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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 19, 1907
Page
11
Opinion rumors swirl about a returning financier and Thomas W Lawson stirring a big bull move, while traders await Jamestown talks. Money markets show dull time funds and steady commercial paper as wheat and cotton prospects mostly improve across Northwest reports and weather risks temper.
Market trading was muted with little activity and apathy cutting gains. Most issues closed near or at opening figures as trading narrowed to small fractions, with British Columbia and Dominion Copper among the few losses and Greene-Cananea and Nevada Utah showing limited movement.
The market opened firmer on cables for wheat then weakened as crop and weather news improved. West reports conflicted with modest export sales and cash prices in New York and Chicago. Corn rose on strong cables while receipts were ample and seaboard clearances light. Futures showed mixed movements across wheat corn oats and pork with various July September and December positions listed.
The Equitable Life Assurance Society released figures showing how its assets are invested across Texas and other states to explain its stance on a Texas law requiring 75 percent of reserves for Texas policies to be held in state securities. It argues the rule would tax and discriminate against policyholders elsewhere and notes its portfolio favors railroad securities and regional investments to support transportation and growth.
The Federal Weather Bureau forecast cloudy and showery conditions across the cotton states from June 1 to 2, with fair skies in some regions. Cotton trading yesterday was moderately active with a net gain of 6 to 11 points. opening up 2 to 8 points and activity mixed on weaker cables. Sales estimated at 800,000 bales. weekly Weather Bureau report cited as generally favorable but noting drought and unseasonable Carolina weather.
June 18 London reports reduced money supply and steady discounts as New York hints at gold shipments. Gilt edges weaken on monetary stress but Transvaal loan prospects and favorable crop news bolster some sectors. Americans rise on New York optimism. rails gain from investments, foreign support improves, and prices firm by day’s end.
District Attorney Jerome ends the probe into life insurance companies. No further evidence will be presented to the Grand Jury. The outcome signals the conclusion of the investigation and related court actions.
The District Attorney has examined all evidence in the Equitable Society and New York Life matters and found no grounds for indictments. Mr. Jerome will prepare a report for the Governor, mirroring the Mutual Life inquiry and detailing review since that time.
Maurice E. Locke announced that major non-resident life insurers will exit Texas on July 11. The firms cannot meet state rules requiring 75 percent reserve deposits inside Texas and a 1 percent tax on gross premiums. Affected companies include Washington Life Mutual Life of New York New York Life Northwestern Mutual Equitable Life Penn Mutual Manhattan Life Massachusetts Life and Home Life.
The Real Estate Owners Fire Insurance Company of 108 William Street applies to the Supreme Court for voluntary dissolution. Justice McCall names Charles J. Leslie referee. Organized Dec 6 1905 with $200000 capital. half unpaid, no further business after. Assets $46271. $32010 cash in bank and $14261 due from related company and individuals.
A provisional agreement has been reached for the London and Lancashire Fire Insurance Company to absorb the Standard Marine Insurance Company. Both firms are well known and have notable interests in the United States.
National banknotes received for redemption total 1,230,661 dollars. Government receipts from internal revenue 537,706. customs 1,051,327. miscellaneous 900,167. expenditures 1,660,000. The Treasury begins business with a gold reserve of 150,000,000 and trust funds to redeem certificates totaling 682,573,869 in silver dollars and related holdings.
The New York County National Bank stockholders approve boosting capital from 200000 to 500000. The Directors of the Les Somny of America elect Lyman as President and Pave Leon as Vice President. The Trust ar of America declares an extra dividend equal to 5 percent.
The Manila Electric Railroad and Lighting Corp announces a 1 percent dividend payable July 1 to holders of record June 24. Transfer books close June 24 and reopen July 2. Also, The Mutual Alliance Trust Co declares a semi annual 4 percent dividend payable July 1 to holders of record June 20. books close June 6 at 3 PM, reopen July 1 at 10 AM. A third board declares a 10 percent semi annual dividend free from tax payable July 1. transfer books close June 20 and reopen July 1, 1997.
Multiple New York and Philadelphia banks and companies announce the semi annual or quarterly dividends with tax exemptions, transfer book closures around late June and early July, and payable dates in July 1907. Institutions include The Bank of New York, National Bank of Commerce in New York, Merchants National Bank, Market and Fulton National Bank, Bank of America, United Gas Improvement Co, National Biscuit Co, Twelfth Ward Bank, Adams Express Co, and Title Guarantee & Trust Company.
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