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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Sep 22, 1908
Page
14
Washington, Sept 21 Though critical of examiners methods the conference urged reforms to curb embezzlements and defalcations. It pressed stricter note and collateral verification, independent director oversight, and immediate on site corrections rather than mere filings. Resignations urged for persistent incompetence.
A committee of first preference income bondholders led by R. Walter Levy Frederick William Scott and Walter P Gardner recommended that holders deposit their bonds with Metropolitan Trust Company to enable protest by September 30. If no protest is filed the trustee statement of earnings and the claim of no net earnings will be final for the first preference bonds. If later protest by second and third preference bondholders proves earnings were sufficient, the earlier decision may not benefit the firsts.
United States Steel officers said no corroboration of Pittsburg reports that one hundred thousand workers would be hired soon at major steel and iron plants. Wall Street dispatches questioned the claim, a Pittsburg banker doubted the prospect, and plants in the district were listed as operating at reduced capacity awaiting the presidential outcome.
Samuel Rea third vice president of the Pennsylvania Railroad states the report of a spring 1909 opening for the New York tunnel extension is unauthorized. He notes tunnels will be finished this winter but at least a year is needed to lay main tracks and yards, finish the New York station building, and electrify the line.
Philadelphia directors of Union Traction Company decided to recommend at the next stockholders meeting using securities of underlying companies to finance a new 5,000,000 loan for Rapid Traction Company. In exchange Rapid Traction would grant the Rapid Transit New Market Street elevated and subway a 10,000,000 equity.
Chicago report states a meeting of the creditors committee of the Plisbury Washburn Flour Milling Company was postponed from today to tomorrow at Minneapolis. The item delays the company’s financial proceedings and potential restructuring plans depend on the creditors’ accord and upcoming talks in Minnesota. Local officials and company officers declined further comment.
Pittsburg Sept 21 The open hearth furnaces at Carnegie Steel Works Homestead and two Howard Axle Works departments began double turn today marking the first such operation since last October. The Carnegie plate mills also expected to go on double turn during the week. The move affects several thousand workers.
A Minneapolis dispatch claims the Chicago Great Western Railway and its terminals, rolling stock, and motive power may become a subsidiary of the Canadian Pacific Railway. Officials in Montreal deny knowledge of any absorption, noting stock plans and existing labor issues. The rumor has circulated since the Great Western entered receivership in January.
Delegates from wine growing districts meet in the city tomorrow to discuss the liquor industry amid a downturn in the American wine market and a large California surplus. A. Sbarboro of the California Grape Growers Association attends, rallying farmers against prohibition and promising legislators will listen to growers.
Brooklyn Rapid Transit refuses to pay the city 322000 for paving strips along tracks in Brooklyn over the past five or six years. Borough President Coler says no such agreement exists and accuses delays in prompting city work. He plans to place the bill with the Corporation Counsel, while B R T claims no obligation to pay.
Frank C Marrin, the lawyer and alleged swindler, was arraigned on forgery indictments in the Supreme Court and led to Raymond Street jail Brooklyn to await County Court motions. He planned a habeas corpus writ arguing his Philadelphia four year sentence shields him from arrest in other states. Former friends, all lawyers and politicians, greeted him in court.
Jules F. Koelling, general manager of the Home and Fireside Protective League of America, was arrested on a complaint by Harmon Stolzenau who says the league is a fraudulent insurance and confidence game. Bond set at $1,000.
Greenwich Connecticut September 21 Peter McGuire chauffeur for Julian W Curtiss of New York was acquitted by Coroner Doten in the case of the fourteen year old boy Charles McCann killed yesterday McGuire testified the lad jumped from a wagon as he backed to pass another vehicle witnesses corroborated the account the lamp struck the boy breaking his neck while he was riding in the wagon
New York September 21 market notes show coffee steady to firm with mixed receipts and district movement, while cotton faced a sharp break due to Lancashire mill shutdowns. Spot prices drift lower on futures, with detailed weekly Brazil and U.S. port clearances and regional spot quotes for Mobile Savannah Charleston and New Orleans.
Market notes from New York on September 21 1908 show beans and peas receipts 174?8 sacks with strong demand for old crops unsettled pricing while exports may move red kidney beans around 190 to 192. A quiet butter trade with creamery stock scarce and prices firm and higher for top grades. Cheese prices rise slightly amid cost pressures with full cream and skim varieties enduring steady demand. Eggs arrivals heavy with mixed quality and varied pricing. Fresh fruits and market tone steady to firm with higher apple and peach prices and ample supplies of pears plums and grapes regionally reported.
New York market data for September 21 1908 shows weekly receipts of cows calves sheep hogs with totals across Jersey City Fortieth Street Lehigh Valley Weehawken and West Shore yards. Exports to St Louis Boston Baltimore Philadelphia Montreal London Liverpool Manchester Antwerp and other destinations listed with figures. Beef cattle conditions and prices noted, calves receipts and prices for two days, and detailed yard-by-yard and firm-by-firm quotations for steers bulls cows and calves.
Two day receipts show 74 cars of sheep and lambs with 56 market sales. Sheep dull to steady. lambs in fair demand with steady prices. Dressed mutton dull. lambs steady. Hog receipts total about 13.0 head across 78 cars. prices easier with best state and Pennsylvania hogs around 7.15 to 7.2 per 100 pounds. Several firms report specific lots with varying bids and weights.
Telegraph market notes from Chicago and regional hubs show cattle receipts near head with steady to higher bids, hogs around 7.30 to 7.45 for different grades, and sheep steady to lower in several markets. Kansas City and East Buffalo report mixed cattle and hog tones, with lambs and yearlings varying by region and quality.
Chicago market shows rising visible stocks with a 3,872,000 bushel weekly gain. December wheat closes 14 cents under Saturday as corn oats and provisions retreat. receipts and exports weigh on prices amid mixed demand and favorable Argentine weather. Primary receipts reach 2,901,000 bushels with Seaboard clearances at 750,000. Local markets show weaker cash corn and mixed oats with further declines in futures. Provisions open higher on hogs but close lower as Liverpool cash boosts temper sales.
Closing prices show Wheat spot strength for New Red Western and California derivatives, Corn steady futures, Flour winter patents steady, Hops and bacon markets mixed with strength in short cuts and bellies, Prime Western tallow and linseed values noted with limited detail.
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