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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Apr 25, 1908
Page
11
Extravagant price hopes spread after a Pennsylvania bond sale renews bullish talk. Traders point to steady money supply and crop prospects as support, while suspensions and rumors ripple through the market. Short interest appears low as prices rise amid improving liquidity.
Trading opened weak with irregularities and a Wall Street dip, while May contracts showed little strength. Wheat in Chicago showed steady cash values with No 2 red at 1.061 in elevator and 1.071 afloat, No 1 Northern at Duluth 1.14? afloat, and No 2 hard Winter at 2.124 afloat. showers in Nebraska and the Northwest were noted. Corn prices steadied on wet weather and anticipated large arrivals, cash No 2 in elevator at 0. for No 2 in elevator and 0. for No 2 at board afloat.
The Intermet flotation for the Rapid Transit note of 25 million dollars was scrutinized in a two month Public Service Commission examination. Amendments to the mortgage and a recast balance sheet followed, with Morgan & Co approving the changes and applications for the note issue reported as four times oversubscribed.
The New York Central & Hudson River Railroad announced the sale of 7.007 4 per cent 25 year bonds for the Boston & Albany Railroad to reimburse expenditures on that system. N. W. Harris & Co and Bond & Goodwin purchased the bonds and will offer them to the public with terms to be announced. The Central leases the Boston & Albany for 2 million annually.
Leading weeklies report improved business sentiment amid better crop reports and favorable financial conditions. Some retail gains appear in the South and Central West while conservatism remains widespread. securities markets show a rising tone with easy money aiding confidence despite lower railway earnings and immigration. Bank exchanges in New York run 3 percent below a year earlier.
Copper metal rose to 7s yesterday from Thursday close with spot at 157 17s 6d and futures at 258 Ys 6d. Tin closed unchanged at £144 15s for spot and £143 10s for futures amid firmer lead and softer spelter trading on the New York Metal Exchange.
In Trenton New Jersey on April 24 several companies received charters. Hardy Hotel Company Jersey City capital 2590 Incorporators George C Engel Arthur T Hardy and John Frank to operate hotel restaurants Wiedling Manufacturing Company Weeks hawken capital 150000 Incorporators C T Wieddling Froderick H Carl and William Franck to engage in general contracting United Wire and Cable Company Jersey City capital to be determined Incorporators Henry Baren and Otto Koeschl to manufacture wire and cable United States Independent Phosphate Company Camden capital 1000000 Incorporators F W Dillion Lulu Landis and G H RB Martin to deal in phosphate Northampton Slate Company Somerville capital 2060000 Incorporators Edw Cronin Fred Knowlton and Russel H Osgoodby to deal in slate Independent Brewing Company Newark capital 125000 to brew and deal in beer ale and porter
The European markets show scarce money and firmer discounts in London with mixed equities. New York strength later supports American rails while Paris steadies at 96f 40c and Berlin opens strong then softens on trade concerns from the United States.
Special to The New York Times reports a brighter market in Baltimore on April 24. Cotton Ducks rose 2 points due to expected heavy demand from the National Government. Seabeard Company common up 14, Northern Central Railway up 1. Bonds total $92,000. Other issues posted fractional gains.
A data ledger lists mileage figures for Buffalo Rochester & Pittsburg Los Angeles and others with weekly and April totals. Entries include Gulf & Ship Island, Hidalgo Norte and Interoceanic Railway of Mexico totals, plus Mexican International and National Railways of Mexico figures for July 1 to April 14.
John C Clark of Botdy McLeHan & Co applies for Cotton Exchange membership. J Kennedy Tod & Co plans to relocate offices from 45 Wall Street to the Hanover Bank Building. Guaranty Trust Co of New York prepares delivery of temporary certificates and notes of Norfolk and Western Railway sold for 7.5 million dollars, signaling strong market conditions.
A Rothschilds London cable released in Belmonts denial says Belmont and Co had no part in the Pennsylvania Railroad bond issue. It states Belmont & Co represent Rothschilds in the US and Rothschilds in London will place bonds, with August Belmont & Co continuing as US agents. The note also mentions Shonts’s departure to Europe and a successor in Interborough Metropolitan Company president duties.
The Farmers' National Bank of Emlenton and the First National Bank of Clintonville in Venango County were closed today by the Controller of the Currency. Clintonville bank is a subsidiary of Emlenton. Officials say suspensions are temporary and stockholders and depositors will lose nothing.
A batch of New York and Brooklyn firms were incorporated on April 24 including Coronet Phosphate Company and Brooklyn Furniture Company with capital amounts from 10,000 to 159,000. Directors include Alfred Kapur, Joseph R. de Lamar, Edmund Greenwis, Heney Walter J., and others across Manhattan and Brooklyn with addresses on William Street, Broadway, and East Seventy-second Street.
Auctioneer Andrew J. McCormack lists stocks and bonds for sale by Adrian H. Muller & Son in New York. The catalog includes numerous 5 percent bonds, railroad and utility issues, banks, trust companies, and manufacturing firms with share counts and maturities through 1938.
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