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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 12, 1908
Page
9
A veteran trader wagered two points on New York Central before noon, signaling broad belief in a rise. News of extended short interest and a Northwest lumber firm’s cautious view of a worsening economy contrast with cautious lending and a bond house’s failed flotation plan.
Committees of the Merchants Association and the Board of Trade and Transportation met to discuss proposed trunk line freight-rate raises effective Oct 1. No decisions were made as conference invitations and further hearings loom. Some merchants view higher rates as fair for roads, potentially boosting purchasing power and enabling larger orders, while others oppose increases.
Mexico City May 11 Minister Limantour sent to Congress a bill with sweeping banking reforms. It forbids banks from lending to their own officials in the first year and limits such loans thereafter. Officials cannot borrow without adequate security. The measure also tightens bank issuance periods, bans undisclosed drafts, restricts government bankers from holding offices in states with chartered banks, and raises minimum capital to one million pesos or half a million in gold.
Cincinnati May 11 George E Stapeley Co brokers made an assignment to William Bodener as the firm closes a heavy business with many branches Reports estimate losses from 300000 to 1000000 due to creditor pressure Stapeley is the third of those indicted for bucket shopping to close his business the firm was capitalized at 100000 with 80000 subscribed and had taken over much of the former Stock Company business
Boston news reports a rail committee statement: New Haven must dispose of 109,000 Boston & Maine shares or risk debt. Cheate says court decree requires sale. Anti-Merger League pushes bills to forbid New Haven control of B and M and to bar any railroad ownership without a special act.
New Jersey May 11 Special to the New York Times Judge Cross signed an order directing Benjamin Atha Ernest P Harden and George W Hebard receivers of the Atha Sisel Casting Company to accept 61000 of Westinghouse Electric stock in discharge of the merchandise facility of the Westinghouse Company to the Atha Company. Counsel for the receivers said the claim against Westinghouse was for work done and represented 45 percent of the Atha Company’s total business. Under a reorganization agreement when the Merchandise Creditors Committee completes its work the Atha Company is to receive more Westinghouse work and business to rehabilitate the Atha company. The Atha Company will receive 61000 of Westinghouse stock, one dollar in stock for each dollar of liability. The order makes the Atha Company a party to the plans of the Merchandise Creditors Committee of Westinghouse.
The cotton market posted new high records with active selling over 9 cents and a late surge after reports of a tornado in Galima. July stayed firmer, market closed steady with a 14.4 point gain and about 400,000 bales sold. Local spot prices rose. various Southern markets showed gains from Savannah to New Orleans with limited volumes.
Money on call and time money rates ranged from 1% to 8% depending on term. Mercantile paper quotes included 4 65 percent and 4% 0 percent. Clearing House shows exchanges at 147,551,122 and balances 7,566,880 with bank gains and losses. Sterling and continental rates varied, with New York exchange at par to several cities at premiums or discounts.
London and New York spot rates show silver at 248-16d per ounce and 52440 in New York. Mexican dollars are priced at 47a.
Money demand moderate and gold offered 450000 pounds. Stock Exchange slack. Indian news weakens gilded securities while consols rise. Labor talks loom. American securities strongest as Wall Street buys. Coal shares lead, Canadian Pacific aided by crop reports. later Continent supports low priced issues. Bar silver steady. Paris firm. Berlin heavy.
Coffee markets showed uneven activity with closings 5 points higher to 5 points lower and sales totaling 51,000 bags. Openings were steady to up 10 points, with Rio up 25 and Santos flat. Light receipts at two ports stood at 14,000 bags, and weekly shipments totaled 100,000 against prior years. For the season, receipts reached 9,631,000 bags. Market reports also noted French and Hamburg shifts and spot Rio No. 7 at 66-16. Contract price ranges for May through February were listed with modest gains and steady surrounds.
For sale list shows International Salt 5 percent at 62, International Silver 6s at 103, American Coal Products at 68, National Sugar pid. at 402, Union Typewriter com. at 58, Du Pont Powder com. at 83, International Silver pid. at 58, American Chicle pid. at 93, Borden's Milk pfd. at 104, E. W. Bliss Co common at 422, Natural Food pfd. at 93, and other items with prices.
Under Amalgamated leadership the Boston market strengthened with active trading. Atlantic rose beyond 15 to a new high for this rise, while North Butte and Butte Coalition climbed to 60 and above 28 respectively, with American Pneumstic among notable movers and a steady close at higher levels.
The New York Times requests reader information to remove fraudulent and objectionable advertisements. The notice lists numerous securities, bonds, stocks, and notes including Mobile Jackson & Kansas City R R, Chatham National Bank, American Taxameter Co, Etna National Bank, and Lake Michigan Central Ry among others, with quantities and dates. Authorities promise confidentiality.
Nebraska extension sinking fund bonds valued at 294 410 dollars to be issued by Chicago Burlington and Quincy Co. sealed bids invited by Newland Trust Boston May 19 1908. Bonds delivered to Chicago Burlington and Quincy Railroad Boston office. Knickerbocker Trust Company notices sale of five percent gold bonds Pocaontas Consolidated Coal Trustees offer sealed proposals New York Trust Company 1908. Also an employment ad seeks a salesman for a banking house Box 4M Boremus Co.
May wheat and corn futures slumped amid supply shifts and export hesitancy. Kentucky and Michigan readings varied from government figures, while Kansas reported Hessian Gy damage. Visible grain supply fell by 2,272,000 bushels. Liverpool and Budapest showed price declines, Busnes Ayros posted a rare gain, and cash wheat in New York quoted No 2 red at 1.03 to 1.08 1/4.
The Silversmiths Company declares a quarterly dividend of one percent on capital stock payable to stockholders of record at the close of business May 9 1908. Transfer books will close then reopen May 16 1908. Robert C Hotson, Treasurer, New York, May 11 1908.
Notice states the annual meeting of the New York and Island Bridge Company stockholders will be at 192 Broadway New York on Monday June 1 1908 at 12 o’clock noon. Directors to be elected for a term to June 1909. Polls open one hour. Joseph F. Krane signs the notice.
Stockholders are called to elect directors at the Lyric Theatre Building New York on May 28 1908 at 8 PM If access is denied the meeting moves to Cambridge Building 38th Street and Fifth Avenue Rooms 6 7 8 at 4 PM Inspectors of election will be chosen and other business may be conducted May 4 1908 Margaret Anglin Henry Miller stockholders Witness Walter Kathierin Mu m
Framed notarial certificates document Frank H Keen Sidney E Ward and John Smithers acknowledging execution on April 27 1908 and sworn statements about contributions by John Smithers to a partnership. Also a withdrawal notice from Stephen G Cuddeback from Cuddeback Morrison partnership at 8748th Ave New York stating no further debt responsibility after this date.
Sealed estimates for furnishing horses drays and harness at the Brooklyn and One Island Terminal will be received by the Commissioner of Docks at Pier A by 22 o clock noon Friday 5 1008 for particulars see City notice.
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