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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 17, 1908
Page
11
The article describes active yet cautious professional brokers in a fluctuating market seeking profits through scalping in dull periods. It notes bond market optimism, past errors from information sources, a large block of U S bonds likely to be released, and cautious anticipation of railroad rate changes amid overall bullish sentiment.
Treasury Secretary Cortelyou reduced the government call by about 12.4 million dollars, allowing interior banks to keep funds for crop moving and other uses. Deposits with national banks stood around 140.84 million, after prior highs, with larger July deficits expected as Treasury disbursements rise.
Washington July 16 The Treasury condition at opening shows reserve fund gold and bullion 150 million, gold coin 819,887,869 silver dollars 479,277,000 trust funds to redeem outstanding deposits in national banks 144,571,984 Philippines treasury 4,850,833 certificates awaiting reimbursement 126,885,990 current mobilities - 193,556,500
Charles F. Brooker plans a month long western trip. Robert H. Simpson of Effingham & Co elected member of the Stock Exchange. Simer F.E. Black of N. W. Harris & Co sails Mauretania for two months abroad. P. F. Thompson of Electric Properties Co resigns effective Oct 1. Meeting adjourned due to lack of quorum. Lloyd E. Brown Walter W. Russell and James M. Glassman elected to Consolidated Exchange. Minority owners of Consolidated Arizona Smelting form stockholders committee led by A. L. Norman to contest sale of Humboldt property at foreclosure. Special stockholders meeting of Products Manufacturing Co Jersey City Aug 3 to vote merger with Corn Products Refining Co.
Secretary Cortelyou will not redeem the 3 percent Spanish war bonds totaling about 65 million dollars. He argues most bonds are Treasury securities for national bank circulation, keeping a 2 percent effective yield for the government. He cites a Treasury balance of 54 million and a 15.27 million deficit for the first sixteen days of the fiscal year. Banks hold 18.78 million of the government's money and could be called to retire the bonds if needed.
The Treasury reports funds received from national depositary banks under the Secretary’s call of July 30 total 23 421. Officials expect the full amount to be received within two or three days. Initial estimates had placed the call around 45 million dollars, but revised calculations reduce the amount to 33 279 270.
European markets show abundant money and easy discounts in London with dull trading and modest declines across securities. Paris closes firm with 3 percent rentes around 95.87, while Berlin’s Boerse is weak as of today.
The London market yesterday recorded quotations for American mining stocks led by Camp Bird and Esperanza with listings in pounds shillings and pence. Other noted prices included Tomboy Dolores El Oro and Stratton's Independence among shale and ore miner names.
London reports a Bank of England weekly statement showing reserves up by 338000, circulation down 281000, bullion up 236,000, other deposits down 1029000, public deposits up 441000, notes reserve up 820000, government securities unchanged, and the reserve ratio rising to 50.89 percent from 49.25.
The closing bids and asks for primary short-term notes include Am Tel & Tel 5% Jan 1910 at 99 1/2 bid 100 asked and Atlantic Coast Line 5% March 1910 at 98 1/2 bid 98 1/2 asked, with numerous other issuers and maturities quoted in varied percentages.
Copper spot and futures declined in London by several shillings while New York Metal Exchange quotes show copper and lead easing and tin holding firm. Spot copper closed at £57 12s 6d and futures at £58 6s, tin at £128 10s spot, lead £12 17s 6d, spelter unchanged. London and NY bids and asks for copper and other metals shifted modestly lower or steady.
A committee announces protection measures for holders of the Cincinnati Indianapolis Western Railway and Indiana Decatur Western Railway bonds after default on interest due July 1 1908. Bondholders urged to deposit negotiable bonds with Bankers Trust Company by July 24 1908. certificates of deposit issued. Deposited bonds must bear July 1 1968 coupons and subsequent coupons. Copyright bold names include William fra and Alb Gaal N. B., with Strong & Cadwalader as counsel.
The Ramsey committee of noteholders for the Detroit Toledo & Tronton Railroad reports deposits totaling over 2,500,000 of the 5,509,000 notes with the New York Trust Company and three other firms in Philadelphia St Louis and Cincinnati giving the committee a majority. After July 31 deposits will only be accepted on terms set by the committee. Hollins interests say a reorganization plan for the Detroit Toledo Ironton will be formed and participation requires notes to be held by owners or deposited with the Morse committee. notes deposited with the Ramsey committee may be barred from the plan.
Charles F. Brooker, president of the American Brass Company, warns of improving trade conditions in brass and copper industries. He notes gradual movement toward better conditions and will be away on vacation later this summer. Copper sales reports show rising activity since July 1 with buyers mainly brass and wire manufacturers.
Allotments were made yesterday to subscribers to the 13 million 4 per cent bonds of the Delaware and Hudson purchased two days ago by Kuhn Loeb and Co and the First National Bank. One tenth of the allotment went to many. larger portions were allocated to strictly investment subscriptions. Banking circles say the entire issue was six times oversubscribed.
The Chancery Court sanctioned the re adjustment plan for the Underground Electric Railway Company. Shareholders approved the scheme at a May 11 meeting in London. The plan calls for issuing bonds totaling 46 million dollars to complete the restructuring.
The New York Chicago and St. Louis Railway known as Nickel Plate sold 1.5 million dollars of twenty five years 5 per cent bonds due May 1 1931 to Moffat White Clark Dodge and Co Lee Higginson Co. Most bonds have already been resold by the bankers.
Prices for American Can preferred edged up slightly while Shipbuilding and Diamond Match eased. Telephone shares remained steady and most other stocks showed no change by midday on the local Exchange. Chicago Railways bonds rose fractionally to Su percent with afternoon trading nearly at a standstill.
Colorado Springs July 16 closing quotations show Elkton Portland El Paso Pawliings Windleater Isabella with bids and asks. values range from 10 to 56 and 100 respectively amid a thin market. Dealers quoted limited activity with scattered small lots and muted demand across listed items.
The document lists office locations at 16 William Street and 18 20 22 William Street as a branch office in New York with London at 16 Bishopsgate Street and Paris at 41 Boulevard Haussmann, indicating multiple international addresses.
Sealed bids are invited by the New York Police Department for building new station houses and related facilities at Greenwich Street and Washington Street sites. Park Department seeks bids for an administration building at Bronx Park. Notices mention local improvements in Manhattan including grading curbing and paving and sewer work with deadlines in July 1908.
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