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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Mar 13, 1908
Page
13
Edward B. Smith & Co bankers located at 2 Pine Street New York and Chestnut Street Philadelphia. Firm functions as a firn financial house with connections to banking operations across major cities. Historic listing notes multiple offices in major markets.
The March 15 1908 notices announce a two percent dividend on preferred and common stock of the New York & Harlem Railroad Company and a quarterly dividend of one and three quarters percent on the Market Street Railway Co stock. Transfers close March 1 and April 26 for book entries. dividends payable April 1 and at The office in New York. Advertising offices list multiple branch locations for subscription receipts.
A broad advance in equities ends with mixed changes in prominent issues. The day sees notable moves in Am Sugar, Northern Pac, and Union Pacific while bonds show slight shifts. Bank clearings rise in major cities as gold and silver markets hold steady, with government receipts and sub-treasury balances highlighting fiscal activity.
The market swung from initial gains to a later recession before finishing with modest net advances. Union Pacific led losses then rebounded, Northern Pacific saw heavy buying with hopes of a dividend, and copper shares spiked while Western Union weakened on a stock dividend. Bank reserves and gold holdings rose in the Bank of England weekly statement, reflecting cautious optimism about improving but not booming business conditions.
Money and call rates opened at 3 percent high, 2 percent low, closing 2 percent with 14 2 per cent last loan. Reales offered 342 percent for sixty days to 5 percent for one year. Mercantile paper bought modestly. demand stronger from other centers. Foreign exchange opened steady, cables about 4.56 to 4.56, demand sterling near 4.91 to 4.88, sixty day bills around 4.55 to 4.58, later weakening with losses up to 15 points. Bankers’ posted rates follow.
London and New York close shows a fairly steady market for American securities with final prices listed. Foreign money markets report short and long bill discounts in London Berlin and Paris, along with exchange rates and French rentes and British consols figures for money.
London and Paris report mixed shifts in reserves and deposits. England sees reserve liability at 50 percent with gains in bullion and securities, while France notes declines in notes in circulation and various treasuries with reduced gold and silver holdings.
In the outside securities market speculation was less active but showed spots of strong activity. Micmac Mining saw the largest transactions yet recorded with sharp upward movement. Nevada Consolidated and Cumberland-Ely faded after early firmness, Butte Coalition held within narrow bounds, Nipissing advanced, and Tri-Billion remained active but irregular. Goldfield stocks were steady with fair activity. Specialties were neglected and roughly unchanged. Nevada Consolidated 6s rose 2 points to a new high. other bonds were flat.
Fiscal terms note bids and asks for German city bonds including Cologne Munich Augsburg Hamburg and Saxony groups. Partial data lists percentages and serial codes with unclear context.
Foreign houses bought about 1 900 shares in this market with Union Pacific and United States Steel among the stocks. London opening was strong but eased by close as American stocks followed market trends. Dividends declared include 1 1/2 percent on Texas and Pacific Coal, 1 1/2 percent on Coal and Iron National Bank, 2 percent on United Gas Improvement, 2 percent semi annual on Colorado and Southern Railway, and 2 percent semi annual on Toledo, St Louis and Western Railway. Other items note book on progress for Pennsylvania Railroad and various corporate financial updates.
Placeholder OCR reads Collateral Trust Notes maturing 1961 I furnished by Swarteout and Appenssiiar No Pine se. The fragment hints at a financial security notice with names and place, but details are incomplete.
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