The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-05
DULLNESS
PREVAILS
IN MARKET
Activity in Local
Securities Outside ID
fIuence Felt Here.

market during the past week were a
repetition of those of last week and
many other weeks before. There was
very little doing. Whatever selling
there was was mostly in municipal
bonds and a few sales now and then
of the gas and electric issues.
One noticeable feature was that deal
ings in municipal bonds were more
widely distributed. Several blocks Of
these bonds were sold to investors and
large firms as far away as Maryland.
The public apparently refuses to invest
money in local securities. and their lack
of support Is keenly felt by the brokers.
Though there is a decrease in the
market value of issues, dividends are
larger today that they we're a year
ago.. This fact might indicate that in
trinsic values are thrown aside in tran
sactions in the local securities market.
The same attitude is shown toward
issues on the New York and other large
stock exchanges, and Newark. being so
close to these financial centres, natu-
rally is affected.
The money market remaips as tight
as aver locally, and although local
banking institutions show increases in
deposits and decrease in loans. money
is very hard to borrow for speculative
The manufacturers have yet
to meet their fall requirements, n al
though it is anticipated that they will
not need SO much money as was x
pected, they are getting prepared for
the worst.
1T believe that money will be consid-
erably easier by the first of the year.
Said a local broker, providing the re-
action in business takes immediate eff
feet"
Among reported sales this week in
local securities were gas, electric and
traction issues. The traction situation
has not changed very much for the bet
ter. Despite the fact that New Jersey
traction companies are in a healthy
financial and physical condition, it is
feared that prices locally may fall ow-
ing to the New York situation. The
general trend OF the inactive local mar
ket is for lower prices.
Some Public Service certificates were
disposed of around 60 to 81, while the
notes, which net the investor 8 per
cent. at the present level and fall due
in a short while, hold strong at s2% to
SO in face of the decline in other is
sues. White Line bonds were bought
for 621a to So, while Consolidated Trac-
ton stock found buyers at prices be-
tween 651a and 81. Other sales in North
Jersey bonds at Ga to S. were of an un-
favorable nature.
The stock of the North Jersey is
very quiet since the demand by insid-
ers to get control of all the stock in
circulation. After being quite success
full in the attempt, only by bidding it
many points, they dropped out of the
limelight again.
Gas and electric issues are selling
at what would some time ago be called
ridiculous prices, blu still they cam
not find many buyers at the prevailing
levels. Holders of stock at present
do not want to sell, thinking that in a
short period advantageous profits may
be derived from them. :.
Some United Electric bonds sold for
621s to So, and Newark Consolidated
Gas bonds were disposed of at 102. me
bid prices in these issues become gradu-
ally weaker, and it is a conundrum to
everyone when the let up will arrive.
There has been no change in bank
stocks. Insurance stocks are weak in
their bid prices, but very little stock
Has been disposed of at present prices.
The new stock of the American Insur-
ance Company was bid for 400.
The only feature of the present mac
tive and dull local market is the mu-
nicipal bonds. Only one broker in New
ark had the nerve to buy them when
they were offered by the municipalities
for sale. The reason given by brokers
is fear that they would be treated by
the public exactly the same way as the
listed stocks and bonds or the various
exchanges, thus entailing possible
losses to them. The bonds for the
longer investment are up a point, while
the shorter term bonds have advanced
only fractionally.
Following is the range Of prices and
securities Of the local market, as furnished
by ]. S. Rippel. 100 Broad street: