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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 08, 1908
Page
10
The week saw a resumed stock advance then a dip after Union Pacific first mortgage bonds were placed with banks in the US and Europe. Steel bar prices fell modestly about 4 a ton while crop outlooks brightened with favorable winter wheat conditions and strong Ohio and Northwestern reports.
Readjustment of iron and steel bar prices dominates the week in Pittsburg with a temporary low rate until October 1 and a special one year deal for agricultural implement makers. Rumors of further cuts in billets and shapes circulate as producers report May pig iron output rising slightly. Amalgamated Association wage talks fail. Republic Iron and Steel plans to operate plants on an open plan.
State commissioners are nearing completion of a new railroad valuation in Washington. Kansas has set a high statewide railroad value of 356 million dollars, with earlier assessments far lower. Major carriers listed include Atchison, Missouri Pacific, Rock Island, Union Pacific, Frisco, and Missouri, Kansas & Texas.
Berlin reports the first week of June under the new Boerse law disappointed investors. Reduced American iron prices are cited as the chief cause for subdued spirits and weaker trading conditions in the market.
May copper production in the Butte camp climbs to 29,088,300 pounds, up nearly 18 million from April as Neversweat and Parrot mines join the list. Amalgamated runs near capacity while sections at Osceola, Copper Range, Atlantic, and Baltic show advancing shafts and improving lodes.
The Railway Shareholders Association proposes semi annual general meetings for stockholders to discuss railway questions on broad grounds apart from individual companies. The circular argues ordinary meetings fail to address technical issues and invites open conferences to review major railway events and educate holders for half year company meetings.
The Southern Railway reports fourth week of May earnings fell by 537812 dollars, about 34 percent lower than the same week in 1907. The drop reflects abnormal 1907 activity from Jamestown Exposition and Confederate Reunion traffic, making year comparisons misleading. The weekly decline exceeds one sixth of the year‑to‑date loss since July 1.
The railroad notes it will not close transfer books for dividend payments on its common and preferred shares, aligning with Stock Exchange guidance. The practice reduces hardship for dealers, though some majors like United States Steel have yet to adopt it. In Atchison’s experience, as many as 90 000 shares await transfer on reopening day, though 30 000 to 40 000 is common.
Paris markets showed two distinct currents this week. French rentes were bought by government agents to prop up prices after the Chamber voted to tax a national issue. Foreign bonds attracted free buying as French capitalists seek refuge pending Senate fiscal policy revision.
Capt. George B. Beardsley notes the longstanding chit or credit system from Bombay to Yokohama has been practically abolished. Foreign staff previously lived on signed chits for all expenses, risking debt and bondage when debts grew. hotels now bar chits to outsiders, and trade slackness plus better monitoring reduce reliance on credit.
President Roosevelt issues order renaming League Island Navy Yard to Philadelphia Navy Yard and grants a half holiday on Saturdays for navy yard employees. The Philadelphia yard adopts the new designation starting July 1, aligning with the Brooklyn Navy Yard.
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