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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 28, 1908
Page
9
Market observers describe yesterday as bullish despite uncertainty with brokers mixed on advice. New York bonds show strength as talk of legislative limits on exchange trading grows before January legislature session.
A renewed clash over control of the Southern Indiana Railway first mortgage bonds arose as the Young committee issued a circular comparing its terms with the Hodenpyl committee. The document argues bondholders can withdraw with the Young plan, limits expenses, and asserts the Young group will block Hodenpyl’s attempt to deposit a majority of bonds for a reorganization plan.
The coffee market edged higher as eight September notices were stopped and near months were supported by large players. About 34 000 bags traded with near to late position shifts at premiums, signaling a bullish tilt and avoiding carrying charges. Spot prices held steady while Rio No 7 offered no change. Brazilian weather and heavy port receipts eyed by traders as surtax debate looms.
Wheat shed gains late on active Western selling despite bullish forenoon sentiment from weak North West thrashing results and rains in Canada. New York close 4 4% lower. English markets down, Berlin up. Corn firm early, then pullback. Kansas rains and cool weather cited, cash No 2 red around $1.00 to $1.01 in New York.
Subscription results for 17 million dollars of Atchison Transcontinental Short Line bonds closed quickly after opening, with larger investors receiving less than applied for and smaller subscribers likely to get full amounts. Bond market activity showed broad strength, with stock exchange dealings around four million dollars and NYC bonds trading at firm prices, including the 4s of 1997 near record levels.
European markets show stronger demand for month end funds on London deposits with gains in foreign rails home rails and Kaffir sections. Gilt edged securities rise as Bank returns improve and money loosens. New York stock activity improves afternoon with copper shares and Japanese bonds notable. Paris opens firm then softens with francs at 96.55. Berlin bourse trading firm and prices higher.
Paris August 27 The weekly statement of the Bank of France shows changes in its balance and liquidity. The report outlines shifts in note circulation deposits and reserve placements across the banking system.
The article reports a sharp drop in August cotton prices with August closing at 8.68 bid and September down 83 points amid heavy selling. It notes estimated daily sales around 200,000 bales and details a weather forecast for cotton and grain states from the U S Weather Bureau, predicting fair to partly cloudy conditions across many states Friday and Saturday with varying temperatures and winds.
Metropolitan Street Railway receivers clash with the Public Service Commission at a hearing on a Fifty-ninth Street through route. Both sides insist on their positions as they warn of court action over rates, routes, and the nickel division.
J D Powers of Louisville was named receiver for the Central Home Telephone Company by Judge Cochran after creditor Judge Lansing filed the application. The firm, which runs independent long distance lines from Louisville, has about 5 million dollars in stock and 2 million in bonds plus around 100 thousand in current assets.
A protest seeks to stop spelling Flatbush Avenue extension with elevated tracks and urges removal of the existing elevated structure. Backers argue it would give Brooklyn an ocean-facing highway while risking traffic and trolley service between Fulton and Atlantic. They cite the Manhattan Bridge approaches plan by the NYC Improvement Commission, proposing an 800 foot plaza and new streets linking the bridges.
Theodore P. Shonts president of the Alton and Clover Leaf railroads asserts the industry will not expand spending or steel production unless the country’s treatment of railroads changes. He notes purchases of 1000 steel cars were necessary and plans a Centerville Iowa speech on railroad policy.
Controller Metz writes President Winthrop of the Board of Education outlining his stance on contractors’ penalties and extending payments. He notes the Building Committee had given extensions to contractors, and he plans to release held payments once the Board of Education approves certificates at the next meeting.
The Inter State Commerce Commission orders a sweeping freight cut from 4.5 to 6 cents per hundred pounds for range cattle shipped from Texas New Mexico and Oklahoma to northern ranges and major western and midwest markets by Oct 15. The rule also lowers terminal charges at Chicago Union Stockyards from $2 to $1 per car.
Presiding Justice Wyatt of the Court of Special Sessions warns that using sulphuric acid to preserve fruits will lead to prison terms upon conviction, not fines. Health Commissioner Darlington reports inspectors found many offenders using acid in preserves and jellies. prior arrests faced fines of 15 to 25 dollars and warnings, but repeat offenses persist.
Opposition grew to the Davis Daly Copper Company reorganization plan. F Augustus Heinze chairs the executive committee and circulated letters opposing acceptance, while another circular urged acceptance to fund next month’s payments and fund development with 600000 from the Peeteen scheme, aiming to make the firm a major Butte copper producer.
A. A. Corey general superintendent of the Donora Works Carnegie Steel returns from Europe this week. The Coffee Exchange will vote today on whether to close the Exchange on Saturday September 5 ahead of Labor Day. Bank of Montreal withdrew 500000 in gold coins for shipment to Canada bringing this week’s total to 1250000. Horace Havemayer elected director of the Cuban American Sugar Company to fill a board vacancy. Waterman & Co. closed their West Fifty-Eighth Street branch and opened a new office in the Terminal Building at Forty-first Street and Park Avenue led by C. J. King and A. H. Goodwin.
The Peoples Bank of New York publishes a list of accounts and dividends worth fifty dollars or more that have remained unclaimed for five years. The statement, sworn by cashier William Milne and certified by Notary Edw L Waterbury, notes estates such as Estate of E M Walsh with unknown address and totals like 116.00.
The Pennsylvania Company Guaranteed 3 percent trust certificates series A due 1937 invite sealed tenders for sale and delivery as of September 1, 1908 at a price near par to the extent of 56000. Tenders must be mailed to Girard Trust Company as Trustee and J Rhoads Treasurer Philadelphia by 3 p.m. August 31, 1908.
A brief dispatch from Pittsburg highlights notable financial moves and market activities across local firms, including deals, mergers, and leadership changes shaping the city's commercial landscape.
Sealed proposals in duplicate will be received at the office of the Commissioner of Immigration Ellis Island N Y until 2 P M September for all labor and materials required to furnish and erect metallic storage card files at U S Immigrant Station Ellis Island N Y Conditions governing bidders may be obtained from Robert Watchorn Commissioner
An advertisement outlines authoritative financial reviews with concise statistics on bonds stocks metals and markets. It promotes a weekly issue, claims comprehensive data over eight years and current price movements for securities and commodities, and invites subscriptions from Times Building and Broadway locations.
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