Financial Markets Turn Up In Europe Amid Railroad Hope
The week saw a price rise on European markets led by railroad stocks with widespread professional buying and short covering. Roosevelts proposed higher rail rates sparked bullish talk though state authorities may resist. money markets were stable, with New York bond sales oversubscribed and bank reserves rising as data showed shifts in loans and deposits.
MENTIONED IN THIS ARTICLE
Stock Exchange
Union Pacific
Roosevelt
Copper Gossip From Boston on Elm River Drilling
Special to the Times reports rumors that Calumet and Hecla backs the Elm River tract diamond drilling. Arcadian shaft work paused at 200 feet. No.2 sinking to 1,800 feet. Ahmeek production set to rise from 6 million to 20 million pounds yearly. Mass Consolidated trenching to locate Lake lode outcrop. Isle Royale rock houses planned after frost. Bisbee reports high grade ore on Globe Consolidated. United Verde output about 2.4 million pounds.
MENTIONED IN THIS ARTICLE
New York Times
Boston
Calumet
Hecla
Elm River
Fay
Allouez
Franklin
Lake Lode
Isle Royale
Hancock
Boston Consolidated
Garfield
Utah Copper
Bingham Camp
Colorado
Davis-Daly
Bisbee
Globe Consolidated
Old Dominion
Phelps, Dodge & Co
Fierro
Silver City
New Mexico
Monument Peak
Casa, Grande
Howland & Smith
United Verde
Granby
United States Smelting
Ely
Nev
Bingham
Utah
Mammoth
Kennet
Col
Trade with United States Non-Contiguous Territories 1907
The 1907 trade between the United States and its non contiguous territories exceeded domestic foreign trade of 1830. The territories sent 70 million dollars of merchandise to the US and provided 78 million dollars in goods, plus 12 million in Alaska gold. Main exports included sugar from Hawaii and Porto Rico, tobacco and fruits from Porto Rico, hemp from the Philippines, and fish copper ore from Alaska. United States shipments were mainly manufactured goods.
MENTIONED IN THIS ARTICLE
United States
Hawaii
Philippines
Porto Rico
Alaska
Guam
Tutulla
Midway Islands
Philippine Islands
Hawaiian Islands
Non-Contiguous Territories
Railroads Cut Per Diem on Freight Cars to 23 Cents a Day
The American Railway Association voted to reduce the freight car per diem from 50 to 23 cents a day. Affirmative votes exceeded the two thirds by 119,815 cars, with 1,451,185 cars supporting the change. Of 335 members owning 2,221,777 cars, 243 roads with 1,601,000 cars favored the cut while 75 roads with 590,685 cars opposed it. The new rate has been in effect since March 1. A committee will study a permanent plan to stabilize per diem rates.
MENTIONED IN THIS ARTICLE
American Railway Association
Discount rate may drop to 8 percent in London forecast
London reports Bank of England reserves near £30.5 million with expectations of a rate cut next Thursday to 8 percent and possibly to 2 percent after Easter. Depositors earn about 2 percent on balances while money market conditions settle and new issues absorb liquid capital amid a stagnant Stock Exchange. American markets show the sole bright spot in a slow week.
MENTIONED IN THIS ARTICLE
NEW York Times
London
Bank of England
Stock Exchange
Tin plate and sheet trade strengthens with new mill starts
In Pittsburg March reports show improved tin plate and sheet demand. The American Tin Plate Company starts ten mills at Sharon and ten later this month, boosting capacity to about 80 percent. Pope Tin Plate opens a 12 mill plant in Steubenville, while McKeesport’s 10-mill line is booked for extended operation. Steel wire trade and rail orders also rise as mills resume and expand output.
MENTIONED IN THIS ARTICLE
New York Times
Pittsburg
American and Tin Pi Ce Company
Sharon, Penn
Pope Tin Plate Company
Steubenville
Ohio
McKeesport
Penn
Tin Plate Company
American Sheet and Steel Company
Youngstown Sheet and Tube Company
Morgan Spring Company
Struthers
American Steel Wire Company
Morgan
Youngstown
Carnegie Steel Company
Upper Youngstown
Page Woven Wire Company
Pittsburg Steel Construction Company
National Transit Company of
Oil City
McClintick-Marshall Company
Spang-Chalfant Company
Etna
Tise, Reading Railroad Company
Pennsylvania Steel Company
Bethlehem Steel Company
Edgar Thomson
British Railways Record Vast U.K. and U.S. Mileage Gap
A 1906 report by Consul General Wynne shows the United Kingdom had 23 063 miles of railways, about one tenth of the United States total. UK passenger numbers and fares rose, while 1906 merchandise tonnage and receipts increased, with total gross receipts of 586 139 55 and expenditures at 36 989 270 dollars.
MENTIONED IN THIS ARTICLE
Great Britain
United States
United Kingdom
General Wynne
Wynne
Global loanable capital and gold output in 1907
The passage notes low discount and interest rates may fail to unlock loanable capital for new securities. It questions if first-class securities price levels match the world’s capital. It cites 1907 gold output as a record over £83 million and European banks increasing their stocks by £12.09 million.
