Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-28
MONEY DEARTH NO
BAR TO BUSINESS
Union National Bank of New
ark Issues Digest of
Trade Conditions.

A digest of trade conditions, issued
by the Union National Bank, of New
ark, says in part:
1.-THE slight easing up of the money
market has been due to several fac
tors. Strikes have reduced the out
put of minerals, and as most concerns
have been steadily adding to their
cash reserves during the past few
weeks the country is today in fairly
good shape to handle the early crops.
The decision of the treasury depart
ment to deposit $50, 900, 900 next week
in the banks in the principal crop
sections will make the grain move
ment easier. although as partial
offset to this the governments de-
posits in banks have declined as much
as $20,0O0,OO during the past two
months, so that the actual additional
deposit will amount to only $3O,OOO,0OO.
1.-THE terrific damage done the corn
crop by drought and the decline in
the cotton condition in the Southwest
mean that less money will be required
for handling the crops in these sec
lions.
Trade in general merchandising
lines Is picking up, while iron and
steel are less active. AS business is
showing signs Of its fall awakening
and as the shipment of grains even
now ia totaling from three to four
million bushels daily, there Will be no
surplus of money beyond what Is alb
solutely necessary for legitimate trade
demands, and an easy money market
is not in prospect for several months
at least.
1.-THE clearings of banks for July
were thirteen and one-half billion dol
hi
for July of last year. Outside New
York CITY clearings totaled 6191 mil
lion dollars, compared with 500 mill
lions for the same month last year.
Here is fair evidence that money
scarcity has not retarded the move
ment of business unless 1t be in Stock
Exchange circles.
1.-THE business mortality for July
showed a great Improvement as COM
pared with the previous months or
with the average for July for the past
five years. Failures numbered 1,169,
against 1890 In July, 1912. While in
June, 1913, only 1,145 failures were re-
ported, the monthly average for the
year to date has been 1888 failures.
Total liabilities for July were slightly
over twenty million dollars, being less
than in June and less than the MONTH
million dollars greater than the la
bilities of the concerns which failed IN
July, 1912
Commodity prices are more than l
per cent. lower than month ago and
s per cent lower than at the begin
ming of the year.
Dividends for August were $4,000
900, compared with $47,000O0O last
year, and interest payments were $751;
O00, 900. compared with $55,00O,OOO last
year. September dividend dlsburse-
ments will be $5S000.000, compared
with S59, 600, 900 last year, and interest
will be $54, 900, 900, compared
with $4S, 1000, 900 last year. The gain in
interest payments covers new securi-
ties issued.
Operations in the building line in
the las principal cities for the month
of July were practically the same as
for July, 1912. The first half of this
year, however, showed a considerable
gain and indications are for renewed
activity in the early fall should money
be easier.
--latest reports indicate a crop of
IA, 900, 900 bales Of cotton, $500, 900
bushels of corn, 1,104,0O0 900 of oats,
744, 900, 900 of wheat, 168, 100000 of bar
ley, 36,000,000 of rye, 339, 100000 of po-
tatoes, 900,0O0,000 pounds of tobacco.
20, 900, 900 bushels of flaxseed, 64,O0O,000
tons of hay and 27.000,000 bushels of
rice. The estimated farm value of the
above-named crops is a,755, 900, OO0
which is above the average total
value of these crops"