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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 12, 1908
Page
3
Bankers to buy coupons for interest payments to avoid a cash deficit in the Erie Railroad Company. Morgan & Co and others arrange cash purchases at par for July 1 coupons, with $15 million of 5 and 6 percent bonds tied to the extension plan. The circular notes temporary relief to maintain operations for the year and fund ongoing improvements.
Sukholders' committee of Westinghouse Reve and Manufacturing urges renewal of pro rata subscriptions before June 22. A letter from the committee explains legal steps if assets transfer to a new corporation, including potential public sales of factory property and investment assets. Edwin F. Atta of Boston joins the stockholders' committee.
National Copper Bank has been admitted after a year of tie up and will begin clearing through the Gearing House Association next week. The association lists forty eight member banks and details on admission and liquidation rules are noted as part of the process.
Nathaniel L. Carpenter of Bazeot & Co files lis pendens against J Rat Walker to secure an attachment on Walkers stable at No Street. Action aims to secure property related to a prior attachment.
Telegraph dispatch reports Pierre and Du Pont Company treasurer announced Powder Company shares listing on the New York Stock Exchange was postponed after a request to defer until September. The decision, stated as acquiesced, reflects broad concern among powder firms and exchange committees.
Behentre stock shows strength on the curb with a seven point advance after the president’s return from Cobalt. The company, which owns ground in Sonora, contemplates a dividend as work continues on a copper converting plant costing 145000 dollars. The project aims to produce 20 million pounds annually once operational, with Consolidated Mines and American tied to copper disposition.
In the United States Circuit Court Judge Lacombe ordered judgment for Charles A. Hanna as receiver of the National Bank of North America against the Metropolitan Trust Company for 100 shares of Chase National Bank stock tied to a pool. Evidence showed Charles W. Morse and associates paid $1,128,609.75 to Simpson Thacher Bartlett in commissions with proceeds shared among participants, while various loans and transfers were arranged through the Bank of North America and other institutions. Edward B. Wire testified directors discussed the purchase but did not authorize it, and Morse admitted borrowing funds to cover the deal.
A brief session of the Senate Finance Committee met at the Hotel Plaza to outline investigations under the May 16 resolution. Three subcommittees were named to study equitable foreign treatment for U S agricultural and other products, customs administration, and duty rate changes with cost comparisons in major foreign countries. Meetings will resume later in the summer.
Missouri officials debate calling out the militia as railroads seek an injunction to enforce a 2-cent fare law. Federal Judge McPherson may deny 60 days to reply, prompting a possible return to 3-cent main line and 4-cent branch rates. Governor Folk reportedly prepared a militia proclamation a year ago to enforce the 2-cent law.
Ex Judge E H Gary chairman of United States Steel denies retirement and dissension amid reports of price cuts. He states Carey opposed reductions while others would share views. He confirms no plan to return to law and notes harmony among officers and subsidiaries. Independent mills reportedly ready further cuts to 8 to 10 dollars, rails excluded.
London reports a major British steel amalgamation with 375 million dollars capital. The deal seeks influence over international export trade and is supported by similar groups in America and on the Continent.
Kuhn, Loeb & Co announced the subscription close for a 5 million dollar Union Pacific 4 percent first lien and refunding bonds. Lists opened in New York and London, oversubscribed in New York on day one, with London closing earlier. Bonds traded at 9 1/2 to 9 3/4 on the curb after announcement, near 1% below subscription price.
C B Richard and Co city agents announce discontinuation of New York to Mediterranean sailings by the Neapolitan Prince and Sicilian Prince due to a rate war with English and German lines. The Russian Volunteer Fleet will suspend Rotterdam and Liban service from June 17 as Kherson Line departs, with North steamers running at a loss.
Frank F. Marquand notes in his stock market letter that conservative moves by directors of Missouri Pacific American Smelting and Foundry and Western Union signal a shift in investor sentiment. He argues the public remains speculative yet optimistic, and that optimism will prevail for Standard Securities.
The Greenwich Savings Bank, among the city’s oldest, marks its seventy fifth anniversary as it declares its semi annual interest at 4 percent. President Jamee Quinlan reports the bank’s history from founding to today. assets total 61 700 000 with a 4 000 000 surplus.
Chicago businessmen and officials hosted a dinner aboard the new steamer Chicago after its maiden voyage last night. A silver tablet was presented by the Chicago Association of Commerce, with speeches by George W. Shell, Paul Faguet, the Vicomte de Chambrun, Col Lovell Jerome, Grosvenor Clarkson, and Alderman Linn H. Young representing the Chicago mayor.
A Morgan headed syndicate plans to buy 15 million dollars of the 20.9 million New York Central 4 per cent debenture bonds authorized by the Public Service Commission in April. They will be offered to the public at 91. The decision to issue this bond amount was made at a New York Central directors meeting on Wednesday. Proceeds will fund the railroad’s present needs.
Crop damage from the Northwest and Southwest lifted the Chicago wheat market with July delivery up to 87 1/8 cents as reports of excessive rain hit Kansas, Oklahoma, Texas, North Dakota and Minnesota. Corn and oats firmed late, with July futures near 67 cents and hogs and lard advancing on packer buying and higher live hog quotes.
The jury heard two questions about contracts restraining trade. Justice Goff ruled such contracts are crimes under the law regardless of perceived benefits or harms. The foreman spoke with Goff, and the grand jury adjourned until next week.
James N. Wallace Hugh J. Grant Henry A. Blair Chauncey Keep and Charles G. Dawes agreed to act as a protective committee for holders of general mortgage bonds of the Chicago Consolidated Traction Company which defaulted on interest due in June.
Multiple cases heard with Gustav A. Boehm and Julian School & Co. involved. Receivers appointed Payson Merrill and William Henkel Jr. with bonds. Assets listed include cash, receivables, machinery, merchandise, and Kingston factory realty. Involuntary claims against Davidson Engraving Co., neckwear maker Jacobson Barnett, and Greenberg clothing dealer.
Reports from New York show beef receipts at 93 cars 1 600 head with steady tone and dressed beef 10 11 40 per lb. Calves receipts 302 head sold early at steady prices 5 to 7 25 per 100 lbs. Sheep and lambs receipts 18 ¾ cars 4 290 head with light supply and steady prices for sheep and lambs. hogs receipts 915 cars 1 993 head with no reported sales and steady tone.
Liverpool traders report futures for wheat corn and flour steady with spot prices mixed. Hops, bacon, lard, and butter hold near prior levels while Canada white cheese and turpentine show selective firmness in a quiet market session.
Erie Railroad and J P Morgan announce extensions to July 1 1918 for 1 5 million First Mortgage Bonds and 1 million Second Lien bonds of the Buffalo and Southwestern division with 5 percent interest payable semiannually in gold coin. Holders may deposit by June 30 1908 to extend or sell at par after maturity. London notes show firm terms and contact details at 23 Wall Street New York.
Supreme Court of New York County proceeds with foreclosure sale on June 17, 1908 at noon. Merbert A Sherman as auctioneer will offer the Manhattan plot bounded by Second Avenue and One hundred twenty third Street with buildings and fixtures, per judgment dated May 19 1908. Attys James McKeen represent the plaintiffs Mutual Life Insurance Co. of New York.
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