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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 30, 1908
Page
9
Traders and brokers mixed about a subdued session as Hariman's vacation and unclear immediate drift dampened activity. A watchful note on Steel stock and city bonds with 4 per cent yields. rumors of a revival by an old plunging firm and potential bail market after the election colored the day.
Reports from 200 correspondents show 90 percent of wheat past blossom between Aug 15 and 20 with good grain filling. Drought eased in some districts but harvest on six million acres expected. Coarse grains and considerable barley cut. winter wheat harvesting general in Southern Alberta.
Major transcontinental lines including Hill and Harriman plan to abandon Pacific steamship service amid rising Japanese subsidies and cheap labor. The move follows the Interstate Commerce Commission ruling to publish Oriental freight rates, risking a Japanese dominated Pacific freight market and hurting profits for Western ocean carriers.
On July 29 officials warn Pacific Coast shipping would suffer if transcontinental railroads abandon export and import trade with the Orient and Australia on November 1. Pacific Mail general manager R P Schwerin predicts Japanese dominance due to subsidies, while Portland agents stress uncertainty and ICC rulings restricting through rates.
The stock exchange house of C. Schumacher and Co. at 25 Broad Street was dissolved yesterday following a family disagreement over the estate of the founders. The current copartnership would have expired August 1, but Frederick D. Holder, who led the firm after Samuel Schumacher’s death, will continue the business under the old name.
Special to The New York Times reports modest activity in Baltimore with Consolidated Cotton Duck shares in demand. Common and preferred prices rose slightly while Fidelity and another stock advanced a full point to 126. Trading showed 596 shares and bonds at 28,009 dollars.
Walter IL Johnson seeks Cotton Exchange membership while United Fruit proposes 1.94 million dollars in extra capital stock. H F Hadden joins Cumins Marckwald at 45 Wall Street after two decades with C A Buttrick. New or updated listings include 125 thousand dollars of 6 percent consolidated bonds due 1930 for the Chicago St Paul Minneapolis and Omaha Railway.
London stocks opened firm on steady discounts and gains in consols and home rails while American shares rose on Taft prospects but cooled after early orders. Continental buying boosted foreign securities as New York opened and then markets cooled. Copper shares stayed active and money rates held steady amid soft overall tone. Paris and Berlin trade reports show firm closes with rentes and boerse activity.
Yesterday's quotations for several European state and municipal securities are listed, detailing yields and price ranges across multiple issuers and bond types. The report provides market activity and pricing directions for investors tracking cross border debt instruments.
Quotations for American mining stocks were given in the London market yesterday. Prices listed include Camp Bird Esperanza Stratton’s and Saksabee with various figures, showing mixed movements across the batch.
The Iron Age and Iron Trade Review report a more hopeful tone in iron and steel markets. Pittsburg shows early optimism as business slightly improves, though prices remain irregular and bookings for July reach about 72 percent of capacity despite shifts in making and orders.
Financial summary shows percent changes and totals for Toronto Hamilton Buffalo and Twin City Rapid Transit. June and July figures list gross receipts and increases with period totals from January 1. Notable figures include 853,891 and 3,369,851 as year to date amounts and 61,436 to 73,822 as monthly changes.
Spot copper closes at 59 5s with futures at 60 on a 5s advance from Tuesday. Pig tin gains 6d spot to 157 10s and 5s on futures to 188 15s. Lead up 2s 6d to 15 3s. Spelter unchanged at 19 2s 6d. Standard foundry steady at 49s. Cleveland warrants ease to 49s 10d. NYC Metal Exchange bids and asks mix versus Tuesday.
Securities sold at auction yesterday at the Exchange Salesroom 14 16 Vesey Street by order of executors include German American Bank 3 shares 75 each Crucible Steel 10 pref 100 United States Steel pref 108 50 Agricultural Chemical pref 104 90 Central Pacific Railway first mortgage bonds due 1949 with coupons February and January 10 1 500 Portland Gas bonds due 1951 1951 1951 and other rail road and utility issues including Erie Pittsburg Railroad Cincinnati Hamilton Dayton and more with varied due dates and coupon schedules noted among many items.
The Philadelphia Exchange volume fell to 15 288 shares with over half from arbitrage. Buying was unaggressive and prices were practically unchanged. United Gas declined while Cambria Steel Lehighs and Tonopahs held firm. Lake Superior Corporation rose a point after banks held securities in a loan sale to Canadian Improvement Company. Banks bought in collateral. Trading remained quiet.
Official closing quotations for mining stocks are listed with bids and asks for several issues. The local exchange shows figures such as Dante and Elkton with varying bid and ask prices, including Isabella and Vindicator, highlighting market activity in the mining sector.
The meeting of the Provident Life Assurance Society Directors was adjourned due to the absence of Timothy L. Woodruff who was at Oyster Bay with President Roosevelt. The proposed sale of the controlling interest from the banking syndicate remains unaccepted but likely to proceed.
The undersigned announce the acquisition of the Edward A. Price estate interest in Fred. Butterfield & Co. with principal office at 725 Broadway Manhattan New York. They assume all liabilities and state the estate no longer has any interest. A new partnership Fred. Butterfield & Co. is formed with New York City as principal, dated July 25 1908.
Special stockholders meeting set for August 13 1908 at 12 noon in New York to approve reducing capital from 2 000 000 split among 11 000 common shares and 10 000 preferred shares to 1 000 000 with 10 000 common shares. John F O Rourke president George W Young secretary. Also notice of American ae Dayton scheduling August 6 1908 at 19 W th Bt & P R A B Daytn secretary.
Fragmentary text from a historic page mentions a cemetery with unclear context and minimal legible details. No concrete events, dates, or names are readable to establish a factual item.
A dividend of one percent is declared on the common stock payable August 15 to holders of record at the close of business August 1. Transfer books close at noon August 1 and reopen 9 A.M. August 17. New York July 22 1908. GLO. H. Danforth secretary.
On July 3 a registered package contained one United States Steel common stock certificate No. 199,897 in Isabel S. Stone and ten shares No. 199,899 in Howard M. Lum. Notice sent to United States Steel to stop transfers.
Several railroad firms including Union Pacific Illinois Central Southern Pacific Casein Company of America Atchison Topeka Santa Fe Piedmont Cumberland and others announce cash dividends with payment dates mainly August and September 1908. Transfer books close dates and record holders are listed for each issue.
Notice of bonds drawn to be paid from land sale proceeds under the trust indenture with Farmers' Loan & Trust Company and Southern Pacific Company dated April 1, 1800. Bonds numbered as listed will be paid at 116 percent of par value plus accrued interest. bond numbers specified.
Notices from New York City departments announce sealed bids and estimates due in August 1908. Projects include high pressure fire service power generation at Manhattan stations, asphalt paving repair for North and East Rivers, dredging between 28th and 36th Streets in Brooklyn, and furnishing two automobiles under Contract 1140.
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