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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 08, 1902
Page
10
The Financial Markets section notes strong stock activity with shares traded. Year to date totals show 649,448 to date and 106,118,835 for the period, compared with 104,307,501 on the corresponding date last year.
The report shows bond activity with $2,228,000 in latest transactions and $568,667,100 from the prior year’s date. Collateral loans on call at 2 percent and at six months at 5 percent, commercial paper 60 to 90 days at 4 to 6 percent. Net changes in stocks and bonds noted with several issues advancing and a decline in Mexican Central courier bonds.
Trading volume topped 600000 shares as major and minor advances spread across railroads and utilities. Burlington Northern and Nashville Chattanooga led gains while Southern and Atchison posted fractional rises amid large totals and rumors. Strong earnings at Hocking Valley and Georgia Central bonds supported a buoyant market.
Speculative trading in Copper Trust shares has dwindled as nervous stockholders retreat. A conference between key figures from the Amalgamated and the Calumet and Hecla groups was held at an uptown New York hotel this week to address the market scare.
Washington traders set up a Summer headquarters in New York and organized a bull pool in Sugar Trust stock. Thomas W. Lawson’s enterprise in that quarter has disappeared. Mr Havemeyer says the Trust is doing well but denies any basis for a higher dividend.
Renewal reports that the delayed capital readjustment plan will be enacted this Fall boosted Vanderbilt stocks yesterday. An officer of the New York Central Company called such statements false and foolish.
Market activity centers on Philadelphia speculators trading Chesapeake and Ohio and Norfolk and Western shares tied to Pennsylvania Railroad ties. A romance allegedly used to boost this speculation claims consolidation of the two properties.
Friends of John W. Gates assert he has not abandoned plans for securing control of Chicago and Alton. With his typical fortune he has bought stock as low as 42 after previously rising above 45, enabling continued pursuit of the deal.
Chicago authorities report that most stock bought by Moore and other Rock Island financiers for the Chicago and Northwestern has been sold in the open market at a handsome profit.
People's Gas Company stock rose to 106 yesterday as Standard Oil brokers bought shares. Officers say current earnings far exceed the 6 percent dividend rate. Chicago's business district shows a 20 percent rise in consumption over last year.
James Hill’s friends assert he has retained all the Erie stocks he originally purchased and that he is to…
Rockefeller management of the pool in Missouri Pacific is resting, as Mr. Rockefeller phrased it. The stock showed a 3 percent drop from the week’s high, with a late recovery. Circulated chatter claims Russell Sage quietly sold 25,000 shares at top-notch prices.
Traders labored to drop Manhattan shares but only a fractional decline occurred after over 17 000 shares changed hands. Manhattan remains among the more extended short interests in the market.
New patent suits are reported against the Pressed Steel Car Company as another phase of competition. Officers of the company refuse to discuss the campaign, while former controllers help establish the opposing effort.
Dun's correspondents report better weather aiding crop gathering. Wheat harvest near complete except in the Northwest with good to fair quality. Corn shows potential for record yields in the Midwest and five to six states produce over half the crop. Cotton shows improvement with flood losses in Texas overstated. Oats look to be abundant in New York and western states. Hay harvesting advances. other crops remain satisfactory.
Cripple Creek dispatches report July gold output reaching a record $1,880,500 in the Cripple Creek district. A $2,000,000 traction line is planned from Cleveland to Sharon, Pennsylvania, to connect with the Pittsburgh line.
London memo shows imports from the United States rising while exports fall. Settlement of the eight week strike at the New Haven Iron and Steel Company. Boston reports Dominion Coal July output at 307 298 tons vs 246 693 last year with shipments at 311 390 tons. Bismarck North Dakota State Board of Equalization raises railroad valuation by 1000 per mile to 7500 per mile for tax purposes.
Money on call ranges from 2% to 4% with several terms noted for sixty days to six months. Mercantile paper shows 4% 5% for various terms. Clearing House reports exchanges at $207,669,748 with balances of $12,226,851 and a SubTreasury debit of $955,861. London money on calls at 2%2% and open market discounts cited. Domestic and foreign exchange rates fluctuate with quotes for sixty days around 4.85 to 4.88 and Continental bills around 5.18 to 5.15. Regional exchange centers show varied premiums and discounts for currency trading.
The Times notes strong demand for money due to consols and new Treas ury bills. discount steady as Sir Michael Hicks Beach signals larger Treasury issues. Stock Exchange sees calmer volume but improved sentiment after South African accounts are trimmed. American rails rise on New York buying before Wall Street turns sour on prices.
London market notes a cautious session as money sought for large deals and discounts held steady. The Stock Exchange showed no clear improvement with a firmer tone for Americans linked to Wall Street, while Consols drifted higher and rail traffic disappointed. Major names and prices listed include Anaconda 964, Atchison 964, Canadian Pacific 1411p, Erie 39, New York Central 169%, Norfolk and Western 66% with various prefereds.
Ontario and Western 34 percent Pennsylvania ce Reading 34 Reading first preferred 4414 Reading second preferred 37 Southern Railway 41 Southern Railway preferred 100 Southern Pacific 70 Union Pacific 110 Union Pacific preferred 9419 United States Steel 40 United States Steel preferred 92 Wabash 31 Wabash preferred 48 Spanish 4s 8034 Rand Mines 11144 De Beers deferred 23 Bar silver steady at 243-16d per ounce Money 2 to 2 1/2 percent Rate of discount in open market short bills 2 to 2 9 16 percent for three months bills 2 9 16 to 2 5 percent Gold premiums Buenos Ayres 129.70 Madrid 37.10 Lisbon 29.
