The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-12

MONEY SCARCE HERE
TO BE WADE
SOON TO EASE IT.
Local Traction Issues Affected by Dis
closures Made in Investigation of
New York Concerns. !

Money in this city is working tighter
Time money is almost unobtainable, but
It is still quoted at 6 per cent, the max
imum rate, and some loans are quoted al
that figure. plus a commission. Call money
has frightened perceptibly. Renewals and
new loans that are made are at 6 per cent
SO far there has been some calling In OF
loans, but the manufacturers and other
financial projects hold a good part of the
currency.
Another important influence upon our To-
cal traction issues is the exposures being
made of the manipulation of the finances
of the Metropolitan Securities Company
and the alleged payments to individuals of
the elmer circles Of the concern large
sums of money. This evidence carries
weight with it to nave a very unfavorabie
effect upon the already pessimistic minds
of the public. Foreign bankers are also
"a unit in declaring that the traction ex-
posures would be harmful in its conse-
quences.
Among the sales recorded were some
Newark Passenger bonds at 1903, while the
Consolidated Traction 5s We're disposed OF
at 100. North Jersey is found a buyer or
two at s., Consolidated Traction stock was
bought for 65 to 65tA and United Electric
bonds found buyers at 621s to 63. The
traction issues all through the list have de-
clined from a point or two to fractional
levels, and 1t is very hard for the present
market value of prices to convince the
public that they are extremely low n
the disclosures made in New York city
do not concern in any way the New Jersey
traction companies.
The local traction companies have been
earning big money and paying good divi-
dends. better than ever before In the his
tory of the corporations. and yet in COM
parison with what they pay and their
present market value owing the Investor
a large income they are not wanted by
the public. Those investors who have al
ready bought the stock refuse to dispose
of them. and remain obstinate in their de-
mands for higher prices.
The finance committee of the Board of
Freeholders accepted a bid from the Pru-
dental Insurance Company for $4,000
worth of 4 per cent. Court House bonds
This is the last of the securities TO be
sold. as the Court House Commission will
turn over the building to the Freeholders
on October II. The committee authorized
the issuance of the bonds on June %, Il
no effort was made TO dispose of them
owing to the congested condition Of the
markets. There were several bids for the
bonds, but the Prudential got them.
The gas stock are low in their bid
prices. but there has been very little buy
ing or selling INDUCED in them. The bank
and insurance stocks also are low, with
their bid price offerings below the market
value. but here again sellers could not
be found to dispose OF their holdings at
prevailing prices. Some Hudson County
Gas bonds sold for par, while the Newark
Gas bonds brought 1O2. Municipal bonds,
which have been the mainstay of the local
market, found buyers in various sections
of the State. Essex County long term
bonds sold for 101 and the Newark long
term bonds was sought for around 102.
Money should be easier locally by the i.
end of the month because the Public Ser
vice Corporation and others will dlsburse
their semi-annual and annual dividends,
and the city will deposit their tax c~ollecS
tons in the banks. The city already owes
a tremendous sun to the banks, and when
the public will get their interests from
their investments combined with the city
tax collections it should relieve the
stringency locally, temporary. at least.
Following is the range of prices and
Of the local market. as furnished
by j. S. Rippel, 7GO Broad street:
- rn,