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This newspaper page contains 12 articles. Subscribers can read the full text of each article.
Newspaper
New York Times
Location
New York, New York, United States of America
Date
Apr 27, 1908
Page
10
The Pennsylvania Railroad sells 40 million dollars in 4 percent 40 year bonds to New York London and Paris banks as foreign participation signals a market shift. The issue boosts railroad finance, spurs drilling profits for allied sectors, and suggests improving credit conditions while gold shipments from New York to Paris rise amid easing money rates.
A sharp price contest among pig iron producers spreads from the South to the North as Sloss-Sheffield cuts prices. The Steel Corp faces a challenge to its price maintenance plan with rails likely to stay at $28 per ton while other iron and steel makers push lower. Railroad demand grows, signaling renewed market activity after months of restraint.
A railroad official says some shippers still seek concessions by means of inflated damage claims to reduce freight charges. Public opinion largely supports railroads in resisting rebates, and most shipper efforts go unrewarded. Railroads deny wanting rebates, noting they complied with anti rebate laws while shipper pressure persists in silence.
Edward D. Page endorsed the Fowler bill calling for a congressional commission of eleven members from each house and twenty one citizens to craft a currency reform plan. He cited international practice of broad representation and praised past commissions for thorough work and expert approval.
London notes stagnation in the stock exchange despite buoyant American stocks. The potential 40 million dollar Pennsylvania railroad bonds by Rothschild and Baring is seen as a catalyst for other U S railroad issues and could shift demand from British securities. Bank of England keeps gold hoarding to support discount rates amid a money shortage.
Boston dated April 26 reports Arnold Lawson denies sending a telegram praising T. A. McIntyre & Co. as the brokerage firm winds down. Estimates place assets near 200 000 dollars and liabilities near 1 000 000, with health and whereabouts of principal McIntyre in question and multiple officials and relatives cited.
In Berlin last week the Boerse showed volatile trends with alternating optimism and caution. Electric shares rallied on rumors of mass electrification of state railways, while iron and steel advanced briefly, amid buoyant speculation even as American iron prices fell.
Paris on April 26 reports market apathy with speculative issues at record lows and little room to drop. Investment buying persists but fails to lift prices, while the Pennsylvania issue is seen as a sign the American financial crisis is easing. Local mariner sentiment remains unchanged.
The document notes that on his failure or any other telegram he says he has had no communication with him at all.
Syracuse April 26 Arthur R. Peck co-receiver of T A McIntyre Co says he may not return to New York until Wednesday or Thursday and cannot estimate assets or liabilities. He cautions that the company may resume but refuses to give a definite statement and does not discuss the causes of the failure.
Boston copper gossip reports a weak market with minimal sales since last, while Lake Superior opens navigation and accumulations of refined copper await shipment. Mines like Osceola Tamarack and Shweek increase output. Hancock shaft slow, Parrot mine resumes, and Steptoe smelter begins partial operation as Utah Copper expands Garfield smelter.
April 9 report notes rising temperance sentiment as May 1 brings tighter liquor rules across New England. Massachusetts faces 210 license removals, Worcester set to go dry, and surrounding towns follow. Vermont and New Hampshire shift licenses, while Rhode Island enacts restrictive measures.
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