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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 21, 1908
Page
11
The article examines the day’s stock market reaction with professional traders and brokerage firms debating whether the sharp drop was temporary or a culmination. It notes long and short selling across offices, bond market resilience, and rumors tied to a favorable or unfavorable SOC-cent gas law ruling, plus concerns over new securities supply.
The New York Times published about 250000 lines of financial advertising in the first four months of 1908, a larger gain than the combined increases of the next two New York papers, marking a notable feature of financial advertising.
April business for United States Steel Corporation rose versus March and February, with officials noting improving demand abroad and rising inquiries. Industry sources report steady price pressures, brisk activity in the Far East, and ongoing committees and dinner meetings among steel firms to discuss prices and market conditions.
Securities disposed of at auction yesterday at the Exchange Salesroom 14 and 16 Vesey Street Adrian H Muller Son auctioneers included United States Steel bonds Erie Railroad preferred stock Mutual Bank of New York Central Leather Company preferred stock and many more items detailed with quantities and prices. Jacob H Schiff and Baron Yoshiro Sakatani met Hamilton Fish at the Sub Treasury in New York during their visit to the United States.
London, May 20. Money was quiet and a shade firmer while discounts were easy. Stock Exchange saw a general profit taking trend with easier tendencies in most departments. Consols led gilt edged securities and foreigns and Kaffirs remained steady on Continental support. Diamond shares steadier after De Beers negotiations weakness. American securities opened 1 to 3 points lower then fluctuated. copper weak. Bar silver steady at 24½d per ounce. Paris and Berlin trading opened heavy then firm. later London improved on New York advices.
Special to The New York Times from Baltimore on May 20 reports less active trading and generally steady prices. Atlantic Coast Line 4s rose a full point to 92 1/4 and new 4s certificates also up a point, while United Railway bonds eased slightly. Baltimore Electric Bs advanced to 88 from 14 and G B S Brewing 4s fell 33. Shares totaled 948 and bonds 93,000 dollars.
The coffee market eased after a calm session with a net decline of 5 to 15 points. Today’s sales reached 33,750 bags as prices opened steady or slightly down. Brazilian receipts held steady while Rio de Janeiro prices rose 25 reis and Santos stayed unchanged. Spot coffee remained steady.
Copper metal closed at spot £57 15s and futures £58 10s in London. Pig tin weak at spot £1 19s and futures £155 15s, with £184 in another market. Lead and spelter steady, Cleveland warrants soft, and New York bids firm while asks rise slightly.
The Produce Exchange Board proposes a pension fund and annual relief appropriations for employees who become sick or disabled. The plan, to be voted on by members, would grant a pension after 85 years of service. Currently only the Cashier is eligible.
Frank A. Vanderlip of National City Bank is elected Stevens Institute of Technology trustee to replace the late S. Bayard Dod. Walter M. Bennet of Bank of America becomes vice president while remaining cashier, and Albert G. Havens is named assistant cashier. West Chicago Street Railway 40 year mortgage bonds and Chicago Union Traction preferred stock are removed from quotation lists. The Stock Exchange adds $8.4 million Southern Railway development and general mortgage 4 percent Series A bonds due 1956 to its unlisted quotations.
The Board of United States General Appraisers ruled silk and wool dress goods are dutiable as women goods under the Dingley tariff and not woolen fabrics. General Appraiser Fischer upheld New York Flexible Metal Heli cese Tubing Co. claim that flexible copper tubing covered with woven copper wire is duty bound at 21 cents per pound under copper pipes, overruling 45 percent ad valorem and 1.5 cents per pound. Judge Somerville upheld Joseph Joseph & Bros. claim that cotton waste mixed with jute is duty free, overruling 10 percent assessment.
The Anaconda Copper Company report shows a large decline from the prior year with total sales of gold silver and copper reaching 12 088 715 a drop of 8 016 818 from 1908. Dividends paid amount to 6 300 000 creating a deficit of 2 921 780 and leaving a total surplus of 6 261 462 amid notes of better ore quality and lower costs in March and April. The retiring board was reelected with Urban Hi Broughton replacing W T Bull.
The Krech Committee holds control of the Western Maryland general lien bonds and stock. Rockefeller interests, while influential through major bond holders and long association with the line, are not in control. Alvin W Krech chairs the Majority Bond holders' Committee, and committee authority remains paramount.
The Chicago and Alton Railroad will start a special thirteen hour express service between Chicago and Kansas City next Sunday, a 482 mile route. The train will link with the Twenty First Century Limited of the New York Central and the New York Express of the Pennsylvania.
Wall Street notice from New York dated May 20 1908 announces the formation of a ravestie rento firm named Smith and Holran for general banking and brokerage business. Elliott C. Smith and Frank P. Holran sign as members of the New York Stock Exchange.
United Cigar Manufacturers Company in New York announces a quarterly dividend of one and three quarters percent on the preferred stock. The payment will be June 1st, 1908 to stockholders of record at 3 P.M. on May 29th, 1908. Secretary MAURICE WERTHEIM signs the notice.
The Houston and Texas Central Railroad Company announces bonds drawn from land-sale proceeds to retire first mortgage bonds at 119 percent. Distinguishing numbers listed will be paid at 110 percent plus accrued interest upon presentation at 120 Broadway New York. Drawing to cease after May 20, 1908.
The bill and properties of the Gold Matain Consolidated Mining Company have operated since 1901 and produced over 2.7 million dollars in bullion from the mill.
Notices announce the sixty first annual meeting of Pacific Mail Steamship Company at 120 Broadway on May 27 1908 for director elections and business. Also Carnegie Safe Deposit Company schedules its annual meeting at 115 Broadway on June 3 1908 for director election and other business.
May 15 1998 notice from New York Department of Health and Department of Docks and Ferries inviting sealed bids or estimates for furnishing materials and constructing awnings shades and wire screens at Kingston Avenue Hospital and nurses home on Fiftyeth Street Sixth Avenue and for mooring posts and rip rap wall at Riker's Island. Bids due dates noted with contacts Thomas Darlington Alva Boty Theodore A Bingham.
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