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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
Aug 04, 1908
Page
11
The article analyzes a persistent market, noting professionals sustain prices with little fundamental support while stocks like Steel common and Union Pacific rise amid puzzling earnings reports. It discusses crop reports, grain fears, bond market health, and the role of short interest and tips in driving trading psychology.
The Maine Steamship Company of New Jersey, subsidiary of the New York New Haven and Hartford system, defaulted on 5 percent bonds due August 1. A protective committee and depository were formed with H K Knapp, Philip Lehman, Roswell Eldridge, and Walter E Frew named to organize holdings totaling $733,000 in public hands. Cravath, Henderson and De Gersorff retained as counsel. depositary is Bankers Trust Company. New Haven officials issued no comment.
The Boston and Maine Railroad demurs to the government’s bill in equity claiming improper transfer of control to the New York New Haven Hartford system. It argues the petition is multifarious vague and uncertain and asks for dismissal of the case.
In Wilmington on August 8 Judge George Gray issued a decree ending the receivership of the Bay State Gas Company of Delaware and discharging receiver George Wharton Pepper. He ordered a return of $633,763.89 in his hands, minus 13,000, from the 25,000 authorized for his services.
The report notes early blight and rust issues in wheat with big scale trading across markets. Prices eased after strong Southwest receipts and a 1,892,000 bushel rise in the visible supply, while primary receipts totaled 1,710,000 bushels. In corn, early gains from drought signals faded mid session. New York No 2 corn quoted around 86 to 64 cents. Bond market activity was light outside the day’s trading, with Sea board 4s leading advances and several 5s modestly firmer.
Stockholders formally approved yesterday the plan to merge the Corn Products Manufacturing Company with the Corn Products Refining Company. The Refining Company held all Manufacturing stock except eighty six preferred shares and 2259 common shares. Also noted, the National Railroad of Mexico declared a 1 percent dividend on its preferred stock for the first six months of 1908, payable Aug 18 to holders of Mercantile Trust Company certificates of deposit. The report also lists personnel changes and moves including Bayne’s vacation, Importers and Traders Bank’s new building, NYSE transfers for Ralph Newton and Frederick Holder, plus Swift & Company beef sales in NYC for the week ending Aug 1.
The Europe markets summary notes London banks closed for holiday with no market activity. Paris Bourse opened steady and closed firm with 8 percent rentes at 96 40c and London exchange at 25f 12 1/2c. Berlin Boerse prices were firm and trading quiet.
The cotton market absorbed offerings yesterday with prices reaching new highs for the movement. Sales were about 125000 bales as rains boosted Eastern and Central belts while drought in August unnerved bears. The New York spot market was quiet yet 10 points higher, with delivery on contracts at 18,800 bales. Southern markets showed mixed to steady quotes across Galveston Norfolk Augusta New Orleans and other centers.
Coffee opened steady and held with small business before a decline on increased offerings. The market closed down 5 to 10 points amid mixed world quotes with 20,750 bags sold. Rio spot at 6½ cents. weekly receipts 353,000 bags. futures range shown from August to March with mixed highs and lows.
The Baltimore and Ohio Railroad Company reportedly placed a large rail order of 14,500 tons with immediate delivery. The contract is to be fulfilled jointly by United States Steel Corporation Maryland Steel Company and Bethlehem Steel Company in a landmark deal in the rail industry.
Regular auction sale of stocks and bonds conducted by Adrian H Muller & Son at 55 William Street on Wednesday August 5 1908 at 2 30 listing numerous securities including Cuba Company Cuba Railroad Co Gulf and Chicago R R Co Hudson and Manhattan R R Co and others for account of executors with bonds mortgages certificates and corporate shares to be auctioned in Jersey City and other locations.
Notices announce dividends on preferred stock for Nacional Railways of Mexico, Cripple Creek Central, and Peoples Gas Light and Coke Company, with record dates August 8 1908, payment dates August 18 1908 and September 1 1908, and details on transfer books and checks. Includes actions by Kuhn Loeb Speyer Ladenburg groups and company secretaries.
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