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Newspaper
New York Times
Location
New York, New York, United States of America
Date
May 29, 1908
Page
9
The piece analyzes a volatile market with delayed trading after a price surge, noting banker and broker concerns. It details bond demand shifts, especially for high grade versus new issues, and cites Mayoralty bond anxieties affecting small lots. It contrasts bank rate cuts with bank losses and stresses broker advice differences across firms.
The coffee market showed subdued activity with 4,750 bags sold as prices edged up slightly late and closed steady. Government auctions were planned in Hamburg for 1,000 bags and Rotterdam for 10,000, while Rio and Santos futures remained largely unchanged. The Treasury reported balances including gold, silver, and bank deposits as Oklahoma Central Railroad was placed under a receiver amid claims over radical legislation affecting its finances.
Holders of Wabash-Pittsburg Terminal first mortgage bonds organized a seven member protective committee led by James N. Wallace of Central Trust Company amid warnings of a pending default next Monday when $600000 in interest is due. The group, likely to include a Rockefeller representative, follows Gould office meetings and signals continued support for Wheeling & Lake Erie notes.
London markets rose on the Bank of England discount rate cut, with Consols and gilt edged securities advancing. Foreigners stayed firm, American securities firm, bar silver steady, money at 1.1 percent, while New York activity and Wall Street outlook influenced the close. Ascension Day closed markets in Paris and Berlin. Bombay cut its Bank of Bombay discount to seven percent.
May wheat prices rose in Chicago while other grain lists fell amid conflicting belt reports. NorthWest offerings increased. Minneapolis stocks fell 425000 bushels over five days. Indian crop total 216000000 bushels versus 816000000 last year. Corn markets held steady despite heavy rains. No 2 corn in New York closed at 77.75 cents in elevator and 76 cents FOB.
Special to The New York Times lists today’s bids and asks from the local exchange. Elkton and Paso show prices, Portland and Rawlings appear with small spreads. markets include Vindicator Gold Dollar and Work stock with modest activity noted.
S R Guggenheim told the New York Times in London that there is no truth to reports he and his brothers planned to sell Utah Copper Nevada Consolidated and Cumberland Ely to Amalgamated. He said Amalgamated has not approached them and they have not approached Amalgamated.
Carlisle and Mellick organize a seven partner firm with six on the floor at 20 Broad Street likely starting June 15. Members include J F Carlisle G P Merrick D A Loring Jr Clarkson Runyon Jr Ira Richards Jr C Samson and D C Halsted. The new firm specializes in odd lot trading and aims to join De Coupet & Doremus in floor representation.
London notes the Bank of England discount rate reduced from 8 to 2 1/2 percent as gold flows shift, with weekly reserves, deposits, and bullion changes listed. The move narrows the gap to market discounts and eases trade conditions.
The stockholders' meeting of Westinghouse Electric and Manufacturing Company to approve formalities in the rehabilitation plan has been postponed for two weeks. Stock deposits under the plan may be made until June 1 when a report is due to the reorganization committee.
An Iowa Central announcement states it sold 2 million dollars in additional first and refunding bonds. Proceeds will extinguish the road’s floating debt and place the company in a stronger financial position.
The cotton market showed nervous, irregular trading with an early decline followed by a mid session advance and a steady close at a net gain. Sales reached about 275000 bales as the market opened slightly lower and Liverpool stabilized after the New York opening ahead of a government report on acreage and yields due at noon.
The Columbia Trust Company will certify twelve issues of bonds totaling 3,624,700 dollars. Shoemaker Bates & Co announce Robert B. Smith becomes bond department manager on June 1 and a Philadelphia branch will open under S G Williamson, with Chicago office already in operation. N W Harris & Co quote over 4 percent, 2,000 dollars. New York Chicago and St Louis Railroad 25 year 4 percent bonds due May 1, 1931 are part of a 3,000,000 dollar issue with total authorized 10,000,000 dollars.
Readable fragments show two street addresses: Londor at 18 Bishopsgate Street and 41 Boulevard Haussmann in Paris. The text suggests a listing or cross reference of locations within London and Paris. No events or identities are provided.
News notes the International and Great Northern Railroad bond deposits under the 1908 agreement, extended to July 1 1908, with New York Stock Exchange admitting farm ers’ loan certificates. It lists $50k Asbury Park bonds, $25k Fall River loans, $50k Cincinnati street improvement bonds, and more across several states, marketed by Coler & Co. anchor firm.
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