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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 16, 1908
Page
11
Traders noted a reversal from the prior day with reduced activity and a reactionary tone. Analysts cited limited public participation, mixed shorts, cheap money, and favorable crop prospects as bullish factors while warning the market could struggle to attract new buyers.
Special to The New York Times from Philadelphia notes the day's closing prices on the local Exchange. The report lists stock values, market leaders, and key movers for July 15, reflecting trading activity in Philadelphia.
Special to The New York Times reports the day's closing bid and asked prices on the local Exchange in Colorado Springs. Entries include Isabella Paxton Portland Seaga and Vindicator with various bid and asked figures, though some text is garbled.
Henry H Rogers head of Amalgamated Copper Company reported optimism about business prospects as steel trade shows marked improvement and copper output rises to curb prices. Charles Steele and James Speyer predicted swift restoration of confidence, with financial conditions stabilizing sooner than later. Baron Hayashida observed American architecture en route to Tokyo's planned six million dollar House of Commons project and will report results to his government.
Amalgamated Copper Company declares a quarterly dividend of one half of 1 percent, unchanged from prior periods. Boston and Montana Directors issue 2 percent quarterly and 1 percent extra, also unchanged. Directors H. H. Rogers and William G. Rockefeller attended. Rogers recently returned from rest at Fairhaven, Massachusetts. Reports on a sale of 1,000,000 pounds of copper at 11 1/2 cents per pound are unconfirmed, with actual sales around 13 4 to 14 4 cents above bid quotes.
The National City Bank arranged export of 900000 to 1000000 dollars in gold bars to Paris. Export demand rose as Assay Office inquiries increased and banks cleared 45000000 dollars in recalled government deposits. Bar shipments exhausted available bars with no new shipments planned. Coin export would need a higher exchange rate.
Inter State Commerce Commission releases final 1907 08 fiscal year figures. Gross earnings reach 2 589 105 758 with 449 461 188 available for dividends, up from 1906. Net income 840 589 944. operating ratio 67.54 percent. gross per mile 11 883. expenses per mile 7 988. employees total 1 672 074. passengers carried 873 905 35.
July 15 reports show money easy in London with slack business despite early gains in first class securities. Paris quiet with Kaffirs and foreigners traded moderately. American market led by Canadian Pacific and Harriman lines pushing above parity before New York open. Bond and money markets show minor shifts with discount around 1 to 1.25 percent. Paris and Berlin quote firm prices with moderate trading activity.
Quotations for American mining shares appeared in London trading yesterday with Camp Bird at 0 pounds 13 shillings, Esperanza 32-6, Tomboy 13-9, Dolores Vie paceke 0-0, El Oro 2-18, Stratton's Ind 0-16.
In Chicago on July 15 Commonwealth Edison rose to 104 amid minor gains for Canal and Dock 49 and South Side Elevated 63. Telegraph and subway stocks fluctuated, with several issues showing fractional moves. Diamond Match climbed to 132 and Street's Stable Car preferred moved to 93 as trading progressed.
The close shows bids and asks for principal short term notes led by Atlantic Coast Line 5 percent March 1 1910 at 95 34 and 08 percent for Chesapeake & Ohio 6 percent July 1 1910 at 99 44. Numerous issuers including Chicago & Western Indiana 5 percent February 1910 and Interborough Transit 6 percent March 1910 appear with small spreads.
James T. Harahan president of the Illinois Central sails back Friday on the Mauretania after an extensive European trip. Manhattan Refrigerating Company stockholders vote to raise capital from 259000 to 300000 dollars with 100000 dollars in 10 percent cumulative preferred and 200000 dollars in common stock. Old stock outstanding 200000 dollars. New preferred issued at one share for every two old shares.
The Iron Age notes slower but steady gains in iron markets over recent weeks while conditions remain unsatisfactory. Steel Corporation operates near 0.55 percent capacity with about 10 percent for export. six blast furnaces were started by subsidiaries as demand rises. Wage settlements ease labor questions. puddling scale shifts after price moves. Finished lines improve, implementing makers report rising tonnage from railroads, and overall industry optimism grows.
Securities sold at auction yesterday at the Exchange Salesroom 14 and 16 Vesey Street Adrian H. Muller & Son auctioneers include bonds from the Chamber of Commerce of the State of New York Kansas City and Pacific Railroad Cincinnati Dayton and Ironton Railroad American Coal Company Consolidation Coal Company and more along with shares in Little Miami Railroad United Railroads of New Jersey and other firms. The catalog notes mortgage bonds, debentures, and bank notes with various due dates and prices.
The Stock Exchange committee approved listing of Michigan State Telephone Company 3.5 million common stock and several bond issues including St. Louis Iron Mountain Southern Railroad 600 thousand mortgage bonds due 1920 and 811 thousand River Gulf Division bonds, Delaware & Hudson first refinancing bonds due 1945. Trading to begin May 1 1908 with price and interest rules for New York State securities. Michigan State Telephone voting trust receipts removed from list. Union Pacific first lien and refunding bonds to be settled by temporary bonds July 20 with accrued interest.
New York Police Department seeks sealed bids by July 24 1908 to furnish labor and erect materials for a second precinct station house and stable on Greenwich Street Cortlandt Street area Queens bids also requested for hay straw and feed supplies to Rockaway and Far Rockaway fire companies bids published by Police Commissioner Theodore A Bingam and Fire Commissioner Nicholas J Hayes in City Record dated July 11 1908
Copper advanced in London spot trade closing at 57 pounds 15 shillings while futures finished at 57 pounds 7 shillings 6d. Pig tin gained with spot and futures at 102 pounds 7 shillings 6d and 133 pounds 6d respectively. Lead strong at 13 pounds and spelter steady. New York Metal Exchange quotes show copper and other metals with bid asked contrasts from the previous day, listing Lake, Electrolytic, Castings, and tin figures.
Greenwich Savings Bank announces deposits earn four percent per annum for 51 months ending June 30 with payouts on July 20. Deposits before July 10 accrue interest from July 1, 1908. Also notices a halt on transfer of one United States Steel stock certificate to Isabel S Stone and ten shares to Howard M Lum, with United States Steel Corporation notified.
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