Berlin Boerse Firmer Shows Mixed Week With Gain
Berlin stock market closed with a price advance despite erratic daily moves. Shipping shares lagged on Hamburg American report while Baltimore and Canadian Pacific rose. early optimism faded as traders feared New York weakness and local liquidity constraints.
MENTIONED IN THIS ARTICLE
NEW York Times
Berlin
Baltimore
New York
Reichstag
New Up-State Road Favored by Northwestern NY Citizens
Albany March 15 Northwestern New York residents Buffalo Tonawanda Rochester Utica Oneida Lyons Newark Ilion Watervliet and Troy focus on Albany meetings of the up State Public Utilities Commission concerning the Buffalo Rochester and Eastern Railroad Company charter to build a Buffalo to Troy line. The 298 mile route would link the Great Lakes port at Buffalo with the Hudson at Troy and boost New York State rail capacity experts say Buffalo would regain grain port dominance and Canada West and Midwest traffic would flow through Buffalo if facilities improve.
MENTIONED IN THIS ARTICLE
Albany
New York
Buffalo
Tonawanda
Rochester
Utica
Oneida
Lyons
Newark
Ilion
Watervilet
Troy
Public Utilities Commission
Buffalo, Rochester & Eastern Railroad Company
Great Lakes
Hudson River
New England
West
James C. Boyd
Westinghouse, Church, Kerr & Co
Boyd
Canada
The
Middle West
New York State
Proposals for a Government Canteen in the Canal Zone
Capt. Charles W. Katz of West Point advocates a Government canteen and guaranteed liquor quality in the Canal Zone. He reports saloons are Chinese-controlled, selling adulterated liquor at high prices, harming workers. He cites good Isthmian conditions and 3,000,000 cubic yards of dirt moved in February.
MENTIONED IN THIS ARTICLE
Canal Zone
Charles W. Kutz
West Point Military Academy
Panama
Colon
Katz
Capt. Katz
Farmers' Instruction Train to Visit Ohio March 20
Pennsylvania Lines will run a corn and alfalfa special instruction train from Lancaster to Morrow Ohio on March 20. Each stop offers a forty minute illustrated lecture with no sales. Farmers may bring seed for quality testing. Lecturers include H C Price C G Williams A G McCall F A Welton W M Schoemith and others from College of Agriculture State Experimental Station.
MENTIONED IN THIS ARTICLE
Pennsylvania Lines
Ohio
Lancaster
Morrow
College of Agriculture
State Experimental Station
H. C. Price
C. G. Williams
A. G. McCall
F. A. Welton
W. M. Shoesmith
State Farmers’ Institute
F. M. Wilkinson
Supt. Paul Jones
Clowes & Sothern Silk Company Placed in Receivership
In Paterson on March 15 Judge Lanning appointed lawyer David Cohn as receiver for the Clowes and Sothern Silk Company. The firm with 200 looms faced $125,000 in liabilities and $75,000 in assets after eight years in business. Principal creditors include New York silk importers.
MENTIONED IN THIS ARTICLE
Paterson
Clowes
Opposition to Aldrich Currency Bill Gathers Steam
A Merchants Association of New York committee on Commercial Law plans another early week meeting to oppose the Aldrich Currency bill. They report nationwide correspondence shows broad commercial opposition to the measure.
MENTIONED IN THIS ARTICLE
Committee On Commercial Law
Merchants’ Association of New York
Also Mentioned on This Page
Europe
Bureau of Corporations
American Sugar Company
Steel Corporation
Kansas
Paris
America
Pennsylvania
R.R. Co
Redmond Aco
Chestnut St
Philadelphia
Pine St
Ne York Stock Exchange
Are Trask & Co
William and Pine Sts
New York City
Wall Street
N. W. Halsey & CO
Bankers
Wail St
Pork
Chicago
San
Blair&co
Broad ST
Travelers Letters of Credit
Kountze Brorurrs
Broadway
Cedar St
Primrose
BRAUN
Bank, Trust & Fire Ins. Co
Hanover
Adans & Company
Wall Street, NY
Congress St
Boston Copper Gossip
British Railway Records
Boerse Firmer
Capt. Kutz
Paterson Silk Firm
Potter, Choate & Prentice
New York Stock Exchange
Hanover Bank Building
Pennsylvania Railroad
Edward B. Smith & CO
State OF New York
U. S
Wm. A. Read & Co
Nassau Street
State Street
East German Street
la Salle Street
William P. Bonbright & Co
George St
Mansion House
E. C
Colorado Springs
Nassau Bank
Nassau and Beekman
Dominick
Kountze Bros
Duluth
Minn
Water & Light
GEO. A. Fernald & CO
Milk St
Wall St
Simon Borg & CO
Nassau St
Investment Securities
Nw D
Lawrence Barnum Co
Pine Street
Washington
Q. Illinis
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