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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 06, 1902
Page
10
The report notes year to date stock gains and bond transactions with net stock increases near half a percent and notable bond movements. It lists several advancing and declining issues including Am Bicycle and Det M holding mixed positions as markets show varying liquidity.
The article notes dull but steady trading with absorption by large interests and a growing concentration policy on Wall Street. Crop reports are favorable nationwide, while bear arguments fade, though concerns linger about the West and South needing funds for bumper crops.
The St. Louis and San Francisco Railway seeks control or access to the Central Railway of Georgia, aiming to unlock direct Atlantic seaboard access. The plan requires Southern Railway approval and promises traffic gains, stronger revenues, and major Savannah dock and port expansions.
The Brooklyn Rapid Transit Company annual report drew much discussion on the Stock Exchange as bears hailed a $300,000 net decrease amid a gross rise in cadet tise. Some investors avoided short sales while others saw no cause for dismay.
The Brooklyn Rapid Transit Company reports extraordinary expenses have been charged in a fiscal year of preparation. The system undergoes "Housecleaning" and large items are charged against earnings for the new year. Traffic gains are strong and operating costs are falling. An official states dividends earned will be shown for the current fiscal year.
Recurrent discussion of a year old plan to consolidate four major express firms continues with official denials. Despite this, share prices rise as investors push bids higher with United States and American Express stock gaining around five and nine points respectively on light volume.
An officer of the Sub Treasury forecasts a change in the international exchange situation within ninety days that will start gold imports on an exceptional scale.
A new stock movement in St Louis and the Southwestern markets rises from failed plans last year to ease an overloaded pool. George Gould disavows any interest in the manipulation now widely publicized.
An official statement indicates Standard Oil ties dominate upcoming plans for the Hocking Coal and Ironies property with output expected to rise significantly. Public disclosure sets the stage for major expansion and investment.
Rumors swirled around Metropolitan Securities as the stock declined yesterday. Supposed cash calls and a major buyer switching to selling fueled market chatter, but officials provided no concrete information on the company’s immediate plans. Insiders reportedly remain confident despite the uncertainty.
The Governing Committee of the Stock Exchange met yesterday afternoon and decided to close the Exchange on Saturday to observe the coronation of King Edward, following a petition by a large number of members.
Illinois records show the East St. Louis Gas Company incorporated with a capital of 1 000 000 dollars. Portland dispatches report wheat shipments to South Africa totaling 2 000 000 bushels since January 1. Wilkesbarre and Western Railroad foreclosed and reorganized as the Susquehanna Bloomsburg and Berwick Railroad. St Paul dispatches say Swift and Co have secured an option on the Minnesota Soap Company and will take over the property.
Reports from Pittsburg Pennsylvania confirm more than 15000 cars shipped in the section on Sunday, marking the greatest one day freight movement in the history of the Pittsburg railroads. A Savannah Georgia note announces a 600000 dry dock to be built there. Zinc ore prices slide one dollar to 39 in Joplin Missouri. Freight rates from Shreveport and other Louisiana points to the Pacific Coast are expected to be cut in half to meet Gulf competition.
The steamer Brisgavia arrived at Baltimore from Hamburg with 7 000 tons of merchandise marking the port's largest cargo. Settlement reached on Huntington street car strike in Huntington, West Virginia restoring service.
The Philadelphia Stock Exchange lists 2,000,000 common and 2,250,000 preferred Diamond State stock and 4,078,780 Electric Company of America stock plus 11,685,000 Philadelphia Company collateral trusts. Knoxville La Follette Jellico Railroad president Newton says the line will be built after returning from New York. Export of general merchandise from New York port falls by 1,916,459 for the week, down 3,775,690 from last year.
The report lists money on call rates around 3 percent, time money from 4 to 4 1/2 percent for various terms, and mercantile paper at 4 1/2 to 5 percent. Clearing House exchanges totaled $224,972,494 with balances of $11,728,690 and a debit at the Sub-Treasury of $947,001. London money on call showed 2 1/2 to 2 3/4 percent, with open market discounts at 2 9/16 to 2 9/16 percent for short bills and three months’ bills. Foreign exchange was firm with posted sixty-day rates around 4.86, actual business near 4.85 to 4.88, continental bills quoted in francs and marks, and exchange on New York at domestic centers varying by city.
