Sharp Declines in Leading Securities
Total sales for the day were 172, shares, versus 483,242 for the same day in 1907. Cumulative sales January 1 to September 16 totaled 125,488,973 shares, down from 149,710,925 in the prior year. Unlisted.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Sep 17, 1908
Page
4
Total sales for the day were 172, shares, versus 483,242 for the same day in 1907. Cumulative sales January 1 to September 16 totaled 125,488,973 shares, down from 149,710,925 in the prior year. Unlisted.
Several firms announce quarterly and special dividends. American Type Founders declares 2 percent payable Oct 735 1908 to holders of record Sept 26 1908. New York Dock Company fixes 2 percent payable Oct 15 to holders of record Oct 1. New York Central & Hudson River Railroad Company proclaims 1.25 percent due Oct 15 to stockholders of record Oct 22. American Telephone and Telegraph Company notes a 2 dollar per share dividend payable Oct 15 to record Sept 30.
The Chesapeake and Ohio Railway Company released its pamphlet report for the year ended June 20, 1905. It shows income, expenses, and surplus figures across years 1907 and 1906 with adjustments, net profit, and a surplus carried forward of 97,248 before deductions, resulting in a 1908 profit and loss of 1,174,910 and a surplus of 2,764,386 before specific chargeouts.
An irregular opening gave way to weakness as professional selling and liquidation hit leading issues. Harriman stocks suffered substantial losses while Union Pacific and Southern Pacific traded below warranted levels. The report notes strong speculative activity and urges caution for traders using borrowed money, with a hopeful outlook for railway bonds.
The page lists bond market sales with numerous issues and prices including New York Central 4s around 1057, United States Tobacco 6s, Central Leather 5s, and various railroad, utility, and government bonds. Total sales amounting to 3,333,000 dollars are noted with many issues showing yields roughly in the 8 to 110 percent range and multiple 4s, 5s, and 6s across companies and regions.
London market for American securities was weak and dull on September 16. Rates show call money at fractional percentages, discounts for short and long bills, Berlin and Paris discount rates, and Paris and Berlin exchange values. Foreign securities list British consols and French rentes with current quotes and bar gold at ten and a half.
A fragmented OCR snippet lists various pref shares and percentages including American Can 60 percent Diamond Match two hundred eighteen two Am Shipbuilding pref 101 xine Biecult pref Aceronas Packing National Carbon 10S pref mg ae Oats 12K Be Board pref 90 percent Commonwealth Faison 103 Street Stable Carpe Chicago Telephone Sears Roebuck and Ex dividend 1 percent
Last actual sales and closing quotations listed for stocks with no yesterday trades on the NYSE. Prices shown include last sale, bid and asked figures for numerous common and preferred issues across multiple industries, indicating inactive trading and narrow spreads among line items such as Adams Ex, Am Can, Am Exp, Chesapeake, New York Central lines, and several rail, coal, and industrial names.
Money on call opens at 1 percent with highs to 2 percent and closing at 1 percent. Time money stays in moderate demand with sixty day at 2.75 percent, ninety days at 3 percent, and four to six months around 3.25 percent. Mercantile paper steady. Foreign exchange opens strong with sterling near 4.87 and sixty‑day bills about 4.85 to 4.86. Bank clearings show New York $297,841,040 with varied regional totals. Silver and gold premiums noted, Mexican exchange at 2.01 percent. Government receipts show daily and monthly totals, Sub-Treasury debtor to Clearing House.
After steadiness in early dealings the outside securities market showed pronounced weakness in step with stocks. Prices fell across the board with mining shares hit hard though a few orders paused the drop. McKinley-Darragh jumped about 20% on Canadian buying while Nevada Consolidated fell 4% and several others eased.
Tidewater 6% notes priced at 6 percent with 99 percent bids. Sells cents per share on odd lots. Lana Rice Tap label Citi circulates sale details with total value around six thousand dollars.
A compact list of bid and asked prices for several governments and bonds. German states including Bavaria Saxony and Berlin, and cities such as Cologne and Hamburg are listed with quoted percentages and points. Vienna and Mexico gold bonds appear among the offerings.
Bowling Green Trust Co at 26 Broadway New York publishes a roster of officers Edwin Gould president William H Taylor first vice Charles P Armstrong second vice John A Hilton vice treasurer William M Laws secretary and a long list of directors including Armstrong Brainard Bronner Brown Clowry Converse Cromwell Costello Deige Goepel Gould Hilton Jeffery Morten Plant Ramsay Schenck Squire Taylor Truesdel Young and others.
Foreign trading showed limited London activity with some journaling in Jim the Hill stocks. Steel shipments rose substantially since September with tubes sheets and bars leading, while wire and jute mills operate at higher capacity and farmers benefit from agricultural prosperity.
Judge Lacombe denied the petition for a rate receiver for the Second Avenue Company without prejudice to renewal. He cited the Metropolitan Street Railway receivers investigation finding the line run under the existing terms at about 290000 dollars yearly and needing roughly 3800000 dollars for efficiency. Negotiations were arranged for possible reductions and improvements aimed at delivering to owners.
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