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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 08, 1909
Page
11
Wall Street gains and losses hinge on stop orders as traders react to last week’s rise. Reading stock and dividend rumors swirl as outsiders distribute shares and copper prices forecast to drop to 14 cents per pound amid strong demand and low on-hand supply.
On June 7 money was in good demand and discounts were steady in London. Copper shares, especially Amalgamated, were strong then weak, while Home rails fell on labor fears and Bank of England gold was secured. U S securities opened up then fluctuated with irregular activity and weak close. Paris prices steadied after early heaviness with higher private discounts, and Berlin quotes showed a downward trend on the Boerse.
The outside security market opened dull and irregular with a heavy undertone. Bond issues led activity with fractional gains such as Atchison 4s to 113, Kansas City Southern 3s to 102, and Western Pacific 5s to 97 while Atlantic Gulf & West Indians fell to 70 and recovered to 69 1/2. Northern Securities stubs surged 8 1/2 percent even as Havana Tobacco slipped to 121 1/2.
Seven attorneys filed objections to the bankruptcy discharge of A. O. Brown & Co. before Judge Hand. The case was referred to John J. Townsend to take testimony. Objections allege improper bookkeeping and insolvent transfers to related parties including Combs & Co. and family members. An August 25 1908 general assignment is noted.
Wall Street cooled on merger talk as Western Union shares rose briefly on light volume while Robert C. Clowry and an AT&T financier both denied any absorption plans. The tale, dating from last year, circulated amid trading of several thousand shares, but no confirmation emerged.
New York wheat gains despite Chicago closure as Western markets rise. Receipts exclude Chicago 260000 bushels versus 516000 last year. Foreign markets firm with Liverpool Berlin and Budapest higher. June report due today. Cash wheat and corn values and grades listed.
A special directors meeting to be held today will discuss retiring Southern Pacific Company’s $75 million preferred stock at 115, with conversion to common stock. If called, the exchange could save about $750,000 annually in dividends while common stock remains at 6 percent.
The 30 million suit filed by Receiver Earle against American Sugar Refining, over the Pennsylvania Sugar Refining plant loan, ended for the day with the defense blocking evidence of the trust’s plant list. John G Milburn read director minute abstracts from 1896 97 showing weak finances prior to 1900. The case resumes today before Judge Holt in the U S Circuit Court.
The Paris dispatch says final formalities for listing United States Steel on the Paris Bourse may be signed tonight or tomorrow. Herman Harjes Jr. of Morgan Harjes notes reports misstate steel as akin to recent copper and wool stocks seeking only coulisse admission. Steel aims for official parquet quotation with approval from Agents de Change and the Paris authorities. William E Corey denies talks with the German steel federation and says his Thyssen visit was personal.
Administrative notice of a trust and guardian administrator with office locations in New York London and Paris detailing payable throughout the world and branch offices at 16 18 20 22 William Street and 475 Fifth Avenue.
At the annual meeting James Jourdan and J Horace Harding were elected directors replacing the late H H Rogers and Anson R Flower. The report shows year end net income 3 663 979 and dividends 3 077 758 with 586 000 added to surplus bringing credit to 12 595 045. Copper production and prices were discussed with costs reduced by electric power and a 7 200 000 loan to Washoe Copper noted.
Special to The New York Times reports that on June 7 in Pittsburg the local exchange concluded its closing transactions. The brief notes activity across securities and values, with prices surveyed at settlement.
Trading remained subdued as near months eased. Reports show 11 750 bags sold while receipts at Rio Santos and Jundiahy compared with prior years. Weekly U S warehouse deliveries totaled 42 578 bags with Rio and Santos week receipts at 63 000 bags.
The cotton market opened slightly lower amid favorable weekend weather but pared losses and closed steady. New Orleans finished firm. reports say large distributors are buying heavily while Southern mills lack sufficient stock for the new crop. Spot prices for middling Upland and Gulf declined modestly. regional markets in New Orleans Norfolk Augusta Memphis showed steady to firm tones with light sales.
New Audubon National Bank organized to serve Washington Heights will be named Audubon National. David E. Mills was offered the presidency at yesterday’s organizer meeting. Founders include Jacob Erlich R P Bolton L J Halle Emil Schwartz and Mills. Site selection committee given authority to pick a Broadway area near 145th Street. Capital 200000 and surplus 000 with stock at 120 a share to fund the surplus and startup costs.
Special to The New York Times reports closing stock quotations from Colorado Springs markets. Listing includes miners Elkton El Paso Gold Dollar Vindicator Isabella Portland and sample prints with shares quoted in fractions and percentages.
In the Consolidated Stock Exchange annual report for the year ended May 31, President Badeau welcomes a calmer administration and tariff adjustments. He notes excellent financials with $50,000 redeemed in August and $25,000 in April on second mortgages, and discusses Ennis & Stoppani’s failure and readmission stakes for suspended members.
Regular auction sale of stocks and bonds to be held June 9 1909 at 12 30 PM in Exchange Salesroom Vesey Street by order of executors and administrators. Read list includes Niagara Fire Insurance Norfolk & Western United States Steel Pacific Coast Union Pacific and many more with dozens of bond issues and mortgage securities. Also a want ad for a capable manager for an upscale uptown NYSE House needing established clientele.
The Utah Copper Company declares the fourth quarterly dividend of fifty cents per share at five percent per quarter payable June 18 1909 to stockholders of record at the close of business June 18 1909. Books close June 18 1909 and reopen July 1 1909. The Brooklyn Rapid Transit Company board declares a one percent dividend payable July 1 1909 to stockholders of record June 9 1999.
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