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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 26, 1908
Page
9
The market buzzed with conflicting rumors about Taft's acceptance speech. Traders debated whether its tone would soften the bulls or sharpen the Roosevelt issue, while others questioned steel stock support and the scope of corporate buybacks.
A Rome correspondent reports that Vatican reforms under Pius X shift power from the Propaganda to the Secretary of State. American bishops reportedly favored remaining under Propaganda due to financial and controls concerns, with Hanna of Rochester cited in a key appointment debate and Cardinal Martinelli’s influence waning under the new system.
The market opened dull but closed steady with modest gains as 14,759 bags traded yesterday including 4,000 bags in switches. France advanced 4 4s., Hamburg up 4 pfennig, Brazil markets steady with no change. Receipts at two ports were 48,000 bags, up from last year, while Rio No. 7 spot held at 64 cents.
The United States Bobbin and Shuttle Company, a major mill machinery group, reduced its quarterly common stock dividend to 50 cents a share from 1.50 and 1.00 previously, due to a contraction in spinning and falling sales. The Aug. 1 payment date is set for 1.2 million dollars of common stock, while the regular $1.75 dividend on $800,000 of preferred stock was declared for the quarter.
The Buffalo Terminal Association bonds guaranteed by the Wabash Railroad have been extended to June 20, 1908 at 6 percent. A protective committee formed for Cincinnati Hamilton & Dayton Railway 41g per cent bonds amid faulted interest, with deposits invited at Union Savings Bank, Cincinnati. Denver City Tramway shareholders vote Aug 25 on a 5 percent thirty year bond issue up to 25 million dollars to refinance debt and acquire related lines. Bondholders committees for Cincinnati Indianapolis Western Railway and Indiana Decatur Western Railway extend deposit deadline to Aug 14, with negotiable bonds bearing July 1 1908 coupons. many deposits already received.
In London on July 25 cash in excess supply and easy discounts followed the plan for a £1,000,000 gold allocation Monday. Consols fell, foreign securities softened, and American issues lagged until late session buying steadied Union Pacific and Canadian Pacific. Paris firms on Turkey constitutional news with Ottomans leading gains. Berlin saw heavy trading, firmish prices, with short bill discounts at 2.5 percent and three months at 2.5 percent.
Banks report record highs in loans deposits and cash holdings as of yesterday’s Clearing House figures. Surplus reserves reach 56.5 million with May totals above 64 million while total deposits and loans rise year over year.
Wheat rallied after a weak start as rains in the Northwest and heat in the plains raised rust fears. July, September, and December futures posted varied moves with cash prices around 1.00 to 1.02 per bushel. Corn showed strength early but closed lower, with September at 84 1/2 cents and December at 71 1/2 cents. Cash corn traded around 84 cents at the elevator.
The cotton market showed narrow, uneven moves with underlying nervousness and some support in weak spots. Opening slipped 1 to 4 points while the day closed mixed, up 2 to 5 points on old crop and holding 2 to 5 points on new. sales estimated at 80,000 bales. Galveston receipts totaled 768 bales of new crop, a notably large movement for the season.
Special to The New York Times reports official closing quotations for mining stocks across several camps including Tonopah Belmont Kendall and Tonopah Extension with mixed gains and losses. Copper prices rise with Lake copper at 1 4 cents and Calumet & Hecla boosting lake copper to 50 cents per pound as demand strengthens.
The document shows liabilities and assets figures including capital stock surplus and profits, dividends uncollected, deposits of 12 860 022.24 and 247 840 331 60 644.16, assets of 4 768 506.73, and cash balances. Pres. Graham a Lacy Zimmerman W. A.
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