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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 04, 1908
Page
11
The article analyzes yesterday's market drop driven by profits taking and trader conservatism. It notes fewer public buyers, increased brokerage staffing, and questions about who controlled the price moves while highlighting a 50 percent bank dividend to a trader after a Florida bank failure.
The coffee market opened unchanged to lower as European markets show gains in Havre and Hamburg. Large August receipts and a bigger world supply weighed on near months, while shorter demand prompted moderate liquidation. World supply for Sept 1 stood at 16,080,241 bags, up from last year. Fine Sao Paulo weather and quiet spot prices characterized the day.
New York Clearing House members who backed admitting trust companies have largely abandoned effort to unite banks and trust firms. Trust companies show little interest in joining the Clearing House, ending hopes for joint membership and closer cooperation.
The Board of United States General Appraisers refused to admit a silk banner for the Deutscher Krieger Bund of New York free of duty, holding it a manufacture of silk at 50 percent duty and not church regalia. The decision, written by General Appraiser Hay, overruled the protest due to lack of evidence that the banner is solely religious. The ruling also covers a separate claim by Alexander D. Shaw Jr. of New York and Neu berger Loeb of San Francisco, denying reduced duty under the reciprocity treaty with France for rum from Martinique and Guadeloupe.
London shares dipped under realizations as money eased. copper and Mexican rails weakened with New York trends. Bank of England kept discount at 2 1 4 percent. Kaffirs recovered after early losses while Paris specialties held by foreigners. Berlin trading remained quiet.
Special to The New York Times from Omaha Nebraska notes corn conditions remain robust despite political turmoil. Burlington report estimates 50 percent of normal on the McCook division about twenty two bushels per acre. Wymore division at 73 percent about thirty one bushels. Lincoln division most of the crop at 104 percent about forty one bushels per acre.
London reports a weekly Bank of England statement with reserve down 628000 pounds and public deposits falling 1172000 pounds while notes reserve drops 611000 pounds. Circulation rises 242000 pounds as government securities stay unchanged and overall reserve to liability falls to 58.20 percent from 63.60 percent.
David Zieley Jr of 35 Wall Street seeks proxies for the Pacific Coast Company annual meeting set for October 14. Last year he challenged officers over the late dividend announcement, noting the delay and demanding an explanation from management.
Paris September 3 The Bank of France reports changes in its weekly statement Notes in circulation rise 167.7 million Treasury deposits fall 228.65 million General deposits decline 109.45 million Gold in hand down 8.625 million Silver held down 0.625 million Bills discounted up 40.6 million Advances up 9.9 million.
Receivers of the Pillsbury-Washburn Milling Company seek immediate authority to raise 750000 through an issue of indebtedness certificates or the mills will close. They have asked principal creditors for approval and report many favorable replies. Once enough consent is obtained, the Circuit Court will be asked to grant permission to issue the certificates.
Sir Thomas Shaughnessy, president of Canadian Pacific Railway, says stockholders will consider an issue of 50 million dollars in common stock at the annual meeting on October 7, but there is no certainty the stock will be issued soon. He adds the new stock will not be put on the market at once.
The first mortgage bond holders committee led by Hodenpyl Walbridge & Co. said deposits of a majority of bonds have been received and fixed Oct 1 as the deadline for further deposits. No reorganization plan has been announced yet. A rival committee chaired by George W. Young was formed last month.
Forecasts for Friday and Saturday cover North and South Carolina Georgia and Florida Alabama Mississippi and other states with fair to mostly sunny conditions. The market opened higher on demand from Liverpool houses but dipped later as European demand eased. October and other contracts show mixed slight declines from earlier highs while spot cotton remained stable with regional variations in prices and sales.
Governors of the Consolidated Exchange voted to close on Saturday after similar moves by the Stock Cotton and Coffee Exchanges. The wheat department will stay open. The Produce Exchange Board agreed to close as well, leaving banks open for a district wide three day holiday over Labor Day.
The Boston and Maine Railroad board cut the quarterly common stock dividend to 1 percent, totaling 6 percent annually, marking the first reduction since 1900. A semi annual 3 percent dividend was declared on the preferred stock.
Principal transactions reported in the stock department show opening, high, low, and last prices for several items. Notable entries include 3000 units at Branch Mint and 100 at Bay State Great Rony.
Washington dispatch notes the bank’s resources and liabilities as of the last condition report dated July 15 1908. P. Tillinghast is named as the appointed receiver, with total assets of 1,884,625 and total liabilities of 1,884,625.
George G Thomson of Manhattan Trust returned from a month abroad as L S Bache of J Bache Co bought a Stock Exchange seat, giving the firm four memberships. Lothrop Randolph was elected a member yesterday and Eyer & Co launched a railroad bond department led by W Guy Peck and C Prescott Berdell Jr.
Notices announce bond purchases at par for several railroad mortgage issues led by J P Morgan & Co and The Peoples Bank. A bank statement lists unclaimed dividends over five years for estates and stock. The New York Trust Company warns bond numbers drawn by lot under a 1907 sinking fund will be paid at par on September 21, 1908.
Chicago and North Western announces that for its annual meeting to be held October 15th at noon in Chicago, stock transfer books will close September 15th at end of business and reopen October 16th.
Stockholders of St Louis Southwestern Railway vote Oct 6 1908 in St Louis at Pierce Building for directors and routine business. Directors meeting follows stockholders session. Stock books close Sept 26 1908 and reopen Oct 7 1905. Also notices for Chicago, St Paul, Minneapolis and Omaha Railway and Lake Erie and Western Railway transfer book actions and meetings with dates in 1908.
Union Pacific Railroad Company announces its annual stockholders meeting at Salt Lake City Utah on October 13 1908 at noon. agenda includes electing directors approving mortgage actions and authorization to issue bonds and to purchase South Omaha and Western Railroad Company assets. books close September 14 1908 and reopen October 14 1947.
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