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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 04, 1908
Page
10
European and American markets advanced modestly as oversubscribed Pennsylvania bonds buoyed sentiment, despite irregular trading and two Wall Street bear failures. Steel earnings fell from prior quarters while railroads cut dividends to conserve cash, signaling cautious progress toward recovery.
Reports from Lake Superior indicate shaft work begins at Seneca property and crosscuts at 350 feet. Ore grades, mine finances, and smelter leases are noted for multiple operations including Nevada Consolidated, Globe Consolidated, and Utah Copper. Output figures and plant capacity are reported with varied prospect insights.
The American Railway Association reports between April 1 and 15 a surge of idle cars in the United States and Canada totaling at least 68,000, the largest fortnightly rise since January 8. Idle coal equipment accounts for about 40,000 of the increase as coal mines shut in early April due to wage disputes.
Paris markets show historic dullness as the Paris Bourse closes a week with widespread price declines. Industrial issues fall to new lows and overall activity remains tepid through Saturday.
Five more gold engagements last week added 4 million dollars to exports, totaling 13 million from the movement which began with a 1 million shipment on April 16. All shipments went to Paris as the exchange rate fell to 4.8685. Pennsylvania's 40 million bond issue abroad is cited as a factor, with gold outflow now under banking scrutiny. The nineteen day total reaches 18 million.
The Pennsylvania Railroad adopts streamlined steel rail specs after long study. The committee requires only sound rails with sufficient discard to ensure quality, avoiding elaborate rules on discard percentages. A series of severe tests accompanies the new specifications to prevent unsound rails.
B F Yoakum urged the nation to pause new laws amid railroad recovery. He called for a fixed government policy to aid reinvestment and completion of unfinished lines, and urged a broad gauge successor to Roosevelt shaped by business interests guiding party platforms. Public sentiment, he said, was shifting toward the railroads.
Pittsburg report outlines a rift between President W E Corey and Chairman B H Gary of United States Steel over pig iron pricing. Corey favors cutting Southern prices to dump surplus abroad while Gary supports maintaining current prices. The piece notes postponed producer meetings, Corey’s Europe trip, and market signs of price weakness with mixed sales and cautious demand.
London stocks were largely idle with weakness in a week marked by pension budget fears ahead of next Thursday’s budget and a shipyard dispute. American markets remained active. future Union Pacific issues may come, with most follow-ons likely in New York. European bankers could fund the Pennsylvania Railroad while moving capital abroad.
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