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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 18, 1902
Page
12
Market report notes stocks steady with firm trading. Figures show year to date totals around 181 million shares and a corresponding figure from last year near 259 million, indicating mixed activity.
Report shows year to date and prior year figures for bonds and stocks. It lists money rates for collateral loans on call and at three and six months, plus commercial paper terms sixty to ninety days. Percent changes in stock and bond quotations noted.
The market drifted through a dull session with professionals active while public and commission houses stayed aloof amid Venezuelan uncertainty. Grain prices fell with corn down over 3 cents and wheat easing. analysts foresee stronger exports, easier exchange, and reduced foreign indebtedness as interior money flow resumes.
Trading showed heavy professional and manipulative orders with little banking involvement as St Paul stock moved in 500 and 1000 share lots. After a four point drop on Tuesday a bear raid was evident, then a one point advance to start yesterday, driven by professional activity rather than public demand.
Southern Pacific continues its upward movement as investors in a 300,000 pool buy back stock after selling against holdings to meet calls earlier. The strong stock in the list reflects the pool’s continued intact status and eagerness to reclaim original certificates.
Sugar rose sharply as Washington connected buyers pushed the market higher and nervous shorts covered. The rise followed late rumor that the Cuban reciprocity treaty was under consideration and likely to pass, while market chatter said the trust plans to extend its business.
Strength in coal issues dominated the day with Philadelphia houses among buyers. High priced Delaware and Hudson issues saw strong demand amid speculation dividends would not decrease. Steel Trust shares received support as Morgan interests were linked to purchases, with Union and Sharon plants cited as strengthening the trust's position.
The opening shows no nervousness from Tuesday's alarming but untrue Venezuelan reports and the St. Paul decline. The market starts strong with St. Paul leading the initial transactions, signaling cautious optimism and steadier sentiment after earlier volatility.
The final figure rose a point from Tuesday and stayed fairly steady through the day. Analysts attributed the steadiness to fewer alarming reports and overnight improvements, with favorable developments cited as Premier Balfour declared a war is on to avert any push toward a peace blockade.
Bankers said the market should stay within narrow bounds and remain dull for a period due to uncertain money conditions and the Venezuelan incident. They stressed the relief pool is for emergencies only, not to bolster prices or spur speculation, given current liquidity.
Market sentiment remained cautiously hopeful with a firm undertone yet opinions diverged. Some advisers urged selling rallies due to Venezuela and monetary uncertainty while others urged buying declines citing cheap stocks and expected money market improvement.
A Boston tale asserts a pool formed in Amalgamated Corper by E H Harriman Edwin Hawley and James R Keene with Keene named pool manager The Street mocks the claim but notes possible stock pool while Boston distributors are said to have sold stock throughout the day
A catalog of security holdings including various bonds and shares. Notable items: North American Trust Company 37% 2 shares. International Fire Engine Company 34 shares. Lawyers' Title Insurance Company 40 shares. Bank of the Manhattan Company 200 shares. German-American Bank 35 shares. Steinway Railway Company 1st mortgage 6% bond due 1922 with interest dates and accrued interest. Merchants' Trust Company 30 shares.
Baltimore capitalists plan a modern trolley system in Monterey Mexico called the Monte rey Electric Railway. A $200,000 plant is to be built to compete with the National Biscuit Company. California incorporation of the Springs Ranch and Cattle Company, $1,000,000 capital, with HQ at Cheyenne. Steel Corp to add furnaces at National Steel Co Ohio plant. A $5,000,000 capital firm to market a pressed steel steam radiator. Sterling exchange rates cut by half a cent. Federale Co stock increases from $75,000 to $200,000. National City Bank stock trades at 290 for 25 shares. United States Steel Corp to double Greenville Weldless Tube Works output with $1.5 million in improvements. Western Maryland Railroad awards Baltimore tidewater terminal contracts to a New York firm. St Louis, Tron Mountain and Southern Ry seeks NYSE listing for $1.531 million additional bonds.
