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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Mar 03, 1908
Page
13
Trading remains fairly active with lower time money rates noted. The report lists closing prices for major stocks such as Mexican Central, Missouri Pacific, Reading, U S Steel, Union Pacific, and others, along with bond yields including Mexico Cent, Reading gen 4s, and Steel 5s.
The condensed general balance sheet lists assets, liabilities, and securities as of December 31 1907. It notes total assets of 27 789 664 69 and current liabilities of 4 448 067 80 with funded debt and security holdings including Car Trust and Water Trust certificates. Traffic data show freight tonnage 234 27 074 and passengers 67 356 553 for the five divisions east of Pittsburgh and Erie, with extensive details on car acquisitions and stock exchanges.
London market shows heavy activity with mixed closing prices across U.S. securities. Notable notes include Anaconda, Atchison, New York Central, Reading, Southern Pacific, United States Steel and Union Pacific along with foreign money rates in Berlin Paris and London.
Yesterday’s government bond quotes were released showing the close levels and their comparison to the Setur benchmark. Market traders tracked yields and price movements across several maturities.
The market traded with uneven gains and losses as professionals dominated. American Smelting and Refining cut its dividend, Amalgamated Copper rose on reopening news, National Lead and Union Pacific led gains while Erie preferred issues fell. Time money eased and the foreign exchange market remained firm with a higher demand rate.
The funded debt including real estate mortgages and ground rents on December 31 1907 stood at 270 million 974 thousand 645 13 dollars, up 79 million 413 thousand 374 31. The increase arose from 60 million collateral notes and 19 million 823 thousand debt of the Philadelphia and Erie railroad taken onto the balance sheet after absorbing that property.
Money on call opened at 2 percent with last loan at 2 percent and closing at 1 1/2 to 2 percent. Time money showed a narrow market with rates up to 5 1/2 percent for a year. mercantile paper steady with moderate business. Foreign exchange opened firmer, then eased, with quotes for cables and sterling changing through the afternoon. Domestic exchange, bank clearings, and silver and gold prices noted along with government receipts and Sub-Treasury position.
Philadelphia shares show modest gains with several key issues advancing while trading volume remains steady and investors eye upcoming economic data.
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway plans ten million series G bonds to fund construction and corporate needs. Pennsylvania Company owns 6 million of the issue. 1907 totals show 7,008,015.42 in capital expenditures west of Pittsburgh with 155,900,426 tons freight and 33,001,393 passengers. Gross system earnings reach 526,785,525.06. net 85,601,445.24.
The company describes a $60 million three year five per cent collateral notes issue and reports a strong freight increase but lower earnings per ton mile. It notes higher taxes, substantial capital outlays on main line projects, and progress on the Tunnel Extension including Bergen Hill tunnels and the East River tubes with completion expected around 1910.
Dun's Review reports February commercial failures totaling 1,621 with liabilities of $27,964,571, up from 924 failures and $10,283,?7% last year. Manufacturing, trading, and real estate brokerage sectors show varied declines and increases, plus 13 suspensions of banks and monetary institutions totaling $1,544,824.
About 20 000 shares changed hands with 5 000 on balance as foreign houses bought principally United States Steel copper stocks Reading and Union Pacific Northern Pacific. Utah Copper warrants admitted to quotation. McCurdy Henderson & Coe to operate as McCurdy lenderson & with Norman Kenderson and Louis Matzfeld. Baltimore & Ohio to issue about 100 million one year notes for minority stake payment. Reading System booklet details history and earnings.
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