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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 23, 1908
Page
11
Irregular trading showed wide fluctuations led by Union Pacific amid hopes for a sharp reaction or sustained strength. Brokers weigh post election paths while small traders lock profits and question market range amid copper optimism and traction gossip about Third Avenue.
The anniversary of the Knickerbocker Trust suspension marks a contrast between last fall’s financial distress and current easier credit. Fifteen banks resumed or paid deposits in full, with New Amsterdam National Bank the only one not fully paid, while money lends at low rates with slim profits. The stock market shows mixed, irregular movement after previous sharp declines, and a table compares 1907 lows with highs to illustrate the rebound.
The Standard Milling Company reports 801692 total income for year ended Aug 31 with 175350 interest, leaving net earnings 626342 and dividends 206763 on preferred stock. Surplus rises to 2311676. At annual meeting A P Walker elected Director replacing ill health retiree William Lanman Bull. James P Lee and Henry A Murray retained as Directors. Walker named First Vice President, W B Sheardown Second Vice President, Joseph A Knox Secretary and Treasurer.
The American Type Founders Company reports year end results with a surplus of 828624 and reduced indebtedness by 273987. 21,400 was paid into the sinking fund while dividends were continued despite a low business mood. The president cites using surplus to maintain regular dividends during temporary depression and expects continued improvement next year.
In Pittsburgh yesterday the U S District Court heard arguments on issuing 954000 in receiver's certificates for the Wabash Pittsburg Terminal Railway. Bondholders contended the certificates would create a lien ahead of their bonds, reducing their recovery. The court reserved decision on the proposal.
The European markets faced quiet steady activity with firm discounts as nervous trading persisted on the Stock Exchange. American securities led by Harriman issues showed strength, copper shares rose with metal trends, and Paris, London, and Berlin quotes reflected a cautious, unsettled mood amid Near East tensions.
London October 22 The Bank of England reports a rise in total reserve by 270000 while circulation falls by 165000 and bullion increases 103168. Other securities rise 200000 and notes in reserve up 116000 with public currency demand up 45500. Government securities drop 600000 leaving reserve to liability at 51.70 percent, up from 51.03 percent.
Paris dated October 22 reports the Bank of France weekly changes with notes in circulation down 88.125 million francs while Treasury deposits rise 57.45 million francs and general deposits up 20.35 million. Gold on hand grows 19.5 million, silver up 2.976 million, tills discounted fall 38.606 million, and advances decrease 12.15 million.
A mid day demonstration of a high pressure fire system in Manhattan tested 32 three inch lines, four high pressure water wagons and a water tower. The setup, aimed at protecting the area from City Hall to Twenty-fifth Street, used 63 miles of heavy mains and 12 to 2 inch pipes powered by Allis-Chalmers pumps delivering up to 300 psi. Initial lower pressure gave way to 175 psi at the nozzles, producing streams that reached the Western Electric Building and beyond. Mayor McClellan, Fire Commissioner Hayes and Water Commissioner O'Brien watched as the system gradually increased output, then a second phase added more pumps and wagons for a stronger run.
Firefighters honored next Monday afternoon with medals at Riverside Drive between Eighty Fifth and Eighty Sixth Streets after an exhibition by four fire boats and several companies. Mrs. George B. McClellan will present awards to John T. Oakley, Frank Golden, William Delaney and George L. McKenna for daring rescues during fires at 15 Clinton Street, 195 Bedford Avenue, and 579 East 11th Street.
Cotton advanced with sales around 500000 bales as prices climbed across active months to new highs. Western belt weather favored gains while Liverpool spot sales supported futures. local spot up 10 points with notable gains across Mobile Savannah Norfolk Augusta St Louis Galveston New Orleans Memphis and Houston markets.
Forecast from the United States Weather Bureau covers North and South Carolina Georgia Alabama Mississippi Louisiana Oklahoma Arkansas Kentucky Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri North and South Dakota Nebraska Utah Kansas with widespread showers cooler conditions and variable winds. Southern states see fair to showers and cooler air with Friday Saturday progression.
Market recap notes bulls in Argentina support, but late session weakness. Cash wheat closes No 2 red 1.09 to 1.0914 elevator and 1.0915 afloat. No 1 Northern Duluth 1.12 and No 2 hard Winter 1.08 afloat. Corn trade narrow with Liverpool easing, interior movement 214000 bushels vs 554000 prior year. No 2 corn in New York 7 to 7.5 cents both elevator and afloat.
The market opened unchanged to down five points, with about 52,000 bags sold. Favorable Sao Paulo weather, strong interior receipts, and lower Santos offers supported a steady close. Port receipts totaled 0,000 bags versus 96,000 two years ago. January receipts were 72,000 bags. Spot Rio No. 7 was quiet at 614.
Isidore Newman of Isidore Newman & Son, New Orleans, is in the city for a few weeks. Notices also mention Trippe & Co inspecting copper mines in Mexico and several Stock Exchange figures forming connections and petitions on business suspensions before the upcoming election.
The Iselin interests will invest about 3 million dollars to upgrade the Buffalo Rochester and Pittsburg Railroad in western Pennsylvania. The plan calls for a sixty mile double track from Punxsutawney to Iselin and additional improvements. An inspection party led by President Arthur Yates and including Adrain Iselin and Emlen Roosevelt toured the line with Rochester and Pittsburg Coal Company officials, fueling reports of a major coal deal.
A shipment valued at 314it4K was taken yesterday for export to Canada. The article notes a recent surge of gold movement to Canada linked to the autumn demand by Canadian banks, presenting yesterday’s export as a continuation of that trend.
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