The Iron Age reports on Sharon and Donora plants acquired by United States Steel Corporation affecting the wire trade. Sharon tin plate operations feed American Tin Plate Co, with a new sheet and tube mill finished. Do hora rail mill likely shelved as the firm strengthens its self contained plants. Outside acquisitions surprise traders while current crude and finished material production remains weak. Pig iron markets show dullness though Southern makers offer better forge iron prices. US Steel–BM acquisition talks with Merrill Association ended while foreign billets move in across Chicago and Atlantic Coast markets. Pine Street’s 10 000 tons of structural work cited. bar prices show fragility while sheets hold firmer ground. Philadelphia notes scrap purchases including 1000 tons of foreign crop ends.
Money on call 4 6 percent closing at 4 percent with most loans at 4 1/2 percent. Mercantile paper 6 percent for 60 to 90 days, 6 6 1/2 for 4 to 6 months, 7 percent for longer. Time money 6 percent for 90 days to six months. Clearing House balances 10,761,751. exchanges 278,035,221. debit balance 842,114. London money 3 1/2 to 3 3/4 percent. Foreign exchange weak. posted and actual business rates listed. francs, reichsmarks and guilders quoted with discounts and premia. Exchange figures for New York domestic centers given.
Wall Street discussed United States Steel Corporation's purchase of Union Steel Company. Most saw a conservative price and a beneficial effect on steel stocks, while questions lingered about potential coercion and its implications for similar deals. A Steel Corp insider compared it to early moves by American Sugar refining.
Auction at the New York Real Estate salesroom 111 Broadway offered bonds and stocks from multiple issuers. Notable items include $1,500 Ackert mortgage bonds in Rhinebeck N Y, 6 percent interest. large rail and utility bonds from Reading New Jersey Central, Burlington Cedar Rapids and Northern, Union Pacific, Chicago Burlington and Quincy, and Metropolitan Elevated Railroad. numerous bank, insurance, and trust company shares. and a substantial block of United States 4 percent consols.
The Times reports firmer London markets with Bank of England lending active and dull morning Stock Exchange trading due to New York money market unease. American rails ease then firm. arbitrage boosts afternoon. Bar silver advances to 22544 d. per oz. Transvaal shares dip slightly.
London reports strong money demand with firm discounts as Bank of England rate prospects loom. Stock Exchange activity is cheerful yet inactive. Consols ease while American stocks open below parity but recover. Closing prices list numerous securities and gold premiums across Buenos Aires Madrid and Lisbon.
Paris opening saw heavy trading on weak rentes followed by a late rally with firm closes. Internationals advanced, rentes improved, Brazilians and Industrials favored, Rio Tinto steady, Kafirs dipped before recovery. Private discount at 213 16 percent, three percent rentes near 98 7/8. London exchange at 25 francs 15 cents. Berlin markets held internationals steady on the Boerse.
The report notes steady business with Canadian Pacifics easing on New York advices. Exchange on London stands at 20 marks 44 pfennigs for checks. Discount rates show short bills at 2.4 percent and three month bills at 3.44 percent.
Boston reports steady sterling and New York funds with time money at 6 to 7 percent. Clearing House exchanges total 24,787,031 dollars. balances 1,861,708. Utah mining activity dominates, copper range strong, Northern Securities and Manhattan Transit show notable gains amid cautious optimism for January disbursements and market stability.
Baltimore report shows Atlantic Coast Line rights drifting to a fraction amid installments due Saturday and tight money market. Seaboards improved in tone, money on call at 6 percent. Daily totals: 1,502 shares and 36,750 dollars in bonds traded, with prices listed for Seaboard Railway and Atlantic Coast Line among others.
Trading resumes its humdrum pace with Eastern wires in good order. Local issues show fair strength as Swifts advance and New York premium stays around 40 cents. Transactions list prices for American Can Chicago Pneumatic, Chicago Edison, National Biscuit and others with varied gains.
Bar silver quoted in London at a per ounce and in New York at 45igc per ounce. Mexican dollars listed at 384 smatetava. Consolidated Exchange activity included Comstock 1,700 shares at .05, Comstock bond 500 at .05, Creede and Cripple Creek 1,000 at .08, Isabella 200 at .30, Ontario 50 at 6.00, Ophir 200 at 1.35, Portland 200 at 1.75, Potosi 300 at .22, and Sierra Nevada 200 at .44.
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