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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Apr 11, 1908
Page
10
Yesterday’s trading saw chart players discuss double tops as Union Pacific hit 129 and moved to 129 1 2 amid mixed sentiment. Brokers noted higher activity among semi professional traders, while Erie and copper news had limited impact and Consolidated Gas rose on potential surplus funds.
Stockholders of the Mavor Syndicate favor a liquidation of the National Bank of North America with about 60 percent agreeing to the proposal. C W Morse is reported to have assented while Knickerbocker Trust or Parney & Co may join in. Receiver Hanna asks court to approve selling bank assets including a NY Clearing House building interest, ferry company stock, and wallpaper company bonds, per Currency Controller authorization.
The cotton market closed with a modest gain of 2 to 4 points as traders weighed favorable weather and a Southern spinner convention in Charlotte deciding on further curtailment or shutdowns. Supt Hing reports total crop movements to date, including port receipts of 7,545,872 and stock at interior towns rising to 894,680. Local spot prices edged up with upland at 16.25 and Gulf at 10.50, while several southern markets showed mixed but steady results.
The Metal Exchange shows all copper grades down with quotes around 12.75 to 12.87 for electrolytic and casting. London spot and futures ease to £57 15s and £58 6d, tin and lead weaken, zinc and iron warrants also soften amid overall lower session values.
Special to The New York Times reports closing quotations on mining stocks in Colorado Springs. Prices shown include Bida and Anabella with bids and asks, Portland and Rewlins trading around numbers, Vindicator and Work futures noted, reflecting market activity and spreads.
New Haven announces that rehabilitation of Central New England Railway property enables payment of interest on its general mortgage bonds from net earnings. For year ending June 30 the net earnings flowed to the Poughkeepsie Bridge and produced a deficit of 647,565, but after completion the deficit should turn to a surplus and support about 4 percent interest on 7,250,000 of mortgage bonds due 1949, with the New Haven owning 6,318,123.
The New York Times reports a first quarter lead with over 22 percent more financial advertising than any other newspaper. In March it printed over 20 percent more financial advertising and was the only New York paper to rise again versus the same month last year.
London stocks were steady with firmer discounts as Paris may withdraw gold to cover maturing bills. Copper shares fell after a price drop but Amalgamated Copper recovered later. American securities held steady with Erie lifting sentiment and New York opening helping rail stocks. Paris trading weighed by copper rumors and exchange rates posted. Berlin markets were quiet with irregular prices and firmer American securities.
The coffee market shifted from near to late positions with the new months advancing about 6 points while closing steady. Day’s sales reached 44,900 bales as spot prices stayed quiet and contract ranges showed mixed gains across May December and March maturities.
Albany April 10 reports a surge of incorporations led by Rating Manufacturing, Elverton Land, Lester & Lester, Italian Importing, J. Marks and others with capital ranging from 2,000 to 100,000 dollars. Several firms list directors and addresses across New York City, Long Island, Yonkers, and Brooklyn, reflecting a bustling business climate. Several names and locations appear amid capitalization changes and one dissolution noted for Alen Cement Works.
Charles M. Schwab, Bethlehem Steel president, joins Judge Gary in asserting prices will stay stable. He predicts a long period of price certainty as steel markets recover, ruling out near term reductions and expected improvements aligned with a prosperous economy.
The New York Metal Exchange announced changes to its Copper Quotation Committee. A jobber, an exporter, and a copper producer join the Copper Quotation Group, with the new year’s committee slate including Vogelstein Hendricks Hochschild and others.
Annual financial data lists earnings, mileage, and balances for lines including Ann Arbor, Buffalo Rochester, Detroit Toledo Iron, Hidalgo and Northeastern, Interoceanic Railway of Mexico, Mexican International, Michigan State Telephone, Yazoo Mississippi, National Railways of Mexico, and related subsidiaries. Figures cover year ended Dec 1 1907, weekly and monthly totals, surpluses, and dividends with detailed segment totals.
Announcement at the Stock Exchange states all Utah Copper Company warrants of subscription for ten year bonds will be paid as full paid warrants from today onward. Protracted litigation between the David Stevenson estate and the David Stevenson Brewing Company has been amicably settled. Stevenson Brewing Company stockholders elected directors James McClenahan, David Stevenson, Malcolm Stevenson, Newell Bent, A. M. Beard, and ex-Judge J. Rider Cady. McClenahan named President, Stevenson First Vice President, Malcolm Stevenson Second Vice President, and Samuel Greason Treasurer.
Pittsburg April 10. The Gould and Pennsylvania interests announced that the Wabash sold to Pennsylvania the rights of way along the north bank of the Ohio River from Steubenville Ohio to Midland Pennsylvania about thirty five miles. Citizens along the Ohio River denounce the deal as double dealing and a monopoly absorption. Committees head to Columbus and Harrisburg to seek cancellation while Midland plans action. The Wabash reportedly received about 200000 dollars though some say the rights were worth up to 5000000. President Joseph Ramsey Jr of the Wabash had earlier secured the rights at light cost and vowed a 2800000 investment to build a rival line.
Reported currency movements this week boosted bank cash holdings by an estimated 0 to 5 million dollars. About half of the gain reflects movements to and from the interior, and the surplus reserves of banks are expected to rise today.
Merchants reported yesterday that the spring settlement in the mercantile district is in progress with three likely payers, and bankers say payments will be made without unusual extensions. Earlier fears of widespread difficulty in meeting payments have not been fulfilled. Reports of favorable progress indicate improved collections.
Baltimore April 10 Southern securities led the local market with Georgia Southern & Florida the most active. United Railway bonds were in demand and other issues showed strength. Knox Tractions rose % higher while stocks and bonds traded firmly with $95,500 in noted activity.
The Smith & Anthony Steve Foundry, idle for sixteen weeks, will restart full time Monday with about two hundred workers. At the Haywood Brothers and Wakefield Rattan Company the rattan factory will also move from short time to full time, affecting roughly six hundred workers across departments.
It was announced that Broc kt, Shears, William 8. Hurley, and Paul Grout were elected as voting trustees of the Borough Bank of Brooklyn, which is to reopen next week.
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