Paris notes firm close with gains in Turkish securities and Rio Tinto while Spanish bonds stay firm and Kafirs rise on London labor news. Berlin Boerse dull with lots of local sales and Canadian Pacific weakness. London exchange at 20 marks 49 pfenigs, short bills at 4.44 percent.
London reported the Bank of England’s weekly statement with declines in bullion and several assets while circulation and deposits rose. Total reserve fell by 1,795,000 and public deposits dropped 3,711,000, offsetting a 449,000 rise in circulation. Government securities and notes reserve also declined. The reserve to liability ratio rose to 49.15 percent from 47.03. The discount rate stayed at 3 percent.
The Paris Bank of France reports notes in circulation down 150,975,000 francs while current treasury accounts fall 7,125,000 francs. Gold in hand rises 25,775,000 francs and bills discounted drop 205,525,000 francs with silver in hand up 2,325,000 francs.
Boston August 7 There is no change in the money market with Clearing House rate at 3 percent New York funds at 8 and 5 cents discount Call loans 3 4 Time money 41 5 Clearing House exchanges 18915914 balances 1429755 Dominion issues were the only features of the stock market with an inactive request The closing came quiet but firm Complete transactions followed.
The outside market yesterday was quiet with small price shifts and few notable events. Standar d Oil rose after a trough early in the week, while Virgin ia Iron, Coal and Colts traded actively and reached 18 1 2 a share before closing unchanged. Central Foundry reports assets of about 17.95 million with earnings of 378 thousand on sales, while United Boxboard and Paper seeks a market for its stock with bids but no trades recorded.
Complete bond transactions reported with total sales figures for December with commodities and consolidated corporate issues noted. The listing includes firm names and bond types though specifics are partially obscured.
The notice lists closing bid and asked quotations for government bonds and various stocks with many entries such as Elect 185 186, Lomestake, Silver, Chicago and Illinois rail lines, standard mining and utility issues, Westinghouse, Pan American, and other securities. Several prices are shown with bid and ask ranges, reflecting limited trading in some issues.
New York exchange quoted at 30 percent premium for loans. Box Board prices surged on Chicago Stock Exchange with United Box Board and related issues rising. National Biscuit, Quaker Oats, Swift & Co. active. Market closed with traders wary as week ends.
In Philadelphia trading August 7 most issues showed dullness and minor declines. Fairmount Transportation stood out as an exception amid market weakness. A circulating rumor claimed Philadelphia Rapid Transit offered 30 for a competitor stock, lifting its price from 27.5 to 29 before closing, with some intraday retreat. Reading remained active but weak.
Denver Aug 7 Judge Johnson dismissed Arthur J Singer suit against Colorado Fuel and Iron Company seeking mandamus to inspect stock books. Court had sustained demurrer that all directors must be defendants and refused amended complaint.
Albany aug 7 the following companies were incorporated today United States Graphotype Company New York capital 2 5 million directors Ham mond Marshall Taylor Knapp and Knapp Richmond Street Railway Company Richmond Borough takes over Staten Island Electric Railroad capital 190 000 directors Reed Newkirk Van Voorhes Leavy Foral Limited New York medicines capital 100 000 directors Bates Kaufman Mandel Riverside Fruit Culture Company New York capital 175 000 directors Cohen Schwarz Maguire plus North Side Brewing Company New York capital 1 000 000 directors Flynn Massimino Murphy Schill Brown
Certificates of incorporation were granted in Dover for the Upper Potomac Coal Company of Philadelphia to mine lands in Garrett County Maryland with capital of 500000. The Ricketts Painting and Decorating Company of Philadelphia with 50000 capital. The Wissahickon Gold Copper Company of Wilmington with 1000000 capital. Metzger Lead and Oil Company of Akron Ohio filed a certificate of payment of capital stock for 105000. A dissolution certificate was filed by the Davidson Co operative Development Company of New York.
Railways report show gross earnings gains for the fourth week in July across several lines led by Central of Georgia and the Cleveland Cincinnati Chicago and St Louis. Total increase for forty roads amounts to 797 694 with eight roads reported previously and seven roads added this period. Mineola Long Island hosts filing for the Mineola Roslyn and Port Washington Traction Company capitalized at 150 000 with a slate of New York City directors headed by Isaac H Odell Frederick H Parker and others.
London bar silver quoted 243-16d per ounce and New York 2549c. Mexican dollars at 414 43c. Consolidated Exchange bids: Best & Betcher 300 shares at .16-.17, Consolidated California and Virginia 100 at 1.30, Crown Point 0.08, Elkton 200 at .39, Isabella 200 at .24, Jack Pot 500 at .15, Mexican 200 at .40, Portland 300 at .70.
The St Louis Fire Prevention Bureau starts its regular exposition building inspections. George H Beach is named Michigan manager for Canada Life Insurance to fill T Donnelly’s thirteen year vacancy. Northwestern Casualty Company of Milwaukee begins underwriting under the old Universal Casualty linked interests. The Cincinnati Underwriters Association requires 50 percent coinsurance for mercantile stock and 70 percent for mercantile buildings. no premium reductions, but possible factory plant reductions by the chief inspector.
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