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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 10, 1902
Page
12
Irregular stock activity shows year to date totals of 249,531. 175,885,635 with last year reporting 255,004,513. Bond activity lists 1,639,500 for this year and 955,811,520 for prior periods, with collateral loan rates at 4 to 6 percent and commercial paper at 6 percent.
The market barely moves with five stocks over 10 000 shares, many trades likely washed. Money uncertainty keeps speculative bets risky while bona fide holders buy outright. Currency drains to San Francisco and the interior persist as Sub Treasuries push gold south and business funds demand higher yields. Washington lawmakers face calls for timely financial legislation.
Reports from yesterday highlight several gains including an extra 4 percent dividend on Central Realty Bond and Trust stock plus a 5 percent extra on Mergenthaler stock plus a 214 percent quarterly. A large grain export contract for 85 loads of wheat and 10 loads of corn was announced, alongside expanding merchandise exports with total shipments at $13,356,000 versus $11,559,000 a year earlier.
The market showed extreme dullness with about 250000 shares traded, the quietest day in months. Five stocks Copper Sugar St Paul Union Pacific Denver and Rio Grande accounted for roughly half of all activity, prompting brokers to leave the floor early and commission houses to be nearly empty.
Reports of potential sales of Calumet and Hecla by Amalgamated Copper circulated yesterday but were denied by authorities. Observers note Amalgamated interests appear involved as negotiations over Calumet and Hecla properties continue, possibly explaining recent stock buying.
At a directors meeting of the United States Realty and Construction Company held yesterday a quarterly dividend of 1 percent on the preferred stock was declared. The action had prior expectation and had no influence on the company’s outlook.
Reports from a recent meeting indicate the six percent preferred issue is trading at a very low price. The company is in excellent financial shape and expanding its business, doing more than had been anticipated.
Houses with Washington connections led buyers of Sugar Trust stock, the strongest issue on the list. Purchasers said the move was unrelated to sugar prices and stemmed from closer relations between beet and cane sugar interests. Washington whispers hint a Cuban reciprocity bill may progress.
Brokers report Hawley interests driving activity in Denver and Rio Grande and Colorado Southern shares while a Colorado Fuel dispute looms toward an amicable settlement. St Paul stock seen as hedge by operators with long commitments elsewhere. Rockefeller and Gould interests described as selling railway shares, with Manhattan accumulation suspected.
Wall Street reports from foreign bankers indicate dividend remittances to overseas holders of American stocks will be one third lower this year than five years ago. The drop is linked to large imports of foreign held stocks and heavy profit-taking since 1896, with hundreds of thousands of shares returning to the market recently.
A Wall Street bulletin states American Steel and Wire Company now averages about 5000 tons daily, over 1.5 million tons yearly, with orders surging since 1900 and the firm controlling about 70 percent of annual wire output. Plants are fully active as demand grows domestically and for exports.
Directors of Central Realty Bond and Trust Company announce a 6 percent semi annual dividend plus a 4 percent extra dividend, up 4 percent from the prior payout. The dividend is payable January 2 with books closing December 22.
The United States Steel inspection committee led by E. H. Gary travels to Pittsburg McKeesport Wheeling Youngstown and Cleveland to assess properties and plan improvements. Gary and Perkins will review Chicago Northwest alone while others return from Pittsburg. Gary said orders exceed daily shipments by 25,000 tons with 5,280,000 tons unfilled.
Reports say American capitalists buy silver mines in Mexico while metal prices stay low. Brownstone bank capital doubles in Brooklyn. Louisville considers a Stock Exchange. Joplin confirms light zinc shipments. A syndicate aims to control 95 percent of Indiana soft coal mines with a $25 million capital. Union Oil receiver named in Lima. Copper Range shares list on Boston Exchange with bonds. Extra dividends declared by Mergenthaler Linotype and Central Realty Bond. Port of New York exports rise. Prairie Creek coal mines bought by New York syndicate. United States Realty and Construction declares first dividend on preferred stock.
