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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Sep 17, 1908
Page
17
The day shows heavy selling with declines across top securities. Total shares traded 1,172, a stark drop from 483,242 previously. For the year to September 16, combined volume fell to 125,488,973 from 149,710,925 in the prior year, with unlisted issues noted.
Several company notices declare dividends: American Type Founders 2 percent quarterly payable Oct 35 1808 to holders of record Sep 26 1908. other boards announce preferred stock dividends 141% and common 1 percent payable Oct 15 to holders of record Oct 10 1806. York Dock, Al Railroad, American Telephone and Telegraph list 2 percent, 1.25 percent and 2 dollars per share with various record dates.
The Chesapeake and Ohio Railway Company releases its pamphlet for the year ended June 30 1907 showing gross earnings of 25 842 272 expenses 17 186 747 net earnings 8 656 525 other income 871 570 total income 9 525 005 surplus carried forward and adjustments outlined with dividends 627 007 and a final surplus of 2 754 3 before charges for principal and new equipment 4 4 percent earned on 62 7% common stock versus 3 49 percent in 1906.
After an irregular start and brief strength, the market finished with widespread losses of 1 to 3 points in key issues. Declines were driven by professional selling and liquidation amid fears of lower prices, with Harriman stocks and Dow leaders among the hardest hit.
A wide list of bond sales shows prices and yields for numerous issues. Notable entries include L I Unit 4s at 22 percent, N & W Con 4s at 96 96 percent, Reading Gen 4s around 90 percent, and West Ma 4a near 40 percent. total bond sales tally $3,333,000 with many issues from railways, utilities, and western networks.
London reports a weak dull market for American securities with quotes across money and foreign markets. Call money in London sits around fractions, discount rates for short and long bills are given, with Paris and Berlin exchange rates and bar gold noted along with British consols and French rentes pricing.
Partial list of securities and preferences including American Can Diamond Match National Hiccult Booth Packing National Carbon Commonwealth Edison Sears Roebuck Swift Co and Chicago Rys. Ex dividend 14 percent appears. Readable items sparse and dates or solid facts missing.
Last actual sales and closing quotations for NYSE stocks with no transactions yesterday list prices for many issues. The table shows last closings, last sales, bids and asks across Adams Ex to more. Accurate figures vary by issue with numerous percent and dollar values in the listings.
Money on call opened at 1 percent and closed at 1 percent with moderate time money demand and ample offerings. Foreign exchange opened strong with sterling up and cables quoted around 4.871 to 4.872, with rates advancing later in the day. Bank clearings show New York, Chicago, Boston, and Philadelphia activity. government receipts and sub-treasury position noted.
The market for outside securities shows notable weakness after early steadiness. Prices fall from small fractions to about half a point with mining stocks hit hardest. McKinley Darragh gains around 20% on Canadian buying while Nevada Consolidated, Cumberland Ely, Boston, Butte Coal, Dominion Copper, Greene Cananea and Nipissing lose 4% to 5%. Smaller declines seen in Micmac, Superior, Pittsburg, United Copper, Yukon gold, and heavy losses in Alcohol related issues with American Tobacco down eight points. Tidewater notes ease. Bonds stay quiet and easy.
A fragmented market snippet shows open and last sales figures with high and low estimates. The notes indicate strong trading, with a reported price of $6,000 and 99 percent readings, along with shares described in hundreds of cents per share and Todd lots.
The listing shows bid and asked prices for various government securities from Germany and Austria. Items include Bavarian, Hessian, Saxony, and Berlin issues with ranges around 45 to 101, and Vienna and Hamburg quotes. Also notes Mexican government gold and related Gatco items appear among the securities.
Bowling Green Trust Co at 26 Broadway New York names Edwin Gould as president William H Taylor first vice ch no second vice Chas Armstrong John A Hilton three vice presidents William M Lay Di Trey secretary and a long list of officers and directors including Charles Armstrong Frank Brainard Harry Bronner Franklin Q Brown and many Goulds and Plant Ramsay Schenck and others.
Foreign trading showed activity limited to London with some non arbitrage sales, while London market remained weak. Steel shipments rose notably since September with wire tube and sheet mill activity expanding, and 80 percent of wire mills and 70 percent of sheet mills operating. Illinois Central stock second installment due today, with further bonds possible. Dividends declared by several firms, Baltimore and Ohio earnings down from 1907, copper buying steady, and Wall Street Journal cites 1908 farm value near record high. New York Central reports the regular quarterly dividend unchanged at 1 percent. Treasury moved funds to New Orleans totaling 254000 with cumulative transfers of 550000.
Judge Lacombe denied yesterday the petition by the United States Trust Company for appointing a receiver for the Second Avenue Company. He noted the Metropolitan street railway receivers had found the mine run at a loss of about 290,000 dollars yearly and that nearly 300,000 dollars were needed for efficiency and improvements. The court said the petition is denied without prejudice to renewal and referenced ongoing negotiations and possible refurn to owners and representatives.
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