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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 06, 1908
Page
11
Wall Street traders react to morning advertisements as signals to sell short and resist upturns. Confidence splits among bond men and brokers, with some predicting a post election stock boom while others foresee continued caution and slow steel stock movement.
The Missouri Pacific Directors, led by George J. Gould, decided to skip the July cash dividend despite earnings that could justify 4 percent. The railroad has paid 5 percent in cash since 1901 except for a stock dividend last January, with recent financing including 4 percent bonds at 70 to settle debt. Net earnings have fallen, indicating weaker profitability compared with last year.
A Wall Street note says Chicago and Alton directors plan an initial dividend on common stock next Wednesday. The Clover Leaf controls Alton through bond issuance as payment for control. Dividends begin with interest payments. formal decisions on a common stock dividend are deferred until the following Wednesday.
American Steel Foundries Coin released a earnings statement for nine months ending April 30 showing operating net of 457 dollars. After charges the surplus stood at 344 314 dollars.
Chairman E. H. Gary of United States Steel Corp clarified an interview quote about price maintenance. He said manufacturers do not seek unalterable prices but favor price stability and avoidance of sudden, violent fluctuations.
National banks of the city will meet at the Clearing House next Tuesday to discuss forming a currency association under the Aldrich Vreeland law. The ten largest banks issued the call and all city banks are expected to join. An informal dinner precedes the meeting and outlines steps for the following day.
The Wisconsin Supreme Court upheld the Minnesota based railroad company's challenge. The court affirmed the constitutionality of the Wisconsin Railroad Commission and its governing law. The decision marks the first direct test of commission control of corporations. The company appealed an order to halt trains at a dairy station and the court held the commission's orders must be obeyed.
Rhodes of the Detroit, Toledo & Ironton was elected as a director of the Ann Arbor Railroad to fill a vacancy on the board. The Ann Arbor line is controlled by DT&I stock ownership.
The Metropolitan Street Railway receivers sold 38.5 million dollars of receivers' certificates authorized by the Federal Court. The Central Trust Company and William A Read & Co bought the notes at 5 percent interest for one year. Proceeds will fund ongoing improvements stalled by funds shortage.
The new Cot ton Exchange Board has not completed sub committee organization and has only informally reviewed Commissioner Herbert Knox Smith's Department of Commerce and Labor report. A plan is being formulated that would not disrupt core methods but would address departmental criticisms.
F W Boschen, a Montreal broker who failed on May 14, was expelled from the Consolidated Exchange yesterday. He had been a member for a short time and never appeared in New York. His expulsion was for failing to obey orders to appear before Exchange authorities after his failure.
Brasstreet reports 225 U S failures in the week, down from 263 prior week and below earlier years. Regions show Middle States 80 New England 21 Southern 44 Western 38 Northwestern 15 Far West 26 Territories 1, Canada 32 versus 81 prior week. About 87 percent of failing concerns had capital under 5000 and 10 percent had capital from 5000 to 20000.
London markets ease with holiday mood and easy discounts while gilt edges and rails firm. Paris bourse opens firm and closes steady with Kaffirs strong on Paris buys. Union Pacific bonds settle above parity as copper and bar silver hold gains. Berlin sees firm government and Japanese shares but weak other sectors on bleak foreign news.
The London market yesterday quoted American mining stocks with figures for Camp Bird Esperanza Tomboy Dolores El Oro and Stratton's Ind. showing mixed prices and declines.
Judge Morris authorized Receiver Bush to issue 1.1 million dollars in two year receiver's certificates at five percent to cover equipment notes. Winslow Pierce denied sale rumors involving Reading or others and announced Mercantile Trust Company arranged to extend the loan secured by George's Creek and Cumberland Railroad stock to allow Western Maryland to regain possession of the road.
President E T Bedford of the Corn Products Refining Company renews an exchange offer to Corn Products Company shareholders with an added 12 per share premium paid with the new preferred stock. He notes nearly all old company holders have accepted under the 2-for-3 exchange terms, and cites duplicative administration and $7,400 yearly franchise costs. A meeting to ratify the merger is set for June 29.
American Silk Company stockholders approved a plan to liquidate debts after placing the firm in receivership last winter. Outside of $500,000 owed to banks, $250,000 will be paid with $300,000 three year 6 percent first mortgage bonds, $125,000 in cash, and $125,000 in six and twelve month 6 percent promissory notes. The $300,000 bonds can be retired for $225,000 cash. Receiver’s discharge is sought and a meeting is set for next Tuesday.
At the General Rubber Company annual meeting, part of United States Rubber Company, William F. Bass and Homer E. Sawyer were elected to the Directorate to fill openings created by E. C. Benedict and James B. Ford. Bass also becomes Second Vice President. the Executive Committee includes Dale Laland Bass Watson, Jr., and Sawyer with President Colt as ex officio member.
