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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 16, 1908
Page
11
The market reversals mood in Wall Street confounds bears who sold stock on fear of a top. Union Pacific dips then rebounds to a new high for the year while convertible bonds track stock moves.
Special to The New York Times reports Western Maryland Railroad securities led trading in Baltimore on May 15. The stock advanced 14 points with Gea roard 24 preferred up 19, while Virginia Uy and Consolidated Georgia Electric Power preferred rose 135.5. Volume included 4,850 trades totaling about $133,000 in reported figures.
H H Rogers, building the Tidewater Railway from West Virginia coalfields to Sewall's Point near Norfolk, prepares to sell $17 million in notes to retire a $10 million issue and complete construction. Virginia Railway and Tidewater links aim to outpace Norfolk & Western and C&O with low grades and heavy bridges enabling 4000 ton coal trains.
Gold from the Assay Office valued at 2 500 000 was engaged for shipment by next Tuesday. Total engagements reach 20 750 000 with about 2 500 000 heading to Berlin. The National City Bank took 2 500 000 in yesterday's move while Heidelbach Ickelheimer & Co engaged 1 500 000 for Tuesday’s steamer.
Coffee activity was modest with an initial dip of three points, then closed unchanged. Daily sales reached about 8 000 bags while receipts at ports stood at 14 000, compared with 57 000 last year and 11 000 two years ago. private reports noted vessel loans on warrants above 421 for spot month.
Hidetheimer of the New York and Honduras Rosario Mining Company will sail on the Kronprinz Wilhelm next Tuesday for a three month vacation. Directors of Sloss Sheffield Steel and Iron postponed a meeting for lack of a quorum. Union Electric Light and Power bonds, N W Harris bids, and New York Air Brake stockholder payments are noted with various dates and calls.
London money and gilt edgeds show firmness early, Consols ease then recover. American securities start strong, drift into irregularity. New York offerings ease in afternoon. Paris and Berlin share firmer to weak closes, with rate shifts noted in francs and marks.
Dun’s Review reports brisker retail trade aided by warmer seasonable weather with improvements in wearing apparel and crops. Some plants resume while strikes increase idle capacity. transport and freight car utilization remain poor. Bradstreet notes irregular demand but improving economic tone and hopes for stock trade gains. bottoming cotton goods prices observed in key markets. May wholesale collections show pockets of progress amid overall weakness.
The grain market showed a general downward trend as export demand remained quiet. Wheat futures in New York eased with cash prices around 1.94 for No 2 red at the elevator and 1.07 free on board afloat, while corn opened lower on better weather and rallied later with No 2 corn at about 76 cents, no export business reported.
Copper metal in the London market yesterday declined 2s 6d from previous bids. Closing prices show spot at £57 17s 6d and futures at £58 12s 6d for both spot and future delivery.
Closing quotations of New York City bonds yesterday compare with those of Thursday, reflecting market activity and small shifts in yields among municipal notes and issues.
New York City Controller Metz submitted figures to the Board of Estimate showing May 1 debt margin at 1,443,724 after deductions for land purchases and contracts. He urged strict economy, delaying improvements unless health or essential needs require funding, while noting past fund shortfalls and seeking clarity from officials on accounting methods.
A Westinghouse Electric and Manufacturing circular to stockholders shows $3.6 million of $4.25 million in total claims already subscribed to the plan. Merchandize creditors expect assent, hoping the reorganization will lift stock to par or above within two years, guarding their interests. The committee warns that without $6 million in new stock, foreclosure sale of the company’s property is possible.
Negotiations closed for Chatham National Bank to buy the nine story building at Broadway and John Street from Corbin Building Company. Leasehold with land owned by Reformed Dutch Church. ground lease renewed 21 years at about $30,000 annually with option of another 21 years. Bank to occupy second floor once tenants leave. Evansville and Terre Haute Bond Sale details follow. Flower and Co purchases $373,000 mortgage bonds to reimburse Rock Island Company lines.
The Board of United States General Appraisers yesterday ruled that metal statuary cast from metal cannot be entered at 15 percent ad valorem under the reciprocity treaty with Germany. They held the items are not handmade and must pay 45 percent as manufactures. The decision overrules a lower duty claim in Vandiver cases and confirms 50 percent on cellulose flowers with toys at 35 percent.
Western Maryland first mortgage bonds traded light yesterday with prices rising to 79 then 78 before closing at 74 amid scarce supply. Deutsche Bank Berlin booked a paper gain from about 53 to a nominal profit near 775000, while Equitable Trust Co of New York also benefited from a purchase at 65.
Thomas A. McIntyre of T A McIntyre & Co remains ill delaying his examination in the U S bankruptcy case. Judge Hough adjourned to Monday after Dr Charles I Dana reported McIntyre is physically weak with intermittent heart issues and tremors.
James J. Hill chairman of the Great Northern spoke at a governors convention in Washington and then returned home. He forecast a hopeful crop outlook for the Northwest saying seeding is finishing under prime conditions for ten years. He avoided comment on general business or freight rate increases.
New Brunswick figures joined J Kearny Rice as trustee in bankruptcy after a Trenton meeting of New York and other creditors of the Consolidated Arizona Smelting Company. Judge T V Boorean and Thomas A Conway and Howard H Maxfield were appointed appraisers. Morse had interest in stock flotation and funds from the National Bank of North America backed the plan, which hinges on debt adjustment to the bank.
Colorado Springs dated May 13 reports daily soap quotations with bids and asks for Elkton Fans Domes Tossabella El Paso Portland Rawlings Vindicator Findlay and Work at various prices. The listing shows bid and ask figures for each item indicating market activity on the local exchange.
Bradstreet's shows 281 U S failures this week, down from 288 last week and well below the 1907 to 1904 weekly tallies. Regional totals include Middle States 92, New England 26, Southern 73, Western 45, Northwest 14, Far West 31, with Canada at 22. About 83 percent of failing concerns had capital of 5 000 or less, and 9 percent had 5 000 to 20 000.
The item lists a $4,000 Imperial Japanese 21 Series 4% bonds due July 14, 1925, plus a $500 McTighe Improvement Cost, $17.10 shares, and mentions Lawyers Title Insurance & Trust Co and States Title Guaranty & Indemnity.
The Board of Directors announces a semiannual dividend of three percent or $1.50 per share on the capital stock, payable after May 29 to stockholders registered by May 8. Checks will be mailed to holders who filed permanent dividends at the treasurer's office, Henry Fatnell.
Aged notices show American Express and General Chemical Company declaring per share and per cent dividends. Details note record dates May 2 1898 and May 22 1908 with payment in June. Names James F Fargo and James Morgan appear as officers.
The State of New York Secretary of State certifies the domestic stock corporation Charles Walshaman & Co dissolved on May 12, 1908 under Section 57 of the Stock Corporation Law. The dissolution complies with required provisions. James L. Whalen Deputy Secretary signs the seal, with Frederick L. Ram er attorney listed.
Notices announce annual stockholders meetings for American Seating Company and several other firms including Wreishere Mark o and the New York and Brooklyn lines. Dates span May 1908 with elections of directors, transfer books closing, and planned capital increases or routine business. Meetings occur at offices in Jersey City Astoria Grand Central Depot and Canal Street New York.
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