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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 26, 1908
Page
11
Traders weigh the New Haven incident and its possible effects on railroad shares led by Union Pacific and Reading. Brokers, bankers, and lawmakers offer varied views while interborough stocks show strength and gold exports draw little attention amid ongoing currency and bond market concerns.
The Chicago Burlington Quincy Railroad sold to J P Morgan & Co 16 million dollars of fifty year general mortgage bonds as part of a 200 million issue authorized by stockholders. The issue is a general refunding aimed at future system needs and does not imply plans to retire Burlington joint 4s. Bonds offered at 95 percent with interest and registration options. Leeesson & Co. also handling the offering in Boston.
Exports arranged yesterday total 3.1 million dollars with 1.5 million in coin and 1.6 million in gold bars, the bars handled by National City Bank. Part will go to Switzerland, with the rest split between Paris and Berlin. Total gold engagements on this movement reach 33.6 million, all but 3 million shipped as gold.
At the government anti trust hearing in the Custom House Kellogg exposed Galena Signal Oil Company’s price disparities among railroads with directors like H. H. Rogers and W. Rockefeller linked to high charges. Evidence showed railroads such as St Paul and Pennsylvania paid vastly different invoice percentages for lubricants under contract while the oil firm pursued nationwide control and educated customers to accept higher prices.
Attorneys for coal carrying railroads and coal companies named in the Sherman anti trust case attended the first hearing before Charles Lewis. The question focused on whether defendants would provide information the government seeks about their affairs. The Pennsylvania Railroad was asked for names, capitalization, and locations of coal companies it controls. Some hearings may be held in New York.
The Department of Justice and coal carrying railroads reach agreement that the constitutionality of the commodity clause will be heard by three federal judges in Philadelphia on June 16. The case will proceed on an agreed state of facts with no prosecutions begun until the court rules.
The U S Circuit Court of Appeals affirms the conviction and a two thousand dollar fine against Omaha Railroad General Freight Agent H M Pearce in Minnesota grain rebate cases. The company appeal is dismissed and government contentions upheld in full.
President F A Heinze has been negotiating with Thomas Weir and Henry Catrow of Salt Lake City after purchasing a controlling interest in the Ohio Copper Company. The move aims to return control to the original Weir Catrow interests by leveraging funds to advance development. Ohio Copper owns 120 acres of claims in Utah's Bingham district and engineers estimate production costs of 6 to 7 cents per pound.
Money was in quiet demand and discounts easy in London. Paris secured the bulk of the 790,000 pounds available as American securities slumped on Wall Street. Amsterdam and New York markets opened lower, with a mid day recovery fading into afternoon losses before New York support steadied some stocks. Union Pacific rose 2, other securities slight gains. Gilt edged issues and foreign holdings steady. Kaffirs firm on Paris support. Bar silver 249-16d. money 1 1 percent. London markets close for Whitsuntide on June 6. Paris trading opened hesitant then firm. Berlin trading sluggish.
The Imperial Bank of Germany reports gains in cash on hand of 33,831,000 marks and a 26,801,000 mark rise in deposits. Loans and discounts fall by 14,212,000 and 1,167,000 marks respectively, treasury bills drop 35,446,000 marks, and notes in circulation decrease 54,288,000 marks.
Special to The New York Times reports Boston banking data for May 23 08 with weekly changes in deposits circulation and reserves. The stock market opened lower with Amalgamated copper weak but later recovered while overall activity remained quiet through the session.
Colorado Springs May 25 traders posted closing quotes for Elkton Portland El Paso Rawlins Isabella Findlay and Vindicator with bids and asks listed. Notable figures include Portland at 100 4 and El Paso at 36 87 percent.
A sale at 12 30 at Exchange Salesroom Vesey Street lists numerous bonds and shares from firms including United States Steel, Park & Tilford, American Telegraph and Cable Co, Chatham National Bank, and New York & New Jersey Telephone Co. among others. The offering includes government, railroad, and utility issues with varied maturities and denominations.
Notice from The New York Trust Company as Trustee invites sealed proposals for sale of fifty year five per cent gold bonds dated July 1 1907. Proposals due by 3 00 P M June 5 1998. Bond value stated as 52 05 74. Right reserved to reject all tenders. H W Morse secretary New York May 24 1958.
The cotton market rose on firm cables and weather fears with near months steady and distant months higher. Local spot prices held at 11.50 cents for middling, while Southern markets showed mixed gains across Savannah Norfolk Augusta St Louis Houston Galveston New Orleans Memphis with substantial sales.
Notices from several companies dated May 1908 announce dividends and bond payments. The Port Worth & Denver City Railway Company details payment of first mortgage six percent bonds after June 17 1908 at Mercantile Trust Company New York. Also mentions a one percent monthly dividend on American Chicle common stock and a two percent semiannual dividend for Norfolk & Western Railway. Transfer books close and reopen on specified dates.
The New York Times asks readers to submit information about objectionable advertisements. All reports will be kept confidential to help suppress fraud and abuse in its columns.
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