The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-05

OF the american lren trace mas NEW JUS
ness been so slack without a general dis
turbance being created.
A singular coincidence is noted in that,
while the so-ealled smal investor has
been the principal buyer Of bonds. savings
deposits In nearly all the leading cities
of the United States have been steadily
increasing. all of which goes to substan-
tiate the assertion that the great bulk
of the available money is In the ham
of the people.
1t is announced tina the Pittsburg Coal
Company has cancelled sS,6S2,00 OF the
s25.OOo.O0O first mortgage bonds.
Enormous Industrial development In the
United States in the last ten years Is
shown by the figures just issued by the
Pennsylvania Railroad on the capacity OF
freight yards In 1897 and 1907. In 1877
the system had a capacity Of 1O.Sol, Whllt
in 1907 it has been enlarged to the extent
of SO.12l cars. an Increase of 200 per cent
The stock transfer tax law Of New YORK
benefited that State during July to the
amount Of STA. 754, compared with $19o, 40
for the previous month and $3.50 during
the corresponding month last year.
More than three-qparters of a billion
dollars worth Of manufactures passed out
of the ports of the United States In the
fiscal wear lust ended. To foreign coun
tries alone the total was $740,Oo0,o0O. while
to the non-contiguous territories of the
United States the value Of manufactures
sent was $40.0 900. 900. thus bringing the
grend total considerably more tina three
quarters of n billion against less than a
quarter of a billion a dozen years ago.
Following are statistics compiled by the
New Jersey Commerce and Finance show
ing the conditions of our local banking
institutions for the week ending August
3: The combined statements of the Ma
tional Newark Banking Company. the Es-
sex County National Bank, the Merchants
National Bank, the North Ward National
Bank, the Union National Bank and the
State National Bank made at the close OF
business under date Of July 81. show the
following aggregate items: Loans and dis
counts. $50, 642, "a, 80; bonds and investments,
S3,076, sos. 50: deposits. $2i,S24 355. 49,; due to
banks, 1888, 5OS.7 rs; cash and reserve, $1,422,-
512.0S, and due from banks (other than re-
serve agents., 2,059.3 49. q. The combined
statements of the Fidelity Trust Company,
the West Side Trust Company and the City
Trust Company, made at the close of busl-
ness under date of July 81, show the fol-
lowing aggregate items: Loans, $40, GAG, 628, 81
investments, 3d. III, 240. 80; due from banks
and cash, 81. 651 ,416. 21; due to banks. $2,16S,-
013. AZ, and deposits, $14, 625, S02.S "a.
~Stagnancy still reigns in the local Sc
curities market. The only activity shown
was the sale of a few municipal bonds at
encouraging prices. Aside from this trans
actions were few. The buying of the mu-
nicipa1 bonds were of an investment ma
ture. No relief in the ~stringency of the
local money market Is apparent. Loans
are made at the maximum rate of 6 per
cent, and on the best of collateral. The
persistent demands on the local banks keep
them from accommodating a reserve fund
which would soften the money market
considerably.
H. C. Prick arrived yesterday from
Europe. He said that his return was
without significance from a commercial
point of view.
1t will no doubt be a surprise to most
persons TO hear that in the first six months
of 1907 the addition to the gross earnings
of United States railroads exceeded any
similar addition in the corresponding six
months of any previous years. All through
the current year there was much talk Of
a possible reaction in general business and
a shrinkage in the volume Of traffic of the
railroads. No such shrinkage occurred.
Instead. railroad facilities have been taxed
to their utmost in taking care of traffic.
and as a result the improvement in gross
earnings reaches phenomenal proportions.
Judging from the present outlook It will
be impossible to get a quorum for the
regular monthly meeting OF the directors
Of the Southern Railway Company. which,
II not obtained. the meeting will be post
poned for one week.
Owing to a holiday in England the Lon
don stock and commodity markets were
closed.
About the only business being done Of
Importance during the early morning and
late afternoon hours upon the New York
Stock Exchange was the shifting of the
short accounts by room raiders. some
covering, while others put out fresh lines.
Brokers generally expressed surprise at
the lack Of activity In the market in
view of the developments since Saturday.
Post & Flagg say: 9TH pounding which
the stock market has received. however,
in the last four or five months has dis
counted a good deal of calamity. and
there are times when the market gets
oversold and rallies merely from the tech
nical position. 1t looks rs if we might
have such a movement in prices next week
from this cause"
Henry Clews says: "The present outlook
in the stock market is for moderate ac-
tivity. In the absence of unfavorable
DEVELOPMENTS. prices may show occasional
rallies. but the general drift of prices
promises to be ~downwards until the re-
adjustment in the money market and In
the commodity markets has gone far
enough to warrant recovery. The pendu-
lum has started to swing in the opposite
direction, and the swing has evidently
not yet been arrested"
J.. S. Bache g. Co. says: Careful consid-
GRAFTON OF these conditions Of money make
It seem unwise to put much faith on rises
in h stock market which require large
funds to finance them"
T.. A. Mcintyre says: There will be
plenty Of time. in our opinion. for intend
ing buyers either on Investment or for
speculative purposes, to get all the de-
sirable securities they may want within
the next thirty days to probably much
better advantage than the current level
offers. In the meantime, the crop situa-
ton and the, outlook of the money market
will have to become much more reassuring
than it is at present to prevent the spread
OF further LIQUIDATION"