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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 06, 1907
Page
11
Traders react to American Smelters dividend at 8 percent with bears selling short while conservatives praise the move. Rumors swirl about Harriman before the Interstate Commerce Commission and for a time green bugs spark a wheat rally as shorts grow nervous. A London-based bond house rumor resurfaces, but most brokers report little activity with many planning vacations.
Trading slowed on the outside market with few active issues and mixed results. Davis Daly Estate sparked attention in mining after opening at 11 and slipping to 10 before a recovery to 11, with 4,700 shares traded. United Copper moved 3,000 shares from 57 to 61 as overall market movement remained narrow.
In London on June 5 money in the market was scarce and quickly absorbed, with discounts firm amid fear of more gold exports to Paris. The Stock Exchange saw gradual recovery from a recent slump as gilt edges firmed and copper shares rose on metal strength, while American markets opened clearer but faded after Washington reports on road investments. Paris suffered from political anxieties, and Berlin stocks rose on New York closes.
Prices for American mining stocks traded in London were reported yesterday. The list includes several named securities with fractional quotes, indicating market activity and price levels for investors tracking these U.S. mining shares abroad.
United States Steel and Pennsylvania Railroad showed lower activity while several local names such as Rapid Transit United Gas Improvement Philadelphia Electric Union Trac tion Warwick Steel Cambria Steel and Lehigh Valley posted some strength. Total sales reached 28 296 shares with no standout significance.
In Baltimore the trading desk reports mixed moves with Houston Oil easing, United Railways funding rising, and incomes improving. Prices show declines and gains across bonds and shares as market activity notes rounding figures and bond totals.
Albany reports list of concerns incorporated today including Wanamaker department store affiliates with capital totaling 7.5 million dollars, United States Mail Bag Company, and Metropolitan Electric Lighting Company with 10 thousand dollars. Names attached include Robert C. Ogden, Thomas B. Wanamaker, J. Curry, Margaret Taylor, and A. Olenin among others.
A fragmented listing from a New Jersey business register shows several incorporations and capital amounts. It mentions Coast and Inland Realty, Kraenter & Co., Victor Moore & Co., and related firms with varying capital and officer names, across Newark and Long Branch.
A petition in the U S Circuit Court claims J Pierpont Morgan and allies conspired to block unsecured creditors in the Toledo Railways and Terminal sale. The bondholders’ committee bought the road for 2 million, with further plans to bond it for 6 million using Pere Marquette and Lake Shore assets.
The first report of the Butte Coalition Mining Company formed by Thomas F. Cole and John D. Ryan to settle Litigatin between United Copper and Amalgamated Copper details 1906 earnings of 1 024713 with 880000 in dividends and 144713 in other profits. It notes 800000 paid as dividends on 15 million capital and a 200502 surplus.
The Federal Bureau notes cotton conditions across the South for Thursday and Friday with variable winds and showers in several states. Prices eased early then rallied to end modestly higher by about 10 to 14 points, with notable activity in the South and a firm close.
Unsettled trading dominates the wheat market with early gains on firm tables and French import rumors, followed by declines as weather and crop prospects shift. No. 2 red and No. 1 hard winter show mixed cash levels in New York. corn market remains narrow with limited selling activity. Copper advances in London while domestic copper futures rise, reflecting a cautious market across commodities.
James B. Forgan former director of the Chicago and Alton Railroad has resigned, effective five weeks ago. Harriman and Rock Island interests alternated control of the line, and with Forgan stepping down the Rock Island bloc now prepares to name a successor as directors meet without action on the resignation.
The American Smelting and Refining Company increased its quarterly common stock dividend to 2 cents from 1 cent, placing the stock on a 8 percent basis. President Daniel Guwan helen said directors aim to share prosperity while maintaining a conservative dividend policy. The record date is July 15 with payment to stockholders of record.
The Carnegie Trust Company organized its new Board of Directors yesterday by re-electing the existing officers while W B Averill retired to pursue other business. The roster includes Francis Hamilton, Layng, Foul Dickinson, A. Lewisohn, and F Eaton among others.
Securities disposed at auction yesterday at 14-16 Vesey Street included Guggenheim Exploration Company 100 shares, Bank of New York and other firms with $100 face value, various railroad, gas and electric bonds, and several preferred stocks. The sale notes accrued interest, coupon attachments, and payment details for multiple issues.
Regular semi annual meeting of Electro Bleaching Gas Company stockholders at the company's New York office 24 26 East 21st Street on Thursday June 13 1907 at 2 PM. Secretary H G Ely issues notice from New York June 4 1907.
After a directors meeting the Erie Railroad announced the Erie & Jersey Railroad cutoff from Guymard near Port Jervis to near Newburgh Junction will resume. The line, delayed by fears over the Public Utilities bill, will be financed by a 3 million dollar loan for three years and 4 million in bonds. The project aims to be ready about a year after September, reducing 44 locomotives to 19. The source of funds beyond the $2 million yet unclear, with a prior 5.5 million borrowing from J P Morgan.
The United Copper Company reports surplus profits after dividends of 3.025 million for the year ended June 1, up from 2.729 million last year. President F A Heinze notes nearly 14 percent earnings on common stock after 6 percent on preferred, as the firm expands into large mining ventures in Idaho Nevada California and Mexico and funds acquisitions and equipment. The Ohio Copper Company is equipping a 2000 ton mill at about 1000 dollars.
The Iron Age notes quiet pig iron markets nationwide with furnaces booked far ahead and buyers wary of the overall business and financial outlook. Prices are expected to hold through summer, with foreign iron likely to arrive for three more months. Steel rail sales reached 20,000 tons for four roads as mills push deliveries and plate demand fluctuates.
The partnership of Behuyler Chadwick and Burnham was renewed after yesterday's termination by imitation and adds junior member Charles L. Purn, longtime Assistant Secretary. The London Stock Exchange granted United States Steel a further 1,202,500 in 10 60 year gold bonds, pushing the total to 404,000.
Announcement yesterday reported Lasard Fréres engagement of 1,000,000 in gold for export to Paris aboard La Savoie. This shipment raises total gold engagements in the current export move to 6,800,000 since the end of May, as banks watch for market performance.
The Consolidated National Bank of New York notifies stockholders of a June 20th 1907 closure and July 2nd 1907 reopening. Interborough Rapid Transit declares a 24 percent quarterly dividend payable July 1st 1907 to holders of record June 17th 1907 with books closed at 2 PM June 17th and reopen July 1st. American S N used company declares 1.5 percent on preferred and 2.5 percent on common stock payable July 1st to holders of record June 15th 1907 with books closed June 15th 1907 and reopen July 2nd. Fifth Avenue Trust Company sets a 3 percent dividend payable July 1st to holders of record June 29th 1907.
City of Memphis invites sealed bids by June 17 1907 for 200000 in water bonds. Bonds issued May 1 1903 mature 30 years hence 4 percent interest semiannual. Security via trust deeds and water tax pledge. Bids must meet par, be for full amount, and include 5000 bond with bid. Delivery in Memphis.
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