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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 15, 1907
Page
11
The column reports a depressed market mood with traders blaming money and crop fears, gold movements, and government policy while noting a rumor mill surrounding a Union Pacific suit. It cites cautious brokers, potential large buyers, and a notable stock with virtually no market as patriotism flares on Flag Day in Wall Street.
Copper prices rallied in London with theories of supply constraints pushing spot to £97 10 and futures to £92 15s, tin finishing strong at £150 for futures, while lead and spelter showed firmer levels and mixed trading activity, with short notes on spot delivery and New York exchange comparisons.
The outside securities market shows general apathy with little real business. Chicago Subway declines to 23% then recovers to 24% with notable activity, Manhattan Transit stays steady, and copper shares move little. British Columbia and Greene-Cananea report small trades while overall activity remains subdued.
Fragmentary notes show various securities listed with prices and changes, including references to Consols, Coal, Corn, and Rail offerings. The text appears to be a contemporaneous market brief with scattered figures and ticker-like codes.
Wheat trended lower with a daily loss around 14 2c per bushel and weekly drop near season’s top. Kansas crop outlooks improved while southern harvests begin next week. cash prices in New York for No 2 red and No 2 hard winter are listed, with July futures sliding to 97 1 2c. Corn fell about a cent as offerings rise and Argentine shipments increase. cash values for No 2 in New York show 61 1 2c for elevator delivery and 61c on board for white and yellow varieties.
The Treasury reported today receipts of 523,078 from internal revenue and 81,235 from customs plus 122,255 in miscellaneous income. Redemptions totaled 1,089,581 with expenditures at 1,010,000. Gold and silver holdings and reserve fund figures are listed with deposits in national banks at 184,195 and Philippine Treasury reimbursements pending.
European markets showed firmer discounts in London and Paris with a reaction on the Stock Exchange. American securities opened heavy while bullion and gold premiums moved, as Paris and Berlin futures rebounded later in the day amid Western market weakness and iron shares decline.
The daily international gold export to Paris resumed with $2,000,000 more slated for the steamer. Lazard Freres and Golgiman, Sachs & Co. each take $1,000,000, continuing their dominant role in shipments. Sterling rose 10 points to 4.8710, while banks report little exchange available for those with abroad payments, despite firmer rates.
Weather forecast issued for cotton states covers Saturday and Sunday with varied conditions in North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Eastern Texas Western Texas Arkansas Tennessee and the Indian Territory. Cotton market notes include a decline in main session with 8 to 12 point losses, 250000 bales sold, opening steady to down 2 to up 2 points, weekly movement and stocks reported, and local spot prices listed for middling grades in several cities.
The Camden Heating and Plumbing Supply Company is incorporated in New Jersey with capital of 150000. Incorporators are Frank H. Burdnall Willard Morgan and Lawrence Reeder. The Standard PAS and Elisabeth traprock Company are listed with various incorporators and capital figures.
Reports indicate J P Morgan & Co will not exercise its option on a $5,000,000 Erie Railroad note issue at the stipulated rate. A higher rate bid is rumored, while other bankers consider forming syndicates to buy at a lower rate. Proceeds may fund the Genesse River line, Guymard cut off work, and new capital projects rather than maturing obligations.
Secretary Cortelyou announced there is no current need for Panama Canal bonds, a decision likely to hold for several months. The $36 million in 4 percent bonds will mature in July, with $30 million government deposits used to redeem them. The Treasury balance stands around $74 million with $172 million in National banks available, totaling a large liquidity cushion and a projected year-end surplus of about $74 million to $90 million.
Kansas City and St Louis reports say Attorney General Hadley secured circuit court orders compelling eighteen principal Missouri rail carriers to pay the two cent passenger rate and the maximum freight rate bills that took effect at midnight. The moves clash with a federal injunction request now before Judge McPherson, who postponed hearings until tomorrow while keeping yesterday’s restraint in place. Hadley, Gov Folk, and special attorneys coordinated the action and obtained a temporary injunction from Circuit Judge Reynolds in a related matter.
Business reports indicate some improvement in conditions across regions with a brighter fall outlook. Retailers clear summer stocks through bargain sales while cotton goods and iron and steel show strength. shipments and banking figures vary by area with declines in some categories and gains in others.
At a stockholders meeting the Carnegie Safe Deposit Company elected directors Leslie M. Shaw Charles C. Dickenson W A Keener Liston J Lewis Frank B Hearn Stanton C Dickenson and Robert M More. The board organized with Charles C Dickenson as President and Lee M Shaw as Honorary Vice President Ce or Assistant Secretary and Treasurer Stanton C cken as Assistant.
Money on call on stock exchange loans at 2 to 3 percent with time money quoted up to five months. Mercantile paper rates 5 to 6 percent for short to mid terms. Clearing house exchanges total 230 million with a treasury debit balance of 63 thousand. Sterling rates steady near 4.87 to 4.88 on demand and sixty days. Continental exchange shows francs around 5.19, reichsmarks near 94, and guilders around 40. Bank and city center rates vary by location with discounts and premiums noted.
London bar silver was quoted at 30 1/2 cents per ounce and New York at 66 1/2 cents per ounce. Mexican dollars were quoted at Sic.
Special to The New York Times from Wilmington reporting charter approvals secured at Dover. Companies named include Seymour Mining and Development Company of Philadelphia with $1,000,000 capital and directors Harry Cymour Henry W. Larmaberth and L. E. Taylor, Southern Gas Improvement Company of Chicago with $900,000, United Western Minesae Company of New York with $256,000, P C Pure Food Company of Philadelphia, Sheerigen Club of Wilmington with $100,000 capital.
The Nickerbocker Trust Company presents its quarterly report ending June 4 1907 detailing resources liabilities and capital. It lists investments loans deposits and trust department activities at 358 Fifth Avenue New York with sworn attestations by Charles T. Barney and J McL Walton.
Quarterly statement from Empire Trust Company at No. 423 Broadway New York shows resources including bonds loans and bank balances and liabilities with paid in stock surplus deposits and taxes. Officers Leroy W. Baldwin and H M. Gough certify the figures as true under oath before Notary P J Devlin on June 13 1907.
The Mount Vernon Trust Company records assets totaling 2 198 356 03 with loans and investments 1 936 441 58 cash reserves 187 308 53 and deposits 1 729 890 12. Officers listed include Archibald M. Campbell president A A Lisman vice president M J M Smith secretary and P W Shepard treasurer.
The firm ABRA HAMS & FL consisting of MORRIS ABRAHAMS and GUSTAVE FLECK, operated at No. 64 Sullivan New York City Manhattan, is dissolved by consent. MORRIS ABRAHAMS authorized to collect outstanding accounts and liquidate affairs and to sign in liquidation. Dated June 1 1907. MORRIS ABRAHAMS GUSTAVE FLECK
The New York State Commission invites bids by June 20, 1907, for supplying automatic blowers for boilers in wards and hospitals at Central Islip and Kings Park. Specifications available at the State Commission office and the institutions.
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