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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Aug 22, 1902
Page
10
Financial markets show year to date figures with total stock and bond transactions. The report lists gains and declines in select issues, with notes on money rates for collateral loans and commercial paper.
Lenders eased demands as funds at the center showed signs of stabilization and time loans traded below prior quotes. Wall Street calmed after early nerves with more borrowers entering the market and total volume exceeding 800000 shares. Most news was favorable despite ongoing bearish sentiment and aggressive short selling on the Exchange.
Yesterday’s market showed no new activity linked to J. P. Morgan’s return. Rumors circulated about his stance on the anthracite strike, with conflicting reports on possible intervention or nonintervention. Morgan’s office suggested he was preoccupied with other matters, while London buyers accumulated coal stocks on hopes of a settlement.
The Louisville and Nashville led yesterday's market reaction, opening at 158 and closing under 155. Rumors about John W. Gates selling out and J P Morgan demanding favorable terms circulated but Wall Street observers dismissed them. The move reflected traders hammering the stock and triggering margin calls through stop orders.
Western Union Telegraph stock traded up about 50,000 shares and gained another point as analysts cling to a theory that a major telegraph and telephone consolidation is near. American Telephone rose two points, reinforcing the same market hypothesis about a coming consolidation in communications.
Western editors warn of a possible shortage of cars in the coming month and beyond as crop news and other reports indicate limited production capacity. Officials stress no major dislocations disclosed yet, but concern mounts about future supply.
Incredible trading surged on the Denver and Rio Grande stocks with over 120000 shares changing hands, more than a seventh of the Gay's Stock Exchange business. The common stock fell one point as analysts cited no clear cause for the extraordinary burst of activity.
The report notes the Gould brothers forming a new pool and issuing quotations. Other Gould stocks remained active but declined overall, signaling cautious trading and selective demand in the market.
Advices from Europe indicate money market conditions are improving with greater ease. Banks in England and Germany are gaining gold and old financial strains are becoming milder on the Continent.
Sources close to James J. Hill's interests suggest developing plans to retire the Erie Railroad's second preferred stock. The discussions signal potential financial restructuring as part of broader railroad strategy. The specifics and timeline remain under consideration by involved parties.
The Peter Power inquest continues to command Wall Street attention with a financier noting that the market expects to allele are preparing, signaling high stakes and major interest from leading financial circles beyond small investors.
Colorado Fuel and Iron dropped eight points yesterday as market value shrank by over 10 million dollars since the Gates led bull pool began. About 65 000 shares traded amid Wall Street interest and continued volatility.
Banks gained on Sub-Treasury gold, with a $522,000 daily boost and a $1,335,000 week-to-date rise as money flows to New York shifted. The Sub-Treasury debit at Clearing House stood at $152,000 while call money traded around 3 1/2 to 4 1/2 percent and prime mercantile paper remained in demand for out of town capitalists and institutions.
Mr. Morgans visitors were sparse with Samuel Spencer and August Belmont among the few who called at his desk yesterday. He left office after 4 PM and refused to discuss public matters like the coal strike or the Louisville and Nashville settlement, though a Louisville announcement is expected next week.
Announcement of a $1,000,000 issue of 4 percent 5 20 year first mortgage trust gold bonds by United States Mortgage and Trust Company. Bond security rests on $1,000,000 of first mortgages in major U S cities, valued at $2,645,969, with gross income $265,273 and net income $178,372, plus company assets over $2,600,000.
Governing Committee votes to make Saturday Aug 30 an extra holiday. Labor Day recess extends from Friday night to Tuesday morning. This adds the twelfth holiday observed by the Exchange this year, and other exchanges will close as well.
Wall Street topics report no change in the Bank of England's discount rate amid a postponed adjourned annual stockholders' meeting. The Dominion Securities Company meeting is further postponed until August 28.
Reports say the San Francisco Terminal and Ferry Company is capitalized at 6,000,000 to connect San Francisco with San Joaquin Valley via Santa Clara and new railroad lines. London reports note an Austrian oil trust forming to compete with Russian and American firms.
The report notes money on call at 24 percent and 4 percent for most loans, time money at 5 percent, mercantile paper at 4 to 5 percent, with various terms. Clearing houses show exchanges totaling 252 million with 13 million balances and a treasuries debit of 152 thousand. London money on call at 24.5 percent, discounts near 2 1/4 percent for short and three months. Foreign exchange firm with posted sixty day and demand rates around 4.85 and 4.88 dollars per pound, plus bills and commodities rates quoted for francs guilders and other currencies.
The report fields varied quotes from multiple cities including Chicago Boston New Orleans Charleston Savannah and San Francisco. It lists discounts premiums and par values for bonds and commercial securities along with terms like buying selling and telegraphic transfers.
The Times reports a quiet Stock Exchange with South African buyers more active on French purchases. Consols stay flat amid sales by French operators opening Kaffic accounts. American rails are irregular while Reading and Denver and Rio Grande show strength, rising in the afternoon before profit taking drags others down.
