The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-07
BUSINESS AND FINANCE.
AND NOTES
FOR INVESTORS.

I a -
Not that sales have been large or thai
there have been any particular change In
prices. but buyers appear &c. be fairly Well
satisfied to do business at prevailing ns-
ures.
Conferences looking toward an agreement
on amendments to the uniform bill OF
lading soon to be authorized by the Inter
state Commerce Commission will be held
in New York on October II. Should the
object of the meeting fail it is the fight Of
the railroads on one side and the shippers
and bankers on the other. In this event
the Interstate Commerce Commission viii
be the court of last resort, that body hav-
ing received full power under the new rail-
road law to prescribe the form of the blii
of lading to be used.
The Egyptian cotton crop this year IS
making heavier demands than usual upon
the gold markets of the world. The Bank
of England has lost during the past week
over $4,000, 600, chiefly to Egypt. In the
past seasons the net imports of gold into
Egypt during the period of the cotton
movement have varied from $21,0O0,0O to
$40, 600, 900 and before next spring 1t is quite
likely that a new record will have been
made, not only because OF the size of the
cotton crop and the high price it is fetch
ing, but also because of the critical finan-
cial situation of the country.
The revenues of New York from the
stock transfer tax of two cents on each
share of stock changing hands have suf-
fered severely from the lack of public in
terest in the market. The income from the
tax last month totaled only s262, 302 as
against s60S, $40 in September, 1906, a loss
of Sc per sent. With the exception of July.
1906, and June, 1907, 1t was the smallest
total in any one month since the law went
into effect.
Without doubt general bushes as a
whole is slowing down.. There are excep-
lions, but liquidation is in order, and in
several cases there has been liquidation
that is not generally known. A favorable
feature, however, is that liquidation is of
a healthy and orderly character. There are
reasons to believe that general trade will
be governed in the near future by a greater
degree of conservatism than has been
shown in the past. The country is MOB apt
to expand SO enormously as it has, but
there Is no reason to believe that the vol
umc of business is to be seriously reduced,
or that business profits are greatly to
suffer.
Losses by fire in the United States and
Canada in the month of September, as re-
ported in the New York Commercial, ag-
gregated SIS, 1856, 687. There were reported
1858 fires, of which 296 caused individual
eating $l1,1l6, 400. Newark's total loss was
sl2,5O1
Following is the compilation of figures
by the New Jersey Commerce and Finance
the condition of our local bank
ing institutions for the week ending Oc-
Lober 5: The combined statements of the
National Newark Banking Company, the
Essex County National Bank, the Mer-
hants National Bank, the North Ward
National Bank, the National State Bank
md the Union National Bank, made at
lose of business under date of October 2.
show the following aggregate items: Loans
and discounts, $31, S39, 1868. 81; bonds and in
vestments, 1904, 6s6.91; deposits, $32, $780,
3S9.07; due to banks, 1925. 957 60; cash and
reserve, $7,065, $780, 40, and due from banks,
other than reserve agents, 81, lao, 431. AS. The
combined statements of the City Trust
Company, the Fidelity Trust Company and
the West Side Trust Company, made at
close of business under date of October 2.
show the following aggregate items: Loans,
$11, 004, 575.2 investments, $13, 1888, 571.1 II; due
from banks, 81, 7o2, 9S1. "; due to banks,
81, OBS, 7O6.SS and deposits, $14, 700, 221.57.
Local securities still maintain their dull
ana inactive tone. The quoted prices, al
though low, are fairly strong because of
the rev bidders and sellers in the market.
If the present holders of stock We're to
throw them upon the market prices would
take a severe tumble because of the few
buyers. The tendency of prices, although
fairly strong, are downward. The local
money market continues TO case IA y sliebt
degree, the banks showing a better state
ment./ Despite this fact the hanks have
taken a conservative stand IN borrouuirg
loans. and MANY loans have been +rr,a5
down on the best of collateral All monav
borrowed by manufacturers and other
financial fields have had to nav the mavi-
Nun rate of 6 per cent.
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The temporary exhaustion of surplus of
capital is at present restraining corpora
tions from Issuing new securities, yet the
aggregate output since January l has
reached the unparalleled total of 81, 92S, $685.
sos. exclusive of government bonds.
Foity-four railroads report gross earnings
for the third week in September of sin
S31. 739. an increase of SOP. ISL. or & % mar
cent.
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The Lake Superior Company will, on
November l, pay to stockholders of the
Great Northern Railway Company of rec