01 Aug 1907
Page 1
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Aug 01, 1907
Page
1
Buffalo Rochester & Pittsburgh Railway declares three percent on preferred and two and a half percent on common stock for 1907. Payable August 35 to stockholders of record August 5. Checks mailed to stockholders. New York, July 28, 1907. J H Hocart, secretary.
Sealed proposals for 47,616.65 in sewer certificates of indebtedness at 1 000 each with one for 1 416 45, issued under New York law, due five years from issue, will be received by the City Clerk until 9 p.m. Tuesday August 20 1907. Certificates to bear 5 percent interest, delivered August 53 1907, with certified check 1 100 accompanying each bid. City reserves right to reject any bid.
Stocks showed weakness as selling dominated in the wake of Europe’s unease and a drop in United States Steel July orders by 5 points from the prior year. Amalgamated Copper and allied names led declines while gold exports and Cairo financial dynamics hint at broader tightening. The market hints at a slower industrial activity phase and a potential readjustment in demand across stocks and bonds.
Government bonds closed yesterday with quotations showing slight movements from Tuesday’s levels. Prices and yields for Treasury and other government securities were reported with minor changes, reflecting typical brief daily market adjustments.
Securities sold at auction yesterday by Adrian HL Muller & Son include 42 shares of The Retail Dealers' Protective Association and 2 W shares Englewood Hugh Company, 160 Adams Express, 30 National Park Bank, and 40 Esco Manufacturing. Debentures and bonds from Alaska Mercantile Company and Park & Tilford, with coupons and sinking funds, were transferred to purchasers. A note of Otto to Anthony J. Guletta dated March 11, 1907 was also included along with deposited voting trust stock in La Maya Valley Land and Improvement Company.
Call money in London at 302 percent. open market for short bills 3 percent. Berlin discount rate 4 1/2 percent. Paris discount 3 1/2 percent. Paris exchange on London 25 francs per cent. Berlin gold premium 7 1/2 percent. British consols at 1 8 for money and 83 French rentes at percent francs.
The Money Market shows call rates at around 3.16 percent high and 2 percent closing with varied term yields. Foreign exchange notes a decline of about 20 points from Tuesday with bankers posting rates for Sterling, Guilders, Paris francs, and other currencies. Domestic exchange reports New York and other cities and government receipts and Sub-Treasury balances are listed.
The Federal Treasury reports at the start of business today the reserve fund with gold coin and bullion at 150 million dollars and trust funds to redeem outstanding certificates at 694.95 million dollars. Silver dollars total 474.088 million, general fund 188.117 million, amounts in national banks 158.515 million, Philippine Treasury 4.254 million, reimbursement awaiting 0.610 million, and current liabilities 121.424 million.
The market showed light activity with irregular price moves and a heavy tone in mining shares. Copper stocks weakened mid day amid selling pressure with fractional losses across sectors. United Copper and Standard 6% slipped while Chicago Subway and Union Pacific notes fell.
Activity picked up slightly from the previous day with 4,300 shares changing hands across six issues. Beaver Superior Mining Limited led activity with 1,200 shares at 44 cents, alongside 1,000 Tramp Consolidated at 41 cents, 1,000 Greater Nevada at 21 1/2 cents, 100 Goldfield Consolidated at 7 3/4 cents, 10 Gold Bar at 1/2 cent, and 100 Branch Mint at 14 1/2 cents. Bid and ask details follow.
Foreign houses show mixed activity in the local market with U S Steel trades and London sentiment affected by money conditions and an upcoming holiday. Bear and bull factions clash as rates rise and August disbursements approach. Morgan interests shift when Atchison bonds are taken, and Philadelphia Baltimore Washington bonds receive approval for terminal improvements.
Fragmentary OCR list of guaranteed stocks and rail lines with numerous place names and entities such as Alb, Susq, Vermont, Allegh, West, Am Tel & Cable, Avon G, Mt M Gt, Beech Creek, Berkshire, Breech S F PF, Hest & Albany, Bost & Lowell, Bost & Prov, Brooklyn, Susq, BER, Chat’chee, Concord & Mon, East Penn, Elm & William, GaR R& B Co, Goshen, Grand River, Lowell & And, Morris & Nash, Nashua & Low, N J Trans Co, Nor & Warpf, Ogden Mine, Oswego & Syra. The text appears as a garbled stock ledger fragment listing various rail lines, companies, and locales.
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