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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 02, 1908
Page
11
Traders disagreed on market fundamentals with bulls citing expected future conditions and bears betting on a top. St Paul stock drew attention amid gains, while bond trading showed a rare cautious note as New York City revenue issues attracted buyers despite shorter maturities.
Chicago wheat rose about 7 cents from the week low but closed unsettled with irregular late deliveries. North western receipts light, Minneapolis and Duluth stocks down 3,000,000 bushels for the week. New York cash No 2 red 1.07 elevator, 1.08 afloat. May No 1 Northern Duluth to arrive 1.148 with new crop. Corn advanced briefly then eased as planting weather remained unfavorable.
William A Stetson a leading leather dealer was petitioned into bankruptcy in Boston in U S District Court. He controlled the Ford Morocco Company of Wilmington the Boston Chrome Leather Company and the William A Stetson Company with combined liabilities about 5 million dollars and assets around 1.5 million. Creditors mainly leather dealers said the parties admitted inability to meet obligations and favored adjudication. Judge Dodge named Proctor receiver for the Stetson firm and the Ford Morocco Company with a 100000 dollar bond.
The May Day changes in brokers ages and copartnerships expand with Charles W. Miller joining Halmer e Dale at 49 Wall Street and Harold M. White leaving Moffatt & White to join W. A. M. White at 6 Nassau Street. Marion Eppley joins Robert Goodbody & Co while Isidgor Wormser Jr retires. Williams joins Daniel O’Drill & Co as a general partner. Cote becomes a general partner at James B. Coll at 36 Wall Street. Knox from Knox Co will office with J Nelson Telit 52 Fetwick and Jam Co ogerson joins Fenn & gerson at 34 Wall Street. H Fiero forms R. H. Fiero & Co at 25 Broad Street with All f 1 Saranac Lake branch offices. A consolidation stock exchange firm of Siiney 38 Isaac Neuburger with 68 offiftes consolidates. W Co has moved from 71 Broadway.
Philadelphia trading shows modest volume but firmer prices across leaders. United Gas Improvement advances near a dollar, Philadelphia Electric and Rapid Transit gain, while Union Traction weakens on realizations. Trading totals 27,208 shares as steel and mining names drift with scattered gains.
The Treasury data shows national banknotes tied for redemption at 1 913 T. internal revenue receipts at 703 692. customs 822 427. miscellaneous 94 955. expenditures 2 000 000. Reserve fund 4 000 000. redeemed outstandings 109 778 000. total certificates 846 8 910 869. notes and bus balances cited. increase since March 30, 1908 reported at 15.
Bradstreet's notes 282 business failures in the United States this week, up from the prior week. Regional totals include New England 28, Southern 53, Northwestern 15, Far West 30, Territories 1, with Canada at 22. About 84 percent of failures had capital under 5,000 dollars. 9 percent had from 5,000 to 20,000 dollars.
May 1 report from Trenton lists several incorporations with capitals and named incorporators. Hill Realty, $50,000. Universal Weaving Company, Paterson. Building Company, $10,000. Riverview Land Company. Live Poultry Trucking Company, Hoboken, $18,000.
Judge Anderson of the U S Circuit Court in Indiana has strengthened the battle over the Indiana Natural and Illuminating Gas Company reorganization. Foreclosure cannot proceed until receivers report on operations since takeover, with bondholders via the Protective Committee to receive details. The Protective Committee says the new plan also fails, likely prolonging the dispute between the Reorganization Committee led by James N Wallace and the Dieterich group.
The Hamburg American Steamship Company opens its new 10 story building offices at 45 Broadway on Monday. The remodeled offices feature French marble large first floor room with a stained glass dome and a marine theme. Administrative offices on the second floor include Emil L. Boas. The third floor will house Atlas Line West India service and steerage passenger booking space.
The regular Nominating Committee defended its ticket replying to critics amid the stock exchange election fight. The Independent Committee backing President Budd urged members to support the independent slate as reform. The Nominating Committee cites strong sentiment for a different leader and notes Budd was scratched by 113 voters last year, the record high for an elected president. Charles H. Badeau, First Vice President, is the regular ticket nominee.
City revenue bond sale of 40 million dollars was halted after Controller Metz and deputy John McCooey held talks with bankers. Promoters urged offering the bonds to place idle money, but Metz declined, citing potential higher price elsewhere.
Bankers said deposits of securities by the Mexican Central and National Railroad of Mexico under the readjustment and union plan show large majorities, though exact figures were not yet available. The approximate deposits indicate the plan will complete the merger and move toward consummation.
The Public Service Railway Company of New Jersey seeks authorization to issue 25 million dollars in gold bonds to fund reconstruction of trolley lines and retirement of the 6 percent five-year loan from 1904. The parent Public Service Corporation formerly owned these North Jersey lines. Terms are not yet determined.
The United Railways Investment Company of San Francisco reports year end figures with total income of 1 560 846 dollars an increase of 226 641 dollars from the prior year Net income stands at 402 004 dollars or 820 581 dollars less than 1906 President Thallman comments that San Francisco’s future prosperity seems assured and that the railway will share in the prosperity
Pittsburg sold 3,124,700 dollars worth of bonds at the highest premium in years. The issue split into funded debt bonds totaling 1,548,700 and improvement bonds 1,576,000. All carry 4 1/2 percent interest and were awarded to N W Harris & Co of New York at 104,819.
The Farmers Telephone Company serving Burlington Mercer Ocean and Monmouth Counties in New Jersey was sold yesterday to the Bell Telephone Company and Bell will take possession on Monday.
The bond department of Chisholm and Chapman will move to 18 Wall Street after next Monday. N. W. Harris and Co. and Kountze Brothers secured the award on their all or none bid for the City of Pittsburg 130 year 4 1 2 percent bonds totaling 3 124 700 dollars, with the syndicate led by R L Day and Co bidding 104 613 for the entire issue.
President Nash of the Corn Exchange Bank urged Clearing House banks to pursue closer ties with trust companies. The move follows new cash reserve requirements in large cities and comes ahead of a planned dinner hosted by Clearing House President Gilbert. The effort follows a post panic push for harmony between banking sectors after legislation enacted by Banking Superintendent Williams.
Copper prices dropped across major exchanges with reductions noted in the Metal Exchange and London spot and futures. Lead and spelter showed weakness while iron warrants remained strong for certain foundry grades.
The March payments total 131 027 11 dollars with 347 149 50 for death benefits and 84 077 61 for relief of disabled members. Since 1886 the two beneficiary classes have received 17 738 552 05 dollars.
Andrew J. McCormack auctioneer conducts a regular sale of stocks and bonds by Adrian H Muller & Co at 12:30 p m in the Exchange Salesroom Nos 14 and 16 Vesey Street by order of William M Hoes Esquire Public Administrator. Includes Atlantic Mutual Insurance Scrip from 1904 and 1906, Pullman Co stock, Lake Erie & Western Railway bonds, Cleveland Cincinnati Chicago & St Louis Railway bonds, Long Island City mortgages, Michigan Central Railway mortgage, Illinois Central Lines bonds, and other railroad and corporate securities with various due dates and denominations.
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