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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 30, 1911
Page
5
Local sources report Grady Banks and Trust Company arranging a conference state by state to discuss financial arrangements. Details remain limited as the parties prepare for formal talks and possible partnership discussions.
Officials seek the identity of senator principals pushing a banking bill that would allow institutions to substitute state and city bonds for cash reserves. Critics warn the Grady reserve act and related moves could erode credit and strengthen bond houses while weakening state banking standards.
Directors of United Box Board and Vass Company announce they will not pay interest on secured bonds within the ninety day grace period under a collateral trust deed. The move aims to open debt restructuring talks with bondholders to avoid immediate financial crisis and preserve assets for stakeholders.
The report outlines mixed activity in international securities with Lorton and Grand Trunk shares weak, foreign rails limited, and American securities opening steady then advancing. London and New York seen uneven trading, discount and short-term rates shifting, and francs and marks showing volatility amid general market uncertainty.
Keodere Wo Ely, chief of motive power of the Pennsylvania Railroad, will retire from active service today in accordance with the pension rules. He began with the railroad in 1868 and served in various capacities, earning recognition for his long career.
A group of 75 fruit shippers and growers from the South and dealers in Philadelphia Baltimore and Boston filed a complaint with the Interstate Commerce Commission alleging rate discrimination by the Pennsylvania Southern and Seaboard Railways and 125 subsidiaries. They claim post 1902 freight changes cost over 2 million dollars annually and cause widespread spoilage, with melons shipped to New York now costing far more than pre 1902 rates. They seek reduced rates for fruit to this city and expect hearings in New York and Southern cities.
The directors of the Wabash Railroad met to consider financial plans for the Wabash Pittsburg Terminal reorganization but adjourned without action or a date. A special committee was expected to press an agreement surrendering claims and a $5 million lien, plus the Wheeling & Lake Erie plan. No reason was given for the delay. the meeting touched on issuing bonds and stock in the reorganized terminal company and compensation to the Wabash.
Frederick J. Santon, president, reports net earnings of 204, against 850 in the prior year and a $204,781 dividend reserve. After dividends, a $1,551 balance remains for maintenance and improvements. The year saw more working capital added and export contracts begun, with railcar demand low.
Market notes from Chicago and St Louis show cattle, hogs, and sheep receipts with mixed prices. Cattle steady to higher. hogs active with gains. sheep demand steady with prime lambs strongest. Includes future dividends, stock exchange transfers, and assorted market summaries.
Foreign banking figures show deposits and securities shifting. In the week, circulation rose, government securities gained 6.70 percent while deposits increased across public and private sectors. Checks cleared totalled 194,790 with weekly changes noted against the prior period.
Earnings figures for lines including Lanea and Crmingham are reported with totals around $721 for June, while Canadian Pacific shows $1,026,900 in gross income. Ruth and United earnings appear, with various income lines and expenses listed, including salaries, benefits, and other income components.
Fragmented OCR lists cotton and wheat quotes with prices and item names. Mentions iron and steel rails with scattered figures. The readable entities include wheat No 2 and various prices like 14.80 and 61%. The text is garbled but indicates market prices and commodity names from a historical markets section.
Weathered markets and price shifts dominate a dense market recap. Commodities including corn, wheat, and grains show mixed signals amid dry Southwest weather and export activity while prices move on expectations of demand and weather. futures details fluctuate across grains, meats, and oils with notes on interior receipts and naval stores.
Liverpool market notes dated June 20 show fluctuations across commodities and currencies with mixed signals in steel, pork, butter, and oils. Prices for soy products, linseed, cheese, and petroleum shift in thin gauges as global demand remains uncertain and futures drift.
Company officials invite Wading River Line riders to gather at the YMCA auditorium at Pennsylvania Station next Wednesday at 2 50 pm to discuss a revised timetable. They aim to please fans of the service while avoiding criticism from other users.
Fragmented OCR shows May earnings and operating figures for Twin City Line and Great Western System. Includes revenue, operating expenses, net operating revenue, and net income with figures like 140,351 and 2,053,005, but OCR errors obscure complete details and entities.
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