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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 18, 1908
Page
11
Traders scramble for reasons after a sharp market decline. Brokers dispute whether sell–offs were professional, insider profit taking, or stop loss triggering. Some say external factors and public absence explain the drop while others note optimistic bets fading, with Michigan freight rate ruling cited as local impact.
The new Turkish Council of Ministers approved bonds totaling 4,700,000 pounds Turkish to raise about 20,500,000 dollars. They will issue at 85 with a 4 percent nominal rate and a fifteen day option for the bank after parliamentary sanction. The loan is for immediate necessities.
The Metal Exchange closed with copper grades down and London copper steady. Spot and futures prices in London were unchanged from Wednesday. Pig tin fell 5s while lead dropped to £18 2s 6d and spelter rose to £19 12s 6d. iron warrants weakened, standard foundry 50s, Cleveland 51s 4d.
Details emerge in a bankruptcy hearing into the defunct A. O. Brown & Co. brokerage case. Receiver Charles E. Littlefield and counsel reveal Account No. 500 tied to George S. Whitney of Pittsburgh and personal interests of A. O. Brown and L. G. Young. Mrs Minnie Young and Miss Ehrens helped fund a December 1906 syndicate with Brown and others to operate securities, with unclear ledger transfers and speculative balances.
John C. Wilson and Leopold S. Bache have been elected members of the Stock Exchange. A public service securities offering list from Eglinton, Hammond & Andrews shows 5 to 7 percent net returns and is available free on request. Maynard C. Eyre has returned to his Mantoloking, New Jersey office after illness. A notice at the Exchange requires all Illinois Central subscription receipts to be in full paid receipts today and going forward. Edward E. Epps leaves on a Westward business trip. The Citron Exchange seat of E. P. Loveman sold for 9600 to an unnamed party, up from 9500. William N. Harte elected Director and Vice President of NY Mortgage and Security Co. A protective committee for Central of Georgia Railway first preferred income bonds formed with Levy, Scott, and Gardner. De posits invited with Metropolitan Trust Company by Sept. . A $2.50 bond installment due at deposit. Curb market listings warned to procure a registrar by Oct. 1 or remain unregistered.
London trading opened unsettled as American securities declined and Continental politics unsettled, then recovered to close firmer. Consols rose on a stronger Bank statement and Paris support aided Kaffirs and foreigners. New York buying supported late trade. Paris weak with a slight late recovery. Berlin markets showed strength.
The Bank reports total reserve up by 503000 pounds and circulation down 272000. Bullion rises 230724, other securities fall 90000, other deposits drop 267000, public deposits gain 651000, notes reserve up 482000, government securities unchanged. Reserve to liability ratio 54.23 percent, up from 53.68 percent.
Paris Sept 17 The Bank of France weekly statement lists changes in notes in circulation deposits and bills discounts. Notes in circulation up 3.85 million francs treasury deposits up 1.8 million francs general deposits up 37.325 million francs gold in hand up 9.4 million francs silver in hand down 0.3 million francs bills discounted up 33.625 million francs advances up 2.475 million francs.
Berlin reports the Imperial Bank of Germany weekly statement showing cash in hand up 23.554 million marks and loans up 214 thousand. Discounts rise 15.385 million and treasury bills increase 31.26 million while notes in circulation fall 26.911 million. Deposits grow 101.541 million marks.
The stock exchange house of T A McIntyre and Co is examined in bankruptcy court before referee Peter B Olney. Trustees report about 90 000 in receipts plus 60 000 tied in banks. insurance policies yield 40 250 in proceeds with 9 750 loan prior to McIntyre death and four other policies valued 53 000 cash surrender each. Senior McIntyre owned property in Jacksonville Florida 7500 and 2700 acres plus a 36 East Fortieth Street house mortgaged 101 000 first and 75 000 second. also Brooklyn property 25 000 and bonds, all hypothecated for Cotton Exchange deals.
Minority stockholders filed a petition in the Circuit Court asking for a receiver for State Trust Company of St. Louis. They say directors voted to double capital from 500000 to 1000000 with 750000 paid in, and later planned to return 250000 to stockholders, not yet paid. Principal assets cited include 499500 in real estate. Attorney Frank M. Estes said the amount involved is 1500 and proceedings won’t affect the company’s standing.
