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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Mar 20, 1908
Page
11
Market observers note uneven sentiment after recent highs with Union Pacific guiding yet facing pressure. Bulls cite resilience in leading stocks while bears warn of persistent uncertainty, as bankers see gradual regional improvement and hopes for sustained investment beyond speculative gains.
The New York Central Lines signed a contract with the American Locomotive Company for 143 locomotives to be delivered in summer. About $2,500,000 in equipment trust bonds plus $30,000,000 serial bonds will fund the purchase, with payment in equipment trust ponds. The move aims to replace old, costly units and cut operating costs, while shifting financing considerations to the builder during a dull market.
March 30 planned election of Metal Exchange officers and directors. Key appointments include David O. Davenport Edward J Smith and Cecil Lyon as members. Directors of Lange Mort Company Henry E. Pierreont and Thomas N. Fhinelander elected. Sir Thomas Shaughnessy Canadian Pacific president commented on favorable Canadian conditions. Great Northern Railway seeks 60 million in added preferred stock listing with Eastern Railway of Minnesota. Western Maryland bond holders report substantial bond deposits.
Cotton fell to fresh season lows with May futures down 8 points from October panic levels and July contracts rising late. Day’s sales near 450000 bales. Eastern belt reports lighter offerings while Carolina mills seek offers for first time in weeks. Spot markets muted with varied regional results and mixed price shifts.
Copper declines of 12s 6d in London spot and futures close at £58 10s and £58 17s 6d. Pig tin rises £1 spot and 1s futures while lead holds at £13 17s 6d and spelter at £21 6s. Iron warrants firm at 59s 2d standard foundry and 61s 7 1/4 Middlesbrough. Copper and others cited for New York Metal Exchange spot versus prior day.
London reacts to the Bank of England cutting its discount rate to 5 percent with a cheerful mood in stocks though activity remains limited. American securities start weak then firm up toward parity, while foreign markets in Paris and Berlin show firm prices amid the global rate shift. Bombay reports the Bank of Bombay cutting its discount rate as well.
The March 19 report shows notes in circulation down 19.925 million francs while Treasury deposits rise 8.875 million and general deposits increase 14.325 million. Gold in hand up 8.775 million, silver in hand up 3.325 million, bills discounted up 10.3 million, and advances down 4.5 million.
The Bank of England reduced the discount rate from 3% to 2% today, the fifth cut this year. Markets saw no surprise due to a £40 million coin and bullion stock and upcoming Government dividend distributions. The weekly report shows gains in total reserve and notes reserve, with various shifts in assets and liabilities.
A list from Albany notes numerous New York based companies incorporating on March 19. Entries include North American Exploration Company in New York with $100,000 capital and multiple directors, Associated Grocers in Utica, Commercial Fidelity and Security in Syracuse, and others across Nassau, Erie, Oneida, and Wayne counties with capital ranging from $5,000 to $100,000.
The notice lists branch locations for The Farmers' Loan and Trust Company in New York at 16 18 20 and 22 William Street and the Fifth Avenue office at 475 Fifth Avenue. It also cites overseas offices in London at 18 Bishopsgate Street Within and Paris at 78 Rue de Richelieu.
State Superintendent Clark Williams ordered the transfer of all Oriental Bank books and assets from Carnegie Trust to the Oriental Bank Building. Receivers Dickinson and Snyder surrendered the property as Attorneys for Oriental challenge the decision. Williams plans liquidation under Metropolitan Trust Company terms unless a court orders otherwise.
President Vail of American Telephone and Telegraph urges independent public control of telephone utilities, aligning with Governor Hughes on public oversight while stressing that capital must receive fair return. The 1907 report shows Bell system physical value exceeding capitalization, with profits of 23.48 million and substantial reserves.
National bank notes redeemed amount to 1,741,119 dollars. Government receipts from internal revenue 582,062 dollars plus customs 811,076 and miscellaneous 118,975. Expenditures total 2,010,000 dollars. Begin day Treasury reserve fund stands at 150,000,000 dollars in gold coin and bullion. Trust funds to redeem outstanding certificates noted.
Holders of Consolidated Steamship bonds totaling just over 30 million dollars have deposited their bonds with the Reorganization Committee led by Chairman Alvin W. Krech. The committee reports outstanding bonds at 59,985,600 and says it now holds a working majority for the first time since its formation.
A committee of John W. Castles Myron T Herrick Hugo Blumenthal and J Horace Harding was announced at the request of holders of major stock in the Chicago Great Western. The panel will focus on protecting stockholder interests if assets are reorganized through an assessment after the road has been in receivership since January.
New York Central directors will meet next Thursday to discuss the option held by the road on the controlling interest in the New York Ontario and Western. Talks centered on offering the New Haven a lease arrangement rather than stock purchase, a plan unlikely to be accepted by the New Haven as it would finance Ontario and Western's purchase for New York Central.
Representatives from United States Steel Corporation Bethlehem Steel Jones Loughlin Republic Iron and Steel Lackawanna Steel Sheffield Rogers Brown all met at Garys office. Judge Gary said conferees agreed there should be no price reductions, aligning with a prior general conference that stressed maintaining steel and iron trade stability.
At yesterday's monthly meeting of traffic managers the proposed freight rate increases were discussed to shape Central lines policy in case of a general rise. An official said the Central lines would join a movement but would not act independently.
The report for the half year ended Jan 31 shows total income of 846,159 with net earnings of 824,225. After charges for depreciation sinking fund and pond interest, net income stands at 566,009.
The notice records quarterly and special dividends from several entities including Common Capital Stock dividends at one dollar fifty per share payable April 1, 1908, from a New York company. 1 percent preferred stock dividends payable April 15, 1908. and a 2 percent regular quarterly dividend payable April 1, 1908. Transfer and payment procedures by treasurers and secretaries are noted.
The Board of Directors declares a 2 percent dividend and a 0.5 percent extra on preferred stock payable April 15 to holders of record April 1 1908. Mechanics National Bank shows a 3 percent quarterly dividend payable after April 1 1908. Washington Water Power reports a 3.25 percent quarterly dividend payable April 1, 1905 to record March 20 1908.
Notices announce annual stockholders meetings for SLOSS Iron & Steel in Birmingham on April 1, 1908 at noon to elect directors and handle routine business. Transfer books close March 21 at noon to April 4 at 10 am. Also Edison Niagara Fire Insurance and American Oil and Disinfectant Co announce director elections and related business at dates in March and April 1908.
The Chicago market saw heavy losses with American Shipbuilding tumbling from 56 to 37 over two days before closing around 44. Diamond Match rose to 127, Illinois Brick to 32 on stronger building-material demand, and other issues such as Sears Roebuck and Swift & Co. showed varying moves amid a volatile session.
Dispatch from Minneapolis reports the Watson & Co Stocks Exchange house opened a grain trading office after an assignment last September. L. T. Watson says affairs not yet in position for stock exchange resumption and the Minneapolis office remains limited to grain trading.
The New York Times Weekly Financial Quotation Review offers full and accurate tables of bond, stock and outside securities prices mailed for one dollar per year to any U.S. address. It is described as a leading authority on world finances.
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