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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 21, 1908
Page
11
The market traded with volatility as bulls briefly surged then faced renewed weakness. Traders wrestled with short interest rumors and liquidations while cotton fluctuations drew interest from wire houses. A banker tipped society wealth and a trust officer warned of credulity as clients chase high risk bets.
European markets showed easy money and quiet discounts as the coming Saturday holiday and settlement loomed. Kaffirs and foreigners stayed firm while other sectors sagged amid a US rail decline and cautious sentiments. Bank rates held. Paris and Berlin bourses closed unevenly with light turnover.
The Bank of England reports changes in its weekly statement including an 2,158,000 rise in total reserve, 422,000 drop in circulation, bullion up 1,736,346, and public deposits up 2,044,000. Notes reserve climbs 2,218,000 while government securities stay unchanged. Reserve to liability ratio falls to 2.34 percent from 50.22 percent.
The report from Paris on August 20 details that notes in circulation fell by 84,475,000 francs while Treasury deposits rose by 15,325,000 francs, general deposits increased 8,225,000 francs, gold in hand grew 2,075,000 francs, and silver in hand 375,000 francs. Bills discounted declined 1,000,000 francs and advances fell 6,250,000 francs.
The Treasury reported reserves of gold coin and bullion at 150 million dollars at the start of business. It also noted trust funds available to redeem outstanding certificates.
Wall Street watched Continental Rubber Company of America appoint E. B. Aldrich son of Rhode Island Senator as Vice President and Treasurer. Howard Page resigns as President. William H. Slayton elected President. Page to remain on the Directorate. company notes personal reasons for resignation.
William B. Ellison former Corporation Counsel is elected Vice President and General Counsel. Controller R K Hubbard and Actuary Henry Moir are reelected. D W Mabee becomes Secretary succeeding Col J W Vrooman at Provident Savings Life Assurance Society.
Bondholders seek a referee in Cincinnati to determine what property is covered by the Cincinnati Hamilton Dayton mortgage in anticipation of foreclosure. The delayed answer to the foreclosure bill opens the path for a decree this fall. Prospects include foreclosure of the refunding mortgage and release of Pere Marquette stock valued at about 11 million.
The Commercial National Bank of Chicago summarizes 1908 crop and general business conditions from over 4,000 correspondents. It notes a disappointing harvest compared with spring hopes but expects an average production and ample farm income supporting prosperity. The report anticipates renewed activity as crops move and farmers spend cash, with 1909 viewed as prosperous but not boom conditions. It highlights railroad spending as a weak link and cites growing confidence in renewed enterprise and foreign investment backing domestic funds.
Preliminaries for a banking partnership with Hans Winterfeldt of Hallgarten & Co are being arranged at Speyer & Co. The firm’s membership drops to four after Wood’s withdrawal and MacDonald’s death. Bids due Sept 1 1908 for 5 percent semi annual Water Works on ads bonds of 3500 each, certified check $500 required.
In Boston on August 20 the focal market saw notable losses with Centennial at 33 percent, others like Trinity down and the balance fractionally lower. Short covering near the close provided a slight rally as the market finished steadier in the bonds section.
Spot copper on the London Metal Exchange fell to 5188 pounds 9 pence after yesterday’s close, with futures down to 60 pounds 15 shillings. Pig tin eased to 152 pounds 17 shillings 6 pence spot and 133 pounds 12 shillings 6 pence futures. lead strong at 13 pounds 6 pence, spelter off 5 shillings to 19 pounds 5 shillings, iron warrants firm at standard foundry 50s 44 and Middlesboro 6d down. New York Metal Exchange bid and ask contrasts for copper and other metals show declines from Wednesday.
In a rambling advertisement style message the author urges a partner to back a new venture called National Stock. He promises massive profits from staged sales, claims on how the market will be manipulated, and asserts safety of funds while downplaying risk. The piece extols the deal as a sure winner and pressures the reader to invest immediately.
The cotton market declined sharply with October contracts down about 3 per bale and a strong selling wave. A broker was credited with 50,000 bales traded, while overall sales reached an estimated 600,000 bales as the market closed steadier after an early decline.
The People's National Bank of Brooklyn opened yesterday at Broadway and Quincy Street in the Bushwick section. It carries a capital stock of 200000 dollars and a surplus of 100000 dollars with George W. Spence as President and George C. Miller as Vice President.
The Pope Manufacturing Company likely to declare a third dividend of 25 percent to creditors. An order directs interested parties to show cause on September 8 why receivers should not accept a $190,000 offer for the Pope Motor Car Company at Indianapolis. The order was signed by Vice Chancellor Howell in Newark. the Pope concern is a New Jersey corporation.
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