The Erie Railroad paid a 400 fine in Trenton New Jersey for four freight cars lacking required air couplings and grab irons. The penalty follows Federal law mandating common carriers provide and maintain safe car coupling appliances. Grab irons are ladder like devices on box car sides for brakemen to reach the top.
Directors of the American Malting Company declared a semi annual dividend of 1.56 a share on the old preferred stock, the first since 1899. The American Malt Corporation declared an initial 2.2 percent dividend on cumulative preferred stock. The holding company organized in 1906 to take over the old malting firm. the old organization remains to cover outstanding stock.
European reports to the Secretary of Agriculture indicate most of Europe has finished the wheat harvest. Reaping suffered in several countries due to rain, with quality damaged. UK, Netherlands, Belgium, France, Italy, and Portugal expect smaller yields. eastern regions foresee modest gains. Russia may harvest a slightly larger wheat crop, but overall results remain below average, marking a third straight year of shortage.
An advertisement from the New York Realty Owners Co touts real estate as a money making opportunity. It claims millions in experience and promises perfect security with large assets and 20 years in business at 489 Fifth Avenue New York.
Charles Fordoker of the American Brass Company reports improving conditions in the Naugatuck Valley copper industry. Mills show more hire and longer hours, signaling rising business though not yet at the 1905 peak, with remanufacturing showing stronger gains and a healthier trade sentiment and demand for copper.
Grain and provisions show a volatile session with wheat prices fluctuating as Liverpool quotes 14d to 44d, U.S. cash markets show No 2 red at 1.07 to 1.09, No 1 Northern Duluth at 1.12, and No 2 hard winter at 1.10. Interior movement totals 1.704 million bushels, Minneapolis stocks rise 473,000 in five days, corn prices weaker with favorable West weather and higher receipts.
The cotton market rose with fears of storms and reports of higher spot offers in the South. The close showed a net gain of 20 to 25 points with about 175 000 bales traded. Local spot prices firmed with mid upland at 9.00 cents and middling Gulf at 9.85 cents. Several Southern markets reported gains or steady levels amid varied sales activity.
United States Weather Bureau forecast for Friday and Saturday covers North Carolina South Carolina Georgia Louisiana New Mexico Arizona Utah Oklahoma Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri North Dakota Nebraska South Dakota Kansas Colorado Wyoming. Expect a mix of fair conditions showers cooler temperatures and variable winds across states with regional differences in timing and intensity.
The coffee market remained quiet yet firm as opening bids rose up to five points and closes advanced up to ten points. Weekly receipts in Sao Paulo dropped to 39,000 bags from 68,000, while Hamburg and Rio prices showed modest gains and rain left Sao Paulo weather cloudy to fine.
A prominent stock exchange house seeks an experienced young man to take charge of the Clearing House department. The ad requests experience references and salary expectations and appears in Box S4 of The Wall Street Journal.
The Board of Directors declares a semi annual dividend of 1.56 per share on preferred stock payable after November 2, 1908 to holders of record October 22, 1908. Louis L. Stanton, Treasurer. September 17, 1908. American Malting Corporation also declares a two and a half percent preferred dividend payable after November 3, 1908 to holders of record October 22, 1908. Louis L. Stanton, Treasurer. September 17, 1908. The Century Bank of the City of New York declares a quarterly dividend of one and one half percent free of tax payable October 15 to stockholders of record September 15, 1908. Transfer books close September 21 at 5 PM and reopen October 1. Mitchell, Assistant Cashier.
Jersey City NJ Sept 17 1908 American Cities Railway and Light Co declares quarterly preferred stock dividend of 1.5 percent (112) payable October 1 1908 to stockholders of record September 21 1908. Transfer books close September 21 3 PM reopen October 2. Checks will be mailed. L Carroll Root treasurer.
Several companies including National Biscuit, National Surety, and others announce quarterly dividends on common or preferred stock. Dividends range from one and a quarter percent to one and three quarters percent, with records and transfer books closing around late September and early October 1908.
The firm of SATZMAN & FORMAN dissolves with Mr. Satzman continuing the business and assuming the obligations, while ABD M. FORMAN is no longer a partner.
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