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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 01, 1908
Page
8
The week featured stock market volatility amid government action against the New Haven railroad and renewed worries over corporate activity. London money eased with six Bank of England rate cuts this year, while Berlin's demand supported gold exports and the Imperial Bank strengthened.
In Pittsburg on May 20 the pig iron market held steady with rising and varied price levels. Foundry and basic iron saw price increases, with $16 furnace minimum for Bessemer and up to $16.25–$16.75 for other specs. Major buyers like Westinghouse seek 1,000 tons of foundry iron and Pittsburg Steel needs 150,000 tons plus heavy melting scrap for open hearth furnaces due Sept 1. A conference on wage scales for iron, steel, and tin workers is scheduled for Cambridge Springs starting June 2.
After repeated delays, the case of Daniel Le Roy Dresser against Mercantile Trust Company Charles B. Alexander John J. McCook and others from Alexander Green Hyde Krech returns to trial in the Mineola Supreme Court. The action seeks damages for losses tied to the United States Shipbuilding Company collapse.
London reports a notable stock week with the Bank rate at 214 and expectations of further cuts. Foreign markets led by Russia and Paris rose, South African boom hearings attracted investors, and diamond shares gained. American markets remained pessimistic amid weak industrial news and rail of bank shares trading.
Special cable from Berlin reports cautious activity on the Berlin bourse as traders weigh government securities amid uncertain conditions. Dealers note modest price movements and careful appetite for ledgers, with some seeking short term gains in a choppy market.
Consul Jones of Winnipeg notes that 90 percent of Western Canadian business enterprises have used some American capital. He says U S money is flowing northward, reversing a twenty-five year pattern as Canadian banks finance grain storage and Winnipeg expands. Eastern Canada seeks capital from American investors to fuel Western development and wheat production may reach 150 million bushels, with more grains and industrial growth on the horizon.
Railroads consider charging shippers for copies of freight tariff schedules. The move follows efforts to end free mailing lists for schedules, drawing opposition from the Traffic Club of Pittsburgh. Shippers must know legal rates under Interstate Commerce Commission and court rulings, and access to on-file tariffs may not suffice.
The Chamber of Deputies vote making coupons of the national debt subject to income tax sparked a sharper reaction among speculators and investors. Opponents eye the Senate for a possible defeat while the market overall shows strength from abundant money and a record Bank of France gold reserve above 3 billion francs.
Argentine statistics released in Buenos Aires in March indicate 1907 exports valued at 206,204,369 gold dollars and imports at 285,860,683, with imports rising by 15,890,162 and exports by 3,950,540 from 1906. Wheat and flour exports surged, corn exports fell, and textile materials declined as national industries grew. United Kingdom imports rose to 97,900,600 gold, Germany 7,200,000, while exports to the UK increased to 53,700,000. however exports to the United States decreased and grain harvests were officially estimated at 4.25 million tons of wheat, 3.2 million linseed, 0.6 million oats, and 2 million maize.
The Bank of England lowered its minimum discount rate to 2 1 4 percent last Thursday, down from 2 3 4 percent since March and tracing rate shifts since nine years ago. The piece notes past changes: 2 percent on March 9, rising to 3 percent later, then to 4 percent, and a history table follows.
A 10000 bag shipment from Rio de Janeiro to Charleston, S C signals the start of a regular coffee trade to that port. Previously Brazil exported over 60 million dollars of coffee mainly to New York or New Orleans, with Baltimore’s trade waning as new patterns emerge with many small invoices to scattered houses. The shift suggests a broader move away from old trade lines and toward diversified routes for Brazilian coffee to the United States.
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