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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 25, 1908
Page
9
Market watchers weigh President remarks on Standard Oil and the Landis reversal as traders pry for top signals. Steel shares draw focus ahead of Tuesday directors meeting with earnings seen near 87 million for six months and unfilled orders easing. Railroad leaders voice cautious optimism amid freight-rate doubts.
Dun's Review notes rising industrial activity and crop progress lifting confidence in a sustained recovery. Rail stocks hit highs since last year’s recession, with over a million shares traded in a day. Gary plans new mills as ore arrives and steel contracts rise. Foreign trade at the port falls versus last year while bank exchanges in New York exceed prior levels elsewhere. Bradstreet's reports crop improvements and growing confidence, with revival in industrial demand and fewer idle workers, though overall activity remains conservative and shipments constrained. Winter wheat yields expected to be average or better.
The Consolidated Traction of Chicago bondholders committee led by J. N. Wallace has possession of bonds totaling $6000 outstanding and will soon set a time for deposit of these bonds.
President Roosevelt’s reproach of the Appellate Court reversal of the Standard Oil $29,240,000 fine sparked heavy selling on Wall Street. Stocks like Union Pacific and St Paul fell, with declines widening to several points as London and New York markets reacted to the anti Standard Oil sentiment. Judge Grosscup declined to comment on the President’s remarks and reiterated independence of the court while signaling no plans to retire. Secretary Loeb later said Roosevelt would not comment further on Grosscup’s statement.
Attorney General Charles J. Bonaparte, at the Hotel Aspinwall in Knox Mass, reacts to the Court of Appeals reversal in the Standard Oil case. He says the department will pursue an authoritative review via available channels and urges reading the law to prevent future large scale lawbreaking. He notes current appeal barriers and emphasizes enforcing interstate commerce statutes to deter violations.
George E. Roberts, president of the Central National Bank of Chicago, told the Colorado Springs gathering that deposit guarantees fail due to currency rigidity and ignore seasonal cash needs. He argued guarantees erase character as a banking prerequisite.
Bradstreet's shows 263 U.S. failures for the week, up from 258 prior, with 1038 in the Middle States, 28 New England, 48 Southern, 57 Western, 15 Northwestern, 43 Far West, and 0 in Territories. Canada recorded 240 failures. About 87 percent of failing concerns had capital of $5,000 or less, and 7 percent had from $35,000 to $20,000 capital.
July 24 market roundup notes quiet trading in London with weak stock activity and easing American securities after a Stand ard Oil retrial order. Copper shares hold firm amid overall weakness. Paris and Berlin show heavy tone and firm to quiet prices, with exchange rates and discount rates listed for short and three month bills.
Quotations for American mining shares listed in London show Camp Bird at 4% 5d, Esperanza Covel 14 shillings, Tomboy 112 6d, Dolores 116 0, El Oro 112 11d, Ol Stratton's Ind 0 6d. Prices reflect London trading, with various listings and percentage figures.
The market opened strong with wheat and corn rising in New York and Liverpool, then eased late as showers and cooler Northwest weather forecasts weighed on sentiment. South Dakota rust reports and firmer Liverpool prices influenced traders. Argentine exports fell short of prior weeks while global shipments rose modestly. Cash wheat and corn quotes listed No 2 red, No 1 Northern Duluth, and No 2 coin with varying elevator and free-on-board terms.
The report from Washington dated July 24 notes the condition of the Treasury at the opening of business, detailing cash balances and general financial posture as the day begins. The brief outlines assets and liquidity used to gauge government funding and expenditures for the period.
Banking figures from Dun's Review indicate a 2.1 percent national rise in clearings for the week ending with a 7 percent increase in New York City. The surge in New York, driven by stock market activity, offsets declines in other major cities, signaling a potential recovery pattern after last year’s market troubles. Kansas City leads gains with 18.6 percent, while Pittsburgh falls 29.1 percent and broader regions show mixed results.
Clearing House reports show 48 banks in five boroughs raising loans and discounts by 53.7 million between May 14 and July 15 bringing total loans to 879.9 million. United States deposits fell 24.8 million as bonds posted for deposits declined to 15.99 million. Gross deposits rose 49.1 million to 678.15 million while due others declined from 724.49 million to 701.26 million.
The Board of United States General Appraisers ruled the tariff on towels by cotton and flax was misapplied. Duty on towels should be 43 percent as cotton manufactures. The Collector admitted error and may reliquidate entries accordingly. Multiple appeals on silk ribbons and hat bands were denied.
The National Lines of Mexico passenger department began publishing an illustrated monthly magazine titled Mexico To Day Official Magazine of the National Lines of Mexico with the July issue. It markets itself to tourists and investors and features an article on Mexican laws from the foreign standpoint and descriptive pieces on show places and industries with half tone illustrations.
The Metal Exchange reports new gains across copper grades with Lake and electrolytic rising and castings up, while London spot and futures advance 7s 6d. Pig tin weakens in futures, lead holds firm, spelter unchanged, standard foundry easy, and Cleveland warrants weak. New York bid and asked prices show mixed moves from Friday to Thursday.
