The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-11
TRADING
LIVELY !
LOCALLY
Honey Scarcity Disappear
ing Quickly and Cash
Coming Into City.
SECURITY VALUES RISE
Stocks and Bonds Appreciate
During the Week and Some
Make Big Jumps..E Expect
Resumption Of Work in
Factories.
SECURITY VALUES RISE

Trading in local securities was quite
active his week., for the first time
since the great s~tringency in monI
began early in October and a premium
was paid for currency because of its
scarcity. The cause of the revival of
Investments in the market is the great
improvement since January / in the
money conditions.
The deposits in the local national
banks and trust companies has been
largely increased daily because many
factories are being operated on short
hours or with a reduced force of
employees, so that the owners have not
made large Withdrawals of money from
the bank each week to make up pay
rolls.
Besides, many persons who took their
money from the banks during the
height of the panic have deposited 1t
again. The total deposits in the local
savings banks have been very largely
increased by people who drew their
money out of New York banks and de-
posted it In our savings banks. which
now pay 4 per cent. a year on deposits
of $ 1000 and under, the same rate New
York savings banks have paid for a
long time.
The closing of the Knickerbocker
Trust Company of New York also wor-
ried Newark and Essex County resi-
dents who had money in New York
banks, and man of them have drawn
out their money and deposited II In our
their money in Newark municipal
bonds, Essex County bonds and the
bonds of underlying companies in the
Public Service Corporation n also in
the stocks.
One Investment broker sold yesterday
se~venty-ive of the Essex County 4 per
gent. long-term bonds to a New York in
weston at 10l, and blocks of Newark water
bonds, 4 per cent, due in 1922. at par.
There was a good call also for the last
Issue of Newark school bonds. Because of
the active buying the market value of
local bonds and str cks in nearly all lines
gained from one TO three and five points
since last Monday morning.
ms reason for this general advance in
selling prices Is that New York people
threw our local securities on the market
during the money s%tringency and now have
no more to sell. This has made the supply
scarce, for a large majority of the New
ark and Essex County holders of these
securities are not offering them in the
market, for they are confident that by
- $500 PNAeOo wa ~ NOAATAAtCA 1OlJ
higher.
THE prediction in the financial page Of
the EVENING STAR the last week Of
December that money would be a good
deal easier here after the big interest and
dividend payments the first week in jan
uary has come true said an old f~inancier.
THE deposits in our banks have Increased
so much in amount that the banks are
rapidly paying off the large sums In cur
caA as kI.... 49,. - q -
the money stringcncy, so as to supply our
manufacturers with money for their pay
rolls up TO the usual holiday closing down.
Money ia so much easier already that
negotiated here quite a large loan for a
New Jersey municipality at 5 per cent.
and ] have borrowed for myself at 4 to Az
per cent.
Il AVE faith in the Christmas week
prediction of the EVENING STAR that
there viii. be plenty Of money next spring,
for money that was drawn out during the
feverish weeks Of the recent stringency
has been returned to our bank and to
bank and trust companies in other cities,
During the %stringency 1910, 600, 900 was sent
| from the banks of New York city to the
Western and Southwestern States.
THAT money is being returned to the
New York banks. and all Of 1t win have
been sent back East by May /. I believe.
Inns VIII greatly Improve the money STU
alton in Newark, for what helps New York
win benefit our city. the interests Of the
two are so closely allied. But II is this
general impression of financial and bust
ness men that the Industrial and mercan-
tile depression will not be relieved before
next fall"
There are thousands Of mechanics and
laborine men idle yet in Newark, Essex
County and West Hudson towns. and sew
erai manufacturer n builders said last
evening that while a good many of These