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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 17, 1908
Page
11
The piece surveys bullish undercurrents and cautious notes in contemporary market letters, noting brokers’ varied outlooks on rallies and dividends. It cites investor behavior, rumored reorganizations, and pressure from looming bond issues while detailing a real estate deal collapse over an illiquid bond offering.
Brazil’s Sao Paulo state recently floated a 75 million dollar loan to refund bonds tied to the valorization plan aimed at supporting coffee prices. Officials and traders say rumors of abandoning the scheme are unfounded, noting continued sales from stockpiled Santos coffee and a tax-driven export rise through October. Herman Sielcken, representing the state in New York, rejects claims the policy aims to corner the market, stating prices remain near production costs in light of variable crops.
The New York New Haven and Hartford Railroad rejoined the American Railway Association on March 1 after the group reduced car detention from 50 to 25 cents per day. For six months in 1908 the New Haven showed a debt drop to about 220000 dollars from 950000 dollars, with foreign cars per day falling to about 9000 to 10000 as equipment use rose. Large Western systems largely accepted the 25 cent rate, while smaller creditors followed.
The Kansas City Southern annual report shows gross earnings of 8 758 928 and net earnings 2 721 469 after taxes, down from last year by 278 617 and 778 109 respectively. The operating ratio rose to 68.95 percent from 61.28 percent with July and August at 60.57 percent, and a new exclusive switching contract with Armour Packing Company is described as satisfactory.
Dun's Review notes improved reports from many regions with growing future confidence. Retail sales rise in the Northwest amid cooler weather while overall business remains robust and stocks show strain. Textile demand strengthens as mills resume and orders grow. October railway earnings lag 1907 but exceed 1906. Exports rise in September yet weekport figures show declines in trade value and imports. Bank exchanges fall across New York and other major cities.
W T Van Brunt, long associated with Harriman interests including Wells Fargo and St Jo Grand Island Railway, has severed ties with these and other concerns. He formerly presided over Furnaceville Iron and held roles in several railroad related firms. Robert S Lovett is expected to replace him on the St Jo Grand Island board.
London open cheerful then retreat on Bulgarian tensions affecting foreigners and Kaffirs. Consols fall while gilt-edged securities stumble on new issues. American securities mixed with New York gains for Union Pacific and Southern Pacific but overall list weak. Paris closes firm and Berlin markets show weakness except for government bonds. Bar silver steady at 23.5 cents.
In London yesterday spot copper advanced 5s 84d from Thursday. Futures remained unchanged. Final quotes: Spot £59 11s 6d and futures £60 10s. Pig tin closed weak: spot £132 5s and futures £133 17s 6d. Lead £13 6s, spelter £19 12s. tron warrants strong at 48s standard foundry and 49s Cleveland. New York Metal Exchange bids and asks dated Friday Thursday and Wednesday show varied levels across copper and other metals.
After two months notice expired the Mechanics and Traders Bank of Brooklyn becomes the Union Bank on Monday. Union Bank of Brooklyn was the original name before consolidation and reopening on Aug 17. Manhattan offices remain closed with business limited to consolidated Union Bank sites.
Currie and Boyce Bretton Hall branch and Harriman offices on Fifth Avenue and Newport will stay open on election night. The Stock Exchange lists Crex Carpet Company capital stock in the unlisted department at 3 million dollars. American Grass Twine stock quotation is discontinued. J P Morgan and Co say New York and Erie first mortgage bonds and NY Lake Erie and Western coal and railroad bonds coupons due Nov 1 will be bought at par cash on or before Oct 31.
Receiver Frederick Whittridge asks Fifty-ninth Street Crosstown to exchange transfers for six months to test a one fare system between Third Avenue and Fifty-ninth Street lines. He notes PSC Order 786 and urges favorable action while defending current finances and denying watered stocks.
Brooklyn Rapid Transit President Edward W Winter testified on transfer abuses linked to the Metropolitan receivers. He defined a through route as a continuous ride in one car and argued the transfer privilege imposes an excessive burden on the carrier. Winter described the transfer as an abuse and a fraud in practice.
In testimony led by George H. Harries of the Washington Railway and Electric Company the fight over fares grows worse year by year and bites into net railway earnings. He says zone fares cannot work with flat rates on parts of journeys. The hearing resumes this morning.
