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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 20, 1907
Page
11
Brokers report little trading activity with hopes for a rebound only in the fall as money tightness and crop fears loom. Union Pacific and Reading dominate volume while analysts decry bear talk and stress the limits of gold export impact and bond market stagnation.
In a lively but unproductive interlude, officials ignored talk of a possible increase as mere fiction. The episode jolted the halltués into action, keeping them alert between stock and news tickers for about thirty minutes until it was announced the Directors took no action.
London markets report ample money and firmer foreigns on Continental support while British securities sag. Russian bonds weaken amid internal turmoil. Americans dull early, recover to parity, New York’s Union Pacific sinks market. bullion inflows and outflows noted. Paris and Berlin rally on earnings and crops but drift later as tensions and exchange rates shift.
Yesterday's quotations for European state and municipal securities include American mining stocks traded in London. Prices listed show Camp Bird, Esperanza, Dolores, and Stratton's in SD El Oro with figures around 1150 to 1161, reflecting cross market pricing for US mining firms.
The curb market shows muted activity with seven Industrial stocks traded and irregular price moves. Nevada Utah leads copper issues with 6000 shares changing hands and a closing price of 5, while Boston Copper rises and United Copper weakens. Douglas Copper ends weak after opening high.
The Federal Weather Bureau forecast for Thursday and Friday covers North Carolina through Texas. Showers, scattered storms, and warmth are noted across districts including North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Texas, Oklahoma, Arkansas, and Tennessee with varying wind directions. The cotton market opened steady with a slight advance, closed steady with little change, and a 200,000 bale estimate for yesterday's sales. Local spot prices and several southern markets remained unchanged or steady with modest activity.
The Erie Railroad Executive Committee met and handled routine business. It did not discuss Morgan syndicate’s $5,000,000 note bid, and officials said two recent loans of $3,000,000 and $2,000,000 tied to resumed improvement work in the state have eliminated the need for further financing at present.
Advertisement announces the Farmers' Loan and Trust Company offices in New York London and Paris offering bills of exchange cheques and cable transfers services for international letters of credit.
Wheat faces damage from green bugs and wire worms, while Kansas eyes a possible 60 million bushels due to rains. Ohio and Missouri forecasts vary, with Ohio near 30 million and Missouri predicting half a crop. Corn rises on bad crop news as replants loom, with New York bids at 63 to 64 cents and a 63% elevator price for cash grain.
Copper prices fell on the New York Metal Exchange with all grades down by fractions of a cent. London quotes eased with spot and futures copper 5s per ton lower. pig tin weak at 187 10s spot and 181 10s futures. lead strong at 20 10s. spelter unchanged at 24 10s. iron warrants higher at 56s 3d and 56s 6d.
The Iron Age notes weak pig iron markets across the country with lower premiums for apt delivery. Sellers push forward delivery cautiously while buyers stay indifferent. Foreign markets have fallen to levels German buyers previously used, and England’s response to a potential price drop remains uncertain.
Special to The New York Times reports hot weather dulling the iron market with softer pig iron prices for prompt shipment and concessions for future delivery. DHlet market activity rises in Chicago as railroads raise carload minimums effective July 1, prompting buyers to place larger orders to seize lower carload rates.
National banknotes received for redemption amount to 777900 dollars. Government receipts from internal revenue total 1001012 dollars and customs 1352248 dollars. Expenditures reach 1940000 dollars. Gold reserve fund stands at 150000000 dollars with trust funds redeeming outstanding certificates 682561860 dollars. Silver dollars and other totals listed. General fund and Philippine Treasury mobilities noted.
Charles H Stout, formerly a Vice President at Liberty National Bank, resigned to become Vice President of the Manhattan Trust Company. He will serve on the Liberty National Bank Executive Committee and Directorate and no replacement has been named. Baker joins Stout as a Liberty National director taking the same office at Manhattan Trust.
Thomas Nash has been named assistant cashier of the Corn Exchange Bank with an annual dividend basis of 16 percent, up 2 percent from the previous year. The note mentions Exchange cap stock of 8,000,000 and bonds related to the Northern Onto Traction and Light Company and Hudson County Gas, including $210,000 of 1949 first refunding bonds.
Settlement between Morgan interests and stockholders clears Judson Harmon as receiver. The plan calls for canceling the Cincinnati, Hamilton & Dayton lease, issuing 5 million dollars in notes to fund floating debt, exchanging preferred stock, and replacing the board with Michigan business leaders to ensure autonomous management post-segregation. Notes bear 6 percent interest. old preferred stockholders get inducements to subscribe.
Members of the syndicate backing American Telephone and Telegraph Company 100 million dollar convertible bonds expect calls for the eighth 10 percent installment within two weeks. An additional 10 percent is due in October and another 10 percent on January 1. Subscriptions paid reach 70 cents in the dollar, though the syndicate reports 60 cents due to a prior 10 percent distribution.
Lazard Freres added 1.5 million dollars in gold exports with Goldman Sachs matching 1 million dollars, bringing daily shipments to 2.5 million and total movements to 15.9 million. Market rates remained largely unchanged, as international bankers anticipate further ships and possible higher totals than initial estimates.
A collection of 1907 notices from American Smelting, Securities, TEFYT Well er, New York Air Brake, Empire Steel, Westinghouse, Buffalo Rochester Pittsburgh Railway, and Allegheny & Western Railway announcing quarterly or semi annual dividends, record dates, and transfer book closing details. Names include W. C. Merriss, Edwin G. Woodling, George H. Clarke, John C. Thompson, J. Stillman, W. Siemon, J. Hocart, with locations in New York and Pennsylvania.
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