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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 11, 1909
Page
14
D Ryan was elected president of the Amalgamated Copper Company to succeed the late H J Rogers at yesterday’s board meeting held at 42 Broadway. He had long served as director and was expected to succeed Rogers, with no other officer changes announced. Ryan resigned as ...
John D. Ryan heads Amalgamated Copper, succeeded by Benjamin B. Thayer as president. F B Addicks becomes vice president and treasurer, also serving as vice president of Amalgamated Copper. Ryan, from Butte, co-founded International Smelting and Refining Co with Thomas F. Cole. the new firm plans smelters in many mining districts and abroad. The company reported first balance sheet with assets near 3.15 million cash and 70,595 accounts payable.
The Copper Producers Association reports May output at a record 118 355 144 pounds with consumption exceeding production by 12 348 932 pounds. Total stocks on June 1 were 262 848 141 pounds, down from May 1, while domestic deliveries reached 41 163 000 pounds. Exports rose to 70 545 4 pounds, and electrolytic copper sales stood at 12 ½ cents per pound as demand strengthens the market.
Reports cite Chicago Milwaukee St Paul Railway considering a 25 090 000 bond issue possibly backed by Puget Sound assets with Earling overseeing details. Separately chain mills in the east discuss forming the Iron and Steel Products Company by merging Lebanon Rolling Mill New Bristol Susquehanna Mills and Hever Merence Chain Works.
Louis W. Hill president of the Great Northern Railway denied a claim that James J. Hill planned to merge the Great Northern Northern Pacific Burlington Colorado & Southern into one holding company. Chicago Bar & Quincy president George Morris said there was no truth to the report.
Cincinnati authorities report links between Ohio Black Hand and the murder of detective Petrosino in Italy. Augustino Marfisi, arrested after a Dennison jail fight, was in Palermo when Petrosino died and returned to America soon after. Federal warrants issued for three more suspects. investigations extend to Columbus Cleveland Pittsburg and later meetings with the U S District Attorney Day.
Ex Senator Clarence Lexow, counsel for South Shore Traction, says the firm may sue the Public Service Commission to review its decision on the Queens trolley line franchise or seek a rehearing. He asserts the city benefited from the franchise and blames delays on clashes between the PSC and the Board of Estimate on who sets terms.
In a Supreme Court hearing Justice Hendrick heard the Public Service Commission suit against Adrian H Joline and Douglas Robinson receivers of the Metropolitan Street Railway for failing to file an annual report by September last. The commission seeks damages at a per day rate. receivers demurred. Arguments centered on proper forms and notice. both sides were directed to submit briefs by June 21.
The United States Circuit Court of Appeals affirmed Judge Holt and sided with Zetna Insurance Company and the Albany and Susquehanna Railroad against Delaware and Hudson Company for unpaid rental from refinanced bonds. It upholds a $1,107,923 judgment for Albany and Susquehanna stockholders and requires about $1.06 more per year in payments, with prior Supreme Court confirmation on jurisdiction.
Mackay, chairman of the minority stockholders committee, sent a circular stating that directors elected at the recent Corning Ohio meeting will represent minority interests. It notes $7,000 in seven years of road improvements, a 30 percent earnings rise, and completion of the $750 steel bridge over the Ohio River with West Virginia approach, signaling profits for stockholders this year.
J F Harris, after eighteen months as a U S meat inspector at East St. Louis packing houses, resigned and wrote Secretary James Wilson demanding a national stock yards probe. He accuses inspectors of leniency toward packers, cites condemned meat released, and cites lard spills and unsanitary floors as proof of a failing system. Chief Inspector Clancy defends decisions, while Harris recalls several specific incidents of misgrading and release of condemned carcasses.
Foreign trading in the London market showed mixed activity with Harriman, Hill stocks, and Amalgamated Copper favored by buyers while United States Steel American faced weakness. Dividends were declared by several firms including Phelps, Dodge & Co and Lawyers' Title Insurance, with Empire Steel and Iron restoring the prior dividend rate. Bradstreet's index rose 1.1 percent on June 1, and changes included election to stock exchange for Forrest and new Lake Superior directors G. Taylor, J. Pale, and H. Coppell. Atchison convertibles offer extended for foreign bondholders to June 15.
The Bank of England report shows a rise in total reserves by 1 28 00 and a fall in circulation by 187 6, bullion up 1 016 000, and government securities unchanged. Paris notes a decline in notes in circulation by 137 800 000 francs while treasury deposits rise 650 00 francs and gold holdings increase 17 000 francs.
The bulletin lists earnings and operating figures for multiple railroads including Buffalo Rochester Pittsburg 1909 1998 and 1907 with first or fourth week in May or June figures. It shows revenues for lines such as Denver Rio Grande Wabash Alabama Great Southern Cincinnati New Orleans Texas Pacific Toledo St Louis Western and Twin City Rapid Transit along with April and year to date totals, operating expenses and net operating revenues, and notes increases versus prior periods.
The June 10 1999 market report notes quiet coffee trading with steady to slightly lower finishes and weak Brazilian news. July at 6.00c, September at 6.0c, January at 5. sec. Spot coffee steady with Rio prices modest. Cotton shows firmness intraday. futures steady to higher early, then mixed with late gains and claims of light bear pressure. spot upland middling around 11.35c. Receipts and export activity in coffee ports and domestic cotton markets are detailed, with market sentiment cautious amid weather and crop rumors.
The London tin copper and iron markets rose modestly amid quiet trade while U S hog, beef and pork values moved on a cautious brighter tone. Prices for petroleum, cottonseed oil and linseed oil shifted slightly with oats, molasses and syrups steady. refined sugar and beet sugar markets remained quiet though currencies and futures showed activity in late summer trading.
Receipts show steady demand for imported and domestic beans and peas with fair interest in foreign stock. Butter and eggs remain firm but trading slow. cheese markets soft amid ample supplies and rising stockpiles. fruits and vegetables show varied demand with prices mixed across apples peaches and berries.
Long Island and nearby ducks are abundant but selling slowly. Squabs show moderate demand with mixed prices. fresh killed Philadelphia and Pennsylvania styles quoted by pair or pound. Broad array of produce prices follow, with potatoes, onions, vegetables, and fruits listed by origin and unit, reflecting a busy market day.
Livestock market news from New York shows beef cattle and calves receipts with slow trade and weak tone for some grades. Sheep and lambs remain active for good to choice, hogs firm with higher quotes. several firms report specific sales and average prices for each category and supplier.
Telegraph market notes report cattle receipts and prices in Chicago Cincinnati and Buffalo with steady to lower hogs. Lamb and sheep values vary by region with spring lambs strong in some markets and calves steady to active. Prices listed include live and dressed beef and stockers feeders across multiple cities.
Liverpool market notes show Wheat and Flour steady with Western winter futures around 74d to 64d for July. Canadian peas and hops in London trade steady at 22 13 on Pacific Coast. Pork and bacon prices remain firm with clear middles and shoulders strong. lard futures quoted, turpentine spirits steady, linseed oil firm at 25s. Rosin and resins show steady to firm pricing across listed items.
Chicago prices retreat as wheat leads losses with 2c declines from intraday highs amid crop reports from Kansas Nebraska and the Ohio River Valley. Corn hits new highs on July and September futures before easing, while oats stay steady and provisions firm then ease on higher hogs in Western packing centers.
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