Judge Foster appointed Dr. Frank W. Robertson Dr. Allan Mac Lane Hamilton and Hugo Blumenthal a commission to assess the sanity of Peter Forrester former broker now in Ludlow Street Tombs after pleading guilty to grand larceny and later claiming insanity. The DA seeks verdict on release feasibility.
Queens County Grand Jury indicted Capt. Peter C. Hains and T. Jenkins Hains on murder in the first degree for the shooting death of William F. Annis at Bayside Yacht Club on August 15. The panel recessed and will reconvene before Justice Garretson with about a dozen witnesses examining incidents leading to the shooting. District Attorney Darrin plans to try T. Jenkins Hains first, aiming for a November 9 trial start.
A blaze in Chicago destroyed property valued at a million dollars including the International Salt Company docks, the Elgin Joliet and Eastern Railway offices, and fifty freight cars at the Calumet River site on October 16. Two steamers were saved, and firemen prevented damage to the elevator as rumors of engine sparks were denied by railroad officials.
State's Attorney Healy said no court action would be taken against Col William Tucker while he remains ill. Attorney Pearson said the abandonment charge against Tucker was withdrawn to allow grand jury indictment and extradition, with the War Department ordering Tucker to Hot Springs for treatment. Mrs Tucker approves but seeks to reassure the public amid concerns.
A tall light haired man with blue eyes posing as a cigar salesman boarded at a Seventy sixth Street lodging near Broadway. He promised advance payment for a fourth floor room, befriended staff, and vanished after taking a suitcase while stealing a watch, scarf pins, an overcoat, and a suit.
Justice William J. Gaynor in Brooklyn Appellate Division refused to grant an alternative writ to compel reinstatement of ex Police Captain William H. Hodgins. He criticized the city charter eye sections as crude and unscientific and urged a rewritten, simplified charter to reduce litigation.
The cotton market shows firmer activity with a steady close and a 10 to 14 point advance. Weekly movement totals indicate strong receipts and rising interior stocks as Southern and Gulf spot markets hold or gain, while futures prices show mixed but steady levels across several contracts.
Special to The New York Times forecasts Saturday and Sunday for cotton and grain states. Fair conditions prevail in many areas with southerly winds, while Oklahoma and Arkansas show showers and cooler temperatures. Eastern states face showers, cooler air, and shifting winds. Minnesota expects showers.
Students at Central High School in Pueblo Colorado dressed as children and protested a school board order banning football. Officers struggled to restore order as seniors and juniors led chants and mischief, until Principal H. M. Barrett intervened and the crowd returned to class.
The Navy Department received word from Capt. Thomas C. McLean that ship and machinery are satisfactory for the first class battleship North Carolina. The vessel finished her acceptance trial and dropped anchor at the Norfolk Navy Yard, reporting a 22 knot speed.
Bradstreet's reports 244 failures in the United States this week, with regional totals: Middle States 90, Western 32, Northwestern 14, West 2s, Territories 2. Canada shows 29 percent, down from 31 percent last week. About 1 percent of failing concerns had capital of 5000 or less, and 9 percent had capital from 0 to 20000.
A special meeting of Irving National Exchange Bank stockholders will be held at the bank building in New York City on November 1, 1904 at 12 noon to vote on an amendment to the Articles increasing the Board from twenty four directors to not less than fifteen and not more than twenty five stockholders as determined by the Board before each annual meeting. Benjamin F. Werner, Cashier.
Notice to stockholders that the annual meeting for election of directors and other business will be at the General Office Central Station Chicago Illinois on October 21 1908 at twelve o'clock noon. G H Hackstaff secretary New York October 8 1908.
Sealed proposals in triplicate will be received at the Washington office or the Constructing Quartermaster in San Juan Porto Rico until 11 o clock A M Monday October 19 1908 for construction plumbing and electrical work on a hospital building at San Juan Porto Rico Plans and specifications are available at the office The United States reserves the right to accept or reject any or all bids Proposals should be indorsed for constructing Public Building at San Juan Porto Rico and addressed to Major J Gray Zalinski Quartermaster U S A Washington D C or to the Constructing Quartermaster A San Juan Porto Rico
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