The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-04
BUSINESS AND FINANCE
AND NOTES
FOR INVESTORS.

Following is the compilation of figures
by the New Jersey Commerce and Ef-
nance. showing the condition of our local
banking institutions for the week ending
November 2: The combined statements OF
the National Newark Banking Company,
the Essex County National Bank, the
Merchants National Bank. the North
Ward Nationa' Bank, the National State
Bank and the Union National Bank on
October 80. show: Loans and discounts
$31, 13e, 1881; bonds and investments. So
402, 1861; deposits, s2s, 700, 723. "a; due to
banks, $1,2S6, 243. 81; cash and reserve, So
$50, S54. %; and due from banks. other than
reserve agents, $2,012,o16. The combined
statements of the City Trust Company,
the Fidelity Trust Company. and the
West Side Trust Company. made October
30th. show: Loans, $11, 106. 2s6. 40; invest
ments. $1S, 703. 944.71; due from banks and
cash, 81 1888, 915. 20; due to banks, S1,944,SN.SO'
and deposits, S22,SsS, S57.S7.
Although the local money market is a
little tight this Is due to the conservatism
adopted by the banking institution heads.
They will loan money only on the best
securities as collateral, and this is done
to help the commercial and business men
while money cannot be borrowed for spec
lative purposes. This policy has prevailed
for the last six months.
-
Although there was a fair s~hrinkage In
deposits last week. this was more than
offset by the decrease in loans and in cash
and reserve funds. Money is loaning at
its maximum rate, owing to The stand the
banks have taken in distributing their
available funds.
Foreign cables indicate that affairs are
not very favorable abroad in the financial
districts. There is a large strike threaten
ing in England, and this has somewhat OF
a detrimental effect Upon the situation
there. The banks of the leading countries
have raised their discounts Temporarily 10
stop the heavy drain on them for soiu'
DEVELOPMENTS in the financial world dur
ing the past fortnight have been such as to
centre interest again on currency REFORM.
and it is the opinion of bankers that II
sufficient efforts will be made it will be
possible to get Congress to act upon the
question. The plan has met the approval
of the American Bankers Association.
According to a report from Mexico the
merger of the Mexican Central and the
National Railroad of Mexico cannot be
effected at present because of the present
money situation. and until the necessary
funds can be acquired the merger will re-
main in its present status.
Statistics compiled by the Ohio Railroad
Commission show that the thirty-nine rail-
roads operating in that State have suffered
a loss in general average receipts per pas
senger per mile since the two-cent rate
went into effect.
ecadse the railroad officials of Great
Britain refuse to recognize the union, the
executive committee of the Amalgamated
Society of Railway Servants have resolved
to strike. The men expect to go out at any
minute and the strike will probably Involve
1000 0 employees. This would mean a Sc
we're attack on American securities as we'll
as British securities in the English mar
ket. 1t would tie up transportation and
would probably affect TO a certain extent
the cotton trade of this country, as England
is a large manufacturer of our raw mate
rial.
Stringent money conditions are RESPONSE
Bile for the failure of the proposed combina-
ton of one hundred western biscuit baker
les, to be known as the General Biscuit
Company. The capital of the new combin-
alton was to have been $4,000, 600
The st. Paul system has discharged 1900
shopmen from various shops of the system.
T. A. Mcintyre & Co. say: Investment
buying under the circumstances is the only
thing being encouraged by bankers and
commission houses in the way of opera
lions in the market in the meantime, for
1t is well understood there is no proba-
bility of anything like a real bull move
ment being started until the equilibrium
of the money market has been restored,
and confidence has been sufficiently revived
to induce the return of the vast sums
of money which have been taken from
the banks and trust companies and
boarded"
j.. S. Bache & Co. say: THE public has
at last been widely aroused to the fact
that good stocks are so far below intrinsic
value that it Is foolish to neglect the op-
portunity, and buying in small lots is pro-
ceeding in a volume which has not been
known of for years. The aim of the in
weston should be to secure great safety,
combined with an assurance of the con-
tinuance of income at the large figure now
obtainable, placing as secondary the dues-
tion of material future advance in price
Good bonds and preferred stocks of old
seasoned railroads best furnish this assur-
ance."
The annual meeting of the stockholders
of the Third Avenue Railroad Company.
of New York city, scheduled for today,
has been postponed until November Is.
NClihhS ASAhAeS NOulu bt ODtullleu TO cause
the delay.
The Commercial National Bana of Chi
cago announces that it has completed ar
engagements in London for $5OO,OO0 of gold
for import TO Chicago. This makes a total
Of A,695,00O of gold arranged for by
Chicago banks. Negotiations for more are
under way.
New York Stock Exchange floor was
fun OF wildcat rumors today. One was
that the Tennessee Coal and Iron Company
has been acquired by the United States
steel Corporation, the deal being closed at
q conference held late last night.
1t is said in New York financial circles
that a pool has been formed by influential
spectators, financiers and bankers to raise
prices. How true this Is cannot be estl-
mated on, but 1t is obvious that it is i'm
possible to buy the stocks that can be
thrown on he market by banks and other
holders OF securities who are tied up to
their ne1ks with the condition of the
present money market.
BANKRUPT's SCHEDULE FILED.
This morning a schedule was Alad hv