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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Apr 17, 1908
Page
11
The market showed a firm under tone with shorts cautious during the holiday week. Trading volume was quiet, Amalgamated Copper and Anaconda drew interest, while bond activity surged on a dull day.
Market opened with a 4 cent adv ance then firm close and active sales mainly to exporters. Reports of rain in the Southwest and a Kansas April report sparked a 1.5 cent drop before a later recovery. Cash wheat steady with No 2 red around 1.04 to 1.08 and No 1 Northern near 1.08. corn markets quiet with unchanged to down fractions and export activity limited.
Morgan & Co plans a 25.14 million dollar note issue to finance Interborough Metropolitan, replacing former bankers. The three year six percent notes will fund the sinking bond issue and extend refinancing, with Morgan & Co expected to take market action and exchange notes for new issues.
Special to The New York Times reports National Biscuit rising to 82 percent on the Chicago Exchange, with last night’s close at TRI. Bonds of Chicago Railways were quoted around 97 to 98, while several industrials and utilities such as American Can Canal and Dockens Edison and Swift & Co showed mixed bid and ask levels amid a busy trading session.
The April 16 market notes say money was ample and discounts firm in London with small attendance but cheerful tone. American shares shown dull but firm in forenoon, later easing with New York buying supporting a firm close. Paris trading firm then lifeless, Berlin prices firm with dull close, and Bombay bank discount reduced from 7 to 6 and a half percent.
London April 16 The Bank of England reports a weekly shift with total reserve down 2,102,000 pounds while circulation rises 222,000. Bullion falls 1, while other securities decrease 747,000 and other deposits 2,320,000. Public deposits drop 502,000 and notes reserve used 2,1538,000. Government securities unchanged. reserve ratio falls to 50.06 percent from 51.25 last week.
Paris April 18 The weekly statement records notes in circulation up 30 125 000 francs Treasury deposits down 15 40 francs general deposits down 23 25 000 francs gold in hand up 19 950 009 francs silver in hand down 1 250 francs bills discounted down 31 325 000 francs advances down 4 900 000 francs.
Trading in coffee futures opened steady to down slightly and closed with a modest drop. Buenos Aires cables show no major influence while weather in Brazil during flowering season weighs on sentiment. 44 250 bags changed hands including switches. Rio No.7 spot quiet.
Amalgamated Copper Directors yesterday declared a quarterly dividend at the former rate of 12 of 1 per cent payable May 76 to holders of record April 23. The Boston and Montana, principal subsidiary, declared a 2 per cent dividend for the quarter with an extra 1 per cent, totaling 5 per cent for the quarter, same as three months ago.
A list of recently chartered companies from Trenton includes Walters Trinidad Brewing Company in Elizabeth with 100000 capital. Standard Instrument Company in Newark to manufacture electrical instruments. San Juan Exploration in Jersey City to deal in mines. National Paper Bag Company in Newark to make paper bags. Baumgartner & Sons in Jersey City to manufacture rubber stamps. Inter State Homes and Home Sites in Hoboken to deal in real estate. Miller Coffee Company in Trenton to trade in coffee. Alpha Toilet Powder Company in Newark to manufacture powder. Royal Liquid Olive Company in East Orange to produce liquid soap. New Century Novelty Company in Jersey City to manufacture hardware. Jam Kitchen in Montclair to preserve fruits and vegetables. Central Woodworking Company in Newark to wood turning and mill work. Prescott Investment Company in Passaic to deal in real estate.
Supreme Court Justice Dowling reserved decision on the $23,008 receivers fees charged by the late Carnegie Trust Company and Henry Schneider for the Oriental Bank receivers. The receivers sought 5000 each and 10000 for counsel. opposition argued they should not be paid at all. The case, brought after receivers were removed by Justice O Gorman, may be referred to a referee amid debates over alleged misstatements in reports and circulating rumors that could lead to jail.
About fifty representatives of iron producers met at United States Steel President Corey to renew firm prices. The official statement says prices remain unchanged as most furnaces stay closed while a few nonmembers cut prices and carry on heavy selling at below cost awaiting higher demand.
