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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 01, 1908
Page
13
Traders note a cautious mood with a shift to waiting over action as bank clearings weaken in New York Boston Philadelphia and Baltimore. Brokers describe money conditions as easy with rates near percent and discuss how insiders and outsiders traded during the recent price break.
Trading on the New York Stock Exchange in September totaled 17,498,727 shares, down from August but up from September last year. The heaviest day was the 22nd with 1,425,289 shares. the month’s low was 367,126 on the 30th. Bond dealings reached 82,007,540 in total across all classes, up from the prior month, with the heaviest day at 6,601,400 and the lightest at 2,001,500 on the 20th.
Cotton eased slightly on the day with a 1.5 point drop as sales reached about 125000 bales. Spot markets were quiet with Upland at 9.50c and Gulf at 9.55c, while regional quotes varied with Savannah down 15-16 to 8 15-16c and New Orleans down 1-2c to 9c.
The forecast covers Thursday and Friday for districts from North Carolina to Nebraska. Conditions vary from partly cloudy in South Carolina to fair and warmer in the plains, with winds ranging from light to brisk northwesterly, and cooler trends in Indiana and Illinois.
Coffee opened steady and closed steady with a net unchanged at 9.5 points as foreign buying supported prices. US deliveries totaled 24 918 bags in New York against 10 627 a year ago while port receipts reached 15 000 bags including 7 000 at Santos. Prices in Havre Hamburg and Rio showed varied movement with spot Rio at 14 1 2 cents. Weather in Sao Paulo state was cloudy to fine affecting market sentiment.
A report notes another 100000 dollars in gold shipped to Canada yesterday. J P Morgan and Co purchased Erie coupons due October 1 at par. A Stock Exchange seat sold for 65000 dollars, down 5000 from the prior sale. Interest on Wheeling and Lake Erie equipment mortgage bonds is being paid. Dick Brothers and Co will open a rough office today at the Waldorf Astoria under J Newton Marshall. New York Importation Company stockholders voted to cut capital from 500000 to 100600 dollars. Distillers' Securities Company directors maintained a 1 percent quarterly dividend, with talk of a possible rate reduction.
European markets show American securities improving with London and Paris prices firm. Tuesday's session saw money in good demand, Canadian Pacific and Kaffirs under pressure early but recouping losses, and copper shares gaining on cost-cutting hopes. In Paris three percent rentes quoted around 5 francs 12 centimes, and the exchange with London firm. Berlin prices on the Bourse also noted as firm.
The Iron Age notes little market movement as buyers and sellers await the election outcome. The week’s notable action includes a 14 000 ton cast iron pipe sale for Cuba’s Cienfuegos water works. Canada’s Transcontinental Railway orders go to Algoma Steel and Dominion Iron and Steel. Pig iron remains easy in the Central West. Inland Steel secures a 25 000 ton steel contract for railway springs and a 14 000 ton call for 5 060 cars for the St Paul system.
The New York Times reports the closing quotations for mining stocks in San Francisco and Colorado Springs. Entries include Kentucky Con, Wash. Con, Sierra Nevada, Goldfield, Tonopah, Great Bend, Yellow Jacket, Mohawk Extension, Homestake, Bullfrog, and other mining concerns with bid and asked prices and recent premiums.
Yesterday spot copper rose by 1d from Tuesday’s close while futures gained 3s 9d from Tuesday’s quote. Closing figures show spot copper at £59 17s 6d and futures at £60 1s 9d, tin at £194 2s 6d, lead firm at £9 15s, spelter steady at £19 15s, and iron rates near unchanged. The New York Metal Exchange closing bids and offers for spot copper and peers are listed against Tuesday’s figures.
The New York Times reports a quiet trading day in Baltimore with minimal stock action and scarce bond movement. United Railways funding declined slightly while United Electric Light and Power 444s fell one point amid overall weak market activity.
Hallgarten & Co. announces structural changes effective in 20 days. Hans Winterfeldt retires to join Speyer & Co. and two new partners Henry H Wehrhane and Harry Bronner join the firm along with Casimir T. Straiem, Max Horwitz, and Ludwig Treitel. Siemund Neustadt Henry Budge Carl Fursiehberg and Hugo Blumenthal become special partners. Horowitz led Amerika Bank Berlin. Treitel linked to Berliner Handels-Gesellschaft. Hallgarten & Co. remains sole U.S. representative for Berliner Handels-Gesellschaft.
At the Ontario & Western annual meeting yesterday President Thaemas ae Fowler and the officers were re elected. Fowler, a veteran railroad President in the territory, heads a line long controlled by the New York New Haven & Hartford Railroad for three years, which holds a majority of Ontario & Western stock.
The stock department reported yesterday's principal transactions with opening high low and last prices for numerous items. Mint and other commodities showed varied activity with fluctuating prices throughout the session.
The Treasury opened with a reserve fund of gold coin and bullion totaling 150000. Trust funds to redeem outstanding certificates and general fund deposits in national banks are listed along with Philippine gold coin and silver dollars figures. Current liabilities and totals are indicated in the financial snapshot.
Notices regarding bond redemption and interest on bonds for companies including Houston and Texas Central Railroad, Erie Railroad, Jefferson, Bergen County, and others. Auctions and sales of stock or bonds were advertised, with dates around late 1908 and mentions of par purchase and coupons.
The Farmers' Loan and Trust Company trustee offers to buy until January 1, 1909 the Chicago & North-Western Railway six and five percent sinking fund bonds at 105 and accrued interest, for $144,544.37 of the sinking fund, under the mortgage provisions. F. Marston is president.
A historical bank statement shows assets and liabilities for the New York County National Bank. It lists resources including loans, cash reserves, and total assets, with liabilities comprising capital stock, surplus, and deposits. Names and signatures indicate governance and verification by bank officials and a notary.
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