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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 09, 1908
Page
11
Traders debate the market’s rise with claims of manipulation and scarce public interest. Reading and Union Pacific surge amid rumors of control and asset segregation while brokers report shrinking commission business and cautious bulls and bears.
Washington May 1 The Agricultural Department says Winter wheat area to harvest on May 1 was about 2 751 000 acres, 4. per cent lower than this fall sown, and Rye at 90.3 per cent of normal. Wheat condition 59 per cent of normal versus 93 per cent April 1. Prices rose as traders priced new estimates. The report notes shifts in harvest projections under revised measurement methods.
Banking quarters deny any sale of Reading stock by the Lake Shore yesterday amid strong market activity. Reading stock rose notably with a net gain of 31 point on turnover exceeding 300 000 shares as traders eye a probable sale in New York Central related talks.
NLOW Waisey and Co. offer investors 547000 Nassau Light and Power Co first mortgage gold bonds due Oct 3 1927 tax exempt in New York State. At the monthly meetings of the Southern Railway and New York New Haven Hartford boards only routine matters were discussed. New directors elected include Inchans J. Julian Dick Jimond L. Haneman Thomas Porter Ford of Rochester joins Henry Tilden Swan’s stock exchange seat, Ford & Enos handling New York brokerage.
London reports abundant money and easy discounts as the budget has little impact. British shares remain steady with Consols rebounding early but closing lower. American securities drift to parity then improve. New York gains lift the list. Canadian Pacific and Grand Trunk notable. foreign exchanges mixed with Berlin somber.
Cotton prices surged to new highs at midday then tumbled in late trading to close 16 to 21 points lower. Trade ran about 375000 bales with the market opening down 14 to 38 points. Supt Kings weekly crop movement figures show port receipts at 7793345 bales and overland to mills and Canada at 651177, with Southern mill takings around 1.536 million. L Adler & Son jewelers were settled with creditors at 75 cents on the dollar in bankruptcy proceedings. Colorado mining stock quotations close with Elkton Dante Isabella and El Paso among others listed.
Government deposits recalled from National banks as the first installment of a $45,000,000 call will be turned into the Treasury today. About $2,000,000 was paid to the Sub-Treasury yesterday and additional large payments have reduced the amount due today, most of the funds coming from National banks in the city.
The bond market showed strength with total daily transactions at 4 219 08. New York City bonds rose a full point as 82 4414kg traded. St Louis and San Francisco bonds were offered to Redmond and Co and J W Seligman at 2 552000 in refunding four percent issues. Fours rose 11 points to 73, closing at day’s high.
In the financial district yesterday discussion named forty million dollars as the likely Union Pacific bond issue from the hundred million authorized. Reports that bonds were sold to Kuhn Loeb and Co. and the Rothschilds in London were denied. It was expected they would cooperate as with Pennsylvania bonds.
At the Spring meeting of the Executive Council of the American Bankers Association held at Lakewood Denver was unanimously chosen to host the next annual meeting in the latter part of September. A legal department was created and Thomas R.B. Paton was elected general counsel with headquarters at the association. He will serve members committees and sections. The association also plans a monthly journal dedicated to its affairs.
Bradstreet's notes 288 failures in the United States for the week, up from 12 the prior week, with regional tallies: Middle States 107, New England 30, Southern 67, Western 49, Northwestern 12, Far West 93, Territories U. Canada 22. About 9 percent of failed firms had capital between 5 000 and 20 000 dollars and roughly 50 0 0 percent had capital 5 000 or less.
Bradstreet notes poorer crop prospects due to rains and frosts affecting corn oats and fruit in the South with spring wheat spared while prices move irregularly and buyers cautious with textiles dull and funds flowing to bonds and securities. Dun reports weather shaping retail trade and commodity markets with cooler demand for light wear and heavy rains feared crop damage yet no serious injury. prices expected lower yet stocks must replenish.
Auction by Adrian H Muller & Son at Exchange Salesroom Vesey Street lists dozens of holdings to be sold for trust account including Bronx Gas & Electric Co. Columbus & 9th Ave R R Co. Syracuse & South Bay Electric R R Co. National Light and Power Co. and other securities. Properties include railroad stocks bonds and municipal issues with numerous quantities and par values.
Proposals due by June 1 1908 for sinking fund bonds of the Wisconsin Central Marshfield and South Eastern Division mortgage. Trustees seek bids to exhaust 6011.19. Also bids due by June 15 1908 for fifty year five per cent gold bonds of Pocahontas Consolidated Collieries Company Incorporated to raise 52503.74. Meetings notice: Bauer Folsom Company annual stockholders meeting May 11 at 10 AM.
Special meeting of Illinois Central Railroad Company stockholders to approve purchases of Kensington & Eastern Railroad Company and Memphis & State Line Railroad Company, plus capital stock increases and mortgage security arrangements. Meeting scheduled May 18 in Chicago, 11 a.m., 1908.
The Board of Directors today declares a semi annual dividend of 13 percent ($1.50 per share) on the capital stock, payable after May 29 to stockholders of record at close of business May 5, 1908. Checks will be mailed to holders who filed Permanent Dividend Orders. Treasurer Henry Tatnall signs. Bank of North America account sale offered by T Roberts Box 156 Times Downtown.
The ith ANNUAL MEETING OF THE STOCKHOLDERS of the Standard Gas Light Company of the City of New York will be held at the office Nos 61-63 East 49th Street New York City on Wednesday the thirteenth day of May next at 12 o'clock M for the election of Directors and other business. GEO W PARKHURST Sec.
Sealed bids will be received by the Board of Water Supply at 290 Broadway New York Room 910 until 11 AM June 2 1908 for the Rondout Siphon and one half of Bantico Grade Tunnel in Ulster County New York. Bids opened read and contract awards made as soon as practicable.
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