investment Securities A SPECIALTY, ' New Haren Branch. 20 aad 81 Center St. NEW HAVEN NATIONAL BANK .bxatiu STREET. ESTABLISHED 1S34 Capital Surplus ...$350,000 .$350,000 DO IT NCW Fire Insurance. WE OFFER THE FOT.T.nwiVR HIGIl-(;RAOE SECrRITIES AT ATTRACTIVE PRICES: Xew Haven Gas Light Co. Security Insurance Co. S. N. E. Telephone Co. International Silver Co. preferred. National Xew lluven Bank. Yale National Hnnlc. Merchants National Bank. New Haven County National Bank. AaUonal Tradcsmcns Hank. Mechanics Bank. Ccnnon, Morse Cc. W. T. Fields, Co., 702 Chens! S ' 90 2 CHAPEL ST. Tel. 5370. This bank offers ors every facility for business, ana invites the accounts, of cor porations, firms and individu als. ': ' : EZEKIEL G. STODDAED President: HORATIO G. REDPIELD. Cashier. WILLIAM G. REDPIELD, Assistant Cashier. ; Attractive Investments November C. f. Tfceifsn I Sons 81 0 Chapel Street. , Specialists In COBALT SHARES caruN i POWELL CO.. 35 Wall St, Be fori City. A Clean Record of Sixty-Four Years. Jio Iktt aulta or linnnlft In- any policies issued by the North Agen cy since it was established in 1848. Should this mean anything- to a property holder who wants to get the, benefit of an experienced and rellabl arrnoy to look after his insurance bus-lr.ess? Our rates are exactlv h .. those charged by others. Why not look into this matter a lit tie? Perhaps you tak less pains in selecting your insurance than you do your clears. JOHN C. NORTH. 70 CHURCH STREET. First Building North of the Post Office. James H. Parish 4 Co. succeeding NEWTON 4 PARISH. locks and Bond! Dsalers in Investment Securitissi S6 Orange Street