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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 11, 1908
Page
11
Traders note call money moves to 2 percent as exchange markets edge toward export point. Viewpoints vary on American Locomotive dividend and Hepburn clause. some officers predict long-term rail equipment demand remains weak but future recovery possible.
The American Locomotive Company directors passed the common dividend of 1% while declaring the preferred dividend. The annual report showed heavy gross and net earnings declines, and the Providence locomotive works were closed permanently. The plant had been idle in parts, with auto production continuing in Providence, a Burnside legacy facility.
Call money rates on the Stock Exchange rose to 2 1/4 percent for the first time since January 21, contributing to a broad stock market drop. Banking circles cited heavy Western crop-moving demand and a rise in foreign exchange rates, with sterling nearing par, as key factors. The City of New York’s $25 million revenue warrants sale and exchange purchases to cover November obligations also pressured the market. Cotton bills’ scarcity and uncertain gold shipments added to the outlook, with bankers divided on gold movement.
Stockholders of the Denver and Rio Grande Railroad and subsidiaries authorize 150 million dollars in bonds and notes for three years, with possible five year extension. Proceeds secure the new issue, replace outstanding bonds, fund improvements, and finance construction on the Western Pacific from Salt Lake City to San Francisco under Gould interests influence.
United States Steel Corporation leaders met in the city with President W. E. Corey presiding to discuss the steel business and company affairs. They agreed conditions are improving slowly and expect near normal trade early next year despite intermittent disruptions. Attendees included E. J. Buffington, Thomas Cole, William P. Palmer, William B. Schiller, Joshua A. Hatfield, and A. C. Dinkey representing major subsidiaries.
The Consolidated Stock Exchange Clearing House baseball team defeated the New York Stock Exchange Clearing House team 7 to 6 at the Richmond County Fair in Dongan Hills I on Wednesday afternoon. About 15,000 spectators watched as the cup was awarded and placed on exhibition.
London money was abundant with firm discounts and attention to settlement. Paris and local traders booked profits from basis and copper shares while rails and banks showed strength on good returns. American securities opened steady then turned irregular with profit taking as New York saw higher prices for Canadian Pacific and Baltimore & Ohio before fading. Bar silver held at 23 18 4 per ounce with short bill discounts near 1 7 16 percent and three month bills around 1 5 percent. Paris closing rentes at 3 percent with 96f 70c for the account. London exchange at 25f 13c. Berlin bourse remained weak after initial strength in government securities and Baltimore & Ohio.
Paris on September 10 reports changes in the Bank of France accounts. Notes in circulation fall 63.0 million francs while Treasury deposits rise 0.45 million. General deposits drop 55.38 million. gold in hand up 2.78 million. a liver in hand down 8.68 million. Bills discounted down 210.73 million and advances down 3.45 million.
The Bank of England reports a total reserve rise of £207,000 while circulation falls £399,000 and bullion declines £192,072. Other securities drop £284,000 and public deposits decrease £1,004,000. other deposits rise £927,000. Noti reserve up £3,258,000 with Government securities unchanged. Reserve to liability ratio at 53.68 percent, up from 53.20 percent.
The coffee market showed firmer support from leading interests with near months steady and later positions barely steady. The close was quiet, not quite unchanged to 10 points lower, with sales around 7,000 bags. Havre advanced 4s, Hamburg held to 144 pfennig, Rio 7s up .75, Santos 4s up 50 reis, receipts at Brazilian points remained very heavy and spot Rio No 7s steady at 6144c.
Copper spot and futures in London fall 23.64 pence from Wednesday close to 60 17s 6d for spot and 61 12s 6d for futures. Tin weak at 130 10s spot and 131 12s 6d futures. Lead firmer at 13 2s 6a, spelter unchanged at 19 7s 6d, iron warrants weak. New York Metal Exchange bids and asks shown against Wednesday levels for copper and listed metals.
Depositors and proved creditors of the National Bank of North America received yesterday from Receiver Hanna the third dividend of 25 percent, bringing total paid to 75 percent since liquidation began last January. The final dividend with 6 percent interest will be paid soon, Hanna reports.
Special to The New York Times reports the closing quotations on the local exchange in Colorado Springs for September 10. The table lists bid and asked prices for several securities including McKinney and Acacia with figures around 27 to 28 and 82 to 83 percent ranges.
Democratic Aldermen led by Joe Cavanaugh won 23 to 10 against Republican rivals in a charity game at American League Park. Umpire Tim Sullivan, called “Little Tim,” turned his back on batters, drank lemon soda, and kept the crowd amused as players argued scoring and baserunning.
John G. McIntyre of the suspended firm T. A. McIntyre & Co was expelled yesterday by the Exchanges Governing Committee after admitting to reckless dealing. Membership had stood since April 9, 1903. Findings on A. O. Brown & Co were filed but not announced until Sept. 23 amid expected disagreement among Governors.
The Board of United States General Appraisers ruled that railroad switches made partly of steel and metal must pay 45 percent duty under metal manufactures. L. H. Abenheimer of San Francisco argued for classification under rails or railway bar iron with low duty but the board affirmed Collector the duty. The board also kept 25 percent duty on parchment vellum printed forms labeled manuscripts.
Commissioner Henry Smith asked the Health Department to investigate fears of impure water in Central Park lakes. Dr. Walter Bensel reports the water is perfectly sanitary and does not spread disease or harm water fowl.
Cotton closed barely steady with a 2 point decline to a 4 point gain on the day. Estimated sales reached 225000 bales as the market opened steady ahead of reports of higher Liver pool cables and interior spot gains. Southern rings showed stronger afternoon activity while Southwestern prices stayed firm on the new crop's fine grade and staple. Local spot held at 9.50 middling up land and 9.75 middling Gulf, with varied moves across Mobile Savannah Norfolk Augusta Galveston New Orleans Memphis Houston levels.
United States Weather Bureau forecast for Friday and Saturday covers North Carolina through Minnesota. Coastal showers, interior fair to generally fair, with light to fresh northeasterly winds and some warmer or variable conditions depending on state.
Dry weather in the Southwest lifted grain prices to weekly highs. Interior receipts total 1,365,000 bushels versus 841,000 last year. export trade at 21 loads. sea board clearances 482,000 bushels. Cash wheat in New York No 2 red 1.04 to 1.054 elevator, No 1 Northern Duluth 1.10 percent, No 2 hard Winter 1.07 percent. Corn prices hit new highs on dry weather with Argentine shipments at 1.2 million bushels and Liverpool firmer. No 2 corn in New York around 89 cents.
In Baltimore on Sept 10 activity was limited in stocks while the local bond market showed modest strength but with prices of favored issues easing. Total shares traded 165 and bonds $43,000.
The First Mortgage Bondholders' Committee led by J. H. Wallace announced that permanent certificates of depositary bonds have been listed on the New York Stock Exchange. Central Trust Company and Old Colony Trust Company stand ready to exchange temporary certificates. The deposit deadline was extended to Sept 30 with penalties after that date. a majority of bonds are already deposited.
Sylvester Deming serves as treasurer and Ty Rossbottom as secretary with the date for redemption interest on the bonds referenced.
Sealed proposals for furnishing and delivering electrical junction boxes and cable will be received at the Engineer Office in Boston until 12 M. on October 8, 1908. Public opening follows. Information available on application. Edward Burr, Lieut. Col. Engineers.
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