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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 11, 1902
Page
12
Markets show weakness with fractional stock changes and notable bond activity. Declines include Am Car & Foundry and Peoria & Eastern while bonds such as Hocking Valley and Detroit, Toledo & Ironton edge higher or lower by around 1 percent. Money rates show standard collateral loan levels and commercial paper at 60 to 90 days around 6 percent.
Stock prices fell amid widespread rumors and fears over international tensions with Venezuela. President Roosevelt prepared a congressional message while Washington urged a hands off policy with Britain and Germany. Banking interests steadied the market later, but short selling increased as investors liquidated holdings.
On the Exchange floor brokers debated the drop. Rumors of Venezuela sparked selling as some advised clients to exit to avoid risk. When bankers bought and it became clear a bear raid drove the decline, many brokers shifted stance though customers were slow to repurchase.
Markets steadied with little daytime news and capital shift toward Venezuelan concerns. A $1,000,000 gold shipment to South America and tight money conditions influenced sentiment while Colorado Fuel negotiations yielded no market impact amid rising grain and merchandise exports.
In a market dominated by selling professionals, price moves were muted with little standout action. High-class shares like St Paul Central and Pennsylvania saw selling aimed at influencing sentiment, while the Colorado Fuel fight settlement triggered a 5 percent drop.
Traders noted selling of Gould stocks such as Manhattan and Missouri Pacific as a bid to signal bearish sentiment. A circular circulated on the Street predicting substantially lower Manhattan prices, fueling talk that Gould interests aim to push prices down.
The Iron Age reports mixed conditions in the iron and metal trades with increased coke and anthracite capacity but November output below normal due to coke shortages. Domestic and foreign markets show rising Bessemer and basic pig activity, strained foundry malleables, and firm steel billet negotiations, while sheet and plate trades face weaker prices and congestion.
Gold shipments totaling $1,000,000 in eagles and half eagles will be sent today on the steamer Soldier Prince to the Argentine Republic. George C. Gordon of the London and River Plate Bank handles $500,000, Muller Schall & Co. take the rest. The deal is a triangular London account. London credits here and debts to Argentina for grain imports are settled, effectively exporting gold to London directly.
The Stock Exchange lists new securities including 3420000 in five percent first consolidated mortgage bonds of 1930 for New York and Queens Electric Light and Power Company and 73000 in five percent first mortgage bonds for Texas and Pacific Railway Company. It notes total listed to date and stock trust certificates for Chicago and Eastern Illinois Railroad with potential additions prior to May 1 1903.
The list shows 6 percent bonds due 1918 with semiannual interest at 95 percent, 1 share North American Trust Company at 100, 20053 shares Westinghouse Electric and Manufacturing Company preferred at 200, 2 shares Westinghouse common at 206, 2 shares Washington Railway and Electric Company common at 1,000 Mechanical Rubber Company 6 percent bond due 1918 at 1024, 10 shares Trust Company of America at 100 each at 29914, and 2% shares Brooklyn Academy of Music with two tickets at 125 percent.
The Oriental Bank of 122 Bowery, New York, certified to the Secretary of State that its capital stock has been increased from 300000 to 600000.
The Board of Trustees declares a 6 percent semiannual dividend payable January 2, 1903, to stockholders of record December 20, 1902. Transfer books close from December 20 to January.
New York capitalists plan to pipe natural gas from Weston West Virginia to Cumberland Maryland. Ward Corby Company capital 2500000 organized to build bakeries with a patented dough holding machine. Williamsburg Pennsylvania reports Schwab as principal stockholder in the 250000 Williamsburg Paper Manufacturing Company newly organized there. Residents of Lebanon New Jersey show interest in forming a national bank with capital 25000. Nashua Cotton Mills and Jackson Cotton Mills of Nashua New Hampshire propose consolidation. Distillers Securities Corporation admitted to dealings in unlisted stock. St Joseph Lead Company increases capital from 3000000 to 6000000 to expand plant and facilities. Winnisimmet Company ferrying Chelsea Boston has passed its dividend amid coal price rise. Fifty shares of National City Bank stock sold on the Stock Exchange at 290. Listing applied for Elgin Joliet and Eastern 1480000 additional bonds and 9000000 first consolidated mortgage bonds of 1942 of the Cincinnati Lebanon and Northern Railway.
Money on call and time money show rates around 6 percent with various commissions. Mercantile paper bids range from 6 percent for prime names to 6 1/4 percent for less known. Clearing House shows exchanges at 195 million and a debit balance of 184 thousand. London rates around 3 1/3 percent on short bills and 3 1/2 on three months. Domestic and foreign bills quoted with multiple discounts and premiums across currencies and cities.
Adrian H. Muller & Son sold a variety of securities at auction at 111 Broadway New York, including Chesapeake and Ohio Grain Elevator Company fifty year 4 percent bonds due 1938 and other railroad and utility bonds with varied due dates and coupons. The list covers New York Central and Hudson River, Long Island Rail Road, Baltimore and Ohio lines, Edison Electric, and many others, with numerous equity shares and preferreds.
The Times reports demand for money rising and the Bank of England engaging in loans with steady discount rates. A new gold shipment from Cape Town to Buenos Ayres is under way. Markets show quiet Stock Exchange activity, firmer consols, and mixed moves in rails and silver. Britain’s money rates hold, with subdued overall market activity and specific commodity premiums listed for Buenos Aires Madrid and Lisbon.
In Continental Centres Paris prices on the Bourse were firm except Rio Tinto shares which dipped on New York advices. Industrials held support early but later reality led to a pullback before close. Rentes opened dull and rallied.
The Berlin Boerse showed quiet business with firm prices. Internationals were bullish while Canadian stocks softened on New York advisories. Exchange on London stood at 25f for checks and 20 marks 45 14 pfenigs for checks with discount rates at 2 4 percent for short bills and 3 percent for three months’ bills.
The Philadelphia market showed increased activity with liquidations as loans were called by financial institutions. Reading led traded volume with 17,775 shares, while Lehigh Valley and Reading declines contrasted with modest gains for several rail and steel issues amid overall weak closing.
Baltimore December trading showed persistent dullness as buyers stayed scarce and sentiment remained hopeful for year end improvements. The day saw 235 shares and 18000 dollars in bonds exchange hands with Seaboard Ry and United Ry listings among notable figures and bids.
Outside stock activity fell with most issues losing value as the market weakened. Northern Securities led declines from 110.5 to near 107.25, while United States Steel bonds showed renewed life with $24,000 traded at 97 and 96.25.
The page shows scattered stock figures in Boston markets with multiple large and small totals listed including 871,753 and 205,712,164 among other numbers, indicating a compilation of market totals and fluctuations.
The list shows bid and asked quotations for various bonds and stocks with no transactions recorded. Prices range across 2s to 5s and large cap names appear alongside railway and utility issues, indicating a quiet trading day with filled figures for some issues and gaps for others.
Halifax reports the Royal Bank of Canada directors have received a proposal from American financiers to acquire 5000 shares at 250 each. If accepted the bank would increase capital by 500000 to 3000000 and raise reserves to 2450000. Shareholders would renounce rights to new stock and $50000 worth of stock may be issued to them.
London gold quote at 224d per ounce and New York at 47⅓c per ounce. Mexican dollars listed at 374.39c. Consolidated Exchange trades include Alta 0.04, Comstock 0.05, Consolidated California and Virginia 1.30, Elkton 0.30, Hale and Norcross 0.29, Isabella 0.30, Mollie Gibson 0.06 1/2, Ophir 1.35, Pharmacist 0.04, Potosi 0.20, Portland 1.80.
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