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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Mar 03, 1908
Page
9
A business outlook survey shows brokers anticipating a cautious but hopeful near term for the market. They point to a Baltimore convention and strong crops as factors supporting continued prosperity, while note wide bid ask gaps in inactive stocks and volatile Gov ernment bonds as market quirks.
Banking interests acknowledge the merger plans but no formal announcement was made on consolidating the Mexican Central with the National Railroad of Mexico. The Mexican Government backs the deal, while exchange offers for securities may be delayed for a year or more as the Dresdner Bank funds the foreign flotation to meet cash needs.
The American Smelting and Refining Company directors cut the measure by declaring a quarterly dividend of 1 percent. The stock basis was 8 percent last summer. The dividend of eight cents is payable April 15 to stockholders of record March 27. They also declared the regular quarterly dividend of 1.25 percent on preferred stock.
Money on call on the Stock Exchange ranged from 1% to 2% with loans at 8% for the day and various terms. Mercantile paper rates stood at 4 1/2 to 6 percent for four to six months. Sharing House statements show balances of 151 million with a treasury debit of 10.5 million. Local banks report a loss of 42,000 since Friday, versus 3.65 million the prior week. Continental bills and exchange rates across major cities are detailed with premiums and discounts for New York Boston Chicago St Louis and other points.
The report notes silver prices with no quote in London at 181.25 pence per ounce and in New York at 180.0 cents per ounce, while Mexican dollars are listed at 474.0.
Money supplies expanded and discounts softened as March began. Bank of England received Russian gold, aiding gilt markets while home investors remained cautious. American securities opened weak amid Wall Street losses and Paris weakness pressured foreigns. copper shares declined and bar silver steadied. Paris Bourse traded heavy with American securities lower. Berlin Boerse saw subdued activity. London closing quotes show mixed American stocks with Bank of Germany posting its weekly figures.
The Interborough Rapid Transit Company reports for the year ended December 31 a $3,882,422 surplus after charges, equal to 10.95 percent on $83,009,000 capital. Dividends paid were 9 percent. Directors debated raising the dividend from 9 to 10 percent, a move still under consideration. A decision was expected later this month as earnings for 1907 were compared to the prior year.
March 2 in Chicago stockholders of Illinois Central Rail Way held an annual meeting that adjourned at 2 PM due to the Proxy Committee's inability to present a complete report. Judge Beadl refused an injunction restraining voting of 281,231 shares held by Union Pacific and Railroad Securities Company.
The Amalgamated Copper Company announced a staged reopening of its Butte mines, expecting stronger demand for copper in coming months. Ore will not reach consumers until next summer, with full production likely in about a month, as workers seek other jobs in the interim.
Interest in the International and Great Northern difficulties rises as Gov Thomas M Campbell ex-general manager of the line is linked to its history. Wall Street notes Campbell's prior role and questions motives behind a Mercantile Trust Company move seeking court protection for the road. A bondholders committee led by Cox Marston and Hemer forms with Farmers' Loan and Trust as depository, while Denny & Co claims to represent substantial second mortgage bond holdings.
Travers Brothers Company and Commercial Twine Company announce a plan to reorganize their debt through two new corporations Travers Company and Travers Manufacturing Company each with 500000 in capital. Creditors mostly banks to take bonds of the new company with bonds to be paid from trust distributions once $50000 is on hand. Trustees named are George C Robbe B A Bryant and William D Campbell.
The Associated Merchants' Company six months to Feb 1 shows net earnings of 567 648 with a surplus of 453 138 after dividends, down from prior. The year to Feb 1 totals 1 585 418, a fall of 114 425. President John Claflin cites profits until October, then panic and depression hit November and December, with January showing some improvement amid political uncertainty ahead of the presidential election.
Special to The New York Times from Philadelphia reports trading near standstill. Prices were largely immovable with only small fractions in a few issues and most quotations unchanged. Total securities crossing the ticker totaled 8,599 shares.
The market showed limited activity with a dull open and barely steady close, Rio and Havre movements mixed while Hamburg and Santos held near prior levels. Week receipts reached 121,000 bags across two ports, with season totals around 9.57 million bags and New York warehouse deliveries strong at 187,623 bags.
The American Bank Note Company reports record counterfeiting of locally issued letters of credit via photography. It notes that pantograph reproduction would defeat forgers, while sensitized ink and rigidly accounted planchetted paper would deter tampering. Specimens are available from the firm in New York and other cities.
A 1903 auction by Andrew J. McCormack as auctioneer offers diverse securities and real estate contracts. Items include Greene Consolidated Copper shares, Texas Company stock, International Silver preferred, mortgage bonds, oilfields of Mexico, and various railroad and bank bonds, with about 10,000 dollars in trust assets and multiple lots in Black Star and Park & Tilford arrangements. The sale citing executors and trustees occurs at Exchange Saloon on March 4 at 12 o'clock.
A fragmentary notice states that the firm Union Sample Card Company dissolves on February 29, 1908 with J H J Smith and Davis Levin listed, but the business continues under new formation or ownership. The readable bits imply a corporate transition without full details.
The report details sharp intraday shifts in wheat with an initial steady start followed by a drop and a rally to 81, 61-16 for May before easing. Red Winter wheat and overseas futures rose, while U S cash prices ranged from No 2 red at 1 02 5 to 1 93 5, and winter wheat at 1 14 14 afloat. Corn prices fluctuated with a late loss from earlier gains, driven by slow rail movement and lower Liverpool quotes. No 2 corn in New York stood around 7 0, free on board for select grades.
A series of brief updates from the Stock Exchange: Jules Bache sails for Europe on April 9 for his annual tour. Ogreshall Hicks moves to 15 Broadway. William Goodnow elected director of American Writing Company. Milton Lepper applies for Cotton Exchange membership. Utah Copner Company warrants admitted for quotation. Robert H. McCurdy becomes partner at Henderson & Co with Norman Henderson and Louis Bevieteld. the firm McCurdy tendering.
Notices solicit bids and deposits for defaulted and outstanding bonds from major companies. The Colorado Fuel and Iron Company, Metropolitan Trust Company, Central Trust Company, and Oklahoma Gas & Electric Company issue invites for sale offers, sinking fund bonds, and trusteed mortgage details with bidding deadlines in 1908.
The Dunkirk Brooks Locomotive Works will operate on a reduced scale through April with orders to fill. Officials say closures may target Stranton Pennsylvania and Providence Rhode Island plants first, while the company aims to retain skilled foremen and mechanics on reduced hours for repairs and renewals.
Directors authorize a 3,000,000 pound 5 percent one year note issue. Proceeds to fund the Baltimore and Ohio purchase of minority stock in the Cleveland Lorain and Wheeling line, currently owned by the Baltimore and Ohio.
Multiple dated public notices announce annual stockholder meetings and director elections for various New York area firms including the St Louis Iron Mountain and Southern Railway Co and Brush Electric Illuminating Co of New York. Dates span March 1908 with transfer book closures and meeting times listed.
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