The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-11
BUSINESS AND FINANCE.
NEWS AND NOTES
FOR INVESTORS.

Following Is the compilation of figures
by the New Jersey Commerce and Finance
showing the conditions Of local banking
institutions for the week ending Novem-
Der 8: The combined statements of the
National Newark Banking Company, the
Essex County National Bank. the Mer-
chants National Bank. the North Ward
National Bank, the National State Bank
and the Union National Bank shows:
Loans and discounts, $50, 700, 40. %, bonds
and investments. s., 1879. ST. 81; deposits, $780,
304, 229.3 due 10 banks, $1.032, 761. Sc; cash
and reserve. 1856, 304. 81. and due from
banks, other than reserve agents. $1.7S5.-
9S0.3 The combined statements of the
City Trust Company, the Fidelity Trust
Company an1 The West Side Trust Com
pany show: Loans, 81, O05. so3.07 invest
ments, s13,67S, 042. 06; due from banks and
cash. s1,525, I'll 90; due to banks, 81, e45. $500,
and deposits, s1s, sss, oss. 90.
Announcement is made that President
Mellan Of fha New Haven system, has
retired from all connection with trolleys
west of Worcester. Mass.
While business was not as large as last
week 1t is noteworthy that the scarcity
of currency, and the substitution of credit
instruments for money has caused little
friction. The Industries of the country
are curtailing in their output and there
are signs Ct a readjustment In. the prices
of commodities. The railroads have all the
freight they can handle at present but
according to an official of a large system
there will be a p~erceptible falling off in
business before the normal conditions come
back.
Following closely Upon the elimination of
the representatives of Charles w. Morse
from the management of the various coast
wise steamship companies, included in the
Consolidated Steamship Lines, 1t has be-
come known In Wall street that control OF
the Consolidated Company has passed. into
the control of J. P. Morgan. who acquired
the majority of the bonds and stock in this
corporation when the banks and trust COM
panies, which had made loans on the bonds,
were compelled to dispose OF this collateral.
Instead of ratifying the proposition to
raise needed funds by issuing $43.0o0,OO OF
new capital stock, which they discovered
would entail a charge of $3,500,0O0 a year,
the directors OF the New Haven road voted
unanimously at a special meeting held In
the Grand Central station to issue SAC, 600
of 8 per cent. convertible debentures to run
for forty years, and to be convertible into
stock after fifteen years at the rate of one
share of stock for each $100, face value of
such debentures.
The Interstate Commerce Commission
will take up on Wednesday at the session
In New York, the question whether e. II.
Hartman shall be required to answer ques-
tons to which he declined to reply during
the inquiry into the affairs of the Chicago
& Alton last spring.
Henry Clews said. Moreover, excessive
gold imports will tend to imitation later on,
when the crisis is past, and very likely
lead to heavy gold exports in the coming
spring, especially in view of the further
expansion of an already redundant cur
rency. We had better be satisfied for the
present without recent liberal acquisition
of gold.''
The 5000 900 gold which was engaged in
London by the First National Bank of
Pittsburg for import arrived this morning.
This is the first consignment of English
gold that has ever reached Pittsburg.
Directors Of the Pittsburg Stock Ex-
change again decided today to keep the
exchange closed. It Is said that the ex-
change will not be reopened until the cur
rent trade condition subsidies. i
A. large number of traction, Industrial
and railroad corporations who nave found
enough to pay their employees salaries
been paying them off in certified
checks. The local Westinghouse concern
has done this for the past couple of weeks,
and no difficulties on the part of the en-
ployees in circulating their checks have
been announced.
Through the consummation Of a deal an
by John MacGinnis, president of
the Silver Bow National Bank, of Butte,
F. Augustus Heinze is eliminated for the
directorate of that institution, all of his
stock in the bank being acquired by q syn
dictate, headed by Thomas A. Kinds and A.
E. Cook.
Controller of the Currency Ridgely said
this morning that the increased circula ton
of national banks since November l up to
date was something over 81, 900, 600.
An official Of the United States Rubber
Company says hat a quarterly dividend of
1 per cent. on the common stock of the
Goods Manufacturing Company was
paid on October 81. II this be true. then
the u. S. Rubber Company will get more
than a half million a year on its holdings
of this stock, as they hold a very large
amount of 1t.
MONEY AND EXCHANGE