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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 10, 1907
Page
8
Wall Street notes a firmer undertone as sentiment improves despite crop worries. News on rail mergers and gold shipments to Paris shapes a week of U S financial activity and potential consolidation amid broader money market strain.
Discussion centers on Mellen and Boston & Maine rumors from the May board meeting. New Haven officials say the so called denial was not a denial, as a bid for Boston & Maine was in process. Summer absences of Morgan Rogers Stillman and Hill leave leadership in question. James J Hill tours Great Northern lines after stepping from the presidency to chairman.
President Harahan of the Illinois Central Railroad, in twenty years as chief inspector, covered 78,000 miles last year. In three months November through January he traversed 25,000 miles, spending two thirds on the road and one third at Chicago headquarters.
The Paris Bourse has been dull for a week with London Brussels and Rome facing failures. Paris escapes due to a broker protection system and financial solidarity. Bank of France shares dip to 40.20 as the bank has gathered 203 million francs in gold over seven weeks.
Berlin markets moved from early strength to a low mood as fears of failures on other exchanges and potential international panic weighed. A few securities such as American rails Baltimore and Ohio Pennsylvania and Canadian Pacific rose on strong earnings while Düsseldorf Iron shares fell on weaker steel prospects. Money remained tight and hopes for Reichsbank rate cuts faded.
Boston copper gossip reports Calumet and Hecla will keep prices high with no planned reductions. Japan imports 875 tons at 26 cents, while May production matches April. Amster forecasts Arizona Copper capacity rise to 2,000,000 pounds monthly and Corbin camp as a potential second Butte. A Washoe smelter cave-in may halt operations. Harriman seeks rail orders after inspecting Cassatt rail, directing 150,000 tons to Southern mills.
In Pittsburgh this week the United States Steel Corporation faces criticism over rail information. George L. Peck is named chair of a joint rail and steel rails inquiry committee, signifying high involvement by steel interests with railroads. The Cassatt rail design faces scrutiny as U S Steel resists public sharing, aiming to protect existing orders and production plans.
The State Controller reports May receipts complete two years of stock transfer tax. Since June 1, 1905 New York has collected at least 12,064,471 with about 10,500,000 from the New York Stock Exchange. Court rulings reduced tax amounts by striking down a last year’s 2 cent per share rule. The tax now applies 2 cents per $100 par value. The two year totals and NYSE activity are summarized in a table.
In a decisive result the New York Produce Exchange members re elected William Harris Douglas as President by more than two to one. The independent ticket won all offices with 1120 votes to 537 for Burgess. The slate included Edward C. Rice as Treasurer and several managers, inspectors, and a gratuity fund trustee.
May 2 reports from forty nine national banks show unpaid dividends totaling 152000 dollars. Two banks hold over two thirds of these arrears with one bank listing 94400 dollars, caused by a shift from semi annual to quarterly disbursements and many stockholders failing to collect.
The New York Senate approved the Phillips bill requiring corporations liable under the Franchise Tax act to pay their franchise taxes when due and settle arrears. No appeal from assessments is allowed unless the payment is made, with any excess determined by court findings returned to the corporation.
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