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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 26, 1908
Page
3
In a Northern Pacific rate hearing special master Charles E. Ges heard cross examination of H A Gray. The plan shows a syndicate receiving stock and bonds as fees for reorganizing the road. Reported stock, bonds and cash transfers reflect substantial payouts to original holders and the reorganizing committee, with a large portion of preferred stock issued and a floating debt noted.
Justice Bischoff denied J B Walker’s request to vacate an attachment on property owned by Walker. Carpenter Baggot & Co claimed about $5 arising from stock transactions and argued Walker, once non resident, had become a resident. Walker showed bond posted to cover the claim while countering the residency basis.
The Public Service Commission heard the case of the Railroad Improvement Association of Nyack against the Erie Railroad. Testimony cited improved punctuality since a year ago with Jersey City arrivals now timely for commuters. Officials claimed 90 percent on schedule over four months, noting delays mainly for safety at Bergen tunnel. Consumers argued insufficient trains and dirty cars, Erie countered by blaming patron conduct. An ex-Senator warned local property values fell due to irregular service. a compromise was urged by Commissioner Decker.
Joseph ID Lawrence Jr, manager of the bankrupt brokerage firm Coster Knapp & Co, testifies before Commissioner Alexander that Charles Coster led the firm’s dealings. He notes W B Coster, retiring partner, held joint accounts with Charles totaling 1,012,534.12 and 17,328.52, with no contribution from W B for either. Schr Knapp then explains certain extracts in the schedules after Welch’s testimony on business translations with Marshall Sader Co.
Frisco officials stated the Frisco will continue to pay interest on direct bonded and collateral trust notes. The announcement aimed to quell circulating rumors that the Frisco might default. Nearly 1.5 million dollars in annual interest is due in July on these securities, with additional amounts on underlying refunding mortgage bonds.
Several bankruptcy petitions were filed yesterday in the United States District Court. Debtors include Kenzen Brothers at 501 East Houston Street with assets around 2,370 dollars and liabilities noted. Putter at 512 West 122nd with various liabilities. Crozier and partners in the Specialty Company at 305 West 144th. Ricard Dortett, a butcher at 342 East 345th with liabilities about 12,468 dollars and assets including 1,900 in fixtures. Udiuee Dees & Sulzberger Company with 6,000 in debts. John Harrington owing 1,172 dollars. Louis Alterman at 2082 Second Avenue with stock and accounts valued under 75 dollars bond. and others reported with similar claims and asset estimates.
Testimony in a government hearing before Referee Ferris compared lubrication by Galena Signal Oil and New York Lubricating Oil on the Louisville and Nashville. Galena’s oil allegedly reduced engine and passenger car delays by about 60 percent with lower cotton waste and journal wear. Government and railroad officials defended Galena while noting prior favorable letters and adjusting complaints.
The directors of the Tonopah Mining Company of Nevada met in Philadelphia and declared a quarterly dividend of two cents per share. The firm had suspended payments for a year, after which dividends had stood at 100 percent annually on the $1 par stock.
The Biaugas Company of America is formed in New Jersey with a 5 million dollar capital. At yesterday’s meeting E. C. Benedict becomes president and a six member board is elected including Hugo Lieber Jacob A. Jacobs and William W. Gooch. The firm will operate Herman Blau’s gas liquefaction inventions from crude oil.
Rumors in the financial district say the Virginia Carolina Chemical Company may issue 15 million dollars in bonds. Part of the money would retire the current 5 million in 6 percent collateral trust bonds due October 1, 1912. The bonds are callable at 1024 percent on any interest day and redeemable for sinking fund payments of 600000 annually.
London weekly Bank of England reserve up 335000 pounds and public deposits up 393090 plus government securities 165000. Paris notes in circulation fell 44000000 francs while treasury deposits rose 50600000. Berlin notes in circulation climbed 15973090 marks and deposits rose 15833000 marks.
Arthur King Wood, formerly VP at Van Norden Trust, elected president of the Franklin Trust Company of Brooklyn succeeding George H. Southard who retired for health reasons. May 7 a majority stake in Franklin Trust was acquired by Farmers' Loan and Trust Company of New York, with Edwin S. Marston and three directors named trustees of the Brooklyn firm.
The Douglas Copper Company reports bills of lading for matte from Fundicion Mexico totaling 27000 with daily value of 3000, projecting over one million annually. Mining firms nationwide revive activity, Cripple Creek leads with over a million monthly, while the Butte and New York Copper Company plans six months of expansion including shaft deepening and new machinery.
Builders and unions report rising demand for building mechanics in the city as speculative builders resume work after six months. A Taft nomination lift and Democratic National Convention chatter hint at a revival, while Interborough reports fewer applicants for building trades. Separately, Freight Handlers threaten strikes in Chicago over wage scales as contracts expire, with similar tensions spreading to Milwaukee and other cities. Stand ard Oil reveals growth plans for Union County plant, predicting 15,000 to 20,000 residents nearby and new municipal services.
The Norfolk and Western Railroad orders one thousand coal cars daily to the Bluefield district and stores all available box cars in Norfolk yards. Mines at Stonega Widemouth Tearns's Creek Appalachia Imboden and nearby areas seek labor as the railroad gears up for large coal shipments this fall. Thousands previously unemployed will be hired.
The American Car and Foundry Company reports gross earnings of 10.62 million and net earnings of 8.96 million for the year ended April 30, with a $8.21 million dividend-eligible balance and a $6.11 million surplus on common stock. President Frederick H. Eaton notes a policy of sizable working capital to weather financial stringency and to fund growth, while acknowledging reduced orders and a cautious stance on increasing capital. The firm set aside 609,000 for future common dividends, marking the first advance payment pledge for shareholders during a period of weaker business conditions.
Calcutta June 5. The Bank of Bengal lowered its discount rate today from six percent to five percent. The decision affects lending norms and could influence market liquidity as of this morning. The move marks a tightening of credit metrics in the region.
The Bank of Bombay reduced its rate of discount today from 7 to 6. In Paris, the Bank of France declared a semi annual dividend of 8 francs on June 25.
John H. Edwards as receiver for the New Amsterdam National Bank denied the report that the Hotel Saranac on Broadway near 42nd Street had sold for 1 million dollars. The bank’s property may yet change hands, with a Philadelphia syndicate among potential buyers. The hotel, once the Rossmore, was bought by Charlies T. Barney in 19 for 701 thousand dollars and later transferred to the bank.
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