The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-23
NEWARK


larger than it was a year ago, notwith-
standing the great scarcity of money anc
the unusual call for money. Since the
tightneSs in money first began our con-
sentative financial Institutions have beer
very careful In making loans.
President David H. Merritt, of the Ma
tional Newark Banking Company, the old
est pank in Newark, and one of the most
conservative IN the State, said hat his
bank and the other local national banks
do only a local business, making no out
side loans. but loaning their money to local
business men to develop or extend their
business and keep many thousands of men
and women at work.
we take care of our manufacturers and
merchants. h are all prosperous and
doing splendid business said Mr., Merritt,
ana they take care Of us by depositing
the money they receive from the sale of
their products in our bank.
We do not make loans in New York
or elsewhere. We do only a local bust
ness. Our banks are not affected by the
New York houses and will not be. New
ark hanks are not affiliated with any Of
the New York banks, except that they
keep balances in the strongest"
William S. Scheerer, president of the
Union National Bank, which has the
largest amount in deposits of any of the
local banks, said that the Newark banks
are not affected by the trouble of some
New York banks and trust companies, for
they are not affiliated with them, and do
not make heavy New York loans.
All the local banks do only a local busi-
ness with our manufacturers and merchants
and business men, Mr.. Scheerer added,
all OF whom are prospecting. and you may
say as strongly as you can write that the
Newark banks are in a splendid condi-
f10n. Their dirnrf0rc ~ 1,..4ao~- - .~d
they look after the banks they are con-
rected with as they manage their own busi-
ness. No matter what happens in New
YORK the Newark banks are all right. The
deposits and assets of the Union are con-
stantly increasing"
Vice-President George F, Reeve. of the
Essex County National Bank, which does
business principally with local manufac-
turers, said that Newark banks could not
be affected by the troubles in a few New
York banks, for they are not affiliated and
the local banks made only local loans.
Uzal H. McCarter, president of the Fl.
deity Trust Company, said the deposits of
his company are s550,O0 larger than they
were In October of last year, and the FL
deity was not connected in any way with
New York trust companies. Its loans
were local and It's directors are nearly all
local men. He said the Fidelity has
oohuuSSs III Two OF the strongest New
York banks-the City Bank and the Bank
of Commerce.
President James Smith, jr., of the Fed
eral Trust Company, said there had been
a large increase in the deposits of the COM
pany in the last twelve months. and that
It's business was local, and therefore, the
company was not affected by the troubles
In some New York trust companies.
Julius S. Rippel. dealer in local securi-
ties, said there were very few sales of
bonds or stocks In the Newark market
this week, and therefore he could not see
how the troubles In Wall Street and in
New York banks and trust companies had
affected local securities. He said that a
report that the Westinghouse Electric and
Manufacturing Company had gone into the
hands of a receiver might have an effect
On local electric securities. And yet the
troubles in the big Westinghouse concern,
which has SAG, 900. 600 of capital stock and
$25, 100000 of bonds, might be caused
only by inability to get ready money to
supply the needs, for money was unusually
scarce.
LAS to the New York banks that are in
difficulties" said Mr.. Rippel, II am sure
the other banks there will help them out.
Newark banks are in splendid shape.