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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 18, 1908
Page
11
The article discusses doubts about a third term and the Big Four dividend affecting stocks. It notes limited information from brokers, outlines possible post nomination booms, and highlights note markets strained by recent dividends. It also cites conservative bankers predicting July activity and warns of crop and political scares shaping the market ahead.
The Public Service Commission plans future public offerings with competitive bids to sell public utilities securities. Bankers show mixed views, with some support citing better prices and less watering, while others worry feasibility. Commission Bassett notes overcapitalization concerns and compares to English practice, allowing syndicates to bid rather than abolishing them.
The Public Service Commission orders a general probe into the affairs of the New York and Port Chester Railroad. The move follows the company’s failure to comply with a franchise work statement required since 1906 May 31. The Millbrook Company, a NYNH&H subsidiary, owns both this line and the New York, Westchester and Boston Railroad. Construction promised for Port Chester city limits has not begun due to lawsuits.
Public Services Commission approves refunding bonds for Manhattan Railway Company totaling 10,815,000 and 894,000. Bonds may be sold at private sale at or below 44 10 percent plus accrued interest or offered publicly to the highest bidder. Proposals to purchase are to be publicly advertised for six days in four New York City newspapers and opened by the treasurer in the presence of the Public Service Commissioners.
The receivers of Pope Manufacturing Co told Vice Chancellor Howell in Newark they will pay 75 percent of all approved claims within four months. The hearing concerned a rule to show cause why the receivers report should be approved and why the court should allow the business to continue for another year.
Two routes in the New York Central system reduced their half-year dividends to 1 percent with no distribution on common stock. Big Four preferred remains 11 1/2 percent. Ingalls says improvement expected but current spending on new facilities overran initial financing. farmers remain a mainstay as business recovery is gradual and currency remains sound.
The Iron Age reports that cuts in finished iron and steel prices last week did little to stimulate buying across markets. Steel bars show some volume, but most sectors see no new orders, with some improvement only in pig iron movement and melt capacity nearing 50 percent. several plants may close in July.
Gold shipments totaling 8.25 million dollars moved from the Sub-Treasury by a single day, led by National City Bank with 2.25 million. Goldman, Sachs, & Co. and Heidelbach Ickelheimer & Co. shared the remainder in coin form. Bars were unavailable due to assay-office shortages. The gold is headed to Germany for the half year settlement on July 1 and to bolster Berlin’s reserve position.
The Treasury reports Chemical National Bank of New York, a temporary government depositary, has returned its full public funds deposit of 1 028 000 dollars because the bank cannot pay interest under the currency act. The American Exchange National Bank of New York also yielded an excess 230 000 dollars beyond the required reserve.
Treasury officials say banks choosing to join currency associations are guided by broader aims than interest on deposits. W. W. McCoy, the Government actuary, calculates a bank with a $100,000 government deposit secured by U.S. 2 percent bonds would show a net yearly gain of $701.42 when loans in the community yield 3 percent and government interest is paid.
London trading was dull with small dealings and slight changes as money remained abundant. American shares opened firmer after Wall Street while Erie Union Pacific gained late. Grand Trunk supported by better traffic, foreigners quiet, and Russians stronger. Paris and Berlin bourses were firm on New York cues with Paris francs and London exchange quoted.
Yesterday's quotations for European state and municipal securities list prices and yields for multiple issuers. The report names entities and highlights trading activity across markets, reflecting investor demand and rate changes in the region.
In yesterday’s London market session investors watched American mining stocks. Quotations were reported for key firms with notable price movements and trading activity among mining shares.
Erie Railroad and J. P. Morgan & Co announce extensions for 1.5 million first mortgage bonds and 1 million second lien bonds of the Buffalo & Southwestern division. Interest remains 5 percent, payable semiannually. Extensions require deposit by June 30, 1908 with Morgan.
Erie Railroad Company at 50 Church Street New York states that the current fiscal year ending June 30 1908 will show a deficit below fixed charges due to the nationwide business downturn. It notes a temporary need to obtain funds from other sources while hoping for a rapid recovery when conditions improve.
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