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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Oct 31, 1908
Page
5
Nervousness marked Wall Street trading as investors and brokers debated post election moves. Traders with new bets faced volatile margins and expectations of wide opening price swings on Wednesday. Union Pacific and Southern Pacific earnings influenced sentiment while bonds of New York City issues and outlying towns drew steady attention.
American Car and Foundry has reopened plants to repair freight cars for several railroads including Missouri Pacific and Chesapeake & Ohio. New orders total about 400 Hart convertibles for Illinois Central and about 1,500 coal cars for H. H. Rogers’s Tidewater Road, with repairs spiking traffic levels.
The New York report notes Chicago railway shares trading lower on early session, with Series 1 at 112 and City Railways around 101.53. Copper prices rose on the Metal Exchange after a mid day advance, while London copper futures and spot quotes showed gains. Tin and other metals showed firmness in London and U S markets, with iron warrants strong at standard and Cleveland levels.
The Treasury reported at the start of business on October 30 a reserve fund of gold coin and bullion totaling 150 million dollars. Trust funds outstanding certificates, gold and silver holdings, and national deposits appear with large totals, while current liabilities run to about 110.5 million dollars. Philippine Treasury credits await reimbursement.
The Chicago and Great Western Railway improvement work boosts road outlook under receiver A R B Stickney. Cash reserves rise to about 250000 as expenses are met and earnings increase, raising hopes for a reorganizational plan for security holders within two months. St Paul business leaders plan a complimentary dinner for Stickney in recognition of his railroad work.
Dun's Review notes a broad upturn in commerce this week with stronger orders to manufacturers and prompt delivery requests. Textile mills and shoe shops report solid demand while pig iron usage rises, weather boosts retail trade, and winter wheat prospects brighten as foreign trade declines and bank exchanges fall from last year.
London markets firm as discounts rise and shares in rails copper and foreign issues gain on Paris support. New York firm as American securities rally on overnight gains while China silver dips to 231 16d. Paris closes firm with 3 percent rentes at 96f 10c and London exchange at 25f 10c. Berlin bourse also steady with quiet trade.
Boston creditors totaling about 150 claims against EF N Gay & Co now under federal receivership list liabilities at 2 453 085 with the largest claim 471 866 to the New England Trust Company Boston and 190 000 to the National Bank of the Republic. Other sizable claims include City Trust Boston 263 207 Molson’s Bank Montreal 254 250 Fidelity Title and Trust Pittsburgh 125 911 Bank of Pittsburgh 50 264 Koickerbocker Trust New York 65 000 United Surety Baltimore 40 000 Brown Brothers Boston 42 925 Beverly Savings Bank Beverly 59 180 Continental Trust Pittsburgh 35 265 Baltimore Trust 32 805 People’s Trust Philadelphia 52 50 Quincy Mutual Fire Insurance Quincy 25 000 First National Bank Philadelphia and Bristol County Savings Bank Faunton Mass about 25 500 each.
The American Malting Company posted net profits of 052,703 for the year ending August 31. Customers are shifting from year ahead malt orders, aiding barley purchases. The American Malt Corporation reports stock exchanges replacing most of the old stock with holding company stock, while dividends on preferred shares are declared.
Receiver T. H. Watkins announced a $1,000,000 two year 4 percent receiver certificates by the Webster Coal and Coke Company. Interest on bonds due Sept 1 will be paid at Guaranty Trust. Proceeds will retire pledged coal collateral and maturing obligations. Conditions in the bituminous coal trade have improved and prospects are encouraging.
City officials expect a $12,000,000 issue of four percent bonds to be placed in late November after a tentative sale window opens, though no fixed date is set and no urgent need exists. The bond sale follows last year's remaining 4 percent bonds balance sold to bankers.
Bradstreets records 241 U S failures in the week, up from 231 the prior week and 225 165 160 200 in earlier years. Regional totals appear for Middle States New England Southern Western Northwestern Far West and Territories with Canada at 32. About percent of failures had capital of 5000 or less and percent had 5000 to 20000.
