The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-30
NEWS AND NOTES
FOR INVESTORS.

~ AAl6 - II computation VI nc
ures by the New Jersey Commercs
and finance newspaper showing the
conditions of Newark banking institu-
lions for the week ending September IS:
The combined statements OF the Ma
tional Newark Banking Co, the Essex
County National Bank. the Merchants
National Bank. the North Ward Ma
tional Bank, h National State Bank.
and the Union National Bank, made at
the close of business under date of Sep
TENDER %, show the following aggre-
gate items Loans and discounts,
$31, 059,653.71; bonds and investments.
s3.32s, 1851; deposits, sac, 946,139.OI;
due TO banks. $1.399. 1880; cash and re-
serve, $6.350,S7S.93; and due from banks
(other thai reserve agents), S2,26I,-
20S.41. The combined statements of
the City Trust Co. the West Sid Trust
Co, and the Fidelity Trust Co.. made
at the close of business under date of
September %. show the following ag-
gregate items: Loans. $11 ,2I1, 1924;
investments, $13,745,159.95; due from
banks and cash, 1882, 601.28; due to
banks, $1,995, 414,5S; and deposits, $14,-
927,10S.25 |.
There has been absolutely no change
in the tone of the local securities market
during the past week over that of a week
before. or a month. Activity was simply
out of the question and the dulness, com
bined with tight money, made a showing
the most astute brokers could not explain.
The public is out of the market and no
support Of any kim has been visible for
many weeks People who have money
give their attention to other channels CT
trade, and those who want to borrow for
stock and bond investments have to pay
dearly for 1t. Although money is loaning
n . fk. 49, ~troasna rotn thA Aanlx- - -
present in a better position as far as their
funds are concerned than they have been
in a long time.
The business tide continues TO recede.
1t Is not swift except in special lines, and
yet the general tendency to buy from
hand to mouth is increasing, and this
fact tends TO influence sentiment. Whether
the relaxation is more than a temporary
dip. or whether It will spread until COM
modify. prices and wages are on a lower
scale, is impossible at the moment to say.
Possibly the situation will change quickly
fot he better when the crops have been
moved rom farm TO market.
AS a result of a decision by the Wis
consin Railroad Commission the 800"
Railroad is enabled to enter the city of
Superior and has won its fight over Great
INOItHeFu anu NOTtHern GHClIlc. 1t Will
now make a fight for entrance into Duluth.
Transactions In the outside securities
market in New York since the first of the
year do not indicate any heavy liquidation
Of Standard Oil shares, Notwithstanding
the many ~unfavorable developments tina
would naturally have a tendency to induce
holders to dispose of their shares. Over
the last months sales of Standard Oil
certificates In the outside market approxi-
mated 14.000 shares. or less than 1A per
cent. of the total capital stock outstand-
ing.
Accepting the government Indications of
September 10 as to yield, and estimating,
as accurately as is possible. the farm
prices of wheat, cotton, corn and oats for
the current crop year. 1t is found that
these foul farm products will be worth to
the farmers of this country over $1,000, 900, :
900. The fact is OF vital Importance. for
upon which American prosperity largely
depends.
Pittsburg IRON ana steel men are
a~nxiously awaiting the specification agreed
upon by the committee of rail experts and
railway representatives which met in
New York. 1t is expected many large
orders In rails will be, placed as soon as
the report is made public.
Records covering the years of 1894 to
1907, inclusive, have just been published
of the car service operations OF lines
trict. They show that the numbe of cars
handled almost doubled within this period,
the increase being from 365, SIS cars in 1894
to 745, 900 In 1907.
The Developments in refined copper dur
ing the week, while not entirely satlsfac-
tory to producers, have been such as to ex-
cite general interest, and have led to vari-
Gus expedients for reducing the surplus
which is still sitting like an incubus upon
the market. h suspension of mining
operations at various places will eventual
ly lead to a decrease in the output of re-
fined metal, but will not be effective for
a month or two, as it requires from forty
20 sixty days to complete the operations
of refining already in progress, and this
without any substantial increase in sur
plus supplies for the time being, although
eventually the remedial measure will bear
fruit.
Mr.. Murray, of Byrne & Mcdonnell.
said: Liquidation has been so drastic re-
Gently that we think good railroad stocks
are selling on an excellent investment
basis. and we advise purchases Of these
around present levels"
Henry CIews said: "Stock Exchange ac-
tivity has been limited. A fair recovery
from the lowest prices Of August has been
established. but in view of general condi-
%ions there is neither reason nor disposi-
tion for undertaking any bull campaign.
In general business the inclination towards
caution is extending, especially in New
York
The production Of gold at the Rand in
September is estimated at $40 900 fine ounces
against sos. 037 fine ounces In August and
sos, fl fine. ounces in September last year.
Western traffic ~of1clals still assert they
have enough freight to keep them busy In
spite Of the fact that the wave of business
depression is rapidly spreading over theii
territory. They are. however. not alarmed
at the prospect OF diminishing business in
any direction.
The forthcoming utterances of President
Roosevelt in his series of speeches begin
- - - 49, - ~ LII