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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 03, 1908
Page
9
The piece analyzes public influence on the market, noting less exuberance and more conservatism as buyers retreat. It highlights large bond orders, bank coupon cashing, and reactions to the American Smelting and Refining report, with bank withdrawals and worker economies shaping the mood.
Securities disposed at auction yesterday at the Exchange Salesroom 14 and 16 Vesey Street Adrian H Muller and Son auctioneers listed bonds and shares including Dawson Railways and Coal Company first mortgage bonds 5 per cent due July 1951 Atlantic Mutual Insurance Company stock Gas Engine and Power Company Charles L Seabury Trust Company of America Equity Trust Company Market and Fulton National Bank Cosmopolitan Fire Insurance Company New York Detroit Mackinac and Marquette Rail road land grant bond City and Fort Dodge Railroad bonds Gem Realty Garfield National Bank San Gregorio Mining and Rail way Company Citizens Central National Bank Detroit Toledo Ironton Railway bonds and scrip plus second preferred stock and other items.
Trade authorities report small gains as plants resume operations. Iron Age notes rising employment and Steel Corporation blast furnace capacity near 50 percent. Some large interests improve while others reduce urgent selling. Pig iron stocks at United States Steel are low, and Gary harbor work proceeds self financed.
Washington Sept 2 The summary of reports from national banks as of July 15 shows total bonds and securities held at 765,875,220 with breakdowns in state and municipal bonds 105,144,006 railroad and other corporation securities 507,425,613 and miscellaneous bonds 17,289,801. The assets appear ample to support additional circulation under the Aldrich Vreeland act. Country banks hold about 70 percent of state bonds 48 percent of railroad bonds and 53 percent of overall investments in this class.
In Albany the Erie Railroad reports for the year ending June 30 gross earnings of 45.86 million and net earnings of 9.60 million, both down from the prior year. Total income fell to 12.34 million while fixed charges rose to 13.97 million, leaving a year deficit of 1.63 million. The balance sheet notes a over 13 million reduction in stocks and bonds and nearly 20 million rise in road and equipment cost, due largely to securities moved from free holdings to collateral and the sale of Geihig Valley stock about 2 million last winter.
The Canadian Pacific plans to authorize an additional $50,000,000 in common capital stock, with a shareholders meeting set for Oct 7 to approve. The move funds expansion of steamship lines on both Pacific and Atlantic routes as directors may issue stock as needed. The current authorized capital is $150,000,090, nearly all outstanding.
Banking circles expect the Treasury to offer about 30 million dollars in Panama Canal bonds before year end. A New York syndicate would likely handle the issue, following the pattern of the 1930 sale. The move aligns with Treasury plans to avoid further calls on national banks for public deposits and to fund canal work progress.
Dun's Review reports August bank clearings at 10 236 877 439 dollars the smallest monthly total of the year while still 11.4 percent below August of 1907. The midsummer lull lowers settlements. however the month is closer to normal than any in nearly a year with some gains in smaller cities and a 3.0 percent lower average daily exchange.
London financiers saw subdued demand with steady discounts as gold prices rose on Continental inquiries. American securities gained early strength with Erie and Harriman assets drawing attention. later New York support aided a firm close. Paris faced losses as Germany’s Morocco stance weighed on rentes, while Berlin trading remained weak.
Berlin August weekly bank statement reports cash in hand down 61.094 million marks while loans rise 19.482 million. Discounts climb 46.621 million and Treasury bills up 19.103 million. Notes in circulation increase 82.798 million and deposits fall 58.63 million.
The cotton market rose after short covering and buying of October by a major spot interest, with futures firm and the day closing near highs. Prices moved on higher cables and English spot sales, while Southern markets softened and spot quotations ranged around 9.30 to 9.55 cents for middling grades. sales volumes and contract prices are noted with regional totals.
COLORADO SPRINGS Sept 2 The following were the quotations on the local Exchange today listing bids and asks for several securities and commodities including Acacia Isabella Dante Old Gold Dr Jackpot Portland Elkton Vindicator El Paso and others with mixed bid and ask figures as printed on the market pages.
Covering by nearby shorts pushed the coffee market higher while the close held steady with a slight net gain. Day sales reached 23,500 bags as September traded up to 5.80 with European market influence noted and Brazilian port receipts at 90,000 bags.
The Treasury opened business today with a cautious balance, outlining its condition as the government navigates wartime finance and ongoing economic demands. No further details are provided in the fragment.
At a Board meeting the Lincoln Trust Company established the Assistant Treasurer position and elected Carroll Breckenridge to it. Breckenridge was formerly a paying teller. The report also notes various exchanges, bond deposits, and a Colonial Bank stockholders meeting on September 8 to discuss increasing capital and bylaw amendments.
The Houston and Texas Central Railroad Company lists bonds drawn from land sale proceeds at 116 percent of par for retirement. Distinguishing numbers are published and bonds will be paid at 110 percent of par plus accrued interest at 120 Broadway New York. The drawing ceases interest after sixty days from September 21 1908. A separate notice states Long Island Railroad seeks to appoint Central Trust Company of New York as trustee replacing deceased trust trustees on September 18 1908.
A collection of notices includes an ad for Thomas W. Lawson insights on gas profits from Raw State Gas with pamphlets available on request. Also a Boston box listing seeks 200000 to finance a San Francisco ranch, three years at 7 percent, with two railroads crossing and perfect title. Additionally Henry Schoen & Company dissolves due to fines, Henry W Baumann continuing coffee business and winding up obligations dated Aug 28, 1998.
The Akron and Coll MBUS Ailway Company and The Cincinnati and Muskingum Valley Railroad Company seek sealed proposals for first mortgage bonds to fund sinking costs. Bids due September 30 1908 for Akron line and September 20 1908 for Cincinnati line. Treasurers Winslow Lanter Co NY and Farmers Loan & Trust Co handle submissions.
Local Metal Exchange reports copper bid down four cents with a two shillings sixpence rise on the London Market for both pot and future deliveries. Pig tin gains £1 10s spot and £12s for futures. lead steady at £13 8s 4d. spelter unchanged at £19 7s. iron warrants steady at £5 1s and Middlesboro £2 4s 4d. New York spot and other metal bids and asks compared with Tuesday.
The undersigned committee reports it has been formed at the request of owners representing a majority of the company’s bonds to examine its condition. It invites bondholders to advise via the chairman at 185 Devonshire Street Boston Mass. with results and recommendations to be promptly forwarded. Members include James R Hooper chairman Gordon Abbott Horace E Andrews John P Reynolds Jr John S Scully Edwin S Webster David August Listh Lin
Multiple corporate boards announce dividends for preferred and common shares. Union Pacific, American Smelting & Refining, American Tobacco, Fifth Avenue Trust, United States Leather, Central Leather announce per-share payouts with record dates in September and payment dates in October. Shares on record by mid September eligible.
Notice announces annual stockholders meetings for St Louis Southwestern Railway Company and American Agricultural Chemical Company. It lists dates, times, offices, transfer book close dates, and election agendas. Meetings will occur in New York and St Louis areas with adjournments and related corporate actions.
Notice to stockholders of the Central Haitshiad Company of Jersey about an election of directors and transfer of stock. Meeting to be held at the company office in Jersey City on Friday September at 1 o clock noon. Special meeting to discuss capital stock changes and share transfers.
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