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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 27, 1908
Page
9
The Fifth Avenue Branch of The Farmers' Loan and Trust Company at 475 Fifth Avenue near 41st Street offers Travelers Letters of Credit and guarantees, foreign money and express cheques, and vault boxes for customers' use.
Notice to holders of Metropolitan Elevated Railway 6 percent first mortgage bonds inviting exchange into Manhattan Consolidated 4 percent tax exempt bonds. Mentions payment offices, transfer powers, and July 1908 interest. also announces sale of San Francisco and North Pacific Railway 5 percent 30 year bonds by Mercantile Trust Company with July 26 1908 deadline.
The New York Stock Exchange closed for three hours yesterday in honor of ex President Cleveland, with today and next Monday’s two hour sessions. Trading was narrow with 205000 shares moving, and prices rose slightly. Banks show a weekly cash gain of 10 to 13 million as interior remittances bolster liquidity.
A survey of railroad finances lists Canadian Northern, Colorado & Southern, Grand Trunk, Central Railroad of New Jersey, Louisville & Nashville, Minneapolis, St. Paul & Sault Ste. Marie, Central of Georgia, Southern Railway, Wheeling & Lake Erie, Kansas City Railway & Light, and Toledo Railways. Figures cover mileage, weekly periods, gross and net income, expenses, renewals, and balances for May and June periods, with several lines reporting year totals and surplus figures. Boston copper shares rise while market pauses as exchange suspends for President Cleveland’s memory.
Trading on the curb was light with prices near the opening as the Stock Exchange observed a half day in memory of ex President Cleveland. Volume fell below recent sluggish levels with few blocks traded and attendance down as traders left town for Sunday.
Bond market report lists numerous issues with prices and yields from Imperial Japanese to American rail and utility bonds. Totals show June 20 1908 sales at 1 630 520 and year to date comparatives. notes include refinancings, sinking fund references, and odd lot entries across issuers such as Nor Pac, Third Ave, B&O, and Union Pacific.
The cotton market showed nerves and irregularity led by old crop months as July notices influenced trade. New crop stayed steadier with the close down 4 to 9 points on near months and up about 1 to 2 points on October futures. Total daily sales estimated at 125,000 bales with notices around 20,000. Port receipts and inland movement figures are provided, with spot markets in several southern cities showing slight declines and varied activity, while the Philadelphia bond and stock activity noted limited changes and a mixed tone.
Yesterday's quotations cover covered European state and municipal securities including German consolidations Bavarian and Hessian issues and city bonds for Cologne Munich and Frankfort on Main. London mining stocks Camp Bird Esperanga Tomboy Dolores and Stratton's are listed with bids and asks among active names and notable percentages.
Calendar notes assets realization and dividends payable for multiple firms including Baltimore Electric Co Boston and Worcester Electric Cos and Lehigh Valley Railroad. Also lists annual meetings for Banco de la Habana Garfield Safe paper Co United Shoe Machinery Co and North Star Mines among others with period notes on New York Mutual Gas Co Phenix National Bank and Nassau National Bank.
The report details call money rates at 14 1 2 percent and time money terms from 2 percent to over a year. Mercantile paper discounts range from 4 4 to 8 4 percent. Clearing House shows exchanges 187,692,827 and balances 9,852,652 with a sub treasury credit of 1,138,590. Sterling closed steady around 4.87, with various 60 day, 90 day, and cable quotes. Continental bills list franc, reichsmark, and guilder figures with discounts. Exchange on New York to Boston 10c discount, Chicago 80c premium, St Paul 80c premium, other cities varied.
Silver was quoted in London at 2 54 per ounce and in New York at 240. Mexican dollars stood at 4 60.
Domestic wheat markets closed early after moderate speculative trade. Northwest receipts and steady cables spurred an early upturn, then weakness set in with Budapest down on Hungary prospects. Argentine shipments lagged, weekly clearances were strong. No 2 red wheat at New York around 96% elevator and 95% free on board, other prices noted. Corn declined modestly amid favorable belt weather. Chicago receipts were sizable and Argentine shipments eased. No 2 corn New York about 77% elevator and 76% free on board afloat.
In London yesterday spot copper fell 5s from Thursday close and futures slipped 7s 6d. The London closes show spot £56 17s 6d and futures £57 10s. Pig tin quiet with spot £125 2s 6d and futures £126 5s. Lead unchanged at £12 12s 6d. spelter steady at £16 19s. Cleveland warrants steady at £51 3s. New York Metal Exchange Friday bids and asks for copper and metals are listed against Thursday figures.
Special to The New York Times reports little interest in local trading in Baltimore with modest moves in bonds and three percent city securities. City 3s rose two points while Georgia and Carolina issues climbed and Northern Bs advanced. Bond sales totaled 40,500 dollars with mixed dealer quotes and several stock listings showing small shifts.
July notes for about 69,000 bags entered the market but drew little response as traders preferred to cover supplies on contracts. The market opened steady to slightly higher and closed steady. Daily sales reached about 58,250 bags with Eurobond markets showing muted moves and Brazilian receipts steady. Snoti notes quoted Rio No. 7 at 64 to 66 cents, with contract ranges listed for June through May.
The stock department report shows opening, high, low, and last prices for yesterday with McKinley D and Br. Mint among listed items. Prices include small percentage changes and notable figures such as 0.80 open and 8 500 high, with other entries showing minor fluctuations.
Chicago June 26. Chicago Telephones shares eased slightly while trading remained active. American Shipbuilding rose a quarter. National Bank common fell to 84 after ex dividend at 83 1/2 yesterday. Carbon preferred dipped 1/2 point, Quaker Oats advanced 1 point to 126.
Special to The York Times reports the closing quotations on the local Exchange in Colorado Springs dated June 26. Spies on Eat a value list from Paso and Vindicator show prices around 78 to 83. The report notes abella 81 and similar figures in the market table.
The Treasury opens with a $150,000,000 gold reserve and $810,718,569 in trust funds to redeem outstanding certificates. Silver dollars numbered 4,994,000. general fund $188,918. Deposits in national banks stand at $144,063. Awaiting reimbursement noted in Philippine treasury. Current facilities total $227,351,080.
London stocks closed modestly higher amid firmer foreigners and a firm tone in rails and American securities. Baltimore & Ohio led trading while Grand Trunk remained inactive awaiting May revenues. Paris and Berlin showed early firmness fading into irregular or light trading as rates and exchanges moved.
Bradstreet's reports 258 failures in the United States for the week, with regional totals. Canada shows $1 in capital, while total concerns falling and capital are listed as $5,0060 or less, with about 9 percent having $5,000 to $20,000 capital.
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