The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-08

NA A0oN
loan of $50, 600, 900 for the diversion OF
teh city's debt and for making several
improvements.
Following is the compilation of hg-
ures by the New Jersey Commerce and
Finance showing the conditions of the
local banking institutions for the week
ending July 8: The combined state
ments of the National Newark Bank
ing Company, the Essex County Ma
tional Bank, the Merchants National
Bank, the North Ward National Bank,
the Union National Bank and the Ma
tional State Bank made at the close OF
business under date of July 8, show
the following aggregate items: Loans
and discounts, $31,286, 665.21; bonds and
investments. $3,152, 239S.56; deposits,
$32, 253, 4S6.51; due to banks, $1.710,-
1868; cash Inc reserve. $1,000, 1880;
and due from banks lother than re-
serve agents), $2,166, 1854. The COM
bined statements of the Fidelity Trust
Company, the West Side Trust Com
pany and the City Trust Company made
at the close of business under date of
July 3, show the following aggregate
items: Loans. $40, 943, 406.4T: invest
ments, $14,1 S3, S33.13; due from ranks
and cash. $1,Ss5. S92.62; due to banks,
s2,244,636.24, n deposits, $14,s17,64s.S1.
1t is not expected that there will be
a new standard steel rail or a new
schedule Of steel rail prices agreed
upon until September. The conference
of steel rail manufacturers and rail-
road presidents adjourned at the call
of the chairman of the convention. E.
II. Gary, chairman of the steel Corr
poration, for the purpose of allowing
the two committees to formulate plans
to be approved by the two bodies.
N G DaAho o ~ 49,. trrI,o
sion in market activity is a good indi-
cation that prices will advance further.
The future outlook is improving and
all signs point toward higher prices"
When Mr.. Rogers went abroad he made
the prediction that the price Of copper
would not be reduced to any extent this
summer. He is home again and the ex-
perts believe that the price of copper for
next two or three months will be deter
mined within tn next day or two. There
Is a deadlock between the consumers and
producers which has been going on since
the March panic.
Conditions in tn hon and steel market
entering the second half of the year are
almost identical with those existing for
the last month. The market has settled
down to a state of inactivity, furnaces are
we'll sold for the rest of the year and
foundrymen well covered for the same
period.
Providing there is a substantial con-
traction In business, of which there is
some signs, high rates for both call and
time money will continue this fall, with
accompanying embarassments to the coun-
try. The banks should be piIing up a
large reserve fund for crop
uUhi1o craaot1Ia tive hol1fpre - e+oalr. uviII
become buredsome causing a depression of
prices in Wall street.
In commenting upon local securities a
local broker said, 1T is the same story
over and over again. Local securities re-
main the same, with no sign of activity in
sight. The only feature of the money mar
ket is its stiffness. Rates, according to
the opinions of bankers and brokers will
continue high"
The foreign situation continues to Inn
prove materially in respect of the public
confidence without developing an Y very
definite change In other respects. The
money market abroad remains tight, but
the Paris Exchange is low enough to inn
port gold from London. The affairs in
Germany still m ia In skepticism but
hopefulness prevails. Prices on all foreign
exchanges are not startling. but they GER
tainly are not discouraging.
T. A. Mcintyre & Co. say: while we
do not believe in the present bull move
ment, the continuation of aggressive man
inulation could easily cause a rise of 4 to
5 points, We would, however, continue TO
advise caution In operations under the
circumstances: for If any of the big in
terests behind he present manipulation
should have a disagreement and ndeavor
to unload, prices would quickly fade away
on their efforts to SELL"
Robert S. Towne, of New York, and as
sociates are back of a projected railroad
from the city of zacatecas to Durango, a
distance of about $50 miles.
A movement has been started In behalf of
the preferred stockholders of the American
Steel Foundries Company to induce the
directors OF that company to resume divi-
dends on its preferred stock in September.
1t Is claimed that the company will earn
about II per cent. on this stock, which is
only a s per cent. cumulative issue.
Total listings on the New York Stock
Exchange representing new capitalization
for the half-year ended June 30 amount to
$lOf, 5000 In bonds and about $50, 100000 in
stocks or $195. 200. 200 of both stocks and
bonds.
VIC RGi AilOIAndllOh lOm AdlllOIuid AUUI
the proposed $5,000,000 smelling plant Of
the American Smelling and Refining Com
pany Mt San Mateo on San Francisco Bay,
located with half an hours ride of San
Francisco, is to be abandoned.
Henry Clews says: IF the weather con-
tinues favorable and crop prospects Inn
prove as generally in July as they did In
June, we may look for n more active and
still higher market, especially should funds
return from the interior and assist In re-
building locaI hank reserves There is
nothing in the present situation to warrant
further distrust and in the absence of UNI
favorable developments the outlook Is for
better prices. At the same time We have
already had n considerable rise. and on
any sharp advance proit-taking will be
desirable"
The total amount of government 4 per
cent. bonds of 1907 redeemed by the New
York Sub-Treasury up to the opening Of
business this morning was $5,065, 800.
Goldman. Sachs e. Co. have engaged
$500,000 gold for shipment TO Paris. Lazard
Freres has increased their engagement of
gold for export from $780, 900 to 1,250,G00
The total engaged today amounts to
Sl.75c,O00. making total engagements on
this movement to date $2S.5 $50. 900.
Despite the reiterated reports that the
directors of the United States Steel Cor
poration are contemplating the declara-
ton of an increased dividend on the COM
conservative and well-informed steel and
financial interestssin New York and Pitts
burg are convinced that there will be no
change In the present quarterly rate of 10