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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 04, 1908
Page
11
Irregular trading in a volatile market followed a weak opening as traders faced nervousness from unconfirmed stock reports and expectations of further dividend stability. Rumors of a large Standard Oil fine influenced sentiment, while regular dividends from Atchison and Smelters provided some steadiness as crop and steel outlooks added cautious optimism.
Union Pacific closes negotiations to issue 40 million dollars of first mortgage bonds to an international syndicate led by Kuhn Loeb Co and British bankers. Price expected around 96 with use of proceeds mainly to retire floating debt and fund new construction.
The Delaware and Hudson Company filed with the Public Service Commission for permission to issue 50 million dollars in bonds secured by a first mortgage on all assets. They also request immediate issuance of 20 million and later up to 6.5 million to pay debts, with the remainder to be issued later. A New York banker’s opinion suggests bonds could be sold at 92 percent of par, totaling 91.478 million dollars.
May commercial failures total 1,379 with liabilities of 13,643,881 under Dun & Co statistics. Debts drop versus April and early 1908. manufacturing, trading, and brokerage/insurance failures show varied contrasts to May 1907. Banking suspensions reach 20 with 5,247,455 liabilities, while May 1906 figures are cited for comparison.
The Atchison Topeka and Santa Fe announced a regular semiannual 2 percent dividend on its preferred stock. In line with an NYSE request, transfer books will remain open for the payment, and stockholders of record on June will receive the dividend.
The Nineteenth Ward Bank raises its dividend from 10 to 12 percent by a quarterly 3 percent declaration. This compares with the usual 24 percent dividend. Earnings for the year ended May 31 reached 85 percent of capital stock.
Special to The New York Times reports the day’s closing quotes in Colorado Springs with bids and asks for Elkton Portland El Paso Rawlins Vindicator Work Isabella Dante ice and other listings. The figures show bid and asked prices across multiple securities and commodities traded on the exchange.
June 3 London markets show abundant money and easy discounts as Derby Day keeps attendance light. Profit taking visible before holidays, with Kaffirs and rail shares unsettled on labor worries. Gilt edged securities steady with smaller business. Consols rise then soften. Wall Street weak at open but recovers modestly. foreigners steady, especially Japanese. Bar silver at 24 1/2 to 16d, money at 1 percent, short bills at 1 1/2 percent, three months bills at 1 1/2 percent. Paris Bourse opens firm then softens. three per cent rentes at 95f 35c.
The London market yesterday displayed quotations for American mining stocks. Esperanza 10.0 Dolores 0. Strat. Independ 0. Camp Bird 0. Tomboy 0. El 0.
Securities disposed at auction in the Exchange Sales room at Vesey Street by order of executors and administratrix. The list includes bonds from Baltimore & Ohio, Lehigh & New York, Toledo Walhending Valley Ohio, Metropolitan Street Railway, Wabash, Central Hudson, and many others along with railroad and bank shares. Also details on specific mortgage bonds, preferred and common shares, and extensive property liens tied to Wyckoff Church Partridge assets, with substantial sums and percentages.
The Brown Brothers & Co syndicate that bought 7,000,000 Wisconsin Central bonds two years ago will expire by limitation next July and will not be renewed. A banker said all bonds have been sold and there is no reason to extend the syndicate, which has already been renewed once.
The American Smelting & Refining Company directors kept the common stock dividend at 4 percent for the quarter, with payment due July 15 to holders of record June 26. The preferred dividend remains at 1 percent for the quarter, payable July 1 to holders of record June 12.
The Barney Smith Car Company posts profits of $508,639 for the year ended March 31 after charges for bond interest and dividends. The undivided profit balance rises to $474,163. No depreciation deduction was taken due to repairs and betterments reflected in earnings.
Directors appointed J. P. Dunning manager of the Fifth Avenue branch as Vice President. A misstatement claimed W Emien Roosevelt chose Vice President of a Mexican Telegraph firm, with offices in Central and South American Telegraph Company.
The cotton market was inactive but steady with a general tone unchanged on the day. Sales reached about 175000 bales amid Whitsun holiday effects, improved trade conditions, bullish statistics, and potential further crop damage. Local spot quoted middling upland at 11.50 and Middling Gulf at 11.75 with regional sales reported in Memphis Houston Norfolk Augusta and other hubs.
Buffalo Rochester and Pittsburgh shows earnings of 280493 dollars, Rochester and Pittsburgh 83429 dollars, and total 7574744 dollars for 1907 across operations.
Wheat faced new factors with army worms in Kentucky and Hessian fly reports in Kansas while rain damage stories spread from the Southwest. July selling and September buying at Chicago showed about a 3 percent spread. Liverpool prices slipped. Exporters took about six loads as No 2 red wheat in New York closed near 1.00 to 1.02 with various delivery terms. Corn movement remained light due to bad weather with interior receipts much lower than last year. Chicago Thursday receipts expected at 77 cars. No 2 corn in New York closed around 0.75. Futures mentioned.
Coffee futures opened steady to higher by a few points with 13 750 bags traded. World visible supply for May fell by 381 783 bags while June 1 total stood at 14 567 285, down from last year. Rio prices dropped 25 points with Santos unchanged. deliveries hovered near 12 500 bags. American Car and Foundry cuts quarterly common stock dividend to 1.5 percent as plant activity slows.
Stock exchange seats that had risen through the stock market revival eased yesterday. A seat fetched 71,000 dollars, down 1,000 from the prior transfer, signaling a modest pullback after the late winter rally.
The annual meeting of stockholders of Roberts Cushman & Co will be at No 14 Washington Place New York City on Monday June 15 at 12 noon to elect five directors and two inspectors of election and conduct other business. The Farmers Loan and Trust Company will hold its directors election on Tuesday June 9 with polls open from 12 to 1 PM at the company office in New York City.
The New York Times printed the statements of all thirty five national banks in New York City at the latest call by the Controller of the Currency. The feat is described as unprecedented in New York newspaper history.
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