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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 08, 1908
Page
9
As speculation stirs in the financial district traders report a surge of enthusiasm after a period of caution. Analysts debate crop report impacts, while a famed bullish broker’s stance shifts from pessimism to aggressive optimism, signaling a potential market shift.
Dun's Review notes encouraging commercial conditions with renewed Fall trade preparations and firm prices. Retail remains quiet while wholesale markets rise. money is abundant and securities hit new highs. Bradstreet cites favorable trade, crop, and industrial trends with early Fall buying cautious and markets showing modest expansion in sales and output.
The Importers and Traders' National Bank dedicates a six story 25 foot wide building at 247 Broadway. The first three floors serve the public with tellers and clerks, while higher floors house officers and backroom operations. The fifth floor holds a Directors' room in Circassian walnut and chestnut. Italian marble walls, bronze clerk cages, and a strongest city vault in the basement under J H Friedlander.
The stock market turned active after weeks of quiet as American Smelting stock surged early, rising up to 107 and gaining about 17.33 points from Saturday. The rally drew in traders and caused losses in St Paul Reading and Union Pacific before Smelters dipped, then recovered to close at 102 1/2, up 25 4 points on the day with 1,365,820 shares traded.
The forecast covers Friday and Saturday for North Carolina to Nevada-like regions, citing showers and variable winds, with Georgia Alabama and Mississippi expecting rain, cooler spells, and fair Sundays. It notes cotton hits new high marks, closing with a 25 point rise on August positions. 125000 bales traded. port receipts and overland movement figures listed. futures ranges shown for August through March and spot prices in Galveston, Savannah, Norfolk, Augusta, New Orleans, and Memphis.
Yesterday in the Supreme Court Justice Goff directed the temporary receivers of the Mechanics and Traders' Bank to show cause on Monday why they should not be discharged and the bank resume business. The case will be heard before Justice Pound.
London money remains abundant with easy discounts and rising hopes of Bank of England gold arrivals next week. Stock Exchange trading is dull as British securities fall on weak buying while foreigners firm on improved political prospects. American stocks gain with Wall Street support and New York influences. copper and diamond shares rise on upbeat reports. Par silver holds at 241 16d. Paris shows firmer prices with three percent rentes at 96f 40c and London exchange at 25f 14c.
Philadelphia prices show an unchanged general market with a few declines in Electric Storage Battery General Asphalt preferred the Lehighs and United Gas following New York weakness. Tractions recovered after early weakness on short covering while Cambria Steel and about a dozen IR issues held steadier. Total shares traded not specified.
A Produce Exchange membership sold today at 360 dollars, about 25 dollars above the previous sale. Albert B. Boardman of O'Brien Boardman Platt Littleton enjoys a Southampton summer home vacation. An additional 1,881,100 dollars of capital stock of the Tinted Fruit Company is now trading in the Listed Department. W H Silverthorn president of the Railway Steel Spring Company returns from Buffalo and Cleveland noting signs of renewed business activity. Herbert Knox Smith of the Bureau of Corporations asks for a representative to attend the Cotton Exchange meetings to discuss proposed rule changes, and later plans to attend in person to review the subject.
Bondholders Protective Committee adopts a Plan of Reorganization under a December 28 1977 agreement and lodges it with depositories The Equitable Trust Company of New York and Old Colony Trust Company of Boston over 90 percent of bonds deposited with the Committee Additional deposits accepted no later than August 12 1908 by the two depositories New York July 29 1998 signed by Alvin W Krech and other officers
The Board of Directors declares a 2 percent dividend from net earnings on the First Preferred Stock to be paid September 10, 1908, to stockholders of record at the close of business August 24, 1908. Checks mailed to stockholders who filed wrong orders with the Treasurer.
Peoples Gas Light and Coke Company of Chicago announces a dividend of 1 1/2 percent on capital stock payable August 25 1908 to stockholders of record at close of business August 1 1908. L A Wiley secretary.
London quotations show Camp Bird and Esperanza Tomboy at 0 13 0 and 3 0 0 respectively with Dolores at around 19 35, El Oro 1 5 6, and Stratton's Ind at 3 10.
The Taylor Manufacturing Company of Paterson New Jersey assigned for the benefit of creditors Anton Schmidt of New York named signee. Liabilities about 80000 dollars with principal creditors raw silk importers. Failure blamed on money market stringency and slow collections from commission houses. Receiver expects debts paid in full with Fall trade outlook.
A market oracle urges calm amid a roaring bull run in 1908 style gains. He notes sharp daily swings as traders chase profits, cites Bay State Trinity Smelters First National Yukon prices and heavy exchange volumes, and warns against panic selling during brief pullbacks.
Classified ad seeks a manager for a customers room at the New York Stock Exchange House. Provides address and demands details on experience and connections. Mentions business box B 133 times downtown.
Sealed proposals in duplicate will be received at the office of the Commissioner of Immigration Ellis Island New York until 2 26 PM August 14 for all labor and materials for wire enclosure on the second floor balcony Psychopathic Ward No 2 Island and at the Power House on Main Island Changes and additions in mechanical equipment Many particulars on limitations and bid conditions obtainable from Robert Watchorn Commissioner Immigration Ellis Island New York until 2 20 PM August 14 and opened thereafter
Daily and Sunday Editions mailed to any part of the country at Tide per month. Daily Edition 50c per month. Orders may be sent through newsdealers or directly to the publication office. Telephone 1000 Bryant.
The Adams Trust Company of Boston Massachusetts resigns as Trustee under the Indenture of Mortgage dated December 1 1992 between Newton & Northwestern Railroad Company and the Adams Trust Company for 400 000 Funding Mortgages Ten Year Gold Bonds. Resignation filed with the railroad president. Samuel Capr President L BurntuhL Secretary.
The notice lists proposed municipal assessments for sewer and paving works in Brooklyn and The Bronx including sewer basins on Pitkin Avenue and Fort Greene area, various street paving and crosswalks, and an instruction for interested property owners to file objections by a stated deadline with the Board of Assessors. Additional notices reference other boroughs and public works, with hearing times and contact details for further particulars.
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