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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jan 25, 1908
Page
13
The on call loaned at 1 percent signals money ease and pockets optimism about a future surplus. Traders weigh industrial conditions over figures with speculation subdued and brokers recount past booms and busts as wire houses struggle post storm.
The Illinois Central Railroad considers issuing new securities to finance improvements and repay past expenditures. No definite plan or amount set, with options including cash, stock, bonds, or a mix. Directors expect a March stockholders meeting to decide, noting potential impacts on Union Pacific and Fish-Harriman control dynamics.
In the financial district, Speyer & Co. reports strong small investor demand for Rock Island first and refunding 4 per cent bonds after offering $6,000,000 of the issue. Rock Island has paid dividends at not less than 5 per cent for the past eight years.
Bankers in touch with Pennsylvania Railroad denied rumors of a new loan. They said the railroad was unlikely to seek funds this year, and if it did it would be for a small amount. If market conditions permit later, favorable terms could allow capital for future system development.
Missouri Pacific offers six million dollars of two year convertible collateral trust notes at six percent. Proceeds retire the six million dollar notes maturing February tenth. New issue secured by twelve million dollars of Kansas and Colorado Pacific thirty year six percent refinancing bonds. Notes convertible at par into the long term bonds during the life of the issue. Kansas and Colorado Pacific Railway part of Missouri Pacific system. Convertible feature stands out as holder may convert to bonds at par. Original two year issue of 1904 extended twice.
Correspondents of leading commercial weeklies report easier money and some resumed manufacturing yet purchasing power remains weak due to high unemployment. Dun's notes large jobbing activity at low prices, but apparel sales lag due to mild weather. Bradstreet records quiet trade, downward prices, idle rail equipment, and cautious wage-cut discussions affecting production.
Bradetreet reports 408 failures in the United States for the week, down from 421 the previous week. Regional tallies include Middle States 115, New England 36, Southern 106, Western 85, Northwestern 32, Par West 31, Territories 3, with Canada at 51 compared with 44 prior. About 80 percent of failing concerns had capital of 5000 dollars or less and 14 percent had capital between 9000 and 20000 dollars.
London trading opened steady but profits were taken on gilt edged securities as outside support waned and foreigners stayed steady on Paris buying. New York weakness followed and U S securities softened. Paris and Berlin showed varied activity with Paris firmer and Berlin listless. May cut German bank rate anticipated.
The Wall Street Journal reports weekly currency gains totaling 16.5 million dollars, driven chiefly by interior deposits and large transfers from the Interior. Receipts of new gold reach 1.97 million, customs and internal revenue disbursements total 28.8 million, while Sub Treasury operations gain 125 thousand.
Peter Doelger Jr has assented to the Parsons-Satterlee Committee plan for the Knickerbocker Trust rehabilitation, with a personal deposit around 70000 dollars. The three voting trustees Henry C. Frick Myron T. Herrick and Lewis Cass Ledyard have not yet met to select directors and officers. Samuel Sloan of Farmers' Loan and Trust is named as a possible president candidate. Ex Judge Alton B Parker sent a letter praising the plan and noting clients will assent.
At the annual meeting the Guggenheim controlled Utah Copper Company added Charles Hayden and William B. Thompson to the board, bringing directors to nine. The stockholders ratified a $1,500,000 convertible bond issue secured by a second mortgage and raised capital stock to 7,000,000. The June 30 year end shows assets rising to 10,094,037 with a $3,441,682 gain. Copper production costs run under eight and a half cents per pound, with projected costs under seven and three quarters within a year.
The disappearance of Edward Groetzinger, president of Groetzinger Carpet and Furniture Co., led to the firm's bankruptcy. Groetzinger, 65, left Pittsburg Aug 2 for a vacation, possibly went to Cleveland and Detroit. his baggage arrived in Detroit, but he vanished with accounts intact.
Cotton prices fluctuated with reports of Lancashire labor disputes and a later settlement. New Orleans prices closed firm with a daily gain, while local sentiment remained confused. Supt. King's weekly figures show season totals and day counts, with spot markets quiet yet several southern cities reporting modest declines.
Wheat prices fluctuated with a late recovery aided by upticks in corn demand. Argentina shipments and weak cables drove an initial drop, then Liverpool and Paris futures trimmed losses. Cash values ranged around No 2 red 104 fractions, No 1 Northern 120, and No 2 hard 114 with corn at No 2 67.
