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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 16, 1902
Page
12
The report outlines yearly totals for stock and bond transactions with figures such as 48,993 to date and 179,977,802 for this year versus 22,258,108 last year. It mentions money rates for collateral loans and commercial paper, with net stock changes around half a percent and declines in several bonds.
The market showed a weak start with widespread declines and scant trading, as rumors circulated about bankruptcies. Venezuela news fueled distrust among speculators until an official coalition among major bankers was announced, shifting sentiment and sparking a broad rally that recovered earlier losses.
The text notes a New York Times report detailing a great relief undertaking. It describes financiers as heroic providers of relief and guarantors of safety, treating their actions as philanthropic and patriotic amid harassing financial troubles.
The text warns against using a measured relief for stock market exploitation and notes that waiting may be profitable given current circumstances. It asserts no doubt about the quality of national prosperity and emphasizes restraint in applying relief measures.
The Street faced a weak opening with many quotes down from Saturday. Banks were blamed for a money squeeze while Washington notes on Venezuela sparked fears of U.S. involvement. Over Sunday selling orders drove prices lower before a rise in call money rates to 10 percent brought more weakness but little liquidation.
Traders and bears voiced disappointment as bankers formed a plan to ease the money situation. The market rose from the day’s low and held gains, but not wildly, indicating the move met bankers’ expectations to restore confidence without a price boom. The bankers aim to relieve conditions while keeping gains gradual.
Bankers and brokers believe the market has been thoroughly liquidated with weak accounts eliminated. They note declines of 70 to 30 points over three months, plus a Venezuelan scare and money market squeeze, yet few stocks led the declines, suggesting liquidation has run its course.
Early trading showed stocks slipping about two points on average yet held firm with buyers ready to take concessions. The afternoon mood suggested possible favorable news, later linked to a proposed money market relief measure.
London emerged as a large buyer in the market taking about 25,000 shares. The move was seen as reassuring by traders, signaling London’s view that there is little real fear of a serious international dispute stemming from the Venezuelan affair.
General market activity shows support for Standard Oil Harriman and Morgan issues after early losses. St Paul and Union Pacific rallied, Southern Pacific and Steel Trust stocks rebounded, Amalgamated Copper and leading issues rose. Moores brokers bought Rock Island while National City Bank block trades were tied to a prior seller.
Stock Market notes show 217 National City Bank shares traded at 20. Amesbury reports a New England brewery consolidation is planned with ongoing negotiations. Pittsburg releases note twelve real estate firms forming Consolidated Real Estate Company of Pittsburg with 300000 capital. Albany files merger notice for General Aristo and Eastman Kodak with 5 million capital. Standard Motor Vehicle Company of America forms in Chicago with 1 million capital and three factories in Buffalo Milwaukee and Kansas City. Paducah tobacco firms plan capital increase and acquisition of Flournoy Tobacco and Porter Hudson Tobacco. Indianapolis declares United States Trust Company of Terre Haute capital 500000. Maryland Sheet and Steel leased to M G Taylor Company of Philadelphia capital 1 million. Halifax reports a Nova Scotia lumber operator options on properties as talks with New York capitalists begin. A brewery syndicate with over 100000 capital forms in lower Schuylkill County. Minnesota Railway plans to build from Momence to East Dubuque. Forty refractory brick plants nearly ready to merge into 15 million capital. Union Steel awards coke oven contracts at Buffington costing 500000. Continental Paper Company gains control of Thames Paper Company Limited. Outside bank reserves run 2642950 below legal requirements last week, down from 1268150 the prior week.
Money rates show gall 4 10 per cent, closing at 4 per cent with most loans at 4 per cent. Time money 6 per cent with a commission for short dates. mercantile paper 7 3 4 to 8 3 4 per cent for sixty to ninety days. Clearing House exchanges 145,318,008 with balances 7,198,202. sub Treasury debit 302,855. London call 4 3 4 percent. open market discount 8 1 3 16 per cent for short bills. Foreign exchange weak. posted rates for sixty days 4.8414, demand 4.88. Commercial bills francs 5.18 5.1644, reichsmarks 94 11 16 95, guilders 3 9 1 2 and 4 0. Exchange on New York at domestic centers shows various regional premiums and discounts, with sight telegraphic par in San Francisco.
The Times reports brisk money demand and a small scale stock exchange session. American rails weakened though most sectors finished higher, with South Africans firm. Afternoon prices fell on New York selling, but arbitrage absorption limited losses.
London money demand remained active while discounts eased on continental interest. Stocks opened weak but firmed as Americans held parity. Rio Tinto and Kafir prices softened. Conclusively, bond and stock readings stayed steady with Barclays Bank note of bullion intake and premiums for Buenos Ayres and Madrid.
Paris prices opened firm then quieted before finishing firm on most issues. Inter nationals rose while Rentes weakened. Rio Tintos slipped then recovered. three percent reutes and other rates listed. Berlin markets showed firm internationals at Boerse with mining activity. Canadian Pacifics eased and London exchange noted.
The New York Times reports San Francisco December 15 special stock updates with official closing quotations for mining shares. The list details prices and changes for multiple mining companies, reflecting market activity across the two days.
