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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 24, 1908
Page
9
Brokers report most market letters are bullish with some conservatism and a minority bearish view. Traders note scale selling by bears, personal strategies vary, and experts track crop conditions, political signals, and impending court decisions impacting equities and bonds. Demand for first class railroad bonds exceeds supply as railroads issue solid securities.
Reports from the steel districts credit a Wall Street view of improving conditions after a United States Steel Corp meeting. President Corey denied plans to run mills at full capacity, saying only routine gains and 56 percent finishing capacity are active. Rail producers see limited orders but expect eventual demand.
The steamer E H Gary arrived at Gary Indiana harbor with the first cargo of iron ore for U S Steel mills. A 21 gun salute rang out from the American gunboat Wolverine as the ship docked. John W Kern attended as guest of honor. By next December 1 144600 tons of ore expected to be unloaded.
Calumet and Hecla Mining Company shows total assets of 6,295,719 for the year ending April 30, down from 8,757,444 in 1907. Depreciation hit cash and copper, dropping from 66,477,190 to 4,685,422, while notes and bills receivable fell from 1,251,768 to 650,017.
Notice that the Libbig Malt Extract Company will hold its annual stockholders meeting at 108 110 East 125th Street New York City on Monday afternoon August 3 to elect directors and address other business. Dated July 24 1908.George F Smyth secretary.
London stocks showed little progress as gilt edged securities remained weak while new issues including a Brazilian loan attracted interest. Consols slipped on Indian Council sales but rebounded on repurchase, Home rails eased on dividend cuts, and American securities opened firm and strengthened. Copper shares rose with U S. markets. money rates held steady. Paris government bonds slid on Macedonia concerns, with 3 percent rentes at 95f 65c. Berlin stock prices also firm.
Quotations for American mining shares in London included Camp Bird at 2 pounds 5 shillings 1 pence, Esperanza seed at 12 shillings 6 pence, Tomboy around 1 shilling 13 pence, Dolores 11 pounds 0 pence, El Oro 18 pounds, and Stratton's Ind. at 0 pounds 6 pence.
London July 23 The Bank of England reports a net drop in total reserve by 51 000 and a fall in circulation by 1 000 amid decreases in bullion and notes reserve. Public deposits rise 1 172 while other securities increase 215 0M. Government securities unchanged and the reserve to liability ratio slips to 50.15 percent.
Paris July 23 The Bank of France weekly statement lists changes in notes in circulation down 97.725 million francs treasury deposits up 77.8 million general deposits up 22.5 million gold in hand up 11.8 million silver in hand up 1.85 million bills discounted down 82.75 million and advances up 0.25 million.
The Int of Carneste Trust stock sold at auction on Tuesday corrected from 155 to 165 a share per yesterday's Timms. Bonds tied to Baltimore & Ohio and Central Pacific figures were listed with large sums and high yields. Kuhn Loeb Speyer and National City Bank offered 18 million in first refinancing mortgage bonds at 94.5 percent, with recent sales signaling swift demand for first mortgage issues.
A seat on the stock exchange sold yesterday for 78000, the highest since last year’s panic low of 55500. The sale price was 6000 above the previous public sale at 7860. Transfers posted include Otto Eugene Reimer to Rockhill TB Potts and Charles A Butterick to Charles M Fair.
The coffee market showed limited activity with 11 750 bags traded and prices closing steady to slightly lower. Brazilian receipts reached 62 000 bags across two ports, near last year’s level, while Havre and Hamburg saw small declines. Spot trade was quiet with Rio and No 7 bids mentioned.
Colorado Springs daily quotations show varied prices with items such as Dante Elkton El Vasese Rawlings Rid Isabella Portland Findicator and Work, indicating mixed demand and modest price movement as of July 23 in the local market. Prices listed include 87, 20, 584, 14, 9 and 8 to 9 percent ranges, reflecting a volatile trading environment and ongoing pricing signals.
The daily Treasury bulletin lists the reserve fund at 150000 in gold and bullion, trust funds redeemable certificates at 829,261,860, and silver dollars totaling 4,924,000. Deposits in National and Philippine funds are noted with awaiting reimbursement and total current liabilities indicated.
The document records multiple property and office addresses including Nos. 16,18,20 and 22 William Street as well as a branch office at 475 Fifth Avenue New York. It also notes a London address 18 Bishopsgate Street and an Arts address 41 Boulevard Haussmann.
Readable fragments list intersections at 55 Cedar Street 73d Street and Broadway 125th Street with 8th Avenue indicating a street grid reference. No accompanying event or action is provided in the text.
The Houston and Texas Central Railroad Company issues bond draws from trust proceeds to retire 150 bonds at 110 percent of par plus accrued interest. Distinguishing numbers list many bond numbers. drawn bonds paid at the stated rate upon presentation, with coupons attached, at 120 Broadway New York. Notice of drawing effective September 1 1908. R S Lovett President. New York July 24 1908.
A bondholder committee is formed for the Cincinnati Indianapolis and Western Railway and the Indiana Decatur and Western Railway after default on interest due July 1 1908. Deposits must be made with Bankers Trust on or before July 24 1998 in negotiable form with coupons attached.
The item lists capital stock and surplus along with net profits, circulation, bond account and deposits as components of the financial statement. It presents a snapshot of retained earnings and capital structure in a historical accounting context.
Baltimore city invites sealed proposals for purchase of up to 1 000 000 of new sewer loan stock bearing 3 1/2 percent interest, redeemable Oct 1 1908. Bids due Aug 17 at City Hall, with deposits required and pro rata awards possible.
The Minneapolis Northwestern National Bank reports assets including loans and discounts, U S and other bonds, cash and deposits with banks plus a large cash balance. Liabilities show capital, surplus, undivided profits, circulation and deposits led by President Frank A Holton with Wm H Dunwood as cash.
Illinois Central Railroad announces a regular semi annual dividend of 3 1 2 percent cash payable September 1 1908 to stockholders of record August 3 1908 stock transfer books close 8 PM August 3 to August 13 1908 A G Hackstaff secretary New York July 21 1908 The German American Bank declares a 3 percent tax free dividend payable August 1 1905 to stockholders of record July 30 1908 transfer books closed July 30 to August 8 1908 J F Fredericks cashier
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