The Times reports a quiet City session with partial renewal in business on the Stock Exchange. General sentiment was dull amid holiday weather, South African shares soft due to Paris sales linked to a failure there, and American rails steady until late selling pressure. Money demand rose as the market reopened.
The holiday session saw low attendance and limited business with a steady tone. High class securities were dull and Americans opened irregularly but firming later led by Norfolk and Western. Grand Trunk rose on positive traffic reports while numerous listed bonds and equities closed quiet or modestly easier. gold and foreign exchange also noted with premiums in Buenos Aires Madrid and Lisbon.
Paris and Berlin markets show an irregular or quiet tone on August 5. In Paris rentes hold firm while Russian industrials rebound on cover trades and a small speculator faces difficulties. Berlin notes a generally quiet mood with late buying in Bochumer mines and rising Canadian Pacifics on traffic gains.
Call money ample with favorable rates for favored customers. Sterling exchange slightly softer though posted rates hold. Clearing House rate 3 percent. New York funds discount 5 8 and 10 cents. Call loans 3 1 2 to 4. time money 4 to 5. Clearing House exchanges total 19 834 913. balances 1 058 237. The stock market was featureless.
In Philadelphia trading August 5 the local list rose with Philadelphia and Erie and Union Traction posting new highs amid news of a possible sale of City stock to the Pennsylvania Railroad. Pennsylvania slipped early but recovered to prior levels while Fairmount Park Transportation attracted attention over possible absorption by Philadelphia Rapid Transit. Reading and Philadelphia Electric showed varied activity with firm money market rates at 4 percent for calls and 4 1/2 percent for time loans.
Chicago markets report New York exchange at a 10 cent premium. Time and call loans held at 4 to 5 percent. Can common showed high activity in the local list with demand reaching 12% to 13, while Can preferred also moved.
Stock readings show National Biscuit and Box Board moving in active trades while Swift & Co. gains on renewed market interest. Swift reportedly secured an option on Minnesota Soap Company plant at South St. Paul, with talks of selling the yard business influencing prices.
Business was dull on the Baltimore Exchange with prices steady. Trading totaled 636 shares of stock and bonds worth 33 200 dollars plus 1100 dollars in scrip, with details following.
Seven electrical manufacturing companies merge into American Union Electric Company and consolidate at Morris Electric Company in East Orange New Jersey. Independent firms joining include Union Railway Power and Electric, Fountain Manufacturing, Falcon Manufacturing, Federal Paper, Electric Motor Specialty, and Refrigerator Machine Company. The general office will be at 15 Cortlandt Street New York.
The Glucose Refined Sugar Company held its annual stockholders meeting in Jersey City. The firm, capitalized at 40 million dollars, elected a nine-member board for terms of five four and one year respectively. No financial details were released. management reported a satisfactory condition.
The Weather Bureau notes a drought break in the Virginia to Arkansas zone with heavy rains in the west, while Lower Ohio Valley and parts of the Carolinas remain dry. Corn trends strong across major states. cotton improves in central regions but drought persists in the Carolinas, Georgia, Louisiana, and Missouri. Texas sees heavy rains and continued cotton yield concerns. harvests progress across multiple states with winter and spring wheat variances and ongoing rust and pest issues.
A broad range of stocks traded with varied gains and losses as prices moved irregularly. Standard Oil weakened after a low dividend forecast, with little trading activity. United States Realty and Alliance Realty posted gains in a active realty sector amid consolidation.
Closing quotations show no transactions in many bonds and stocks. Listed prices include various issues such as Silver Special, Cent, Westinghouse, Pacific Mail, Pullman, and International Realty names with prices and fractions. The report captures bid and ask ranges, with notes on specific issues and some untraded securities.
Ww O Chamberlain is appointed Wisconsin special agent for Commercial Union Assurance Company. Henry Cohn Co of Chicago forms Commercial Fire Underwriters, a Lloyds concern, to act as its attorneys and managers. Subscriptions received for the German Fire Insurance Co of New Orleans capital stock. Southeastern Tariff Association aims to publish revised fire rates. North Carolina mostly in line except Greensboro. A J T Dargan organized company in Atlanta on a contingent commission basis may not join the Southeastern Tariff Association.
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