The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-29
BUSINESS AND FINANCE.
AND NOTES
FOR INVESTORS.

FOR INVESTORS.
The Northwestern Pacific Railway is
contemplating a sale of 100000 900 of bonds
at once and to reserve a balance OF So
900. 0G0 for future needs. For this purpose
a mortgage has been filed with the Farm
ers' Loan and Trust Company or new
York. containing the terms upon when
the company can issue bonds, altogether
to the amount of $25,ooO,ooo.
Despite the tightness of the money mar
ket and the inability of bankers TO sell
bonds, there is little decrease In the num-
Der Of new corporations formed from week
to week to build railroads. some of which
are on an extensive scale.
1t Is said that the Pennsylvania Steel
Company. which obtains its supplies OIL
iron ore from Cuba, has discovered a new
deposit of ore estimated to contain a.
least 500, 900. 900 tons, or ms much as James
I. Hill insists is contained in the now
famous Hill ore lands leased to the uniteu
States Steel Corporation.
The new open hearth rail mill of the
Bethlehem Steel Corporation will star
operations the latter part of the month.
Tine mill is we'll supplied with orders
Kuhn. Loeb & Co. have agreed to ad-
vance the DOmlQlCidn oONOA ~
bonds a fund sufficient to liquidate us
indebtedness. and the Morton Trust Com
pany. of New, York, will receive the money
and will act as fiscal agent In the settie-
ment of the debts.
The Irnited Box Board Company's net
earnings for the half year ended June 80
were ss17 900. an increase over 1906 OF ABOUT
$780, 900.
.ts-1 -.--o.rarnnnf in
the steel trade last week. but buying ola
rot reach large proportions, Several In
dependent companies reported that thelf
orders were double what they were In the
preceding week and ahead of new business
IN the corresponding week of last year.
Following are statistics compiled by the
New Jersey Commerce and Finance show
ing the conditions of our local banking in
situations for the week ending July ":
The combined statements of the National
Newark Banking Company, the Essex
County National Bank, the Merchants
National Bank, the North Ward National
Bank, the Union National Bank and the
National State Bank made at the close
Of business under date of July "a, show
the following aggregate items: Loans and
discounts. $50, 627, 1903. 10; bonds and invest
ments, SO. 158. 1856 deposits. $31, G02, 267 .5S;
due to banks. 81 .0S6, 935. 6S; cash and reserve,
81, 923. s35. 6s. and due from banks 1other than
reserve agents., 81. sol 1885 The combined
statements of the Fidelity Trust Company,
the West Sid Trust Company, and the
City Trust Company mad at the Gloss
of pushes under date of July "a, show
the following aggregate items: Loans,
Sl0,924.118.15: investments, $13,S61. 2S2. %; due
from banks and cash, 81, 900, 249.53; due to
banks, 81, 150. 302. 70; and deposits, $14, $780,
039. 81.
From an official publication relating to
mining In the United Kingdom the total
output of iron ore was 1850 4O6 tons in 1906.
The local securities market remains
stagnant with the tendency OF prices
lower. The local monetary situation is
rather unusual for this time of the year.
1t is generally easier during July. Six
per cent. is the prevailing rate. The dull
ness is expected TO continue for some
time.
No sooner does the optimist settle into
a half belief that things have passed the
dangers that threatened the Industrial
situation. and a few stocks, encouraged
by that belief. begin in a half scared way
to creep up on a comparison with last
wears smaller earnings and fresh prom
ises of higher dividends, no sooner that.
these signs of new life are in evidence
than something like suggestions of a new
III u kOlu SIRIUS d ITemDie L0IOuRn
the whole stock market. In one day the
entire complexion Of affairs is changed.
the sentiment is again for the better, but
there is no essentially new features.
The annual meeting of the Illinois Cen
tral Railroa0 Company will be held at
Chicago on October 16. No dates have been
fixed yet for the closing of the transfer
books, but the usual time Is In the latter
part of September.
According TO rumors from a trustworthy
source the United Gas improvement Com
pany of Philadelphia will declare an extra
dividend when they meet to act on the
quarterly payment in the fall. 1t cannot
be ascertained, however, whether the divi-
dend will be script or cash.
Indications are that no gold will be
shipped to Paris by the steamer sailing to-
morrow. One of the international houses,
which has been figuring very closely on
shipping gold. states that 1t has been able
to get all the bills of exchange necessary
which will enable 1t to remit cheaper than
by exporting gold.
After a decline at the end Of the first
hour the New York Stock Exchange be-
came steady, and there was evidence Of a
demand at the lower price levels that
reached that seemed large enough to take
any amount of stock that might be offered.
The bulk of the selling had been lone BY
room traders for short account.
Conservative interests still believe that
the market is likely to halt for several
days longer until several pending an
no~uncements of considerable Importance
shall have made some of the most opti-
mistic interests in the market claim that
the dividend on United States Steel COM
mon will be increased tomorrow.
Post & Flagg say: "It is going to be
necessary to watch the financial situation
carefully from now on, for while there are
doubtless several sources Of relief to the
money market, when the autumn strain Of
moving the crops occurs; still. money is so
actively employed and In such demand that
1t looks as II rates were going to be pretty
severe"
Henry Clews says; For some time past
the market has displayed a 1rmer under
tone, due to a gradual and almost unob-
served revival Of confidence in financial
circles. This revival has been so general
that 1t would unquestionably have ex-
pressed itself in still higher prices for Sc
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