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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 07, 1908
Page
4
Brokers deny commission increases and reduce public enthusiasm as uncertain technical conditions temper trading. A semi professional trader, bond seekers, and an active Union Pacific focus shape a cautious market, with odd lot activity rising and a broker recalling early losses before a rebound.
Reports circulated in Wall Street that control of the Western Maryland Railroad may pass from the Goulds and be operated as an independent line. Minority holders and some bondholders see a possible readjustment. earnings and fixed charges are cited, while officials deny new ownership moves.
Securities valued up to $100,000 were disposed of at auction yesterday at the Exchange Salesroom 14 and 16 Vesey Street Adrian H Muller Sons auctioneers by order of William M Hoes Esq public administrator. The listing includes Atlantic Mutual scrip Adams Express bonds Pullman and railroad company bonds and stocks from many firms with prices and due dates. The sale also covers church property ground rent and a few leases with commissions and vestry approvals noted.
Three paper dealer creditors with about 4500 in claims filed an involuntary bankruptcy petition in federal court against Koch Loeber Company. The firm’s liabilities are estimated near 190000 with assets around 150000.
London supplies of money exceeded demand as discounts stayed quiet. Consols rose after a cheerful settlement and investment buying returned. Home rails dull, foreigners easy, Rio Tinto and De Beers weaker on Paris selling. American shares opened strong but eased. New York built a firmer close. Amalgamated and Anaconda drew attention. bar silver at 24d per ounce. Paris prices firm on New York tips. Berlin tone heavy.
Trade showed quiet activity with about 29,250 bags sold as offerings were readily absorbed. December led activity while large buyers, including a major package coffee house, appeared active. Santos reported planters delaying harvests due to unripe berries.
The cotton market rose to new highs amid heavy sales and favorable Liverpool signals. Traders cited rains in the belt, poor crop reports, and private cables from Manchester as drivers with sustained demand for July futures. Local spot prices edged up while Southern markets showed mixed gains on thin sales.
American Can preferred, Quaker Oats preferred, and Swift shares show mild upticks. Elevated stocks trend better as Metropolitan preferred recovers to 471 and South Side L moves to 55 before midday. Quotations list numerous issues with varied highs and lows across sectors.
Copper spot advances 5s to 57 12s 6d while futures gain 7s 6d to 58 6d. Pig tin closes weak with a £2 spot and £12s 6d futures loss. iron warrants firm at 50s 3d for standard foundry and 1s 9d for Middlesboro. Lead holds at £12 1s 6d and spelter at £29 15s. New York exchange bids and asks shown with copper, tin, and spelter movements.
Notice announces drawing of specific First Mortgage Bonds of the Houston and Texas Central Railroad Company at 110 percent of par plus accrued interest. Drawn bonds listed by distinguishing numbers will be paid upon presentation at 120 Broadway New York, with nonpayment after May 29 1908. Also includes a trust notice from Knickerbocker Trust Company seeking to buy five thousand two hundred fifty dollars of Patchogue Manufacturing bonds.
The American Tobacco Company announces a 21 percent dividend and an additional 5 percent extra dividend on its common stock. The dividends are payable June 1 to holders of record at the close of business May 15, 1908. J. M. Hicks, treasurer, signs the notice from New York.
Colorado Springs May 6 The flowing closing quotations on the local Exchange list bids and asks for Elkton McKinley Paso Portland Rawlings Findlay Isabella and other names with varied prices noted.
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