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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jan 03, 1908
Page
12
Stock prices fell at opening after news of a Seaboard Air Line receiver appointed and talk of a Union Pacific Southern Pacific dissolution suit. English Bank discount rate cut to 6 percent boosts money markets, easing call money and lending hints for the coming months.
Stock prices and figures from the New York Exchange on Thursday January 2 1908 show varied activity across mining stocks with mixed percentages and several small share lot estimates. The report lists Comstock share lots and other quoted values as follows from the prior sale.
Copper prices firmed after a 4% per pound increase on the Metal Exchange. Nevada Utah activity rose with 156,000 shares traded and Greene-Cananea lagged, finishing near the week’s lows. Boston market followed New York gains, with Amalgamated and United States Smelting among lead movers.
The page lists closing bid and ask quotations for government bonds and stocks with sporadic figures for numerous issues. Prices show varied activity with many entries showing no transactions, indicating a quiet market session.
The Produce Exchange reports principal transactions with opening high low and last prices for Utah Silver Pick Branch Mint and others. Seaboard Company stocks in Baltimore show bids and asks on common second preferred bonds and related listings with figures for United Railways and Consolidated Gas among others.
Bond market activity is detailed for Thursday January 2 1908 with figures across various issues. Notable listings include Mexican and Canadian issues and U S government bond standings, alongside daily totals and comparisons to the corresponding period last year.
Delaware, Lackawanna and Western Railroad dividend payable. Boston and Lowell Railroad notices. Worcester Nashua and Rochester Railroad annual meeting scheduled. Calendar lists today as books close for postings and notices.
The market shows money on call on stock exchange loans at 5 20 percent with last loan at 5 percent. Time money quotes include 10 percent for thirty days, 8 percent for sixty and ninety days, and 8 percent for four and five months, with 7 percent for six months. Mercantile paper rates nominally 8 10 percent for four to six months. Clearing House exchanges totaled $202,378,182 with a balance of $19,893,126. Sub Treasury debit balance $19,912. Local banks gained $500,000 since Friday, vs $2,217,000 last week. Sterling exchange firm at $8.410, sixty days $7a7TS, cables $4.8575 4.56. Continental bills: francs 5.20%9 and 5.18% less 1-16. reichsmarks 93.5 and 94 7-16. guilders 39 15-16. Exchange on New York at Boston 50c discount, Chicago par, St. Paul premium 40c, St. Louis premium $1, New Orleans commercial par, banks $1 premium, San Francisco 1.23 discount.
Bar silver stood at 25 4 per ounce in London and 54 1 2 per ounce in New York. Mexican dollars traded at 42 0 per ounce.
The session showed prices for Alpha Consolidated 0.05, Hale & Norcross 0.42, Mexican Beltcher 0.62, Overman 0.80, Imperial 0.26, Crown Point 2.72, Gould & Curry 1.25, Yellow Jacket 0.71, with silver bars at 54.2 cents and Mexican dollars at 48.44 cents. Bills included drafts, sight, telegraph, par, and a 10 percent discount.
Paterson New Jersey January 2 John R Lee one of the receivers appointed for the Passaic Steel Works announced the works would be operated by the receivers. Several valuable contracts are being filled and receivers will take new contracts if market conditions justify it. Lee said the receivers hope to put the concern in good shape.
Wheat and corn rose on strong Liverpool buying and reports of Argentine weather damage. Export sales reached 26 loaves of wheat mostly durum, seaboard clearances at 1,250,000 bushels, interior receipts 679,000 bushels. Cash wheat in New York firm with No 2 red 1.07 1/2 elevator. Corn remained buoyant with No 2 at 69 1/2 cents FOB.
Arbitrage dealings in Reading and United States Steel accounted for over half of the day’s volume on the local Exchange. About 11,500 shares of Reading traded between 41 and 49 percent, while Steel rose over a point on 3,700 shares. Lehigh Valley and Pennsylvania Railroad edged up fractionally. Tonopah issues were the only other active names, closing unchanged with a mixed list of other readings and prices.
National banknotes received for redemption total 436 848 dollars. Government receipts show internal revenue 1 023 464 dollars customs 1 462 586 dollars and miscellaneous 258 241 dollars. Expenditures amount to 2 310 600 dollars. Gold coin and bullion reserve 150 million dollars. Trust funds to redeem outstanding certificates 707 005 869 dollars. Silver dollars 471 416 000 dollars. General fund 194 449 486 dollars. Deposits in National banks 258 920 255 dollars. Philippine Treasury 4 353 145 dollars. Awaiting reimbursement 67 951 dollars. Current liabilities 116 259 506 dollars.
The Consolidated Exchange shows 80 percent mol May 10,125 wheat contracts at 925,000 with May option trading at 1.08 percent 1.07 percent 1.06 percent 1.07 percent.
United States Steel Corporation has purchased a large tract of valuable ore land in East Tennessee. A railroad will be built through the area from Greenville to Del Rio to connect the Bristol Branch of the Southern with the main line running to Asheville, linking the new ore fields with broader railroad networks.
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