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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 25, 1908
Page
3
Charles H a United States treasurer spoke to the Grange National Bank convention, praising small banks with capital under 50 000 and noting their safety and service to rural communities. He cited panics of 1907 1908 as proof of their stability and described banks aiding farmers merchants and builders while shaping prudent financial habits.
United States Cast Iron Pipe and Foundry Company for the year ended May 31 shows total income of 174274, a deficit after preferred dividends of 76 and after common dividends of 452.7 million, versus a prior surplus. Directors consider reserves for additional work and possible dividend payments, but legal doubts about using surplus exist. A suit to settle the question will likely be filed, with preferred stockholders potentially receiving quarterly dividends if decree allows.
The 1908 Poor's Manual cites growth in U S steam railroads to 225,128 miles by end 1917 with total liabilities near 16.5 trillion and assets of about 18.9 trillion. It notes larger industrial sections, detailed income and balance tables, and compares railroad metrics with industrials. Net earnings rose to 832,835,600 in 1907 from 790,187,712 in 1906, up about 5 percent.
Moses Haas and Frederick A. Peckham, charged with conspiracy to defraud the government and bribery, surrendered to Marshal Henkel in the district. Theodore E. Price, named with them, did not appear but is expected to post bail. Haas held on $5,000, Peckham paroled. A bid to quash city indictments against Haas and Price is before Judge Lacombe.
The first bale of the new cotton crop sold at the New York Cotton Exchange. A. G. Hagedorn bought it for 3 cents a pound and sent it to the Mauretania for a second auction in Liverpool, proceeds to charity. The bale originated near Alice Texas and was shipped via Houston arriving June 20. A second bale from near Falfurrias Texas, sold in Galveston at auction for 15 cents a pound, also profits to charity.
Stuyvesant Fish former president of the Illinois Central is reported to have sold about ten thousand shares of his Illinois Central stock in recent weeks. Once the largest individual holder, his move is tied to the stock’s decline from 142 to around 120. He may liquidate remaining holdings to sever ties with the railroad after thirty years as director and nearly twenty as president. He remains a director of Yazoo Mississippi Valley Railroad, term ending October.
Washington reports bids will open next week for fifteen New York post office sites authorized by the May 30 1998 act. Bronx site carries 100000, Newark and Batavia bids follow, Syracuse next with 75000 plus 150000 prior, plus multiple town sites with sizes and funds listed.
Read ing Coal and Iron Company will close its mines for four days this week. The shutdown runs from Friday to Monday across all districts, including Western Schuylkill County, where work had continued full time.
Judge Grosscup appointed David R. Forgan and John M. Roach receivers for the Chicago Consolidated Traction Company. The action followed a petition by Central Trust Company of New York, trustee for Equitable Trust Company of Chicago, which holds the mortgage on the traction properties. Forgan to oversee finances, Roach to manage operations of the lines.
Earnings and financial figures for multiple railroads including Puffalo Rochester Pittburg Wabash and Lehigh Valley. Data cover May and June months with gross earnings expenses and net earnings, plus year to date totals and changes for 1905 to 1908. Notable entities include Alabama Great Southern Cincinnati New Orleans Texas Pacific Lehigh Valley Aurora Elgin and Chicago.
The United States Cast Iron Pipe and Foundry Company issued its full annual report for the year ended May 21, 198. The income account compares as equal profits for the year on preferred stock at per cent on $12,500.
Readjustment committee announces support for the merchandise creditors plan for Westinghouse Electric and Manufacturing Company. About $19,000,000 in new stock is subscribed with roughly $1,000,000 unsubscribed, no syndicate to cover it, and a final action meeting planned. A stronger board and business focus to follow. recovery expected to stabilize Pittsburgh banks tied to Westinghouse stock.
Erie Railroad Company announces it will purchase at par all coupons due before July 1, 1909 to raise cash amid a deficit caused by a national business downturn. J P Morgan & Co. will handle purchases at their No 23 Wall Street office by June 30 1908.
The Erie Railroad Company announces an extension offer to July 1, 1918 for the Buffalo & Southwestern first mortgage bonds of 1.5 million and the second lien bonds of 1 million. Interest remains 5 percent, payable semiannually in gold, with principal in gold coins. bonds not extended may be bought at par by J P Morgan & Co. Bondholders must deposit by June 30, 1908 for extension and receive cash payments plus an extension receipt.
A compact listing shows bids and asks for German and Germanic state bonds. Included are Cologne 4s, Bavaria 45 99 100, Munich 4s, Hessian 343 90 91, Augsburg 4s, Saxony 8s, Prussia 3s, Hamburg 5s, and Mexican gold 5s with corresponding bid and ask quotes.
London telegram reports mixed but steady tone across commodities. Wheat and corn show quiet to steady spot trading with various grades. lumber, tea, hops and fats hold their prices. Prime Western lard and pork steady. cheese and butter markets maintain firm to steady quotes amid broad commodity activity.
Telephone and Telegraph Company announces a dividend of two cents per share payable to stockholders of record Tuesday June 8 1908. William B Driver treasurer notes the dividend will be paid at the close of business on Wednesday July 1 1908.
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