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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 21, 1908
Page
9
Wall Street analysts note stock scarcity not as a cause of concern but as a factor in a rising market. Traders cite cheap money and good crop prospects as fundamentals behind the advance while skeptics seek firmer news on the market’s drive. A broker describes public nibbling and hopes for broader participation as the market remains buoyant.
The National Monetary Commission opened a discussion on the nation’s financial situation at the Imperial Hotel. Eight members attended including Senators Aldrich Hale Teller Money and Representatives Weeks Bonynge Smith Padgett and Pajo with Overstreet joining at adjournment after a one hour session.
In Chicago on July 20 Judge Grosscup appointed W Q Johnson as sole receiver alongside Sidney Mitchell amid a split between the United Box Board Company and the American Strawboard Company. Johnson is described as nonpartisan while Mitchell faces charges of lien and unfairness. The judge postponed ruling on the validity of a securities sale to satisfy an $80,000 note from the United Box Board to the American Trust and Savings Bank pending investigation.
A historical notice notes an established institution since 1864 in Capital with a $2,000,000 surplus and multiple departments including Banking Bond Trust Transfer and Foreign departments indicating wide financial operations and organizational scope.
Chairman Henry Fink of the Norfolk & Western Railroad opposes at this time any wage reduction or freight rate increase. He argues a horizontal rate rise is impossible and prefers rate adjustment and reclassification only as business revives. He warns against political demagoguery and says railroads lack political influence today.
London sees ample money with weak demand as discounts ease and US Steel leads Americans in stock activity. Hariman firms above parity on favorable New York news, while Consols ease amid a Brazilian loan prospect. Copper shares stay firm. bar silver at 24 1 44 per ounce. Paris notes firm prices except Turkish securities weak on Macedonia. Berlin boerse remains firm with higher prices.
The New York Cotton Exchange approved a seven member committee, including the President, to investigate ground for earlier criticisms of its price fixing and future delivery contracts. The panel will consult with spinning interests and seek U S Bureau of Corporations input, with a report due by September 1.
The London market displayed quotations for American mining stocks with prices and trading activity noted. Investors monitored shifts in values and compared quotes across key miners operating in the United States.
The First National Bank of Rock Creek Ohio with a $25,000 capital is closed by the Treasury Controller. Receiver P Tillinghast appointed. Suspension mainly due to failures of Merchants' Importing Company of Chicago and Akron China Company of Akron Ohio.
Baltimore on July 20 reports light local trading with no selling pressure. Atlantic Coast Line 4s advanced and Sea Board 4s and 5s cotton duck were slightly stronger. Market shows 238 shares and 50,000 dollars in bonds traded.
The cotton market showed moderate activity with prices generally lower due to favorable weather, easier cables, and more Southern offerings. The close ended 14 points down, with about 150000 bales sold. July opened barely steady, then 4 to 6 points higher, while the next government report arrives Friday noon. Local Liverpool trading will pause Aug 1 and 3, aiding New York and New Orleans pacing. Spot market quiet with 15 points decline, Norfolk Augusta Houston New Orleans Memphis reports noted.
The market was busier with heavy Decem ber sales by a major trade group and closed largely steady to slightly lower. Reports show 25,500 bags traded, with Havre half holiday and Hamburg prices dipping 1 pfennig. Rio softens, high-grade premiums ease in Santos, and spot coffee remains quiet as weekly U.S. deliveries reach 4,000 bags amid varied Rio and Santos receipts.
The London Stock Exchange will close August 1 and 2. Herman Holz is appointed manager of the Foreign Department at the Hungarian American Bank linked to the Central Credit Bank of Hungarian Financial Establishments. A new bond offering totals 1 512 000 dollars for Baltimore and Ohio Railroad first mortgage bonds due 1925 with first liens on 921 miles of main line and equipment, priced at 8 1 2 percent. The Red Book by J Thomas Reinherdt lists price ranges for major U S exchanges through 1908.
Principal transactions yesterday in the stock department show Branch Mint trading with opening, high, low, and last prices. The listed figures include 6,000 shares and percentages reflecting small price movements.
The Twin City Rapid Transit Company declares a quarterly dividend of one and one quarter percent on common stock payable after August 15 1908 to stockholders of record at close of business July 29 1908 at Farmers Loan and Trust Company New York. Dividends by check mailed to filed stock orders. The W B Claflin Company notes quarterly interest on preferred stock payable August 1 1908 and closes transfer books at 3 PM July 3 and reopens 10 AM August 3 1908.
An advertisement notes an auction on July 22 1908 at the Exchange Salesroom Vesey Street by order of executors. Listings include bonds from West Virginia Midland Railroad electric cable companies New Jersey issues and bank stocks with varied quantities and par values among other holdings in liquidation.
Sealed tenders for the purchase of the Baie des Chaleurs Railway and rolling stock, from Metapedia to Caplin, Bonaventure County, P C, including franchises, will be received by the Registrar Exchequer Court of Canada in Ottawa until noon September 9 1908. Tenders on printed forms may be obtained from Caggrain Mitchell & Surveyor Advocates Montreal. Dated June 10 1908.
Tenders for the purchase of the Atlantic and Lake Superior Railway from Caplin to near Iaspebiac in Bonaventure Quebec and its stock and franchises will be received by the Registrar Exchequer Court of Canada in Ottawa until noon September 3, 1905. Information and forms available through Casgrain Mitchell Advocates Montreal.
Baltimore invites bids for purchasing one million dollars of new sewer loan stock. Bids due August 17, 1908, at the Mayor's Office. Certificates issued in $100 multiples, with 2 percent bid deposits and interest at 3.5 percent.
Classified ad seeking an experienced solicitor with a proven results record for a fine financial publication. Applicants must state experience and provide references. Also an inquiry for life insurance specialists to send particulars to P O Box 395.
Corner banking offices at 49 Wall Street offered with or without fixtures. Annual rent 3000 dollars. Contact H. P. Wenig at Guardian Trust Co, 170 Broadway.
Notices announce annual stockholders meetings for National Rice Milling Company La France Copper Company South Buffalo Railway Company and Charles H Bellows Company. Dates range July to August with meetings at Newark New Jersey New York addresses. Transfer books close around mid July. Secretary signatures: Lynch Eckstein Graham and Mith.
The Pullman Company declares a quarterly dividend of 2.09 per share for holders of record July 31, payable August 15. Peoples Gas Light and Coke Company announces a dividend of 1.5 percent, payable August 25 to stockholders of record August 1.
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