The evening star and Newark advertiser., 1907-10-28
USINESS 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 October 26:
The combined statements of the National
Newark Banking Company the Essex
County National Bank, the Merchants
National Bank. the North Ward National
BankA the National State Bank and the
Union National Bank on October 23 show
Loans and discounts, $31,7O7, ,292.77: bonds
and investments, 50, 453 6s6.91; deposits.
$Sl, ,462, 417.95, due to banks, $1,271, ,S2S. .s5
cash and reserve, S6,130,240.Os; and due
from banks, other than reserve agents.
81 285, ,244.20. The combined statements of
the City Trust Company, the Fidelity
Trust Company and the West Side Trust
Company, made October %, show: Loans
Sll,2O7, 20313; investments $13, ,72S, ,222 IA;
due from banks and cash, Sl,e56. .s57. Il ;
due to banks, s2Rs1, ,SoOs6; and deposits,
5,001, 1928
The local money market remains tight
for speculative purposes, but manufactur-
ers and other commercial fields can read
lily get funds. Although last weeks bank
statement showed an increase in loans
this was more than offset by the heavy in
crease in deposits. Local bankers are
unanimous in the opinion that whatever
occurs in New York does not affect New
ark
Owing to the financial uncertainty of the
past week it was not expected that busi-
ness In the iron and steel trade would be
very large. However, some transactions
were closed. The amount of business
done during the week was fully as large.
if not in excess of that of any week in the
past preceding six weeks
AS a precautionary measure it is likely
that the Boston Clearing House Asso-
citation will vote today on issuing clear
ing house certificates Boston bankers
urged the association to call a meeting to
consider the question
There are at present $50 900, 600 idle eggs
in the cold storage warehouses Of Chicago,
which is 100000,000 more than there were
last year. The price of them has fallen
a cent on the dozen during the past week.
While New York has been in frenzy
over the financial crisis, the foreign mar
ketA have been holding exceptionally
strong. The foreign bankers seem to have
discounted all unfavorable news, A large
number of foreign investors are buying
up American railroad stocks at the pres
ent level
It is understood that the Chase National
Bank of New York will import gold to
the amount of $4,000
Speaking of the shrinkage of wheat
shipments this year as compared with the
same period last year the president of the
Canadian Pacific Railway who has just
returned from his annual inspection, says
it is due, In his opinion, to the crop being
a month late. He looks for large in
creases between now and the close of
navigation, although the crop is smaller
than a year ago.
A tremendous financial and commercial
crisis has been reached in Santiago, Chill.
The gold premium has reached the rate
of 70 per cent, rate hitherto unknown
there. Government deposits with banks
jumped from $1S1, 900, 900 to a grand total
of $197,00O,0O0 in day
T. A. Mcintyre & Co say: During the
late winter or in the spring prices may
go considerably higher but it would be
nnwise at present to purchase to any ex-
tent, as the investor, as well as the pros
pective buyer on margin, may be able to
get in cheaper than the present level be-
fore the present excitement subsidies and
the financial skies have been thoroughly
cleared"
j. S. Bache & Co. say: "The smoke of
battle is still on, and The air is still too
cloudy to draw ultimate lessons. But one
conclusion stands out cear-this is a panic
with sound conditions prevailing through
out the country, and Is the result of the
unnecessary. unwarranted and
undermining of confidence.
Henry Clews said "There is less neces-
sty for disturbing reitarations in times of
stress. An unfortunate and unnecessary
tendency to hoard cash exists, which ag
gravates the money situation, and should
be discouraged at every opportunity. In
general, however, the outlook is much inn
proved: the worst is evidently over, and
can be made upon a safer and
more profitable basis than at any time this
year."
The Pittsburg Stock Exchange was
closed today This was decided at a meet
ing of the directors held this morning.
Secretary Ely of the New York Stock
Exchange, has been notified by the Ma
tioral City Bank that the books of the
Amalgamated Copper Company have been
for transfer purposes. It is ex-
planned that this has been done in order
to facilitate the transfer of stock and ex-
pedite matters in. this respect
AT the New York Metal Exchange all
grades of copper advanced from ~ to l
cent pound in both bid and asked prices.
1t seems as1if the downward movement has
been checked, bnt for how long no one
can tell.
1t was learned today that the banking
syndicate headed by ]. P. Morgan & Co.
which last week raised in the neighbor-
hood of s25,O0O, oe0 to be loaned on the Stock
Exchange feels that the situation no
longer requires the assistance of such
measures. Bankers were unanimous in
declaring that the brokerage element
should now look for itself and negotiate
Its loans in ordinary way through their
respective banks.
Western traffic officials are not gloomy
despite the unsettled financial situation.
period OF business depression and forced
curtailment OF railway expansion. Most
roads are short of cars The V7ast i ,o,,