The Associated Press reports steady money rates in London on August 21 as dividend distributions improve supply. Stock Exchange dull. Consols ease on Transvaal loan anticipation. Closing prices list various securities and bullion movements with Bank of England bullion intake at £105,000 and gold premiums in Lisbon and Rome.
In Continental Centres Paris prices were firm with restricted business. Rentes showed weak demand while foreigns were in good demand led by Italians. Russian Industrials steadied and Metropolitans rose. Kafirs active though gains faded at close. Rio Tinto firm despite copper drop. private discount rate 2 percent.
Prices on the Boerse held steady with Mines leading gains after the Koernische Zeitung noted a large Belgian foundry bought pig iron and other iron. Report that U S Steel chief Schwab will visit Europe to discuss an international ironmasters partnership supported the buoyant mood. Repurchases and gains in banks and railroads. London exchange at 20 marks 484 pfennigs. Discounts: short bills 1% and three months 1%.
Paris on August 21 the Bank of France weekly report records a decline in notes in circulation by 40 975 000 francs a rise of 16 875 000 francs in treasury notes current a 5 450 000 franc increase in gold on hand a 2 950 000 franc drop in bills discounted and a 225 000 franc gain in silver on hand.
Special to The New York Times notes New York weakness limited local trade yet prices held. Lehigh Valley Lehigh Navigation Tide Water Steel and American Cement rose. Reading bought from New York. Electric stocks strong except Electric Storage. Philadelphia Rapid Transit reached 15. Time loans scarce at 4 percent with some at 5 percent. Banks wary on large loans. Call money stiff at 4 percent and commercial lending firm at 5 percent. Complete stock transactions followed.
The Baltimore market was less active and less bullish though sentiment remained confident. Some issues eased from profit taking, while others edged higher signaling readiness to advance on favorable conditions. Seaboards weakened, Louisville and Nashville cited as weak. Money on call at 4.4 percent.
Boston funds moved freely at 4 percent while New York funds traded at par and 2 1/2 percent for cash. Call loans and time money ranged 4 to 5 percent. Exchanges totaled 20,141,626 with balances of 1,985,627 as stock trading remained dull and featureless.
The curb market failed to sustain Wednesday's gains with declines across most listings. Virginia Iron Coal and Coke Tennessee Copper Seaboard Air Line and Rock Island common led losses while Distilling Company of America advanced sharply and bonds rose to 76 percent. Northern Securities stayed active, Montreal and Boston markets firm, and Tennessee Copper slipped from yesterday’s highs.
Pittsburg financial brief notes a $3,000 transaction involving McK. and Company Railway 5s in 5,000 Mont. L. and P. 53. The terse data reflects bond market activity with references to issuers and currency units.
A rumor said Russell Sage opposed Mr. Morgan's combinations and warned him. Sage declined to be seen as opposing Morgan, noting he has views on trusts aired in a magazine. A Wall Street banker warned that the report hinted at trouble brewing.
The Aug 21 list shows Parkes Machine Company with $500000 capital in New York and directors including William N. Parkes and Allan McCulloch, Lennox Liquor Company with $14000 capital and Park Sager, David Unger as directors, Realty Proprietor Company with $50000 capital and Andrew Mills as director, Baldwinsville Light and Heating Company with $100000 capital and Jacob Amos as director, William Randall & Sons Incorporated in Brooklyn with $36000 capital and directors William Randall and C. Randall, American Machine and Ordnance Corp of New York capitalized at $10000000 to extend charter for railroad related work with directors George E. Bouchie and O. M. Palmer.
A. R. Davis named Cleveland agent for Franklin Fire Insurance. Georgia Home Insurance Company licensing actions in New York are under Georgia official review. The Southeastern Tariff Association appoints an arbitration committee. The St Louis Fair Prevention Bureau warns Missouri insurers may resist coverage for the Louisiana Purchase Exposition and urges safety measures. the World's Fair management is urged to adopt precautions.
The page lists closing bids and asks for various government bonds and stocks with many entries showing no transactions. Prices are given as percentages or fractions, including notable items such as Third Avenue 7 percent, Westinghouse first preferred, and Northern Pacific issues, reflecting a mixed market activity snapshot.
The report lists gains among railways led by Minn St P and S S Marie with 18,746 and Pere Marquette at 19,083 and St Louis & San Francisco at 1 74 1L total increase across 24 roads amounts to 768 136 with net increase across 40 roads. Decreases are shown for Cleveland Cincinnati Chicago St Louis 21 762 and Peoria and Eastern minus 845 across two roads. Net result is a overall increase.
A brief note highlights an exclusive feature on clubmen in the Sunday supplement of The New York Times. The piece promises a deep dive into social clubs, notable members, and cultural influence featured in the Magazine Popplegeent.
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