The principal exchanges in the United States and abroad will close today for Good Friday and, except for the New York Produce Exchange and the Chicago Board of Trade, will also close Saturday. Many markets close again on Easter Monday with a detailed Friday Saturday and Monday schedule for major exchanges and cotton coffee metal markets. The New Orleans Cotton Exchange remains closed today Saturday and Tuesday, the latter being Louisiana election day.
London readjusts the London Underground Electric Railways securities with holders receiving 40 percent in new bonds and 7 percent in new income bonds. Speyer & Co and associates may advance up to 1.5 million dollars to cover revenue shortfalls. Reports of the plan were disputed but details to follow.
The Cotton Exchange house Crutchfield & Co of 43 Exchange Place was suspended yesterday amid known difficulties. Liabilities were not estimated, but described as small, with the head of the firm hoping to resume business soon after failing to secure extensions from Cotton Exchange members.
The Erie Railroad released February earnings showing a gross of 3,223,264 and a net of 195,616, both down from January. Over eight months the system records gross declines of 400,626 and net declines of 3,804,815. Management reportedly pursued economies in March, hoping for an improved March result.
Beginning later this month the Tehuantepec National Railway will form the connecting link in a new steam ship and railway line between Galveston and the Orient. The arrangement stems from an agreement between the Wolvin Steamship Line and the Eng Hok Tong Steamship Company.
Paris April 16 International bankers in Paris say a large amount of gold could be obtained from America if the Bank of France offered advances during transit but directors have declined to do so. The movement may attract gold to Germany as the Imperial German Bank offers transit advances, though direct exchange remains unfavorable.
The report notes $1,000,000 in gold going to Paris and another $1,000,000 nearly completed, with Lazard ratesy to engage the sum at the Assay Office for shipment by tomorrow's steamer. Total exported gold this week hits $2,000,000.
The official closing quotations for mining stocks in San Francisco on April 14 listed each active ticker with its final price and daily change, reflecting the day’s market activity and investor sentiment in the mining sector.
Copper in London rose 5s per ton from Wednesday, with spot at 12s 6d and futures at £50 2s 1d. Pig tin opened at £144 5s for spot and futures £143 5s, lead £13 12s 6d, spelter £21, iron warrants 50s 6d standard foundry and 52s Middlesborough. New York Metal Exchange spot and bid differences show mixed pricing against the prior day.
The New York Stock Exchange yesterday elected Frederick W von Franteins and Henry Wiley as members. The circular from Knauth Nachoff Kuhne urges readers to request their bond department’s free investment circular. John L. Martin and W R Truman were elected to membership in the Consolidated Stock Exchange.
The Albany list catalogs newly formed firms led by executives across Manhattan and Brooklyn. Names include Flushing Heights Company, New York Rotary Fire Hose Drier Company, Stilwell & Gladding, London Shrinking and Refinishing Works, Newmont Lumber Company, Division Realty Company, Morrowfood Company, United Detective Service Company, Walter S. Kelley Amusement Company, Randall Investing Company, E Tuttle & Remsen Company, and more with capitals ranging from 3,000 to 250,000 dollars and directors in several street addresses across New York and New Jersey.
Hudson County Board of Freeholders received bids for 850000 dollars in 4 1/4 percent bonds for a new court house. N W Harris & Co of Manhattan led with a bid of 105.
The notice lists several 1908 dividends and transfer book closures. H.B. Claflin Company announces quarterly interest on preferred stocks payable May 13 1908 with books closed April 22 and reopened May 4. Mount Morris Bank of New York declares a semiannual 4 percent dividend payable May 1 to stockholders of record April 20 with books closed April 20. Standard Oxygen Co transfers due May 15 handled by Lincoln National Bank with cashier Lindley H Hill and treasurer James R Silliman involved.
Public notices announce approval processes for local improvements in Manhattan HTH Ward and distances for sidewalk repairs in front of specified properties with Herman A. Metz, Comptroller. Also notices seal bids for ferryboat repairs, cement and Cipraz stone, and broken stone contracts by the Department of Docks and Ferries with deadlines in April 1908.
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