The coffee market ended the day steady with prices mostly unchanged to a small gain. Trade noted Europe’s mild selling while major buyers absorbed offerings. receipts at Brazilian ports totaled 22,000 bags, with Rio and Santos futures mixed.
The Brooklyn League committee on tunnels and railroads passes resolutions to press for rapid construction of the Lafayette Avenue and Broadway subway loop, begin Pineapple Street tunnel under the river, complete Flatbush Avenue extension, and design Fourth Avenue to allow through trains from Coney Island to the Bronx. The chairman notes East River as a dividing line but urges routes to cross into Brooklyn.
Supreme Court Justice Leventritt denied the peremptory writ to compel the Mayor to set a fair rate for the Metropolitan Sewerage Commission’s former majority. Mayor McClellan had fixed five dollars per day, deemed inadequate by counsel Rufus B. Cowling. The judge questioned his own power to determine a fair rate.
Andrew Freedman is awarded $100,000 in a case affirmed by the Appellate Division. The dispute centers on large premiums and Freedman’s claim for commission due under a contract with Maryland Casualty Company. The lower court judgment was upheld.
A seven member committee named at St. Louis by the American Railway Accounting Officers will standardize belt line terminal and union depot company financial statements. The group aims to remove account duplications and unify statistics and rates under Henry C Adams at the Inter-State Commerce Commission in Washington. Loan Company Hearing Delayed Again in New York Banking Case. Deputy Attorney General Ott illness postpones reference hearing. Charles W Dayton Jr says a 7 percent dividend payout may be possible, while Referee Conway plans to proceed next Friday.
Albany January 24 report lists new incorporations in New York including Scientific Salesmanship School of New York Inc with capital 100000 and directors Carl Horton Pierce Frederick C. Sheldon Howard C. Benedict Otto Goetze Company with clothing line and 100000 capital directors Samuel C. Worthen John G. McTigue William A. Goodbody Electric Perfect Filter Company capital 100000 directors Charles Watson E A Cohn Samuel Packard Lake Sanitarium Company Harriettstown capital 100000 directors Charles E. Weisz Edwin C. Weisz Frank A. Hutson Wright & Alexander Company in Rochester capital 735000 directors Robert B. Wright David A. Alexander Albert N. Wright Louis Bernheim Company advertising capital 20000 directors Louis Bernheim Jacob Brackman Maxwell Lustig Smith Brothers Publishers Incorporated New York capital 18000 directors Lody Smith
Pacific Bank announces regular quarterly dividend of 2% and an extra 2% payable to stockholders after February 1 with transfer books closed to February 1, 1908. Peoples Gas Light and Power declares 1% dividend on capital stock payable February 25, 1968 to holders of record by January 20, 1908.
State records certify ProsPEROUS REALTY COMPANY a domestic stock firm filed Jan 23 1908 for voluntary dissolution under stock corporation law. The document notes compliance and seal by Secretary of State Es s Whalen Deputy, in Albany. Also details dissolution of Schlesinger partnership with Jacob Schlesinger retiring and Max Schlesinger assuming liabilities with signing in liquidation. Witness William Weiss.
Sealed proposals from Augusta Arsenal for electric switchboards motors and related machinery plus pneumatic hammer cranes and testing equipment close February 25 1908. The notice lists bidders with capitals and directors including Coleman Krause Levy Apple Rosenthal and others from New York Brooklyn Paterson and Yonkers.
Annual stockholders meeting dates and transfer book closures for Consolidated Gas Company of New York and Peoples Gas Light and Coke Company. Meetings set for January 27 1908 and February 4 1908 with transfer books closing dates and reopening schedules noted. George OKnapp listed as president for the latter notice.
The Department of Taxes and Assessments announces the annual record of assessed valuation for real and personal estate in Manhattan The Bronx Brooklyn Queens and Richmond will be open for public inspection from the second Monday in January through March 1908. Applications to challenge valuations may be filed at the main Manhattan office or the borough offices. Public access hours are 9 AM to 3 PM on weekdays except Saturdays 10 AM to 12 noon.
The Free Registry and Lost and Found column helps recover property amid New York’s busy life. Contact telephone 1000 Bryant for owners to report or claim lost items in the daily hustle.
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