The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-18

have arranged for the financing of the
wheat crop to obtain gold quickly. TIL
plan Is based on sight drafts on New York
instead of on London. The Hill aud Harrl-
man roads have agreed to give wheat the
right of way. thus stimulating the lmporta-
ton of gold.
More than s6.0oo,OoC IS the measure Of the
loss In the importation Of diamonds and
other precious stones at New York for the
first ten months. of this year, as compared
with the corresponding period of last year.
Americans nave obtained the contract
for the designing and engineering work for
one of the largest iron and steel plants
ever built outside of the United States.
These plants, which will east nearly $10.-
100000. are to be located in British India.
Following Is the compilation of figures
by the New Jersey Commerce and Finance
showing the conditions Of our local bank
ing institutions for the week ending No
venber 16: The combined statements OF
the National Newark Banking Company.
the Essex County National Pank, the Mer-
chants National Bank, the North Ward
National Bank. the National State Bank
and the Union National Bank on November
10 show: Loans and discounts, $50. 6S7 1853. 40;
bonds and investments. 50, $50, 701. Sc; de-
posits. $50. 514, 317. 20; due to banks, 81, 203. :
916.2s; cash and reserve, $7.492, $780, and
due from banks. other than reserve agents.
50. 322, 550.53. The combined statements of
the City Trust Company. the Fidelity
Trust Company, and the West Side Trust
Company. made November 10, show: Loans,
$1 ,064, 56S. 80; Investments. s13.6S5- 54S. 10; due
from banks and cash. S1l4. 340.S4: due to
banks. s. ,s54,5S1 70, and deposits, 3d.
Z 7,690.s IS.
Brokers who have been buying currency
in Chicago for their banks and, outside
customers report that the demand has
fallen off materially.
Local bankers, as a rule. expressed APP
proval of the plan of Secretary Cortei-
you, of the Treasury. to Issue Panama
bonds. This move would be of little
value In relieving the monetary situation.
it was pointed, unless the new bonds VIII
be made a basis of circulation, and the
Treasury Department is to permit the pur-
chase money to remain on deposit with the
banks until conditions assume such shape
that 1t will be withdrawn without seri-
ously interfering with the money supply.
II we continue to draw much more gold
from Europe, prominent New York imam
ciers have maintained that 1t would be in
JdAAAiOdo ~
ternational money market.
The month of November in many respects
will prove to be the most important for
the year for many mining companies. 1t
Is In this month that the directors of the
largest mining companies meet and axe
action on dividends. Already several com
panies of Importance have made large re-
auctions in their disbursements, due to the
recent upset in the copper market, and 1t
Is generally believed that most of the other
companies will follow suit.
The list of Pennsylvania Railroad stock
holders which will receive dividends for
November numbers $1,000. an increase of
nearly 1000 over the May number.
During the past week the iron and steel
market have been rapidly adjusting itself
to the conditions caused by the happen
ings in the none markets.
The boarding of banks is in evidence
as we'll as the boarding of individuals.
There are local institutions which are doing
this thing. Various means are resorted to
to carry out these plans, the most promi-
nent clue being the giving out of checks
by industrial companies. 1t is related that
some of the interior banks hold as high rs
60 per cent. of their deposits in their vaults.
President Diaz has signed a concession
granting free entry into Mexico of all ma
terials imported for building e. H. Harri-
mans $50 miles of extension.
The acrte monetery situation which has
been SO long the adverse feature In fnan-
Iclal circles has at last struck the CONNER
clal world hard and suddenly. Manufac-
| turing plants are slowing down, labor Is
being discharged and the movement Of
merchandise from first to second hands Is
being seriously curtailed.
1t is figured out that the United States
Steel Corporation has been a heavy buyer
OF its 5 per cent 10-6O-year bonds over the
last few days.
Henry Clews & Co. say: mo more
ppatriotic duty can row be undertaken by
any citizen than to do his best to restore
confidence by rational means; not by timid
concealment of the facts, but by a spirit
OF helpfulness, by consideration and pa
thence. by quiet recognition of the situation
and by a calm acceptance of the inevi-
table process of readjustment which has
already set in and must work out its own
solution"
While the speculation continues extreme
ly quiet at the Metal Exchange today,
luIthcf pronounced weakness was SuOWAh
in commodities. All grades of copper were
further reduced Il cent a pound in both
bid and asked prices.
The Pittsburg Stock Exchange continues
to be closed daily for an indefinite period.
1t is understood in financial circles in
Philadelphia that today the clearing house
VIII begin the issue OF certificates in small
denomination and 1t is expected that this
Will mark the beginning of a relaxation
OF the extreme stringency In money which
has ruled right along.
The annual meeting of the Standard Oil
Company will be held in Bayonne on Tues
day, January IA, next. at 10:45 a. nj,
Plans for the adjustment of the financial
standing of the Consolidated Steamship
Company are at present tentative, and as
a large interest in the company said to our
correspondent this morning. nothing can
be done or officially announced until the
actual default is made on the january in
terest coupon.
RAILROAD EARNINGS.
TIL total gross earnings OF hfty-six
roads for the month of October aggregated
$6O,124,4sl, contrasted with So, 1895, S39 in the
corresponding period of the previous year.
4 q ~ L - o n - q 90 =