United States Treasurer Charles H. Treat will assume control of the Sub Treasury at closing today after Assistant Treasurer Hamilton Fish retires. Treat will oversee the office until a successor is appointed after the election. A team of accountants will begin reconciling the books tomorrow and count vast stores of gold, paper, and silver coin in the vaults, a process that takes over a month.
Preferred stockholders subscribed in full to the $5,000,000 three year 5 percent notes issued by Hudson companies. The notes are secured by Hudson & Manhattan Railroad bonds at 160 percent of principal, with a bonus common stock issued equal to the note par. This financing enables the planned settlement between the Hudson companies and the railroad company.
Receivers I. H. Skelding and H. W. Me, Master of the Wabash-Pittsburg Terminal Railway Company, obtain two court orders from Judge Young authorizing issuance of receiver's certificates totaling about $1.9 million at 6 percent interest. One order covers $954,211.20 for road improvement.
Max H. Schultze a former partner in Otto Heinze and Co saw his Boston Stock Exchange seat sell for 36005 dollars yesterday eight bidders participated. Last sale was 25005 dollars suggesting a 11000 dollar premium amid broad interest in seats despite fears of hostile legislation.
Small subscribers to the twenty million dollar issue offered by Speyer & Co and the National City Bank will receive full amounts. Oversubscribed demand cut larger subscriptions, with bonds quoted here and in London at a premium.
Gold shipments to Canada totaled 800000 this season with 54000 sent by the Bank of Montreal yesterday. Leavitt of Leavitt and Grant departs for a European tour including Southern France and Italy. American Cotton Oil directors may meet next Thursday to discuss dividends on common and preferred stock. Abram J. Prager has been elected director of Mercantile National Bank. Holders of Consolidated Gas 6 percent debentures may convert after November 2 with interest to January 1 and a 1 percent stock dividend deduction. Mexican Light and Power share committee supports leasing properties to Mexico Tramways with a special meeting planned for December 5 to consider capital stock increases.
Harriman lines report strong September earnings with better results than expected. Union Pacific gross rose by 400.40 and net by 1.416 million dollars while Southern Pacific cut gross by 458 thousand but increased net by 1.521 million dollars amid ongoing operating economies.
Cotton prices rose with a 4 to 7 point gain on sales around 200000 bales, aided by higher cables. The New York Cotton Exchange weekly crop movement shows port receipts at 2,594,270 and total season takings near 3,468,472 with expectations of over 1,000,000 bales by January 1. Southern mill takings edge up, interior stocks strong, and several southern spot markets report firm or unchanged tones while Gulf middling remains steady.
Forecast from the United States Weather Bureau for Saturday and Sunday across U S regions. North and South Carolina Georgia and Eastern Florida: light variable winds. Alabama Mississippi and Louisiana fair with shifts to southeast winds. Oklahoma Arkansas and Kentucky fair with Saturday Sunday. Ohio fair with fresh northwest winds. Illinois Michigan and Wisconsin fair with light northerly winds becoming variable. Minnesota fair and warmer with light variable winds. Missouri and town typo area fair and warmer Saturday Sunday. North and South Dakota fair and warmer with Saturday showers Sunday. Nebraska Kansas fair and warmer Saturday and Sunday. Utah fair Saturday and Sunday cooler Sunday.
San Francisco October 80 closing quotations for mining stocks were released today detailing prices for several mining shares. The list documents figures for major producers and smaller entities, reflecting market activity on the given day.
A majority of bonds under a September 2 1908 agreement will be deposited by November 4 1908 at 3:00 PM. Deposits may be made with The Standard Trust Company New York or The Bank of Scotland Edinburgh or London. Notice also lists thirty first mortgage bonds of $590 each with numbered series.
Coupons and dividends due in November are payable at this office after Now. 1st, 1S, as follows. Cedar Rapids Water Company Cleveland and Martella Railway Company Cincinnati Lebanon and Northern Railway Colorado Bridge Company Evansville Electric Railway Credit Migs IAMPREDI.
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