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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 16, 1908
Page
11
Traders shrugged at a narrow session before a sharp late rally in Union Pacific and Southern Pacific boosted optimism. Call money firmed and commercial paper improved as banks awaited seasonal transfers. railroads hinted at renewed earnings and planned equipment upgrades, signaling cautious optimism for year end.
New York City, with Metz's office, sold $22 million in revenue warrants over the last month. Banks including Harvey Fisk & Sons purchased large blocks while J P Morgan & Co arranged foreign exchange to pay maturing bonds. Rates ranged from 3.1 to 4 percent for various terms, nearly matching a 7 percent effective cost due to exchange arrangements.
National Trend Company president A Cole returns from Europe while Currie & Boyce partner Fred Currie comes back from a Chesapeake shooting trip. Ros enberg and Bernheimer join the New York Stock Exchange board alongside others. directors at several banks and railroads are reshuffled as new officers are named and bond offerings move forward.
The Executive Committee of the Chicago Milwaukee St Paul railroad voted to resume monthly earnings reports. August shows higher gross, lower net, with increased maintenance costs driving the rise in expenses. Inter-State Commerce Commission publishings influenced the decision. September earnings are expected to rise more than August.
The Boston market showed quiet early trading with strong undertone and little selling pressure. Copper prices advanced with Superior Copper and Arizona Commercial and Tennessee Copper active. London sessions closed lower on spot and futures. Pig tin rose firm, lead eased, and Spelter held. iron warrants remained weak amid mixed New York Metal Exchange quotes.
London trading shows firm discounts amid continued anxiety over Continental exchanges. Kaffirs and home rails lead gains while American securities rally on Continental demand. Bank of England discount unchanged at 2 percent as markets close steady and bar silver holds at 23 11 16d.
London reporting the Bank of England weekly reserves show a total decrease of 34 000 in reserve and 370 000 in circulation. Bullion falls by 404 483 with other securities down 121 000 and other deposits down 108 000 while jubile deposits decline 290 000 notes reserve rises 90 000. The reserve to liability ratio moves to 51.05 percent from 50.95 percent.
The weekly Bank of France report notes notes in circulation up 45.4 million francs and Treasury deposits up 242.875 million francs. General deposits fell 18.75001 million francs while gold on hand rose 6.025 million and silver on hand declined 5.975 million. Bills discounted rose 28.7 million francs, advances fell 0.775 million.
Albany October 15 1908 Commissioner John Williams of the New York State Department of Labor declared the semi monthly wage law for railroad companies will be strictly enforced. He defends penalties of 50 dollars per employee and notes aggregate penalties can reach 250000 dollars for a 6000 worker firm, promising suits to recover penalties if needed.
The Baltimore and Ohio annual report shows a sharp drop in 1908 earnings with gross down 8,650,140 and net down 7,905,928. President Oscar G. Murray cites crop prospects and conservative views as factors and predicts a marked recovery next year.
The Burlington's annual report shows gross earnings of 78.46 million and net earnings of 19.99 million, with a 7.13 million write off for betterments. It notes the Sioux City & Western Railway purchase, extending 220 miles from Sioux City to Ashland Nebraska and a branch to Neill. Additions to sinking funds reached 1.36 million, with 27.59 million on hand. U S Express directors fail to meet amid dividend plans and a potential control sale or dissolution.
John G. Shedd of Marshall Field & Co. is mentioned as a prospective successor to James De Wolf Cutting on the Illinois Central board. The annual meeting on the 21st is seen as the moment the change may be made. Cutting joined the board under former President Fish.
Brokerage houses warned to watch for a counterfeit 100 share certificate of Goldfield Consolidated Gold Mining Company a $50 000 000 firm trading on the curb. The fake document to John Davis dated May 16 1908 bore forged signatures and a misdated registration stamp from John S Cook & Co. The firm’s transfer agents in New York say the lithographic certificate is poorly matched in color size and vignette to the genuine.
The Anthracite Miners Union closed its convention in Scranton with a wage scale proposal. Demands include recognition of the United Mine Workers as a bargaining party and revenue collection rights. An eight hour day with no wage cuts and a uniform wage scale across colleries are urged. Read more on the planned joint talks with operators through National and district presidents.
Waterbury Conn October hazing at Taft School leads to suspensions of four students. John N Garfield son of Secretary of the Interior receives three week suspension along with Kenneth Monteaghc of San Francisco Frederick Andrews of New York and Henry Fownes of Pittsburgh each given six weeks. Garfield was center of the second football team while the others were on the regular squad.
The Wisconsin Central issued 1.5 million dollars of four percent seven year equipment trust bonds to fund the purchase of 2 366 freight cars from Haas Barker Company. The new cars will boost capacity by about one third. A director noted George J Gould’s election to the Wisconsin Central board may tighten relations with the Wabash Railroad but not shift all east bound tonnage to the Wabash.
The cotton market showed irregular activity within a narrow range, closing with a slight October decline and little change in later months. Estimated sales reached 120,008 bales while exports to Britain rose, hinting at soon resumed Manchester activity. Local spot markets remained steady across Mobile, Savannah, Norfolk, Augusta, Galveston, New Orleans, Memphis, Houston, and other hubs. The Weather Bureau forecast called for fair to warm conditions across the Cotton and Grain States with variable winds and showers in some regions.
The sheriff served an attachment for 11894 against Wheeler & Jones, Maine incorporated note brokers of Leston, successors to Wheeler & Jones. The claim relates to a 39000 note dated April 24 and pending liabilities. Eugene Worden holds the attachment. service noted on D. Le Roy Dresser and several attorneys.
Fragmentary notice outlines mortgage terms and tender proposals with references to a special market setting and a publishing firm. It mentions Jones & Co publishers and requests complete copies of a periodical for unspecified issues and dates, including listings around 1947.
Advices to Henre Nordlinger and Company state the Sao Pinito state siew out of Brazil will refund existing coffee loans and fund the valorisation plan. The issue will be offered to public subscription at 9 percent. New York bankers have subscribed ten million dollars of the issue.
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