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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 03, 1902
Page
12
Markets show stock gains and advances in certain bonds. Reports list daily totals for stock and bond transactions and note money rates for collateral loans and commercial paper. Net changes indicate minor advances in some stocks and declines in others with references to specific issuers and bond quotes.
Bears seized on rising call money rates to 7 1 4 percent and a large gold shipment to Buenos Aires amid talk of anti trust legislation. Prices fell from day highs but strong buying by substantial interests supported values as optimism returned on President’s message rail dividends and bank sentiment.
The Manhattan Railway Company directors increased the stock dividend from 4 to 6 per cent by declaring a quarterly 1 ½ per cent. The move, foreshadowed by the Interborough lease terms, keeps earnings under 7 per cent for three years before a potential full raise. Trading followed with a 60 000 share turnover and the stock sliding to 151 from 1461.
Reports from Omaha claimed a traffic agreement between St Paul and Union Pacific might be canceled before its February start date, though officials deny this and say the pact takes effect January 10. Declines in several stocks followed heavy profit taking and speculative selling with no solid consolidation basis.
The early trading strength of Louisville and Nashville is linked to Gates interests whose bullish stance on the stock is noted. On a recent decline influential banking interests were large buyers, increasing the floating supply of stock significantly.
Despite official denials, street chatter grows that the stock dividend could be raised to six percent. Yesterday’s announced semiannual increase on Atlantic Coast Nine, controlled by Louisville, had a helpful effect on market sentiment.
Traders expected a dividend increase on New York Central, fueling early demand and a near point rise before the stock tumbled over three points. Sources say no dividend increase is likely this time, citing ample needed funds for extensive improvements and extensions.
The article notes room traders acting as buyers, with one operator taking 8,000 shares of a stock and another 7,400 shares of a prominent railroad issue. Many others acquired 3,000 to 5,000 shares, reflecting a shift in fortunes over the years as 1,000 share positions become common.
A Tuesday page notes a November copper export claim of 7 520 tons. The Metal Exchange cites 10 020 tons exports for November, with imports around 7 000 tons.
Reports to R G Dun Co show November commercial failures total 1,000 with $9,276,716 in defaulted liabilities, up from 974 failures and $9,070,446 a year earlier. Manufacturing failures reached 213 for $3,391,060, trading lines 746 for $5,029,848, and other lines 41 defaults for $855,813. Banking insolvencies stood at four for $157,369, vs two for $450,000 in 1901.
Detroit dispatches report bond holders of the Michigan Telephone Co securing an injunction to restrain disposal of the companys property. Other items note Guthrie Oklahoma chartering of Enid Santiago and Pacific Railroad with 30 million capital, and Kansas City Court of Appeals ruling illegal brewer combines.
Traffic managers from Western routes gather in Chicago to plan rate advances across commodities in the Western territory. The session aims to align pricing and policy among Western freight associations.
Capital of the Union National Bank of Pittsburg rose from 250000 dollars to 500000 dollars as part of a financial expansion. The move strengthens the bank's capitalization and signals growth prospects for the local financial institution.
Colorado Springs dispatches report that Cripple Creek district yielded 60 450 tons of ore in November valued at 1 946 250 dollars in gross terms. The eleven months of 1902 exceed 22 million dollars in production value.
The Port of New York shows a $4,982,118 decrease in general merchandise exports for the week versus the prior week, while exports rise by $1,206,755 compared with the same week last year. Officials note shifting trade patterns affecting the harbor’s merchandise outflow.
Money on call at 6 percent with London at 8.34 percent. Time money 6 percent for all periods. Mercantile paper 6 percent. Clearing House exchanges totaling 317,292,798 with balances of 14,699,468. Sub Treasury debit 205,090. Foreign exchange firmer with posted European and New York rates. various bills and currencies quoted including francs, reichs marks, guilders, and domestic discount windows in several cities.
