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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Mar 03, 1908
Page
2
Trading stays fairly active with many issues showing ex dividend or special notes. Major names include Reading, US Steel, Texas Pac, Southern Pacific, Union Pacific, and Westinghouse with varied net changes and several preferreds trading amid a broad list of securities and bonds reflecting a cautious session.
Gross income and deductions shown, detailing fixed rentals, interest charges, and net income. Present are sinking funds, extraordinary expenditures, and transfers to the Extraordinary Expenditure Fund. The statement notes liabilities, pay rolls, and due accounts, with capital stock changes and stockholder notices.
The report details call and long money rates in London, Berlin, and Paris with discount and exchange figures. It lists foreign securities including British consols, French rentes, and several U S issues with varied yields and prices across markets.
Yesterday's government bonds closing quotations are compared with Setur te ay's values, showing shifts in yields and prices across benchmark issues. No explicit figures are provided in the fragment. The note suggests a standard market update without detailed instrument data.
A fairly good volume session saw irregular net changes with many small moves. Gains came mainly from short-covering in late trading as professional activity dominated, with notable advances by Union Pacific Southern Pacific and National Lead while Erie preferred shares slipped. Time money eased and demand remained light as the dollar strengthened mildly against foreign exchange.
Money on call opened at 2 percent with a high of 2 percent and low of 1 1/2 percent. last loan 2 percent. Time money offered for sixty to ninety days around 3 3/4 percent, four to six months 4 1/2 to 4 3/4 percent, one year 5 1/2 to 5 3/4 percent. Mercantile paper quiet with rates around 5 1/4 to 6 1/4 percent for indorsed bills. Foreign exchange opened firmer, cables at about 4.8719, demand sterling around 4.56, with later easing. Short francs and reichsmarks fluctuated. business dull in day. Domestic exchange quotes from several cities and bank clearings reported. silver and gold premiums noted with international benchmarks. Government receipts and expenditures totals for the day and month cited. year-to-date figures shown with excess expenditures. SURE-TREASURY.
Market summary entry notes fluctuating prices as investors weigh shifts in Philadelphia stocks with uncertain percentages and passings hinted by cryptic OCR fragment.
The funded debt including real estate mortgages and ground rents stood at 270 974 645 13 on December 31 1907, up 79 413 374 31. The increase came from 60 000 000 of three year collateral notes and the absorption of the Philadelphia and Erie Railroad bonded debt of 19 823 000, offset by redemptions and reductions in mortgages and rents.
The company shows $219,989,663 in securities of other corporations at year end 1907 with $10,440,955 in direct revenue, a 4.75 percent yield. Increases stem from Bald Eagle Valley Railroad stock, more system securities, and rising Car Trust and Water Trust holdings. Car Trust totals reach 105,142 cars, with certificates outstanding at $72,515,000. Freight tonnage and passenger ridership rose significantly in 1907.
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway reports a 1907 capital expenditure of 7,008,915.42 on lines west of Pittsburgh for construction equipment and real estate. Fifty million Pennsylvania Company eighteen months bonds were paid at maturity November 1, 1907. Ten million Series G bonds were authorized, dated November 1 1907, to run fifty years, bearing up to four percent interest, with 6,000,000 sold to the Pennsylvania Company to fund construction and corporate needs.
The record notes large outlays on track elevation in Chicago and Allegheny City, line revisions, second and third tracks on the Pittsburgh Cincinnati Chicago and St Louis Railway, yard and terminal improvements, more sidings, real estate, and extra motive power for Northwestern and Southwestern systems. Freight moved west of Pittsburgh reached 155 900 426 tons, up 13 530 327. passengers 33 001 393, up 2 587 834. Gross earnings east of Pittsburgh were $5, expenses $245 154 080 72, net $83 631, up in gross but down in net by 7 953 97. Total system freight moved 435 064 136 tons, up 71 108 309. passengers 153 047 040, up 12 562. West of Pittsburgh earnings noted as $5 525 06 for operating.
The report details a 1907 issue of 60 million three year notes to fund a vast expansion from Pittsburgh to New York. Freight volume rose while earnings per ton mile fell. Taxes rose to 3.98 million. Major work covered four track extensions, Conemaugh line upgrades, yard improvements, and the New York Tunnel Extension project with completion targeted for 1910 and related terminal works underway in Manhattan and Bergen Hill tunnels.
Dun's Review reports February commercial failures at 1,621 with liabilities of 27,064,571, up from 924 and 10,253,7% year ago. Manufacturing, trading, and real estate brokerage sectors show varied increases, plus 13 bank and fiduciary suspensions totaling 1,544.84.
Foreign houses traded about 20 000 shares with a 5000 net on balance. United States Steel copper stocks Reading led sales while Union Pacific and Northern Pacific attracted purchases. American stocks in London were weak but firmer on the curb as consols outpaced the general market. McCurdy joins Henderson Co as McCurdy Henderson Co. Baltimore & Ohio Railroad plans notes for minority Cleveland Lorain Wheeling holding. Potter Choate Prentice publish Reading System history detailing railroad coal growth and ten year earnings trend.
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