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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 03, 1908
Page
7
Traders cite improved sentiment and speculative buying despite lack of concrete news. Key players note Union Pacific weakness as a tempering factor while new high risk financing via speculative bonds attracts bold accounts. Idle rail cars shrink and banks report large reserves as markets glimpse potential revival.
The report details Treasury reserves including gold coin and bullion totaling $1.5e8, funds to redeem outstanding certificates, silver dollars, and national bank deposits. It notes current liabilities and a syndicate led by National City Bank to take New York’s $10 million allotment, plus a Brazil loan of $75 million for coffee valorization.
Bradstreet reports September bank clearings at 11,025,899,230 dollars, up 4 percent from August and 5.2 percent from September 1907, with New York City supplying almost the entire increase. The stock and bond market activity fuels the surge, reflecting broader trade improvement while overall 1906 and 1904 comparisons show mixed results.
Dun's Review notes seasonable weather boosts retail and wholesale movement but warns of hesitations in major industries. It cites improved mercantile collections with irregularities in the East, projects large steel and lumber needs for upcoming structural work, yet a tendency to delay until after the election. Factory employment rises while idle freight cars drop 50,000 in two weeks to 170,000. railway earnings for September are 8.7 percent below last year, versus a 17.3 percent April drop.
The New York Metals Selling Company announced a 10 percent dividend on its $50,000 capital stock. Directors approved increasing capital to $100,000. The company conducts general copper commission business and is not tied to any single copper mine.
The Cotton Exchange seat held by A. O. Brown & Co. will be sold at auction on Oct 12. The Cotton Exchange Board admits Adolf E. Nerdeh and J. Leon Wood to membership. The Stock Exchange lists interim receipts for American Agricultural Chemical new bonds in the unlisted department. The Columbia Trust Company handles certificates for Newark school bonds Oneida County road bonds and Syracuse local improvement bonds. B F Tyler forms a new firm at 25 Broad Street with H Walter Loomis and G A Loomis to handle stocks and bonds. The Precious Metals Corporation and John R Allen offer to buy Consolidated Arizona Smelting Company properties or a half interest. Consolidated Arizona, a $16,000,000 firm in Humboldt, Arizona, was in receivership since November 1907 with over $1,800,000 obligations. Bank of North America held collateral and Charles W. Morse was a stockholder. Metalsee is capitalized at $3,000,000 and John R Allen is its General Manager.
London money increased on October 2 as $4,009,000 Pennsylvania bonds were readily placed. Stock Exchange activity showed dullness with profit taking in Britain. Paris sales influenced foreigners while Krafts firmed in the afternoon. American securities lacked interest. bar silver held at 28.5 cents. Paris closed with 3 percent routes at Sof to 4e. Berlin trading softened on Bulgarian tensions amid a quiet tone.
The Department of Agriculture reports the national cotton crop at 69.7 percent of normal as of Sept 25, down from 76.4 on Aug 25. State figures show varying conditions, with Tennessee 78 percent and Texas 11 percent, while Census data detail round bales and ginneries for 1908 by state, including Alabama, Georgia, Texas, and more.
Cotton moved up modestly early then eased and closed largely steady with little change. Daily sales reached about 175000 bales as Census Bureau and Government October reports arrived about as expected. Local spot prices quoted at 9.25 for mid upland and 9.50 for middling Gulf with varied Southern market notes across Savannah Norfolk Augusta St Louis Memphis and Galveston.
The forecast from the Weather Bureau covers Saturday and Sunday. It calls for fair and warmer conditions in North and South Carolina Georgia Alabama Mississippi and Louisiana with light to moderate winds. Oklahoma Kansas Nebraska Arkansas Iowa Missouri Ohio Indiana Illinois Michigan Wisconsin Minnesota North and South Dakota see rain and colder conditions with various wind shifts.
Dispatches confirm yesterday at 37 Wall Street that a receiver was appointed for the Dominion Copper Company due to failure to pay an eighty thousand dollar sinking fund. The company traces to Montreal and Boston Consolidated and Montreal and Boston Copper, with mines closed since mid August. Capitalization stands at five million dollars with one million in bonds, a portion of which has been retired.
Union Pacific reports August gross earnings down 33041 but net revenue up 681133. For two months fiscal year start, gross down 51752 with net up 1002528. September expected to beat August. Southern Pacific sees gross drop 1622440 yet net rise 109078, and two month period shows gross loss 3296057 with net gain 520037.
The October 2 mining market close lists prices for multiple districts including Tonopah Goldfield and Bullfrog. Notable entries show Goldfield at 5.72 and Me a few other mines with modest figures. data reflects irregular OCR marks and partial names.
The local exchange in Colorado Springs lists closing bids and asks for several miners. Flkton bids 65% asked 66 1/4, McKinney 29% bid 30% asked, El Paso 87% bid 40% asked, Portland 102 bid 106 1/2 asked, Gold Pole 77% bid 85 1/4 asked, Vindicator 85% bid 0 5/8, Isabella 24 1/2 bid 26% asked, Work 71 4 bid 81 4 asked.
B B Thayer, head of Amalgamated Copper, reports Montana prosperous with four traces of last year's troubles. Development work at Amalgamated and associated mines is satisfactory. Washoe plant at Anaconda and Boston & Montana at Great Falls running, flood damage repaired, Butte copper shipped East, no storage at properties, and costs kept low.
The United Service reports Captain Baker assumes charge of Fort Wadsworth construction work while Major Jones inspects armament at Caswell Moultrie and Sumter. Capt Freudenhall to Portsmouth on official business. others move to Cuba Philippines San Francesco Fort Sam Houston and Washington for duties and meetings. several passed assistant paymasters listed.
Melville D. Chapman announces the Orphan Copper Company has not sought curb market trading in New York or Boston. He notes a $5 bid for 100,000 shares and states insiders could have sold for over ten times the investment but calls for an end to stock manipulation and speculation.
A scrambled wartime report details vessels and destinations including Solace at Suva and Barney and Thorn ton near New York, with movements to Bremerton Manila Pay and numerous states and cities. It mentions Tingey De Long sailing from New York to Philadelphia and Arethusa sailing from San Francisco toward Magdalena Bay.
A compiled set of office locations includes William Street and Fifth Avenue in New York, Bishopsgate in London, and Boulevard Haussmann in Paris. The items enumerate branch offices at Nos. 16 18 20 and 22 William Street New York, 475 Fifth Avenue New York, 18 Bishopsgate St London and 41 Boulevard Haussmann Paris.
The excerpt lists Illinois banks with capital stock surplus and deposits figures, led by President John A. Lynch and Vice President W. T. Fenton, with multiple assistant cashiers. It also includes notices of dissolution for two New York partnerships Crusel Peter & Conner and Reliable Pants Mfg Co, naming appointed committees and dissolution dates.
Notices inform stockholders of meetings for The Publishing Co Illinois Central Railroad and the Charity Organization Society of New York. Dates include October 1908. locations span Manhattan Chicago and New York City with transfer book closures and times specified.
The Readjustment Committee adopts a modified plan for Westinghouse Electric and Manufacturing debt under the 1908 agreement. Deposits withdrawable until October 27, 1908 incur 1 percent expenses. nonwithdrawn bonds and notes delivered at plan consummation. Deposits may be made with listed banks. signatures of committee and officers follow.
Notices announce upcoming stockholder meetings for Union Pacific Railroad Company Alabama and Vicksburg Railway Company Empire State Land Company Northern Securities Company and related actions. Dates set for October and November 1908 with details on directors, mortgage authorizations, and transfer book closures.
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