Money on call 4 6 percent closing at 4 percent with most loans at 6 percent. Time money 6 percent with some commissions. Mercantile paper 6 percent to 60 90 days, bills receivable 6 percent for prime names and 6 1/4 percent for less well known. Clearing House exchanges 235,660,012 balances 9,996,718. London money on call 3.3 percent. discount 3 percent short and three months. Domestic rates: Francs 5.18 5.103 less 1/16. reichs marks 94 11/16 94 95 5-16. guilders 97 4 39 15-16 to 4014 40 3-16. New York exchange, domestic centers: Chicago premium, Boston 1 16 discount, New Orleans commercial 1 discount, bank par, Savannah buying 1-16 discount selling 1-16 premium.
Fragmentary telegraphic note references buying at 1c discount selling at par with a 2%4c premium. No clear parties or dates provided.
The Times reports demand for money rose slightly while the Bank of England held renewals steady and discount rates stayed firm. Stock Exchange activity focused on settlements with little new business. home and American rails advanced modestly. foreigners and South American bonds remained firm. silver steadied at 22d per ounce.
Money in good demand but not abundant with firmer discounts and a cheerful stock market mood. Consols rise while Rio Tinto and copper move. New York purchases lift overall sentiment. Closing prices list numerous securities with varied gains and declines alongside metal premiums.
Paris reports firm bourse with gains for internationals and Rio Tinto rising on New York advisories. Kafirs steady while three percent rentes and Brazilian offerings show mixed activity. Berlin markets quiet with dull home funds and Canada Pacific gains, plus a shift in bank cash and notes in circulation.
The Boston market showed strong demand for copper issues led by Amalgamated rising nearly 2 points to 58. Calumet climbed 19 points to 445 while closing at 440. Old Dominion fell to 151/4 after news of a cave-in. Sugar surged to 122%. Bond and transfer news included $3,853,000 Boston and Albany 3% bonds and Copper Range Consolidated shares moved to the regular list. Dominion Securities reorganization plans advance with Nova Scotia trip highlighted.
In yesterday’s outside securities trading Northern Securities stood out as the day’s most prominent stock. Investors expect the Supreme Court decision in the Washington suit to favor the company, lifting confidence and possibly the market. TRENTON POTTERIES common moved to 23 as new securities near delivery and a 2 percent quarterly dividend on preferred stock was paid today. AMERICAN BARREL AND PACKAGE opened lower and fell further amid a 1,500 share sale, dropping five points from recent highs.
The page lists closing quotations, bid and asked prices, and notable trades across multiple stocks including Am. W., G. P. & M., North Am., US North Cent., Pac. Coast, Marq. St Se Alee, and others with mixed results. Bullion prices show bar silver in London at 22d per ounce and New York at 47 3 4 cents, Mexican dollars at 37 1 2 cents, plus specific Consolidated Exchange sales for Anaconda Gold and others with varied per-share values.
Philadelphia reports a market day like the past several weeks with little change in prices and trading volumes. Investors stay cautious as early data point to a tepid but steady tone across sectors.
In Baltimore on December 9 traders noted strength in Atlantic Coast Line rights and higher prices for United Railways incomes amid a quiet but hopeful market. On call money stood at 6 percent as Seaboard and United Railways issues led a list of daily stock and bond transactions totaling 1,162 shares and $23,000 in bonds.
New York exchange shows a premium to day time loans while local stocks move slowly. The Chicago Stock Exchange posts transfers including Ira Couch to M F Aldrich and Oscar Rosenthal to S M Bushnell, with several security prices listed for American Can, Chicago City By ex div, Diamond Match, Lake Street Elevated, National Biscuit, and United Box Board despite overall quiet trading.
Exports for the week valued at 13336108 dollars, up from 7298204 last week and 11569129 the year before. Cumulative exports since Jan 1 total 465967050 dollars, compared with 478217665 for the same period last year.
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