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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 09, 1908
Page
11
The market opened with talk of a poorer crop report yet traders clung to favorable yield figures. Steel stocks led activity with unexpected strength as traders debated retirement of preferred stock and a boosted earnings base for common shares while political jitters and election risk loomed over near term stability.
A circular from Chairman Joseph W. Marsh urges remaining merchandise creditors to back the rehabilitation plan for Westinghouse Electric and Manufacturing by accepting new stock at par. The appeal cites progress made and asks holdouts to join the effort to discharge receivers and complete the $6,000,000 stock subscription.
Washington July 8 The condition of the treasury at the start of business today lists a gold coin and bullion reserve of 150000000 trust funds to redeem outstanding certificates amounting to 1297573809 general fund 194561468 deposits in national banks 159365483 in Philippine Treasury 8140907 awaiting reimbursements state 2182523 current liabilities 127484806
J D Goldman of St Louis seeks Cotton Exchange membership. William Hartfield failed yesterday on the Lucania for a two months vacation. Morris Carnegie, nephew of Andrew Carnegie, elected Director of the Twelfth Ward Bank. John H Davis & Co booking to sail on Baltic postponed indefinitely due to business. H C Frick to skip Europe trip this year. A typographical error misreported Baltimore & Ohio Railroad bonds. issue of 2 072,000 at 92 price with 4.16 percent interest, sold through Guaranty Trust Co.
Louisiana legislators defeated both anti option bills aimed at ending cotton futures and bucket shop trading in agriculture. Cotton Exchange interests welcomed the result, noting potential revival of southern business and possible repeal of anti option laws as awareness spreads.
Cotton opened steady with a small decline on July and gains on later months, signaling uneven demand. Liverpool showed strong performance while spinners focused on prompt supplies. Afternoon trading firmed, July weak due to pressure, and later months rose with about 150000 bales sold as shorts covered.
Pacific Coast announces a second quarterly dividend cut for common and second preferred shares, declaring 1 percent for the quarter after 1 4 percent three months ago and 4 4 percent six months ago. First preferred stock maintains the usual 1 4 percent dividend. Some stockholders had protested a previous delay in disclosure, now corrected by prompt announcement.
London stocks show strength in American segment driven by crop and iron steel news. New York buying pushes prices up while other markets stay subdued. Consols edge higher while Russian and Japanese bonds hold steady. bar silver and money rates steady. Paris and Berlin bourses close firm with rents and exchange factors noted.
Special to The New York Times reports a brisk Baltimore market with gains in bonds led by United Railways Seaboards and Mount Vernon Woodberry Cotton Duck. Seaboard 4s rose 1% United Railways 4s up 1 4, incomes %, Cotton Duck 1%. Seaboard common increased 1%. Trading summary shows 680 shares and 191000 dollars in bonds.
Copper gained 5s in London with spot at £57 10s and futures £58 23 6d. Pittin closed strong at £127 7s 6d spot and £128 10s futures. Lead at £12 1s, spelter steady £18. Spotted New York bids and asks for copper and other metals show higher on Wednesday versus Tuesday, with mixed firming across castings and tin futures.
The July 1 1908 report shows spring wheat at 89.4 percent normal, winter wheat harvest at 80.6, and total U S wheat at 83.9. Corn average 82.8 with 100.9 million acres planted. tobacco acreage 763,000 acres, flax down 207,000. oats 5 7, rye 91 2. potatoes 3 198 000. yields projected for winter and spring wheat revised under new calculation method.
The Consolidated Gas Company announced the sale of five million dollars in one year five percent notes to N W Harris Co. The notes mature August 10 1908 and proceeds will redeem an equal new issue. Old notes bear six percent and the company expects to save fifty thousand dollars this year. Both issues are secured by New York Edison Company stock deposits.
Sidney Mitchell, receiver and president of United Box Board and Paper Company, is due in New York today, with a potential delay in forming a reorganization committee. A plan hinges on raising about 1 million for working capital and wiping out the common stock, while a new issue may total up to 15 million and be offered to current stockholders with cash subscriptions. The proportion of new shares for common and preferred holders remains to be decided.
Appellate Division orders a new trial in the case brought by John Jones against Joseph Ramsey Jr George J Gould and William F Guy to recover 469000 for coal lands purchase in Ohio. Lower court verdict favored Jones against Ramsey but dismissed Gould and Guy.
Reports from Chicago said the Chicago Milwaukee and St Paul may have bought control of the Tacoma Eastern, a small Washington railroad, though officials called the reports premature. St Paul aims to extend to Seattle and Tacoma with lines already advanced. Tacoma Eastern spans about sixty one miles from Tacoma to Ashford with 1.5 million dollars in stock and 754 thousand in bonds.
Victor Morawetz, chairman, said he will not resign at yesterday's board meeting but will delay until the October session. This marks his second postponement for retirement, due to the absence of the road's general counsel on extended vacation. Morawetz, formerly general counsel of the system, will stay on the board until counsel resumes duties.
Notices announce annual stockholder meetings for Genesee & Wyoming Railroad E. T. Mason & Co Bronxdale Realty Co St Marks Realty Co. in New York City with dates July 1908 for director elections and related business. Includes names Mason Baylis Wolp and secretaries.
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