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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jul 16, 1908
Page
14
The National City Bank arranged gold exports to Paris totaling 900000, the first Europe shipment this year and the first to Paris since June 17. The voyage aboard the Bretagne will depart today, marking the end of a April 15 movement that totals 45890000 in precious metal exports.
Boston July 15 petition filed in Massachusetts Supreme Court by Kidder Peabody Co against New Haven Railroad, seeking continuation of guarantees on semiannual 4 percent dividends and $105 per share on preferred stock of New England Company, after Consolidated Railway absorbed by New Haven. Terms relate to similar Connecticut actions and aim to clarify securities status in both states.
Boston July 15 Vice President Byrnes of the New Haven road stated that the railroad did not assist in financing Mr Billard's stock sale. He added it would not hurt the New Haven if Billard used the stock against them but Billard is not bound by any explicit or implied voting obligations.
Washington July 15 The Interstate Commerce Commission ruled that common carriers must haul offered traffic and establish reasonable rates. In the Star Grain and Lumber Company case against the Santa Fe Railway the commission fixed joint rates for yellow pine lumber and defined divisions among carriers. It held that restricting traffic to favored lines while harming producing or consuming markets is unjust and must protect revenues without unfairly disadvantaging connections or customers.
The May 1908 and five months ended May 21 report from American Telephone shows Bell system revenues, expenses, and earnings across associated companies excluding long lines. It lists total operating income, maintenance, taxes, and earnings changes versus 1907, with figures in thousands and includes per period comparisons for the five months.
The Interstate Commerce Commission decision favors the Mecker Jones Jewell Milling Co of New York. It holds the firm is entitled to export rate for milled wheat ground in the West but denies the same rate for export of milled flour as feed.
Detroit, Toledo & Ironton 5 percent notes worth 1,208,000 par were bought in for 100,000 by H B Hollins & Co and associates, ending a temporary injunction. A separate 4,000 block sold at 40. The notes secure a majority stock in Ann Arbor Railroad, giving noteholders control at the August 15 meeting. The Ramsay committee seeks severance from DT&I, while Joseph W. Gross contests the sale’s legality through Guggenheimer firm.
H H Rogers visited the financial district for the first time in six weeks. He appeared in excellent health and active, spending hours at his No 2 Broadway office and attending Amalgamated Copper dividend meeting. He forecast the worst mood to ease, noted steel gains, copper lagging but likely to improve, and cited higher copper output as stabilizing near term. He had been away at his Fairhaven Massachusetts country home.
Stockholders were told miners at Butte received back wages and property attachments were removed. New interests form a note issue to pay claims and stabilize the company on a producing basis. Loans secured by stock are resolved, curbing large stock sales. Buying by new entrants, led by brokers like Leonard Field, boosted demand on the New York curb. Nichols Copper reports 150,099 pounds of matte from Douglas Copper, awaiting assay results.
Albany July 15 trust companies in the state show a gain in resources totaling 20 million plus for the period ending June 17, according to a State Banking Department statement. The report covers eighty eight firms with total resources of 1 272 722 49 million and deposits near 992 454 982 million.
Bristol notices announce an indefinite shutdown at week end for Herreshoff Manufacturing Company yacht builders due to lack of orders. In Franklin about one hundred workers will be laid off as Mill B closes Saturday, tied to decreased business. pulp mill No 4 with twenty five workers will also shut.
The Iron Age notes a slow but continuing gain in iron markets, with the Steel Corporation operating near capacity and export activity around 10 percent. Bar iron wages have settled, causing reductions for puddlers and finishers, while finished lines improve but overall demand remains limited and markets stagnate.
Washington reports the Interstate Commerce Commission's year ending June 30 1907 shows net earnings of 840 589 764 with 2 589 105 578 gross earnings from 227 454 miles of line. Dividends total 308 137 924 and surplus 141 323 264. Passenger and freight traffic rose. fatalities and injuries slightly worse per mile than prior year.
In Chicago on July 15, wheat fell with September closing down 1 to 1. Corn rose 4. Oats declined up to 1. Provisions rose as traders anticipated cooler weather and steady export activity. Receipts increased for wheat and oats, while corn held firm on favorable crop conditions and ongoing demand from packers.
Listing of weekly and yearly earnings for Detroit United Alabama Great Southern and Cincinnati New Orleans and Texas Pacific railroads. Includes miles operated and totals for periods July 1905 to June 30 1906 and June 1907 to June 30 1908 with figures in dollars and miles.
A list of international government securities with bid and asked prices including German Bavarian Saxony and Austrian notes. Entries show percent yields and price quotes such as Cologne Munich Augsburg Berlin Vienna and Hamburg wages, with figures like 90 143 and 48 04.
San Francisco on July 15 reported official closing quotations for mining stocks with prices listed for prominent companies and their latest trading levels.
