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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 05, 1908
Page
11
Brokers report customers drifting back to scalping as no clear trend emerges. Traders remain cautious amid uncertainties. some bullish fundamentals exist while others are bearish. Politics and expectations around Union Pacific bonds influence early moves, with oversubscription questions and bond testing noted.
Albany June 4 The Public Service Commission Second District grants permission to issue 7 million dollars in twenty five year improvement bonds at four percent interest guaranteed by New York Central & Hudson River Railroad. Proceeds total about 7.0875 million for permanent cementing extensions and other improvements in New York and Massachusetts. Bond sale at not less than 90 percent of value with semi annual progress reports.
The American Steel Foundries stockholders hold a special meeting, adjourned to June 12, to pass on the proposed capital reorganization. The Iron Age Directory 1908 is out with a classified index of goods from many firms. Wilbur C. Fisk, of Harvey Fisk, was elected 4% Director and Vice President of the Hudson Manhattan Railroad.
Ten leading National banks prepare a call for a conference to form a currency association under the Aldrich-Vreeland law. Clearing House will not lead, with others in New York and other cities watching. Banks named include National City First National National Bank of Commerce Chase National National Park Hanover National and Fourth National. The plan shifts from Clearing House to direct bank action possible next Tuesday or Wednesday.
On June 4 reports from Boston Chicago and Philadelphia state clearing houses have taken no steps to join or form a National currency association under the new Aldrich Vreeland law. Bank presidents say the law has not been read by many members and no correspondence with other clearings has occurred.
Senator Charles A. Culberson denounces the emergency currency law as vicious and dangerous saying there was no need for its enactment. He believes the law was framed to admit railroad bonds to sidetrack future railroad legislation by arguing it would affect the securities upon which the currency rests.
R G Dun & Co reports in agricultural districts crops progress well with rapid growth and earlier harvesting in many areas. Winter wheat largely holds up to rain while spring wheat shows some damage. corn suffers most from rain with unplanted areas and lowland abandonment. Cotton outlook improves in most regions, though replanting needed in parts of Texas and Oklahoma and floods press in the Southwest. Georgia and Eastern states show encouraging prospects, especially in high lands with adequate moisture.
Spot copper rose 3s 9d and futures gained 2s 6d from Wednesday. Closing prices were Spot £58 1s 8d and futures £58 10s. Pig tin closed at £129 10s for spot and futures. Speller down to £19 10s. Leall weak at £2 10s. Cleveland warrants at 50s 6d. NY Metal Exchange spot and futures bids and asks compared with Wednesday show small shifts. Foreclosure sale of Brooklyn Ferry Company property may see New York Terminal Company buy and reorganize, while city weighs whether to retain ferry service.
June 4 reports show abundant money but mixed results across London Paris and Berlin. British securities eased on profit taking while American and Union Pacific bonds buoyed early trading before a late downturn in New York. Imperial Bank of Germany cut its discount rate to 4 percent as Paris and Berlin quoted firmer and heavier tones respectively.
Following are yesterday's quotations for several European states and municipal securities.
The Bank of England reports a total reserve drop of 175000 pounds, with circulation up 699000, bullion up 523704, other securities up 474000, and other deposits up 1424000. Public deposits fell 630000, notes reserve declined 207000, while government securities rose 433000, leaving reserve to liability at 50.82 percent, down from 61.90 percent last week.
Paris reports changes in notes in circulation up 168.33 million francs with treasury deposits down 49.28 million and general deposits down 129.98 million. Gold on hand rises 34.9 million while silver drops 1.58 million. Bills discounted increase 93.6 million and advances climb 12.28 million.
Cotton trade was dull with an early decline followed by a firmer afternoon. Estimated 175000 bales traded. New England mills boosted demand while rains and river flood fears buoyed prices. Daily ranges shown across futures and spot prices from Mobile to New Orleans, with steady to firm tones in most Southern markets.
Prices for wheat jumped after improved crop news both at home and abroad. Ohio State report shows condition 94, up from 92 in May. No 2 red wheat in New York at 1.01 elevator and 1.01 spot. Corn gains driven by weather, No 2 corn quoted 78c elevator and 7tic free on board. United Copper creditors replace Heinze brothers on board. Curtis, Warfield named to fill seats.
In a Fourth District Municipal Court session, Jacob H. Schiff of Kuhn, Loeb & Co. testified on traction matters tied to the Metropolitan Street Railway dispute. The case, brought by Emanuel Weil and Minnie Weller against NYC Railway directors, probes stock purchases linked to Thomas F. Ryan and reports about the surface railways.
The Cunard Steamship Company issued £800,000 in 4 1/2 per cent mortgage debenture stock redeemable 1911 to 1920 at 102, issued at 97. The issue, aimed to fund new tonnage and business expansion, was oversubscribed and lists closed this morning. The company is authorized to issue up to £1,600,000 of this stock for its growth plans.
The coffee market was quiet with 8750 bags sold. Prices opened unchanged to lower and ended dull around initial levels. Brazilian markets steady with similar receipts. Havre closed net unchanged to 1 higher while Hamburg edged pfennig lower. Rio No 7 spot steady. Contract price range noted.
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