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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 07, 1908
Page
8
Financial commentary notes stock markets lack intrinsic value and reflect speculation. Bond market strength signals a broader revival as cheap money fuels investment. Philadelphia City issue cited. Vermont election results and Taft Bryan bets influence banking, with August bank clearings and railroad earnings offering cautious optimism.
Special to The New York Times reports a 14 cent copper price as markets show tight immediate delivery supplies. August production varies across mines from Butte to Ely. several operations resume shipments after repairs. Development work continues at Atlantic and Victoria, with high grade findings at Hootson and Junction shafts and strong August outputs at Shannon and Old Dominion.
August municipal bonds totaled 16.7 million plus 3.04 million Canadian debentures and 7.59 million temporary loans. The Financial Chronicle notes improvements with more offerings and fewer failures, especially in 4 percent bonds. Large issues included Chelsea Massachusetts 400,000 at 103.159, New York City 5,148,460 at par, Rochester 835,000 above par, Dallas 500,000 at 94.49, and Reading 300,000 at 101.097. Baltimore sold 1,000,000 in 2 1/4s at 91 to 93, Toledo 525,000 at 105.276, Syracuse 500,000 4 1/2 at 103.782, Silver Bow County 500,000 4 1/8 at par. Municipalities issuing bonds numbered 212 with 297 issues in August 1908. </analysis>
Providence RI September 6 union and street railway officials expect no strike on Rhode Island Company trolley lines. No Union meeting today and Labor Temple offices closed early. Vice President A T Potter says he knows nothing of a strike and employees have signed to show satisfaction with current conditions.
Nervousness in France over Germany's policy in Morocco unsettled foreign markets but eased through the week. South Africans remained the leading feature as American railroad shares shifted toward Kaffirs. Some traders doubt a sustained Kaffir boom while others foresee a temporary surge. Overall business stayed firm with prices well maintained despite profit taking. September money market typically tight, but withdrawals of gold affected conditions.
Pittsburg brokers forecast a quiet September with limited demand as buyers are well supplied. They expect no large fourth quarter purchases, anticipate better 1909 activity, and note only small consumers remain active. Steel, tin plate, wire, and rail trades show mixed, with construction and repair needs driving some orders.
Magistrate Wahle in Yorkville Court weighs if a liquor license dies with its holder and delays ruling until Tuesday after briefing. The Police Department argues Hotel Van Twiller license tied to a dead proprietor and lapsed. the case has been transferred under estate rules, with a transfer to a representative suggested.
The American Exporter surveys manufacturers across sectors from machinery to groceries and finds mixed value in Daily Consular and Trade Reports. Only a minority followed up on consular opportunities, with most reporting little to no business gained, while a strong majority favor appointing consuls from manufacturing or commercial backgrounds.
Berlin last week showed firm but near buoyant prices as political unrest over Germany’s Morocco initiative dampened advances. Local iron trade gloom eased late as American steel gains and South African mining momentum offered relief, while Baltimore & Ohio stock rose and Canadian markets faced traffic disruption concerns. Japanese bonds drew London attention amid overseas developments.
Senator Reed Smoot reports the Rio Grande and Western Railroad planted catalpa trees to replace white oak for railroad ties. The effort failed after cattle and rodents damaged the saplings, leaving the line with a ragged appearance and unrealized hopes for a substitute wood.
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