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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 20, 1908
Page
11
Traders show caution as market moves narrow with limited direction and selective stock manipulation. Brokers report reduced long commitments, shifting to wait for a clearer trend while uptown optimism clashes with downtown conservatism and dividend questions shadow New York Central and Lake Shore prospects.
The St. Louis and San Francisco Railway borrowed 2 million dollars at 6 percent for three years from the United States Express Company. The loan is secured by Frisco treasury bonds and marks a notable step in the Rock Island Frisco financing plan. The transaction appears as a direct express company loan rather than via a bank, reflecting close ties between theRock Island Frisco firms.
The Baltimore and Ohio shows a better July net due to higher gross earnings, with July losses reduced to $280,582 from June's $898,860 and May's $1,373,160. July gross was $285,854 higher than June, and the operating ratio stood at 64.4 percent versus 68.2 in 1907. Expenses declined by $1,249,266.
Advertisement urges readers to order the New York Times during vacation. It promotes delivery by mail from Times Square, 8 Spruce St., or 80 Broadway, for 75 cents a month and lists telephone contact 1000 Levyent. All the News That’s Fit to Print.
European markets show money supply exceeding demand with easy discounts. Kaffirs and diamond shares rise on local and French buying while American securities hold firm on Continental demand. Steel and copper shares advance. Consols and rail bonds dip. Paris Bourse firm and Berlin Boerse quiet.
The report lists bid and asked prices for principal short term notes as of yesterday. Issues include American Telephone and Telegraph gold 5s January 1910 and various railroad and Tidewater Construction Co notes with prices ranging around 98 to 102 percent and many at 100 percent.
George W Young, chairman of the First Mortgage Bondholders' Committee of the Southern Indiana Railway Company, explained why Galen N Stone of Hayden Stone Co. refused to serve on the committee. Stone was added to represent bondholders but did not, prompting a resignation and replacement with a representative of large bond holdings as bonds were rapidly deposited with the committee.
Wheat futures gained on Chicago elevator activity amid favorable Hungarian crop data and steady cash prices. Reports from Winnipeg and Northwest receipts showed strong yields and abundant stocks, while corn followed a similar strength with later months pressured by crop forecasts. No. 2 corn priced around 90 cents on the elevator and FOB afloat.
A severe Sao Paulo frost pushed the coffee market up by 5 to 10 points with futures steady to higher and Rio No 7 spot fixed at 614 cents. Government measures to consolidate valorization and a surtax rise expected by Oct 15 supported supplies into next season as about 33 750 bags traded.
The Iron Age notes stronger farmer consumption of iron and hardware with a brighter mood in heavier lines. Mill buying of raw material increases as old-material markets stay firm, with some doubt about concessions. Railcar demand grows with orders from Harriman and others. lakeship freight car construction expands. iron stocks decline nationwide.
Securities disposed at auction yesterday at the Exchange Salesroom 14-18 Vesey Street Adrian Muller & Son auctioneers by Order of Administrator and Trustee. Items include undivided one fifth in a $100,000 Dietz trust, 100 shares Southern Pacific, 100 shares Pittsburg Fort Wayne & Chicago Railroad, $663,000 Wabash-Pittsburg Terminal Railway first mortgage bonds, 40 shares Spokane Inland Empire Railroad, 70 shares Spokane Inland Empire Railroad, 25 shares Spokane Inland Empire Railroad, 86 shares Garfield National Bank, 25 shares Garfield National Bank, 5,000 notes of Underground Electric Railways Company of London, Guardian Trust Company receipts, 3 shares Guardian Trust, 25 shares Garfield National Bank, 6a shares American Express, 60 shares Continental Carborator, 460 shares Carnegie Trust, 3 Life Association of America, 20 shares Franklin Trust, $10,000 Manhattan Life policy No. 2847 maturing 1909, 34th Street National Bank stock, $1,000 Buffalo & Susquehanna Railway bonds.
At a Public Service Commission hearing, New Haven officials disclosed complex ownership links among the New York New Haven Hartford Railroad Millbrook Port Chester New York Westchester Boston and City and County Contract Company entities. The data show stock holdings bonds and underwriting commitments totaling over 11 million dollars with further securities to be issued against advances.
The Burlington crop report for Nebraska proclaims a hundred percent corn crop with strong yields. Central and southeast Lincoln Division areas expect 35 to 45 bushels per acre, while western districts show weaker output, and the Wymore Division ranges from 0 to 35 bushels.
Cotton futures closed steady with slight losses after a nervous session driven by a Liverpool spot drop and Texas showers. Local spot prices eased six points to 10.45 upland and 10.60 Gulf, with Southern markets from Mobile to New Orleans posting varied but generally softer readings.
The United States Weather Bureau issued the forecast for Thursday and Friday. In the cotton and grain states rain and cooler weather in North Carolina South Carolina Georgia Alabama and Mississippi with showers on Friday. Louisiana and eastern Texas expect showers with shifting winds from fresh southerly to northerly. Oklahoma sees fair and warmer, Arkansas showers then fair and warmer. Indiana Illinois Michigan Wisconsin and Minnesota forecast fair with warmer Friday and variable winds. Iowa Missouri Kansas fair with warmer Friday. North Dakota South Dakota and Nebraska fair and warmer on both days.
E N Brown, new president of the National Railways of Mexico, arrived in New York from Mexico City to finalize legal details of the consolidation of the National Railroad Company of Mexico and the Mexican Central Railway Company. He expects improved business with a good corn crop, sees rail earnings recovering as silver prices dip, and predicts a stronger fall for the Mexican economy.
New York Central shares fell about 3 percent closing near 1015 after trading over 11 000 shares. Earlier the price touched 105 as rumors spread that Union Pacific was selling part of its holdings valued at about 9 million dollars. A possible dividend cut at the directors meeting was also rumored.
Confirmation from reports last week shows New York City banks will absorb 10 million dollars of Sao Paulo Brazil’s new 75 million dollar coffee loan. National City Bank is expected to take the full New York quota, with other New York interests not yet committing. The prior loan was issued near 92 percent, while the price of the new issue remains undecided.
Notice to stockholders announces a practical reorganization plan for the company with property acquisition and working capital. Stockholders should transfer certificates to their names with transfer agents The Federal Trust Company of Boston or Empire Trust Company of Newce to update addresses. W. J. Freeman, Secretary.
University Club of New York announces redemption by lot of second mortgage bonds totaling forty thousand dollars. Bonds include 1000 and 500 denominations. payment with interest due September 1 1908 at Central Trust Company of New York 54 Wall Street. Interest ceases accrual on that date. W G Oakman Treasurer July 18 1908.
Union Pacific declares a semi annual dividend of 2.00 per share on the Preferred Stock and a quarterly dividend of 2.50 per share on the Common Stock payable October 1 at the Treasurers Office New York to holders of record September 14. Stock transfer books close September 14 and reopen October 14. Stockholders urged to file mailing orders for dividends with the undersigned. Frederic V. Crosby Treasurer New York July 3 1908.
The Board of Directors declares a semi annual dividend of five percent on capital stock payable at the office. Transfer books close Friday August 21 at 3 PM and reopen September 2. Treasurer GEO M BOWLBY announces August 10, 1998.
Notice to holders of multiple Erie linked mortgages that coupons due September 1 1908 will be bought at par for cash by J P Morgan & Co at 23 Wall Street New York. Offer valid up to August 31 1908 with orders to present coupons for surrender.
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