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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 24, 1908
Page
11
The piece argues Wall Street is a professional arena where prices swing around final day figures. It notes mixed activity, selective stock weakness, and trader personalities from cautious operators to high risk takers. It contrasts professional discipline with amateur hope and cites two investors weighing yield versus strategic value.
After a three hour session the Readjustment Committee adjourned without action on reports for the 6 million dollar new stock issue. Officials and committees report progress and the plan to rehabilitate Westinghouse Electric and Manufacturing Co. is viewed as successful despite slow subscriptions. The Employees Committee alone subscribed about 600 thousand dollars with other committees showing gains. A Rockefeller loan plan was scrapped as unnecessary. The next meeting is set for eleven o'clock to review detailed reports.
The New York Times reports from Washington on June 23 that at the start of business the Treasury’s condition was outlined with the federal government’s finances and liquidity described. officials noted reserve levels, available cash, and pending obligations shaping day’s markets.
The local Exchange reported closing bids and asks for a list of securities including Dante Isabella Elkton Portland El Paso Vindicator Rawlings and Work seta. Quotations show varied activity with bids and asks such as Dante 54 47 Isabella 81 14 42 Elkton 66 57 14 Portland 100 106 14 El Paso 34 35 Vindicator 82 87 Rawlings 78 14 Work setae 7 9.
J P Morgan plans a Thursday return to Europe aboard the Provence while other business notes include Field at Yale commencement in New Haven and a 20 percent semi annual dividend declared by German Exchange Bank.
In London on June 23 the market showed easy money and dull prices with quiet stock exchange activity. Consols drifted lower ahead of a new Canadian loan, while American securities opened quiet, dipped after New York, then recovered to end higher than intraday lows. Bar silver held at 25 1 4 per ounce. In Paris trading was heavy on New York news but firm at close with 3 percent rentes around 94f 67 14c. Berlin saw weaker Bourse action on New York intel, later improving somewhat.
Yesterday's quotations covered several European state and municipal securities including government bonds and local debt issues. Trading lists show bid and offer levels across issues with yields and maturities reflecting market sentiment.
The coffee market remained slightly active with a steady close and 84,500 bags traded. Rio rose 25 reis while Santos held. spot prices stood at 6 4 cents for Rio No 7, with mixed moves across Havre Hamburg and other futures months as receipts edged up.
The report notes that the closing quotations for New York City bonds on yesterday were compared with those from Monday, highlighting any changes in bid prices and yields across the issue list. The brief focuses on market movement for municipal debt in the city.
June 23 Baltimore market reports firmer prices in a few issues. Northern Central Railway shares rose 1 point and Alabama Coal and Iron gained 3. Various bonds and stocks traded, including Baltimore city bonds, Seaboard, SAL 10-year bonds, United Ry issues, and Washington & Vandovia bonds, with mixed bid and last prices.
The State Banking Department released weekly returns from New York State banks and trust companies outside New York City showing declines from the prior week in several categories.
The stock department reported yesterday’s principal transactions with opening, high, low, and last prices. Mint of C. R. sold 12,000 units at .20 opening and .20 high, last .04. Branch Mint traded at .04 opening and .04%? low with last .04.
Principal of Series I Timber Certificates due February 1 1908 deposited with Protective Committee will be paid after July 31 1908 with 6 percent interest from February 1 1908. Interest ceases July 1 1908. 5 percent retained from principal for expenses. receipts issued and unused funds returned. George W Young Chairman confirms agents Brown Brothers Co and Brown Shipley Co are appointed for US Mortgage and Trust Co.
The Manhattan Railway Company will retire first mortgage bonds due July 1 1908 at Central Trust Company New York advising holders to exchange Metropolitan 6% bonds for Manhattan Consolidated 4% tax exempt bonds. Redmond & Company at 33 Pine Street are handling exchanges. Dated New York June 23 1908.
Wheeling and Lake Erie Railroad Co first consolidated mortgage four per cent bonds due September 1 1949 in receivership seek bondholder notices with names addresses and holdings to 59 Wall St New York or Coppell & Company 52 William Street for action. Lost Southern Pacific Co common stock certificate No B41508 for Ayres C Bogert prompts show cause why a duplicate should not be issued.
A listing of numerous bonds, stocks, and preferred shares including Consolidated Indiana Coal Co 1st Mortgage 5%, U S Smelting Co 1st Mortgage 8%, United States Steel Corp preferred, American Smelting Co preferred, Northern Union Gas Co of New York, West Virginia Midland Railroad Co, New York & Hoboken Ferry Co, and other major entities. The document notes FOR ACCOUNT OF WHOM IT MAY CONCERN and records quantities such as 2,700 shares General Electric Co, 75 shares Mechanics' National Bank, 95 shares Sackett & Wilhelm Co, and 12,000 Havana Electric Railway Company bonds among many listed holdings.
The Audit Company of New York markets itself as the oldest auditing firm with a home office at 4S Cedar Street and branches in Chicago Philadelphia Boston Pittsburgh Atlanta Rochester. It advertises confidential audits investigations and engineering appraisals and claims to report indisputable facts.
Erie Railroad announces that coupons due before July 1 1900 may be purchased for cash and pledged under a collateral indenture to provide temporary relief for operating needs. It notes limitations of General Mortgage Bonds and states coupons due July 1 1905 will be bought for cash by J P Morgan & Co at their No 23 Wall Street office before June 30 1908.
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