Philadelphia prices show uneven movement with some issues recovering while others weaken on liquidation. Strong gains in Consolidated Lake Superior and Lehigh Valley interest signal pending developments. banks aid firms hit by last week’s slump. Total activity 51,796 shares and $50,800 bonds.
In Baltimore on December 15 the market kept its negative tone as New York developments failed to spur activity. The political outlook appeared gloomy, maintaining the reluctant mood among traders and investors.
After extensive conferences of the Directors of the National Lead Company a definite proposition was made to Messrs Ryan Whitney and Guggenheim to form a syndicate to underwrite the proposed lead combination.
W E Hutton Co offers City of Rochester New York refunding water bonds totaling 3,000,000 dollars at 3 percent. These bonds are tax exempt in New York State and are legal tender for savings banks estates trustees and executors in New York Massachusetts Connecticut and Maine.
Local fire underwriters report minimal cooperation on the coinsurance clause in Ohio. The clause, optional under state law, is largely abandoned. The New England Fire Insurance Exchange adopts uniform clauses for about a dozen hazards after talks with regional bodies. Employers' Mutual Indemnity Company of Philadelphia seeks to reorganize as a joint stock corporation.
The curb market session showed limited activity with two or three issues. Northern Securities fluctuated from 106% to 108% and closed at 107% after a dip from 107%. American Writing Paper preferred rose on 700 shares, while Virginia Iron closed at 33 bid after moving to 32 1/2 earlier. Copper stocks saw CoppeR gain near 2 points with about 4,000 shares traded. Greene Consolidated also traded around 25. Seaboard Air Line preferred fell to 39% before recovering to 41 while another share hovered near 23% to 24. Full lots traded were scarce. no further full-note transactions were reported.
The New York Stock Exchange reports closing quotations for government bonds and inactive stocks. Notable figures include Adams Express 200 230, Susquehanna 168, Canadian Pacific 125 to 170, Diamond M 135 140, Detriot, Toledo & Milwaukee 82 85, Com Cable 175, and Spdr 89. The total sales amount to 3,149,060 with various bid and asked ranges across listed issues.
Bar silver quoted in London at 22 4d per ounce and in New York at 48c per ounce Mexican dollars at 37 30e Consolidated Exchange active with Best Belcher at 1 06 California & Virginia at 1 35 Golden Fleece at .10 Hale Norcross at .27 Mexican at .60 Ophir at 1 35 Pharmacist at .0514 Potosi at .22 Sierra Nevada at 40
Albany Dec 15 The list shows Sizer Forge Company of Brooklyn Capital 300000 to make iron and steel forgings Directors U S Sizer W S Sizer J Y Sloan Harrison Sanitarium Whitestone capital 2000 Directors D A Harrison Harriet M Harrison Sarah B Ridgley Dover Nel Continental Cement Cassada capital 250000 Directors J H McLauchlan W J Budd Alexander Green Owen Sound Mann Criterion Realty New York capital 100000 Directors J F Holder A A Cook C V Ware Battenkill Railroad Greenwich seven mile line capital 75000 Directors G F Blandy P Noyes I C Blandy Greenenda Isman Martin Company New York butter cheese poultry capital 10000 Directors R H Isman H T Martin B H Isman Columbus Cuba Publishing New York capital 25000 Directors A H Battey J J Lynch Frank Eberle Mount Vernon Development New York capital 25000 Directors Martin Lippmann A H Rogers Max Polesle Hoboken Saranac Realty New York capital 100000 Directors Andrew Shiland G 5 B Hedges T S Rumney Jr
The George Gorton Machine Company is incorporated in New Jersey with capital stock of 800000 dollars. Incorporators listed are Cleaveland, V. Childs, Fred Lee Palmer, and Charles O. Geyer.
The article lists Army officers moved to unassigned duty and reassigned to various units including First Lieut. Henry H. Sheen reporting to Fort Barrancas Florida. It notes multiple Second Lieuts and First Lieuts assigned to Coast Artillery and Infantry units and recruiting service details for First Lieut. Francis J. McConnell and Elmer J. Wallace with related duties at Fort Slocum and Philadelphia.
Passed Assistant Surgeon Edgar Thompson is detached from the Montgomery and ordered to duty with the Marine Guard at Culebra. Passed Assistant Surgeon Harold H. Haas is detached from duty with the Marine Guard at Culebra and ordered to the Montgomery.
Washington dispatch lists arrivals including Newark Arethusa Hannibal Osceola Nashville Marcellus Gloucester and Marietta at ports such as Culebra Baltimore Pensacola San Juan Hampton Roads Key West La Guayra and Newport for New London Shanghai for Kobe and Gulf of Paria for Culebra with sailing orders for ships including Dahlgren Kentucky Wilmington Culgoa Dolphin Bagley Albany Yankton Thornton and more to various Caribbean and Atlantic harbors.
State Factory Inspector John C. Ward submitted the annual report to Gov. Murphy. It records 7,180 inspections of factories mines and bakeries in the last fiscal year and shows 187 children were discharged. The report notes dirty conditions in several bakeries especially in Jersey City and Paterson and recommends raising the minimum age for factory work to fourteen.
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