The evening star and Newark advertiser., 1908-01-04
PICKUP IN
THE LOCAL
SITUATION
Money Becoming Plentiful
With Return of Great
Confidence.
FACTORY PROSPECTS GOOD
Prices in Local Market for Va.
rious Financial Issues Grow
Stronger..So Big Invest
ment Transactions Among
Local Traders.
FACTORY PROSPECTS GOOD

Local Traders.
| Trading in local securities began to
pick up Tuesday, and yesterday the in
vestment brokers were quite busy, and
the call for bonds and good dividend
paying stocks opened up well this morn
| ing. The splendid annual statement of
the Federal Trust Company, the ex-
cellent one of the West Side Trust
Company, with the last quarterly state
ments of the local national banks, were
strone factors in restoring confidence to
depositors and investors. The banks
and trust companies have a big supply
of currency in their vaults and in other
banks. Since New Years Day a great
many people have deposited money
each day.
Newark was also benefited by the
| healthy financial condition in New
York city since January l. The weekly
report of the banks today show an
Increase of So, 0OO, 900 in reserves, though
the banks paid back $4,000,000 to the
/
during the height of the financial furry
that began early in October. The de-
crease in loans is $14.0OO,OO0 Many
country banks have sent large sums
of moneysto the New York banks since
January l for investment, and there
was no premium on currency there yes
terday The rate for loans were nor
NAL for the first time since the strin-
gency in money began. The result was
an increase in the market values of Sc
curities on the Stock Exchange yester-
day.
These things have had a good effect
on local securities, several lines hav-
ing Increased from l to 2 points in the
bid and selling prices since Thursday
morning.
Newark school bonds, East Orange
municipal bonds and Essex County
bonds, all of them 4 per cent. long
term issues, were in brisk demand.
One broker sold blocks of $4,000 to
$4,000 yesterday, the purchaser get
ting the securities for investment at
the low prices prevailing.
United Electric bonds sold at 81 to
5S15, an increase of one point. The
company reduced the price of light
from IL to 10 cents per kilowatt hour
on January 1. Some persons may think
this will reduce the company's re-
ceipts, but experience has proved that
low prices means increased consump-
ton of electricity. When the price of
gas was reduced here the annual re-
ceipts bounded up because of the big
incrf ase in the consumption. The Uni
ted Electric Company's reduction may
serve to shut out competition from
small companies. The reduction, it is
believed, will give a boost to the mar
ket value of the company's bonds soon.
There was a good call for the bonds
yesterday.
Newark Passenger bonds sold vester-
day at 102, one point up. Consolidated
Traction sold at 99 showed no change,
but the stock sold one point up at So to
6S. "White Line" bonds sold az E71s
and So, an advance of III points.
Public Service certificates were strong
at 81 and 81. but the notes were weaker
at IS to 90
Newark Gas bonds, 5s, sold at 9S to
80, up one point, and Newark Gas stock
at n, an advance of a point. Essex
and Hudson Gas stock remained at par.
1t has been quoted as low as SO during
the money stringency, and sales were
made when money was plentiful at as
high as 1872. When money conditions
become normal this stock will increase
in value. That is why little of 1t is in
the market now. Hudson County Gas
was sold at 80.
The Celluloid Company's stock made
gain of four points yesterday, selling
at 110. Stock of the local National Bank
gained five points in the bid price, but
none of 1t was offered in the market
There was no change in fire or life in
surance stocks from the values of last
week.
II believe that by February ! money
will be plentiful and banks may have
so much on hand that they will have to
invest 1t to get interest on it," said a
financier today There are, it is true,
some thousands of mechanics idle in
| Newark and Harrison and the county,
but as money is becoming so easy fac
tories will probably be in full blast
again by January Is or February L. 1t
| Is said there has been no great over
! production. 1t looks now as If money
will be a drug in the market next
spring, and that we are to have good
year in all lines of business after all. 1
hope business men have learned les
son they will profit from"
Following is the range of prices and
securities of the local market. as furnished
by J. s. Rippel. 76O Broad street:
COUNTY AND CITY.