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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 02, 1908
Page
3
The excerpt discusses how rising markets mislead investors with promises of profit and “something for nothing,” while later falls in 1893 1903 and 1907 reveal declines in security value, income, and convertibility, turning profits into losses. It cautions on speculative inflation and its impact on bonds and stocks.
A long-awaited Union Pacific bond offering is expected soon, potentially totaling up to 25 million dollars. Half of the issue may be placed abroad, mirroring recent Pennsylvania bonds, with pricing reportedly settled after Harriman bankers’ negotiations. The bond news spurred a broad stock surge, led by Union Pacific, American shares rising as high as 14 percent.
Paris June 1 heavy fall in 3 per cent today followed the Chamber of Deputies vote last week to tax dividends from rentes and all government bonds. Intimation that opponents of the measure are affecting the market with sentimental factors as well.
Imion June 1 The issue of the National Rail War of Mexico 42 per cent bonds was offered Grutaneously today in London and New York. The issue was exceedingly well received here. There were heavy applications for the bonds and dealings in the market were at a premium of tway per cent.
Stockholders elected Ezra E. Bailey as president, Frank Beckett, Charles Clark, and Malville Chapin to the board with possible additions soon. Guggenheims abandon Caribou venture after heavy spending. water works contract costs total about 300000. April 1908 financials show 67045 expenses and 89 per ton, with a 4.5 percent monthly dividend and 72 total declared to date.
Amalgamated Copper Company posts net income of 6.68 million for year ended April 30, down from 14.15 million prior year. After dividends, surplus stands at 525 thousand versus 2.23 million last year. Copper prices swung wildly from 2 cents to 12-13 cents per pound as market demand contracted and lasts buyers shifted to European accounts. Mines and washes reran at full capacity by March 1908, with high grade ore boosting future outlook in the Butte district. Company output in calendar 1907 totaled about 212 million pounds refined from wholly or partly owned firms, Amalgamated receiving roughly 178 million pounds.
The Silent Typewriter Company, capitalized at 8 million dollars, filed its certificate of incorporation with the Secretary of State and paid a 4 thousand dollar organization tax. It lists 5.7 million dollars in common stock, 1.25 million dollars in preferred, and 6.25 million dollars already paid in. The principal office will be in New York, with most directors from Buffalo, and the same attorneys who filed this certificate also filed the Noiseless Typewriter Company, which has 50 thousand dollars capital and many of the same directors.
Bradstreet's next issue notes 1193 failures in May with liabilities of 26,782,215 and assets of 14,396,160. They show a 46 percent rise in failures and liabilities versus May last year, two and a half times those of May. Compared with April this year, failures fell 42 percent but liabilities rose 4 percent. May totals exceed any prior May since records began, with liabilities the highest since 1893.
The Denver and Rio Grande system including Rio Grande Western reports April operating revenue of 1 422 771 55 dollars with total operating expenses and taxes 1 174 801 092 015 98. Operating income stands at 411 607 05 dollars, compared with 400 008 05 dollars last year.
Andrew J McCormack auctioneer lists regular stocks and bonds for receivers and executors estates. Items include Metropolitan Surety Co. old stock and bonds from Baltimore & Ohio, Lehigh and New York, Toledo, Wabash, and others along with preferred and common shares from multiple banks, rail roads, mining and manufacturing firms. The sale takes place at Exchange Salesroom Vesey Street at 12:30 PM with additional notes on income and funds.
Heavy rains in Kansas and drought in Southern Europe push Chicago wheat futures higher for July delivery, with corn and oats mixed. Wheat closes firm amid light offerings and renewed dry weather concerns in Europe. Corn rises on a strengthening tone, while oats hold steady. Provisions rise as hogs and lard show gains. receipts listed for wheat, corn, oats, and hogs for the next day.
Chicago reports receipts and varied prices for cattle hogs and calves with steer and cow ranges from about 375 to 700, while Cincinnati and Kansas City show higher ranges for prime and export cattle and mixed hogs. Sheep and lambs also listed with fluctuating values and stocker activity across markets.
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