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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 17, 1908
Page
11
Wall Street traders weighed the Republican Convention and roosevelts fate as the market swung with uncertainty. Union Pacific stock and bonds drew the most attention while brokers argued about platform impact and tariff revision. Inactive issues showed volatile bid quotes and narrow trading.
Public Service Commission plans public offerings or auctions for all utility bond issues under its control. Manhattan Railway’s recent issue included a private sale option after protest. The plan aims to curb underwriting and ensure proper use of proceeds, affecting future issues from Brooklyn Union Gas Nassau Electric Kings County Electric Coney Island Brooklyn Railroad and Long Acre Electric.
Redmond and Co announce that holders of the old Metropolitan Elevated Railroad 6 percent first mortgage bonds will have preferential rights to purchase the new Manhattan Railway four percent bonds. The new issue becomes an absolute first mortgage on the entire property after the $10,818,000 railroad is retired on July 1, and qualifies as a legal investment for New York savings banks and trustees, with tax exemption by city and state.
Copper weakened across spot and forward by 6s from Monday close. Spot copper at £58 and futures £58 10s. Pig tin steady at £129 2s 6d spot and £129 15s futures. Lead eased to £11 3d and spelter fell 2s 6d to £19 5s. Cleveland warrants eased to 51s 149d. New York Metal Exchange spot bids and asks contrasted with Monday totals.
The Washington Life Insurance Company's statement for the year ending December 31 reports total assets of 18,653,942 and reserves of 17,565,478 with in force insurance of 57,859,321. Premiums brought 2,228,449 and interest 560,611 while rentals added 372,679. Claims and dividends paid totaled 2,234,405 leaving a year balance of 262,563. The firm notes too large an asset portion in real estate and reports six real estate dispositions since 1904.
The Barry Brothers Transportation Company operating steamers between West Shore points on Lake Michigan was placed in receivership today by Judge Charles B. Walker. George B. Brennan appointed to manage affairs. court enjoins Pere Marquette Railway from interfering with the Steamer Pere Marquette. The favored creditor is Joseph Fampeaus with claims totaling seven dollars.
The New York Times Weekly Financial Quotation Review presents impartial articles and correspondence on financial and commercial movements in major monetary centers worldwide. Published every Monday, the sample copy is one dollar and available on request.
European markets mixed on June 16 with quiet London trading and steady to firm American securities. Consols held while Canadian Pacific rose in sympathy. Paris opened hesitant then firm. Berlin trading was light and prices weaker though US securities improved abroad.
Quotations from the London market yesterday show prices for several American mining stocks. Cam Bird, Esperanza, Tomboy, Doloreg, El Orophio, and Stratton's Ind. are listed with varying figures, reflecting demand and market movement in the London mining sector.
Special to The New York Times reports June 16 in Baltimore trading was light but firmer with Mount Vernon-Woodberry Cotton Duck 5s up fractions, North Baltimore Railway 5s up, and Western Maryland and Northern Central shares up 1 percent. Bond and stock listings show mixed gains across several issues with volumes noted for sales.
The data lists June week totals for Detroit Toledo and Ironton and Poggit, noting increases and various weekly and yearly sums. It also presents Pacific Coast gross earnings for 1906 with expenses and net figures, including ten month totals and shifts between periods. The figures include specific amounts like 30,354 to 40,622 and 622 1,974, with several large monetary totals.
Principal transactions from yesterday in the stock department show opening high low and last prices. Rees ws Bs Nev traded at 8.00 percent with prices around 5.08 and 5.00 and 8.05 in the session.
The Philadelphia Stockmen transaction valued at 7,750 dollars appears in this financial brief. Thomas F. Ryan plans to sail today on the Adriatic to Europe for two months. H. B. Black sails for Europe, and Urban H. Broughton returns to Fair Haven. Bank rates: Union Dime Savings 4 percent for six months to June 30. Bronx Savings 4 percent dividend. Canadian Pacific directors gain Robert Meighen, Lake of Woods Milling elected. Eyer & Co compile calendar for California bonds with interest and maturity dates. Southern Steel reorganization extends deposits to July 1. post-date terms to follow. Superintendent Williams leaves Albany for St. Paul for a state bankers convention.
The United States Exploration Company, once at 52 Broadway, faces a bankruptcy petition filed by creditors through attorneys House, Grossman & Vorhaus. Claims include 2210 against S A Josephi, 50 for Anna C Moore, 5 for Henry W Newman. assets involve 700 preferential payments, 10 000 in stock transfers, and a 750 office furniture levy. Alfred I Dittler appointed receiver. company founded 1906 with 2 500 000 capital, later 7 500 000, led by J N Gardner as president and Henry W Martin as secretary treasurer. Directors clashed in an April meeting. in Colorado and Mexico the firm controlled seven menecopes and held stock in Barr Lake Land and Improvement, with alleged stock transfers to U S Greene and questionable authority.
Receiver Charles A. Hanna of National Bank of North America seeks court permission to sell notes and accounts receivable of William Campbell Wall Paper Company totaling 76 580 with interest 7 35 cents on the dollar. The sale would partly secure an unpaid bank claim of 79 150 20. An offer of 75 cents on the dollar has been made by C D Barney Co. toMr Raberg and is urged as in the bank's best interests. Court deadline June 22 to plead in related suit.
The American Silk Company, under receivership for months, resumed operations under officers led by President M. G. Clark. A seven member board oversees the firm with two creditors’ choices. Claims of $1,000 or less totaling $25,000 will be paid June 18. Remaining creditors receive 25 percent cash, 23 percent in six and twelve month notes, and the balance in 6 percent three year bonds. Operations begin with mills poised for $5,000,000 annual output.
Special to The New York Times from Boston reports copper shares lead the day with Greene Cananea Amalgamated and North Butte up or strong, while the overall list stays near best prices. The Crucible Steel nine month report shows a deficit after charges with a net of 93,352 and a May 31 surplus of 1,807,480, with unfilled orders 70,566 tons. Auctioneers McCormack announce a regular stock and bond sale listing Amalgamated Copper General Electric and many banks among offerings at the Exchange Salesroom on June 17.
Stock Exchange trading yesterday totaled about 3.8 million dollars in bond sales with Union Pacific issues accounting for over 2.5 million. U P bonds moved at 95 percent, within an eighth of their initial price, leaving 1.3715 million to be shared among all other bonds.
The Plan and Agreement of Reorganization dated May 15 1998 approved by bondholders creditors and stockholders extended the time for deposits to July 1 1908 with deposits after that date subject to terms the committee may impose. Creditors must file prove and allow claims in bankruptcy prior to deposit under the plan in New York June 15 1908.
Sealed proposals in duplicate will be received until 2 30 P M June 24 1908 for furnishing and refilling about 300 disinfecting machines at the U S Immigration Station Ellis Island N Y Conditions and limitations may be obtained from Robert Watchorn Commissioner Copper Bank In the Clearing House The National Copper Bank newest Clearing House Association member began exchanges yesterday with a credit balance of 2547000 Its number is 98 In its May 14 report to the Currency Controller it showed loans and discounts of 15750800 deposits of 17066800 and cash holdings of 3367300
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