Spot copper in London closed at 58 pounds 2 shillings 6d an ounce, up 1s 8d from Thursday. Futures at 58 12 8 6d, up 2 4s over Thursday. Pig tin weak at 128 1s 56d. Lead unchanged at 12 10s and spelter down 5s. New York Metal Exchange closing bids and asks show copper and other metals mixed versus Thursday.
Controller Metz told the Board of Estimate that city needs for the next year and a half exceed 146 million dollars and decisive economizing is required. He outlined urgent but trimmed expenditures for fireproofing schools, new buildings, bridges, docks, street work, health and correction facilities, and other projects, noting possible borrowing limits and upcoming contracts totaling over 5 million with 45 million bond capacity available after July.
Heavy selling pressure in grain with prices down amid rain damage reports, yet Springwheat States send favorable advices. Export moves reached fifty loads. Northwest stocks and Minnesota Duluth receipts show declines and varied car counts. Cash wheat and corn futures in New York and Liverpool reflect mixed demand and firm cash holdings amid crop outlook.
The Brooklyn Board of Estimate voted unanimously to refer the Fourth Avenue subway proposal to the Controller for a report in one week. Mayor and Controller oppose the plan as other members hold ten votes, with a need for nine on second reading. The board received six PSC communications with contracts and bidders and a request to cap bonds and stock authorization at 2.85 million dollars to start work.
The City Club asks the Public Service Commission to extend consideration of side doors in subway cars and to try experiments. It urges testing the plan proposed by the commission’s expert Bion J. A.old to determine its overall success.
The discussion argues railings are not strictly necessary and that trains could stop within required distance. It asserts thorough circulation would remain in cars and seat reductions can be offset by extra trains. The suggestion asks the commission to issue an order compelling the company to alter enough cars to run one express and one local train for experimental use.
The cotton market closed barely steady with a net drop of 11 18 points after thin trading of about 150 000 bales. Openings showed a 1 5 point fall, Liverpool and Manchester holiday closures noted, and May movement totals compared to last year. Regional spot prices eased modestly with mixed district reports across Savannah Norfolk Augusta St Louis Galveston New Orleans and Memphis.
The coffee market remained quiet with a net decline of 0.10 points as 22,750 bags were traded. Prices opened steady with mixed changes across months, and upcoming auctions include 50,000 bags at Havre on June 15 and 10,000 bags at Trieste as market tests. The Sao Paulo Government ordered a comprehensive sales report before future offerings.
The text announces two stockholders meetings. Manhattan Square Realty Company schedules its annual meeting at No 1 West Seth St Manhattan City NY on June 15 to elect Directors and handle other business. C F Mattlage & Sons sets its meeting at 345 Greenwich St at 9 AM on June 22 to elect Directors and transact other business.
Prof William Burr of Columbia and the firm Boller Hodge will lead a safety investigation of the Blackwell Island Bridge. The Board of Estimate approved 30000 for the probe though officials and the Bridge Commissioner say there is little need for a test beyond easing public concern.
A special committee of the Board of Estimate weighs options for the Brooklyn Ferry Company lines facing abandonment. It favors partial purchase with eventual resale to the company, concludes full municipalization losses rise, and notes real estate and ferry assets valued at 4.34 million dollars. The group includes Controller Metz, Pendleton, Spooner, and Nelson P. Lewis.
Washington June 5 Lieut Col E D Hoyle joins his regiment Major J Ulo remains as Professor of Military Tactics at North Dakota Agricultural College Fargo A board of review in the Medical Corps is named by Lieut Cols La Garde Banister Crampton Major Stone sails to Kilpatrick at Newport News Collins to command Indiana Benson to command midshipmen’s squadron S Robinson to the Pennsylvania Clark to the Tennessee F Ber rien to Naval War College Cook to North Carolina Farley to Guantanamo Simmonds to Boston Drake to Pennsylvania Scott to Solace
Arrived ships include Dolphin at Washington North Carolina and Hartford at Annapolis Rocket at Norfolk Relief at Mare Island Chattanooga at Swatow Sailor-Chester from Newport to Annapolis Nina from Newport to New York for naval movements and assignments in several ports.
A historical column lists several dividends declared by companies including Guggenheim Exploration Company Hocking Valley Railway Chicago Junction Railways Columbus and Union Stock Yards, and Columbia Trust. Details include dividend rates payable dates and stockholders of record.
The bank announces a semi annual dividend of twenty percent payable July 1, 1908. Transfer books close June 27 to July 1. James C. Brower, cashier. Thompson Starrett Company also declares a four percent dividend on common stock payable July 1 1908 to stockholders of record June 24. Tans H. B. Barnitt, secretary and treasurer. The New York Times seeks reader information to root out fraudulent advertisements.
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