The American Banking Institute convention in Providence continued with Henry Clews of New York presenting a paper on The Financial and Trade Situation Comprehensively Reviewed. He warned tariff reform and post panic uncertainty will shape the November vote and market. A afternoon debate between Pittsburgh and Chicago bankers debated larger cash reserves for New York City banks.
The National Monetary Commission met in Narragansett Bay with host Senator Aldrich. Guests included Secretary Cortelyou and Assistant Secretary Coolidge. A two week continuation of sessions is not favored and a closing of the preliminary meetings is expected tomorrow.
The SubTreasury received payment yesterday from the Central Pacific on a 2.9 million note due August 1. The prepayment frees bonds pledged as security and enables new bond subscriptions by Kuhn Loeb Co Speyer Co and the National City Bank. The note due next February may also be prepaid, leaving the SubTreasury with a credit balance of 63560.
The Up-State Public Service Commission granted a further hearing for Delaware and Hudson to seek approval for issuing 7 million more dollars of first mortgage and refunding bonds. The panel previously limited issuance to 15 million, which has now sold, and company officials aim to finance traction property costs with the remaining 7 million. Kuhn Loeb and Co and First National Bank, initial buyers, are expected to participate in the proceeding.
The market opened flat to up five points and closed 5 to 10 points higher as demand remained moderate. Trade showed 20,750 bags and early gains, with futures in Havre up 14 francs and Hamburg steady. Brazil saw only a 50 reis drop on Santos 4s, with ports delivering 48 000 bags against 62 000 prior day. Spot Rio No 7 at St. 0.07.
The Reorganization Committee of the Southern Steel Company announced it has paid overdue interest and sinking fund payments on mortgages of Georgia Steel Company Lacy Buck Iron Company and Chattanooga Tron and Coal Company. This action prevents foreclosure and disintegration of these properties.
Detroit July 24 Receiver Fred G. Austin of Cameron Currie & Co the failed brokerage firm filed in circuit court a petition stating debts will exceed $2 000 000 and that there is no prospect of full payment The court is asked to provide a fair and inexpensive method for proving claims
Edwin E. Bernheimer, once of Mobile Alabama, becomes a general partner at Jerome J. Danzig Co today. Dick Brothers Co opens a branch office at Hotel St Regis under manager H Archibald Fell.
John Claflin president of the Hi Be Claflin Company argues for a 10 percent freight rate rise. He says the increase would cost little to shippers while boosting overall prosperity, noting large merchants support the move and small shippers oppose it.
The Receivers and Shippers' Association of Cincinnati sends a letter to President Roosevelt requesting enforcement of the Trans Missouri decree against Missouri Pacific and Rock Island & Pacific Railroads. They urge prompt action before Aug 10 as rate increases take effect, insisting railroads must respect laws and court decrees and face contempt if ignored.
The National Bank of the Republic in Chicago releases its July 15 1903 statement showing resources of 24 601 249 53 and liabilities of 24 801 249 53 with cash on reserve real estate loans and deposits listed under the 1903 balance sheet. President R M McKinney vice president C H Swan cashier C H Swan assistant cashier listed.
Many railroads announce cash dividends for mid 1908. The Baltimore and Ohio Board declares 2 percent on preferred and 3 percent on common stock payable September 1, with records August 1 1903 and August 1 1908 respectively. Illinois Central Declares 3.5 percent semi annual dividend payable September 1, with transfer books closed August 3 to 13. Pacific Bank reports quarterly 2 percent dividend payable August 1. Minneapolis & St. Louis issues 5 percent gold note payments and stock transfers close August 1 1968.
A special meeting of the stockholders of the Magazine and Book Company of New York will be held on August 4, 1908 at 12 o'clock noon. The meeting, at No 116 West 14th Street Manhattan, intends to vote to increase capital stock from 300000 to 5000000 dollars, to be 5000 shares of 100 dollars par. S P Davidge president and Charles C Rechr secretary.
The copartnership firm of Malbin and Kammerman dissolves by mutual consent. Mayer Malbin will continue business at the same address and assumes payment of all debts. Dated New York July 20, 1908. Mayer Malbin. Israel Kammerman.
The Houston & Texas Central Railroad Company announces a lottery under its trust indenture to select 150 bonds for purchase at 110 percent of par value plus accrued interest. Distinguishing numbers are listed, with payment to occur at 120 Broadway, New York City. Bonds not drawn cease interest after September 21, 1908.
The deposit committee announces amendments to its June 3 1908 agreement and that Central Trust and Old Colony Trust hold amendments. Adams Trust Company resigns as trustee under the Newton Northwestern Railroad mortgage dated 1903 and filed with its president. Columbia Trust Company invites bids for surrender of Consolidated First Mortgage bonds dating 1593 at up to 110 percent price plus accrued interest.
The New York Times invites information from readers to help exclude fraudulent and objectionable advertisements from its columns. All information will be treated confidentially.
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