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This newspaper page contains 16 articles. Subscribers can read the full text of each article.
Newspaper
New York Times
Location
New York, New York, United States of America
Date
Sep 25, 1908
Page
11
The article discusses continued stock market strength and a late rally boosting bullish sentiment. It covers city revenue warrants, the 4 percent bond issue, the Governing Committee's actions, and ethical questions over a dividend bet, plus notes on convertible bonds and conversion dates for Consolidated Gas.
The Directors of the Railway Steel Spring Company reduced the common stock dividend to 1 percent semi annually, from 2 percent regular since spring 1905. The cut aligns with market expectations. The dividend is payable Oct. 22 to stockholders of record Oct. 7.
Ralph H. Hubbard and Malcom T. Maine Jr seek Cotton Exchange membership while Clarence H. Young and William Stackpole become elected Stock Exchange members. Hudson County New Jersey offers 350000 thirty year 44 percent bonds certified by Columbia Trust. Stock Exchange lists Canadian Pacific Railway 28082000 in total capital and Southwestern Railway 795000 added bonds, with further additions planned.
The New York Stock Exchange expelled Albert O Brown and Lewis G Young of A O Brown and Co after a special committee found their conduct inconsistent with just and equitable principles of trade. The ruling followed the Aug 22 transactions and a formal hearing, with seats to be sold to satisfy creditors.
President E B Thomas reports a 26 percent tax rise, criticizing Interstate Commerce Commission rules as hasty. The Lehigh Valley Railroad shows total operating revenue of 35 510 154 dollars and a net operating revenue of 13 306 449 dollars, with depreciation rules and asset write offs contributing to a large annual loss.
The Readjustment Committee chaired by James N. Javie approved a creditor backed reorganization plan for Westinghouse Electric and Manufacturing. It calls for 10 million dollars in new stock with 6 million subscribed by stockholders and 4 million accepted by merchandise creditors.
Special to The New York Times from Pittsburg dated September 24 reports the day's closing quotations on the local exchange.
London stocks opened steady with fair demand for gilts and foreigners but failed to hold highs as rails dropped on cotton outlook. American shares rallied in morning trade, Erie Union Pacific and Steel led coverings, later New York strength sparked buying and a firm close. Kaffirs recovered. bar silver steadied at 23 15 16d. Paris closed firmer on favorable mood from German reply to Moroccan note and NY rally. Berlin prices remained firm on the day.
Paris reports the weekly Bank of France statement with changes noted for the period ending September 24. The release highlights shifts in monetary positions, reserves, and liquidity indicators across the banking system.
Directors of the Keweenaw Copper Company of Boston announce a $2 assessment on its Lake Superior region mines payable in two installments: half on Nov 1 and half on June 1, 1908. The $10,000,000 capitalization with $25 par value has $10 paid in, and the assessment would add $200,000 to the treasury for ongoing development work.
Pittsburg Life and Trust Company gains control of Washington Life Insurance, acquiring 9 000 of 10 000 shares. New directors include W C Baldwin and W H Nimick. old officers resign as Baldwin leads reorganization to run Washington Life as an adjunct to Pittsburg Life. The deal follows Ryan Whitney and Morton backers moving shares at about 60 70 dollars a share. Washington Life dates to 1860 and will remain nonparticipating, allowing combined offerings with Pittsburg Life under Arm strong law.
New high season records for December wheat reached $1.11 near the close with exports totaling 110 loads at Duluth and 60 elsewhere. Interior receipts were 1,748,060 bushels, versus 919,000 last year, while Argentina exports for the season reached 129,000,000 bushels. Seaboard clearances stood at 646,000 bushels. Liverpool edged higher. Corn rose on cold Northwest weather with 4d higher cables. interior receipts were 12,000 bushels and No. 2 corn closed at 85% bid elevator.
Cotton futures showed nerve and irregularity with a final net gain of 4 points to a loss of 3. Sales reached 125000 bales as the market opened up on higher English spot and Texas rains. Southern spot prices held firm in the interior with varied regional results and steady to unchanged spot levels in major markets.
The United States Weather Bureau forecast for the cotton and grain states calls for fair weather in North Carolina and Georgia with showers in southern portions, while the deep south, Oklahoma, Kansas, Illinois, and nearby states show a mix of clouds, showers, and cooler conditions Friday night through Saturday.
South American buyers rush to install the Bell system in Bahia Blanca Argentina order a special train from Ohio to New York and a fast steamer to carry wire ducts for the Ratia Blanca telephone network. The I B Camp Co fulfills this rush for United River Plate Telephone Co as Bahia Blanca grows rapidly.
The Union Pacific Railroad Company calls an annual meeting at its Salt Lake City office on October 15 1908 to elect fifteen directors approve the First Lien and Refunding Mortgage terms and authorize related actions. Stock books close September 14 and reopen October 4 for transfer listings.
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