The Times reports abundant funds in the London market with much repaid to the Bank. Discount rates eased while the Stock Exchange remained quiet and cheerful. Foreigners and South Africans firm, home rails steady, American rails supported from New York, silver weak and activity small.
LONDON December 2 The Consol settlement ends with money rates easing and discounts steady. Americans open quiet then firm, Paris market dull, Rio Tinto in demand, copper firmer on buying orders, and closing prices list diverse U S and Canadian stocks with mixed fortunes. Bar silver weak, Bank of England withdraws £100,000 for Egypt shipment, gold premiums quoted.
Paris and Berlin financial reports show firmer prices on the Bourse and Boerse. Rio Tinto shares rose in Paris as copper tone strengthened. De Beers and Kafirs in demand. three percent rentes near 99.1. Berlin notes firmer mines and coal and bank shares, with minor London exchange figures and German bank cash and note movements.
Liverpool notices the Cotton Exchange will be closed on December 25 86 and 27 and January 1, with a year specified as 86. The announcement lists specific holiday closure dates for the exchange in Liverpool.
The Philadelphia market showed dull and heavy trading today, failing to mirror early New York strength and dipping as that market weakened. Major moves included Philadelphia Rapid Transit down on rumors of an early assessment, with no payment due before July 1905.
In Chicago New York exchange activity was light with Swift & Co stock rallying amid short interest signals while other issues drifted. In Boston, United States Mining led gains as Copper Range peaked then fell, Calumet tumbled to its lowest since 1897, and Dominion Steel and Swift Packing showed stronger demand amid merger chatter. overall closing was irregular and weak.
The Baltimore market remained dull as money conditions stayed tight. December disbursements provide limited buying power, keeping overall activity slow and causing several good issues to drift lower. Money on call stood at 6 percent as investors watched bonds and stocks trade in a subdued session. The day closed with 1,074 shares of stock and $80,100 in bonds exchanged, highlighting cautious sentiment across Seaboard Ry entities, Consolidated Gas, United Rail and Electric, and Fidelity & Deposit among others. Separately in Paterson New Jersey, the German American Bank elected officers led by E. R. Weiss as President and Julius Schwab as First Vice President, with plans to open January 1.
Trading in outside stocks showed a steady daytime advance with sharp recessions in the final hour due to higher call money rates. Northern Securities led activity with a large gain then pared most of it, while New Orleans Railway common rose on heavy demand and Consolidated Refrigerating closed at the day’s high.
Judge Lacombe of the United States Circuit Court ordered Charles R. Shaw as receiver of the defunct Franklin National Bank to sell remaining securities and former fixtures at public auction. The receiver reported he has collected all payable claims and now winds up affairs, selling notes and judgments mostly under 100 dollars. The bank failed in 1900 due to uncollectable loans backed by worthless securities.
The document lists closing figures for government bonds with no transactions recorded. It includes various lot numbers and dates such as 1925 and 1904 alongside percentages and identifiers, indicating bids and settings without trades.
Fragmentary OCR text shows a ledger style list of numbers and partial phrases. No clear persons, organizations, places, dates, events, or outcomes are readable to form a coherent news item.
Exports from the Port of New York for the week totaled 7.30 million dollars, down from 12.28 million the prior week and 6.00 million a year ago. Year to date exports reached 452.63 million dollars versus 467.65 million dollars in the same period last year.
The directors of the American Sugar Refining Company announce a regular quarterly dividend of 1 percent on both preferred and common stock for the quarter.
Bar silver quoted in London at 22 4d per ounce and in New York at 48 44c per ounce. Mexican dollars at 374 sarge. Consolidated Exchange activity includes Belcher at .82, California and Virginia at 1.05, Isabella at .29, Jack Pot at .10, Mollie Gibson at .064, Moon Anchor at .08, Ophir at 1.05, Pharmacist at .04, Potegi at .21, Sierra Nevada at ...
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