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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 08, 1908
Page
9
The column surveys investors' hopes for government crop figures amid easy money and cautious optimism. It cites broker concerns about hypothecating customer stocks, Union Pacific leadership, and muted loan activity, with observers noting hoarding cash in safe boxes and potential bond sales to cautious buyers.
Cotton prices surged into new highs before closing with a net gain around 19 to 20 points. Total sales were about 275,000 bales as Liverpool’s weaker tone and favorable U S weather influenced trade. Local spot cotton held firm with middling upland at 10.55 and middling Gulf at 10.80, while Southern markets reported mixed gains across Memphis Galveston New Orleans Sa vannah Norfolk Augusta St Louis and other centers.
Controller Metz leads the Commercial Travelers Inter-State Prosperity Congress planned in August in New York City. He cites wide support from U S business leaders and railroad partners while urging optimism despite market downturns. Stakeholders including S C Mead and William McCarroll pledge backing and facilities to host the event.
Chartered 1822 London office at 18 Bishopsgate Street and Paris location at 41 Boulevard Haussmann advertise bills of exchange cheques and cable transfers.
London gains with easy discounts and cheerful stock trading as Consols rise. Foreign funds lift Paris shares while copper stocks weaken. American securities stay steady with midday firmness fading to ease. Bar silver holds firm and money rates hover around 1.25 percent. Paris notes lower private discount at 29.16. Berlin stock mood remains quiet.
WHEAT bears dampened early trading on a government report outlook but export trade aided later gains with eighteen loads locally and twenty four at offshore ports. London cargo sales, Argentine contract activity, and mixed international prices influenced the session. Northwest receipts reached 124 cars versus 897 a year ago. cash wheat quotes ranged from No 2 red 1.07 elevator to No 2 hard winter 1.13 afloat. CORN saw May offers at Chicago lift prices to a multi year high with brief brief activity. No 2 corn closed 0.80 in elevator and 0.78 to 0.79 afloat. FUTURES, NEW YORK PRICES.
Special from Baltimore on May 7 reports demand for bonds rising and prices firm. Seaboard three year 5s rose 1 percent to 5 7 in price. ten year 8s up a full point to 519. Maryland Casualty advanced a full point with shares at 115 and bonds totaling $91,500.
Chicago reports a massive clash looming between urban industrial interests and eastern railroads over freight rate hikes. The Illinois Manufacturers' Association calls a May 15 Chicago conference, inviting chambers of commerce and manufacturers groups from New York to Buffalo to plan a united strategy.
London May 7 The weekly Bank of England statement reports total reserve up £40 000 circulation up £79 000 bullion up £118 947 000 other securities up £184 000 other deposits up £1 227 000 public deposits down £995 000 notes reserve down £91 000 government securities unchanged reserve proportion 50.92 percent versus 51.06 percent last week.
Eastern trunk line railroad executives met led by E H Harriman to approve a planned freight rate rise. The unanimous vote directs traffic departments to draft schedules and pick an effective date. Rise likely cannot start before next Fall due to workload and operational costs.
Rumors resurfaced that the Lake Shore might dispose of 100000 Reading shares held in its treasury. Reports cited First National Bank associates as potential buyers, noting the Lake Shore’s long standing willingness to rid holdings acquired years ago amid the community of interest era among railroads.
Paris July reports a drop in notes in circulation by 157.3 million francs and treasury deposits by 81.825 million francs with general deposits down 1.875 million. Gold and silver holdings rose by 60.775 million and 2.7 million francs respectively while bills discounted fell 287.6 million francs and advances rose 11.95 million.
Alba NY May 7 reports numerous new corporations including Ever Ready Manufacturing in Buffalo with 600000 capital and directors Whitney Case Harry Poole Harry Vars. Stenton Realty in Brooklyn capital 124000. Greenpoint Fire Brick in Brooklyn capital 50000. American Carburetor and Improvement in Brooklyn capital 25000. and others across New York City and Brooklyn with varied capital, directors named.
Bankers said no definite arrangements were made to raise funds for completing the line. Under the agreement the Denver and Rio Grande will supply needed funds beyond the $500,000 first mortgage bonds issued three years ago. It is evidence the Denver and Rio Grande will issue at least $10,000,000 in notes for this purpose.
The St Louis and San Francisco plans a three year extension with Moffat and White on $2 055 million Kansas City Fort Scott and Memphis bonds due June 1. The bonds carry 7 percent interest and offer holders an exchange plus $20 per old bond, yielding 5.73 percent on the extended bonds.
The Union Pacific Directors meeting, set for yesterday, was postponed and will likely occur next Thursday. Banks and the company have not agreed on bond price, delaying the Union Pacific loan for an unspecified period.
Stock Exchange creditors of Robert Maclay & Co. received checks yesterday in full payment of their claims. The firm failed last fall amid financial embarrassment of E. R. and O. J. Thomas and commitments in Western Ice bonds and Thomas banks stocks.
George R. Leslie and Abraham D. Baylis, members of Mayer & Co whose firm failed last October, were reinstated to Exchange membership yesterday. Mayer & Co. failed due to bear-side operations in Delaware and Hudson before the October panic amid a recent bankruptcy petition filed in federal court.
The Consolidated Stock Exchange announced the suspension of Elmer A. Elsworth of 50 Broadway. He had been a member since May 8, 1903.
Washington May 7 reports the Treasury reserve fund condition at the opening of business today. The brief state of the reserve fund indicates the current balance and funding status as the government manages its fiscal position.
Trading results show bid and asked prices for multiple mining shares led by Acacia Jackpot Elkton and Old Gold with several listings across brokers. Data includes values such as Sovereign Consol and Vindicator with modest spreads and small price moves.
H. O. Redmond of Redmond & Co stock exchange firm elected a director of the Fifth Avenue Trust Company. American Steel Foundry Company's stockholders meeting to approve ore readjustment of capitalization postponed to June 4 with about 90 percent of stock in agreement.
On May 7 the charter filings include Tackle & Gas Company of Rouseville Pennsylvania with capital $50, Feather River Mining Company of Philadelphia with capital $300,000, and Magothy River Suburban Development Company of Baltimore with capital $2,350,000.
The Board of Water Supply invites sealed bids or proposals for the Rondout siphon and a Boniticou grade tunnel in Marbletown Ulster County New York. Bids due June 2 1908 at 11 A M at 2 Broadway New York. Pamphlets cost 5 dollars or 10 for sets. Officials listed.
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