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This newspaper page contains 18 articles. Subscribers can read the full text of each article.
Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 19, 1908
Page
11
Traders awaiting Taft nomination test market theories as Fairbanks and Cannon precede the choice. A shift in dividends and steady steel earnings cloud future profits while tips dominate sentiment, with brokers cautious about money stringency and political risk.
Roswell Miller, chairman of the Chicago Milwaukee St. Paul line, returns from a St Paul extension inspection. He says tracks may be laid along the entire line by year end and trains to the Pacific could start by May 1909. The road now runs to Lombard and is expected to be self supporting from the start. Weather and crops are turning favorable for business this autumn as hay prospects rise and crops look strong.
Albany June 18 Superintendent Clark Williams of the State Banking Department issues a call for reports on the condition of state banks and trust companies as of business Tuesday June relief details to follow.
Plan to pay depositors and creditors of Morse Bank’s Bank of North America branch aims to end receivership. C W Morse claims assets may reach 3 million with building equity and Trust Company of America stake. Large stockholders urged to approve a liquidation syndicate paying a 275000 commission from realized assets.
The Baltimore and Ohio railroad sold about 7.8 million dollars in bonds to Guaranty Trust Company and Alexander Brown & Sons of Baltimore. The issue includes 4,025,000 first mortgage bonds, 2,072,000 prior lien 314s, and 1,513,000 Southwestern division 319s. Prices paid were not disclosed, but market rates imply roughly 7 million cash proceeds after commission.
Following the failure of T A McIntyre & Co two seats belonging to Thomas A McIntyre and his son were sold on the New York Cotton Exchange floor. The elder seat went to W R Craig for 9200 dollars and the son’s seat to A G Black for 9200 dollars, the prior sale on the Colonial Exchange having brought 8060 dollars.
San Francisco and Tonopah closing quotations list multiple mining stocks with varied prices and changes. Notable names include Alpha Cont, Kentucky Con, Belcher, Occidental Canada Bullion, Caledonia, Overman, Crown Points, Gould & Curry, Silver bars, and Goldfield items. Prices show small fractional shifts and several entries appear garbled but identifiable stocks persist.
June 18 report notes ample money and easy discounts in London with a steady stock exchange and minor value shifts. Imperial Bank of Germany rate cut leaves consols steady. Vanderbilt roads dividend news boosts parallel gains in late trading. Paris opens firm. private discount rate up. Berlin sees stronger prices after the German bank rate cut. American securities drop.
Berlin reports a 4 percent discount rate cut by the Imperial Bank of Germany and a firmer open market. The bank keeps advancing on incoming gold as assets rise by 8 million marks to 190 million, signaling continued gold imports amid favorable exchange rates.
The ore quotations for American mining stocks were posted in the Sanaaor market yesterday with prices listed for Camp Bird, Esperanza, Tamboy, Dolores, El Oro dovece, and Stratten's Ind among others.
The Bank of England reports total reserve up by £1,103,000 while circulation falls £232,000 and bullion climbs £870,537. Other securities rise £501,000 and other fees increase £1,703,000. Public deposits grow £17,000 and notes reserve up £1,077,000 with Government securities up £65,000. Reserve ratio to liability stands at 51.06 percent versus 50.65 percent previously.
The Paris report notes circulation fell by 23,550,000 francs while Treasury deposits rose 33,175,000 francs and general deposits gained 23,350,000 francs. Gold on hand increased 19,950,000 francs and silver rose 4,475,000 francs, with bills discounted up 4,750,000 francs and advances down 8,225,000 francs.
The Bank of Germany in Berlin reports cash in hand up 68.5 million marks and loans up 5.1 million. Discounts fall 31.2 million, Treasury bills down 11.6 million, notes in circulation down 31.0 million, and deposits rise 33.7 million.
The Produce Exchange Board named the Trade and Transportation Committee for the coming year. With Charles F. Coffin abroad, the panel mirrors the special committee chosen Tuesday to push export grain rates to help New York compete with Montreal. Members include J. Ward Warner for two years, A. C. See, J. F. Parker, and Yale Kneeland. They meet today at 2 P. M with the Trunk Line Association in Liberty Street rooms to discuss export grain rates.
Arthur A. Zucker is elected to the New York Stock Exchange. New members James Shannon Jacob Harris Odo P B Attel and George L Beston join the Consolidated Exchange. The Mortgage Bond Company of New York raises its quarterly dividend to 1 1 4 per cent. Directors of Seaboard National Bank declare a semi annual 5 per cent dividend, up 2 per cent to 10 per cent per year.
The Republic Iron and Steel Company will suspend the quarterly dividend on its 7 percent cumulative preferred stock for this quarter. Chairman John A. Topping said the board chose to maintain the needed $6.5 million quick assets balance, with May 31 quick assets at $6,717,533.34, while authorizing continued improvements and reconstruction expenditures.
The Louisville and Nashville Directors cut the stock dividend from six to five percent, with a semi annual 2 percent payment. The Aug. 10 dividend is payable after books close July 20 and reopen Aug. 11. Net earnings for ten months ended April 30 fell to 8,002,930 from 11,744,670 last year, prompting the cut.
Feature previews Long Island summer resorts their social scenes and health and amusements with details on facilities and activities. The piece notes the demand for Sundays Times and urges readers to order in advance for the upcoming issue.
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