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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 22, 1908
Page
13
Operations in the market yesterday resembled the prior day with sharp sentiment shifts. Southern Pacific hit a new par high amid broker chatter while Western roads show earnings gains as crop harvests lift traffic by mid August.
An authoritative statement says the New York Central Directors have not discussed a dividend reduction and are expected to maintain the 5 percent rate. Earnings show improvement in August and the system is steadying, despite rumors of cuts after the April reduction from 6 to 5 percent.
Deputy Controller T P Kane said 57 of 310 Oklahoma National banks joined a state guarantee scheme but most have since withdrawn. As of Aug 8, 33 banks replied, 27 withdrew from the pledge, seven signaled charter changes to State banks, and two have begun the conversion process.
Quotes show bid and ask prices for principal short term notes at market close. Listings include American Tel & Tel Atlantic Coast Line Chesapeake & Ohio Chicago & West. Ind Lake Shore & M. S. Lake Shore & M. S. Michigan Central Minnesota & St. Louis New York Central Norfolk & Western Pennsylvania and other issuers with maturities in 1910 and 1909.
London markets opened weak on foreign securities while Kaffirs rose on settlement hopes. American issues climbed noon and then eased as holidays closed trading. Argentine rails firm, Paris rents ease to 3.47 francs, discount rates steady near 1.15 percent for short bills.
Berlin trading drifted, with the Boerse showing subdued activity as the market day opened. Prices moved little and investors waited for signals amid a calm session.
The cotton market last session moved with a quiet spot trade and a dip in futures, closing about 1.8 points lower after an earlier decline. Daily sales were around 200,000 bales, with interior prices lagging futures and several Southern ports reporting varied receipts and stock. Major port figures show year over year changes in Gulf and inland movements as the season totals move toward 11 million bales in sight.
Special to The New York Times. U S Weather Bureau forecast for Saturday and Sunday covers North Carolina South Carolina Georgia Alabama Florida Mississippi Louisiana Utah Oklahoma Kansas Arkansas Indiana Illinois Lower Michigan Upper Michigan Wisconsin Minnesota Iowa Missouri North Dakota South Dakota Nebraska. Local showers, cooler or warmer trends vary by state with fair conditions in many regions and winds described as variable or fresh westerly.
Herbert Knox Smith, Commissioner of the Bureau of Corporations, will send a cotton expert to consult with New York Cotton Exchange members after a request for advice on Exchange rules and improvements. Smith plans to visit New York once the committee work progresses, praising government business cooperation. The Exchange committee aims to revise the future cotton delivery contract, with a report due by Sept. 1.
J P Morgan will open subscriptions on August 27 for the 17 million dollar Atchison Transcontinental Short Line first mortgage bonds. The 50 year bonds carry 4 percent interest, offered at 94 1/4 plus interest. Subscriptions also go to J S Morgan in London and Kidder Peabody in Boston.
HW Harriman at his Summer lodge in Klamath Falls convened 106 Pelican Bays and top railroad officers to hear J P O Brien report on central Oregon country. They will consider building a line from here to Natrn and making it the main Southern Pacific route between Portland and Sacramento.
The Stock Exchange announces the Underground Electric Railways Company of London Limited 5 per cent profit sharing secured notes due 1908 have been stricken from the list. It lists Reading Company bonds amounting to 1,366 MY and Central Pacific Railway Company bonds of 20,555% 00 with 4 per cent mortgage terms, due 1949.
Colorado Springs on August 21 lists closing bids and asks for market issues. Acacia 6158% Rawlings 0, 0 Consolidated 3143, Tsabella 28% Elkton 5% Portland 160 101 El Paso 35% Work 8.
The Protective Committee for the First Mortgage Bondholders of the Southern Indiana Railway Company announced yesterday it would cash the August 1 coupons of holders who deposited their bonds. Coupons may be cashed before noon Monday at Commercial Trust Company Philadelphia Windsor Trust Company New York City Trust Company Boston or Chicago Savings Bank and Trust Company Chicago.
Cotton prices retreated in thin trading as August slipped to 45 and October to 8.51 while December and January moved to 8.57 and 8.50 respectively. The decline stemmed from selling by weak accounts failing to meet margin calls and contributed to bear covering as small lots liquidated.
The New York Times printed 402 691 lines of financial advertising in seven months ending July 31 1998, more than any other New York newspaper and 54 973 lines ahead of the second paper, despite excluding doubtful financial announcements.
Trade authorities report a copper bull pool centered in London and Paris borrowed as much as 50 million dollars to finance operations. The National Conduit and Cable Company warns speculative demand could skew prices and urges broadening consumption to support a healthy uptrend. Walker's Copper Letter notes weak statistics and seeks release of foreign holdings as prices rise.
A Wall Street rumor from Chicago claimed the Equitable Life Assurance Society sold 2 490 shares of First National Bank of Chicago to a syndicate, but the company denied the sale at its office. The five year disposal period under a three year old law had pressured insurers to liquidate bank holdings.
Sub-Treasury reports weekly movement totaling 7,744,100 with a Canada gold shipment of 1,500,000. Interior receipts 6,725,700 and interior shipments 5,350,600 produce a 1,175,100 domestic gain. Banks' net gain after interior loss stands at 7,744,100.
The will of Dr Joachim Elmendorf of New York City was admitted to probate. It directs that at the widow's death five thousand dollars go to the Synod of the Reform ia Church of America to create the Elmendorf fund with income to beneficiaries. Upon the widow's death the estate valued around seventy five thousand dollars is to be divided equally among the two daughters and one granddaughter.
The International Hide and Skin Co of New York won before the Board of United States General Appraisers, ruling that China sheepskins for fur coats are not subject to duty. The skins, taxed under Class 3 of the wool schedule at 8 cents per pound, were shown to be imported for fur purposes and some sold for fur coats. The government evidence failed to dispute the importers. the collector’s classification was reversed. In a separate decision General Appraiser Sharretts upheld Elmer & Amend of New York, but the board found cones used to measure furnace temperatures should be taxed at 10 percent as non enumerated manufactured articles.
Plans were filed with Building Superintendent Murphy for changes to the Cornelius Vanderbilt mansion at 67 Fifth Avenue. A fourth story will be added to the extension and the busy room with its ornamental bay will be remodeled. Delano and Aldrich are the architects.
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