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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 27, 1908
Page
9
The article describes heightened broker vigilance to avoid manipulating orders and disarray on the exchange after a Saturday market upset. It notes mystery around plunger buyers, unclear stock ownership, and continued bullish activity in parts of the market amid circulating tips and cautious trading.
The Philadelphia market showed strong activity in public utility issues with Rapid Transit and Union Traction rising amid brisk trading. United Gas and Philadelphia Electric also advanced as investors moved into these utility issues, with several blocks traded and multiple prices noted.
Rogers & Pyatt Incorporated a major shellac importer and manufacturer with a Chicago branch and a Fletcher Street factory mortgaged for 50000 was placed in the hands of Franklin B. Kirkbride as receiver following a court petition by creditors led by Ralli Brothers. The action aims to preserve assets and allow continued operations for thirty days while seeking liquidation and settlement of liabilities.
Wheat showed early advances on optimism but gains faded as late selling trimmed the rise. Northwest wet weather and delayed thrashing weighed on gains, with cash demand from mills in Minneapolis supporting prices locally. Corn rose on bullish Chicago talk and outside buying, though the day ended off the top as investors locked in profits. cash markets remained firm for No 2 in elevator.
London markets remained cheerful with discounts firming on lower foreign exchange and gilt edged securities gaining. Paris demand strengthened for foreigners while Kaffirs remained active and New York bought moderately later. Berlin trading stayed firm though limited. Bar silver stood at 28 11 16d per ounce. Money 2 percent. Three month bills 1 1 2 percent. Paris closes 3 percent rentes 96 francs 60 centimes. Exchange London 2 francs 134 percent.
The cotton market rose on cautious buying amid weather-dampened crop prospects and fresh reports of floods in the Western belt. Prices closed near the day’s best, with August easing and a heavy day’s sales around 200,000 bales. local spot markets showed quiet: middling upland at 9.80 to 10.05 cents.
The Iron and Steel notes report firmer pig iron in Birmingham Virginia Eastern Pennsylvania and Chicago while Buffalo area ships freely into New England and Hudson River Valley. Central West Pittsburgh and Southern Ohio show uncertain maker attitude with a 15 000 ton stock decline and orders rising from 238 000 to over 285 000 tons in a month. Orders for lake vessels and freight cars boost finished material markets, with 5 000 tons per vessel for Pittsburg Steamship and US Steel, signaling expected prosperity after a low lake season.
The Mutual Life Insurance Company has recovered full control of the United States Mortgage and Trust Company stock, except 1,200 shares held by a failed syndicate led by George M. Cumming. Initial $500,000 payment and $450 a share price left the Mutual Life with a loss on market value but no forfeiture. the syndicate dissolved with Cumming no longer involved.
The S117 000 Atchison Transcontinental Short Line First Mortgage bonds go on public sale at 415 each with interest. Subscriptions are handled by J P Morgan Co and Drexel Co of Philadelphia. Applications close by 6 PM today.
The Standard Bank of South Africa directors propose a 12 percent per annum half yearly dividend. The bank reports a profit carryforward of £253,000. Norfolk and Western shareholders confront a vote on acquiring multiple rail lines including Lenehburg Belt Line and Connecting Railway and others. Books close Sept 23 reopen Oct 9.
The Houston and Texas Central Railroad Company announces a lot draw of bonds tied to land sale proceeds. Bonds numbered as listed will be paid at 110 percent of par plus accrued interest, with unma tured coupons attached, at 120 Broadway New York. Drawing notice dated July 23 1908.
The undersigned announce the mutual dissolution of the partnership formerly known as F. & H. Levy Manufacturing Co. All assets have been transferred to the new corporation F. and H. Levy Manufacturing Co which will continue the business and assume the partnership debts. Tarry Levy Felix Levy.
The Wabash Pittsburg Terminal first mortgage bondholders committee led by J N Wallace of Central Trust reports deposits of a majority of the 30 million dollars in first mortgage bonds. Bonds pledged for notes of the Wabash Railway are not deposited. An application to list Central Trust receipts for the terminal bonds will be filed to align trading status on the Stock Exchange.
Lizzie Warren, age three, carrying bread, was fatally struck by a southbound car at Third Avenue and Ninety-sixth Street. Motor man Meyer of 2 078 Third Avenue was held on a technical homicide charge at East Eighty-Eighth Street Station.
In Colorado Springs on Aug 26 the local exchange closing quotations show Elkton 0 1, Gigson 3 2, Paso 39 2, Portland 109, Rawlings 9 1, Vindicator 83 85, Isabella 2s 2S, Work 4 89.
Certificates of incorporation were granted to several New Jersey firms including Rogers Alcohol Utilities Company in Burlington with 50000 capital. Ball Cutlery Company in Rahway with 125000 capital. Atlantic City Transportation Company in Atlantic City with 250000 capital. Nantucket Central Railroad Company of New Jersey in Hoboken with 125000 capital. W. M. Tullock in Camden with 10000 capital. Incorporators are named for each company.
The New York Times invites information from readers to aid in removing fraudulent and objectionable advertisements from its pages. All information will be treated confidentially.
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