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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
May 08, 1908
Page
13
The Board of Directors on March 24 1908 declared a dividend of one and a quarter percent on common capital stock payable May 27 1905. Record date May 11 1908. Checks mailed. Transfer books close 3 PM May 11 1906 reopen May 15. Secretary B T Callaway.
The Annual Meeting of the Stockholders of the Pittsburgh Fort Wayne and Chicago Railway Co. will be held at the company office in Pittsburgh on Wednesday May 20 1998 at 12 o clock for electing five Directors four to fill expiring terms and one vacancy J B Upham Secretary.
The Vulcan Detinning Company reports year ended March 31 1908 with net profits 71152 after depreciation and betterments. Three 14 percent dividends on preferred stock totaling 56250 were paid and 15551 added to surplus. No debt except material purchases. cash reserves strengthened by two dividends. Insurance sheet shows cash 113284 accounts receivable 356858 and total surplus 389373.
Data for multiple railroads shows April fourth weeks and year-to-date figures. Central of Georgia Detroit and Mackinac Canadian Northern and others report miles operated, earnings, and surpluses with varied yearly comparisons.
A historical market wrap notes day end figures with 670,636 shares traded versus 759,853 the prior year. It references a January to May period totaling 57,499,529 shares, and compares to 2,272,7 iding day in 1907, reflecting a lower activity level across the year’s early period.
The page records broad activity in government and corporate bonds including 6s 5s and 4s notes and a total sale figure of 5 656 000 dollars. Names of issuers such as Am Tobacco Am Tel and Co and Penn Conrt appear alongside various railroad and utility issues with prices yields and par amounts.
Irregularities began in the stock market after the first hour, then firm until midafternoon when weakness and a general decline appeared. Most issues closed down, Gould stocks bucked the trend except Missouri Pacific. London sold shares, Union Pacific directors’ meeting lack of quorum may have fed weakness, rate- hike dissent among trunk line presidents weighed on confidence, and price cutting among pig iron makers raised questions about steel price stability. Bond and currency markets held, Chicago May corn rose to 74 cents, and Bank of France gold holdings rose to 581.6 million dollars.
Ex dividend foreign money market updates note London call money at 152 1 2 percent and short bill discounts at 2 1 2 percent long bills 7 1 4 percent Berlin 4 percent Paris 2 percent Paris exchange on London 25 francs 13 centimes Bargold 104 Berlin exchange on London 20 marks 43 pfennigs British consols for money 85 percent for the account 85 percent French renters 96 francs 50 centimes
Yesterday’s close versus Wednesday shows bids and asks for U.S. government securities. Registered bonds include 1950 VE 104, U.S. 2s coupon 1030, and 0.208% yields. TSBs 1905 at 101 and 101 Vy. U.S. 4s 1925 at 119 ½. Panama Canal 4s registered 102.1.
The Bank of England weekly report shows reserves up 40 000, circulation up 74 000, bullion up 118 000, other securities up 184 000, other deposits up 1 000, public deposits down 995 000, government securities steady. England reserves to liabilities 69.90%, discount rate 3%. Paris Bank of France notes in circulation down 147 300 000 francs, treasury deposits down 31 825 000, general deposits down 1 875 000, gold up 60 775 000, silver up 2 700 000, bills discounted down 287 604 000,000 francs, advances up 11 936 000.
A listing of stocks with no transactions yesterd ay on the New York Stock Exchange shows last sale and closing quotations for numerous issues. Entries include firms such as Adams Ex 167 182 192. Am A C of 8 60. Am Dist T 30 39. Am Tob pf fatty M1. Nat B pf 118% 114% 114. New C Coal 3 20 38. and many others with bid and asked figures.
Money on call opened at 2 percent with a low of 1 percent and a closing 2 percent. Rates for shorter dates eased as banks favored sixty day swaps at 2 percent. Mercantile paper quiet. some attractive names offered. Foreign exchange opened higher with cables strong. demand sterling up 5 points. Cables around 4.8710 4.8760, short francs about 5.15% and reichsmarks near 5.44%. Bank clearings show New York exchanges at $237,483,129 with balances $13,360,533. Domestic exchange notes varied by city. Silver prices quoted. gold premium listed for Madrid and Lisbon. Mexican exchange on New York set at 2.02c. Government receipts this day $1,364,167 with year-to-date deficits of $54,139,559. Sub-Treasury reports debt at $1,128,645.
There was a heavy contraction in outside securities trading as foul weather reduced attendance to about half the usual. Prices remained generally steady with Butte Coalition firm yet quiet, and Cobalt Central steady as Nipissing, Boston and Nevada Consolidated also held.
Yukon Gold and Nevada Utah were in fair demand while Tonopah Mining and Cumberland Ely edged lower. Gold field stocks were mostly unchanged. Special ties were neglected and lower in the bid. Allis Chalmers Ss bonds were firm and New York Air Brakes up a fraction.
The board members of Marer& Co. which failed last October have been readmitted to exchange membership. Henri S Reimond of Redmond & Co. has been elected a trustee of the Fifth Avenue Treat Company.
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