Not all trunk line railroads back a October 1 10 per cent freight rate rise. Reading Lackawanna and Lehigh Valley oppose. New York Central supports new sugar and coffee rates effective August 1. Other lines like Erie Baltimore & Ohio Pennsylvania and Delaware & Hudson reportedly favor the general increase. A meeting of eastern railroad presidents is planned next month to decide.
Chicago July 15 Judge Kohlsaar rules in a Circuit Court decision that prohibits the Chicago Indianapolis and Louisville Railway Company from issuing trip tickets or mileage to Munsey's Magazine in exchange for advertising. The case tests Hepburn law. railroad company appeals to the Supreme Court.
Weather Bureau issues a special forecast predicting rain in the corn and wheat belt and in the Ohio Valley, with a developing low pressure system moving from the Rocky Mountain region across plains and central valleys to the lake region and Atlantic states by weekend. Expect rising temperatures, local rains and thunderstorms ahead of cooler, fair weather for two to three days.
The bulletin lists daily celestial and tidal data for Sandy Hook, Gov. Island, and Hell Gate with sun and moon times. It also notes wireless reports stating the Deutschland was 740 miles east of Sandy Hook at 4:40 am yesterday and the Majestic at 253 miles east of Sandy Hook.
The Carmania was 245 miles east of Sandy Hook at 11 am yesterday and will likely dock about 7 30 this morning. The ship’s arrival is anticipated as it closes the voyage with a pier stop planned around 7 20 this morning.
A dated maritime schedule lists several steamers and their routes from New York to Asia and Pacific regions via Seattle, San Francisco and Vancouver. Ships include Tyo Maru, Alameda, Shawmut, Lord Sefton, America Maru, Empress of Japan, US Transport, and Mariposa with ports in Hawaii Japan Corea China Philippine Islands New Zealand Australia Guam Tahiti and Marquesas Islands.
A dense listing of ships with origins and destinations, passenger and cargo details, and quarantine status. Vessels include Bremen, Altonia, Sicilian, Prinz August Wilhelm, Peninsular, Betonia, Ida Cuneo, Princess Anne, ac Gass, Hird Nor, Parvard, Delaware, Sikh, Burbo Bank, Calderon, La Campine, Colon, Kirremoor, Celtic Princess, and more with bar arrivals and sailings noted from Sandy Hook to Port Antonio and beyond.
Shipping notes list arrivals and departures at foreign ports on July 15 with steamers including Teutonic Pretoria Voltaire Erika Indradevi Moikeres Harburg Dne Burgermetater Petersen Campania Iroquois Oceanic Kaiser Wilhelm der Grosse Wildenfels Llandaff City Lux Verona Yokohama Satsuma and others bound for New York Southampton Hamburg Cherbourg Genoa Shanghai Singapore Colombo Aden Boston and more with routes via Plymouth Rotterdam Queenstown and Port Natal amid congestion.
Receipts total 51 cars nine hundred sixty head with 34 cars to slaughter and 17 for market. Prime heavy steers steady, other cattle mixed gains 10-15c. bulls and cows higher, some prices: native steers around $6.87 to $7.25 per 100 lb. common to good bulls $2.75-$3.65. cows $1.50-$4.50. fancy cows up to $4.75. Dressed beef 6.5-11c per lb. ships to Liverpool and London note beef prices. Adriatic and Cedric sailing with beef consignments. Sales include numerous specific lots with weights and prices from McPherson & Co, Sanders, Judd & Co, John Ducey, P. Nelson, Curtis, Andrew Mullen, and Jelliffe Wright & Co. Cattle market details and calf receipts also listed.
Receipts and sales from Maree TS AS and numerous firms list veals, lambs, and sheep with varied prices per 100 pounds and per head. Notable buyers include J. G. Curtis & Sem, Wright & Co, Tobin & Shannon, Newton & Co, and McPherson & Co amid statewide lamb and hog trades across Kentucky, Virginia, Maryland, and Pennsylvania, with market tones steady to higher and dressed meat values detailed.
Liverpool market report shows spot wheat and corn steady to strong with several futures levels quoted. Hops, beef, pork and lard prices noted with multiple long and short rib, belly and shoulder cuts listed, along with cheese, tallow, turpentine and rosin figures from London and Pacific Coast sources.
Holders of First Mortgage and Refunding Fifth Per Cent bonds of the Cinccinnati Indianapolis Western Railway and the Indiana Decatur Western Railway defaulted on July 1, 1909. A bondholders committee urges deposit of negotiable bonds bearing coupons to July 1, 1908 and later, at Bankers Trust Company by Friday July 24, 1905, for protective action and immediate steps.
An advertisement lists Berlitz School of Languages branches in Madison Square at 1122 Broadway Harlem 343 Lenox Ave near 27th and in Brooklyn at 73 Court St East of EOMMER School at Asbury Park with seven teachers sent to locations within a hundred miles.
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