Stocks End Weak After Early Strength
Market closes lower after an initial gain as investors reassess gains in late trading. Trading volume remains steady with broad declines across industries, led by declines in industrials and rail connections.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Sep 03, 1908
Page
13
Market closes lower after an initial gain as investors reassess gains in late trading. Trading volume remains steady with broad declines across industries, led by declines in industrials and rail connections.
A prepared weekly list of bids and offerings covering equipment bonds, high-grade short-term notes, New York City bonds, idhg and short and long-term railroad bonds. To be sent without charge to banks, trust companies or individuals on request. Write for Circular Q 4.
The Mackay Companies announce regular quarterly dividends of one percent on preferred and common shares payable October 1, 1908 to shareholders of record September 12, 1908. Transfer books remain open. Also notices from American Tobacco Company and American Snuff Company regarding bonds and stock dividends with payment and record dates.
Notices announce annual meetings of multiple companies including American Agricultural Chemical in New London Connecticut on September 17 1908 for board elections. Hocking Valley Railway in Columbus Ohio on September 6 1908. Maryland Coal Company in Johnstown Pennsylvania on October 5 1908. Lake Erie & Western Railroad with stockholder meeting slated for October 7 1908. Chicago Milwaukee & St Paul Railway in Milwaukee Wisconsin on September 19 1908. Books close at varying dates prior to meetings.
Proposals will be received by the Guaranty Trust Company New York City up to 5 P M Friday September 1908 for 1st mortgage five percent gold bonds of Orson and Clearfield Iron Co sinking fund. Bids at price not to exceed 105.00. Trustees will handle sale at the same date.
The stock market pressed higher on Harriman influence with Southern Pacific and Baltimore & Ohio hitting new highs while Amalgamated Copper and American Smelting led declines. Banks gained over 600000 this week on Sub Treasuries, but currencies and loan demands remained soft as warned by market conditions.
Backers of ongoing market speculation are purchasing with pronounced stubbornness, a trait cited by bear traders as persistent obstinacy in the current securities landscape.
Last actual sales and closing quotations listed for stocks with no transactions yesterday on the New York Stock Exchange. The table includes bid and asked prices, last closings, and company names such as Adams Ex, Allis-Chalmers, Am Coal, Lake Shore, Marine, Mackay Cos, Manhattan El, NY Dock, Pullman, Chicago Terminal, Read, Sears Roebuck, U S Exp, West Md, and others with varying price figures and listings.
A garbled list of bonds, rates, and totals including 10000 Am Tobacco 6.109 percent and 19000 co 2d. Numerous entries show 4s, 5s, and 6s notes from various issuers such as Central lines and steel firms with percentages around 90 to 100. The fragment suggests a compiled market snapshot with totals like 08 000 and 10000 St L Ir Mt.
Yesterday's closing quotations for government bonds are shown, compared with Tuesday's figures. Distinct bond classes and yields are listed, highlighting shifts in price and yield across maturities.
Continued irregularity characterized the market for outside securities with low priced mining shares drawing notable attention. Consolidated Arizona Smelting traded heavily but slipped after near Tuesday highs. Nevada Consolidated, La Rose, First National held firm while Tri-Bullion and Nevada-Utah declined. American Tobacco and Standard Oil rose modestly. Hay State Gas softened. Bond demand remained fair as Allis-Chalmers rose after an early drop and Nevada Consolidated recovered.
London and New York quotes show strength in American securities with notable gains across major issues. European money markets report varied rates with Berlin and Paris discount rates around 14 to 16 percent and Berlin cash movements large, while the Bank of Germany weekly return notes decreases in cash on hand and rises in loans and discounts.
Money on call opened at 1 per cent with high 14.4 per cent and last loan at 1 1/4 per cent. Time money in modest demand. rates range up to 2 per cent for sixty days, up to 3 per cent for five to six months. Foreign exchange market opened steady with few bills. sterling around 4.86, demand near 4.86, short francs around 5.17 to 5.18, short marks near 4.79 to 4.83. Domestic exchange shows Boston 12 1/2 c discount, Chicago par, San Francisco 6 c premium. Bank clearings totals listed for New York, Chicago, Boston, Philadelphia. silver and gold markets noted with current prices. Government receipts and Sub-Treasury position summarized.
Bowling Green Trust Co of New York at 26 Broadway announces Edwin Gould as President William H. Taylor as 1st Vice President Charles P. Armstrong as 2d Vice President John A. Hilton as Vice President and Treasurer William M. Laws as Secretary. Directors include A. Goon Edwin Gould and Frank J. Gould.
Foreign houses bought 25,000 shares in the local market with heavy Harriman and United States Steel purchases. London quiet with improved consols. call money easy. banks bid bills at 1 percent. Dividends declared by Interborough, American Tobacco, U S Leather, Central Leather, Calumet & Hecla, American Can, Dunham, American Car and Foundry, American Smelting. August bank clearings show notable curtailment but near normal for year. Canadian Pacific states no stock offering to shareholders for at least a year. Seaboard: bondholders committee named. standards vary for granulated sugar. American Car and Foundry earnings show a small surplus from Q1. New consolidated Stock Exchange members added.
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