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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Sep 09, 1908
Page
3
A public letter argues the world is stock gambling across all classes from bishops to editors. It promotes a new vehicle called National Stock to undermine the existing system by manipulating stock prices, financing its action with vast cash reserves, and forcing the System to reform or merge. The piece claims National Stock will be decisive in ending speculative practices and reshaping the market landscape.
The American Smelting Trust controls sprawling smelting plants across the United States Canada and Mexico and owns top mining properties bought at bedrock prices by direct dealings with miners. The business is led by the Guggenheim brothers a claim of honest aims and a plan to connect with National Stock despite Guggenheim preferences. A Rockefeller-backed push to merge with National Stock is described as a move toward immense future wealth for stockholders amidst a powerful industry network.
A writer touts National Stock as a vehicle for profit through stock manipulation in Smelters. He recounts a trading battle between System plungers shorting Smelters and buyers rallied by advertising. The piece envisions vast reach and multi-million potential gains, urging readers to buy and spread ownership to drive prices higher.
The speaker argues that buying 30,000 shares of National Stock at $2 on margin can yield $60,000 profit if the price doubles to $4, while risking little margin. He notes prior stance against margin buying but now directs stock gamblers to prefer National Stock over System stocks. He cites C. C. Clapp & Co. advertisements as handling this branch of National Stock’s business.
The firm announces a limited margin plan on National Stock allowing 50 percent margin on 500 to 1000 shares and 23 percent on larger blocks with 6 percent annual interest on unpaid balances. Minimum 500 shares carried, targeting seasoned speculators and broker networks while promising fast settlement and same-day cash proceeds on sales.
New York on September 8 1908 a meeting of the Board of Directors declared a regular quarterly dividend of two and a half percent payable after September 30 1908 to stockholders of record on Saturday September 12 1908 at one o clock P M The transfer books close on September 12 1908 at one o clock P M and reopen on October 1 1908 at 10 o'clock A M Treasurer Fred J Warburton signed the notice.
The Virginia-Carolina Chemical Co announces a two percent quarterly dividend on preferred stock payable October 15 to holders of record September 30. transfer books close September 30. The Railway Steel-Spring Co declares a one and three quarters percent quarterly dividend on preferred stock payable September 21 to holders of record September 5, with transfer books closed September 5 to September 22.
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