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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 19, 1902
Page
12
Daily market report shows year to date stock and bond figures with December totals. Money rates on collateral loans on call at 4.5 percent, three months 6.75 percent, six months 6 percent. Net stock changes show some advancement while bonds declined with notable quotes from issuers and banks.
The market opened buoyant with broad gains amid favorable factors from Venezuela and a new relief bill in Congress. Major prices surged and buying came from large investors in New York Washington and Pittsburgh, signaling long term confidence and a likely march to higher levels after a presumed market bottom.
A day of bullish signs includes possible arbitration to settle the Venezuelan dispute avoiding a clash with Europe. Grain price declines suggest stimulated exports and improved money and exchange positions. Congress sees a financial relief measure. Bank of England keeps rates steady signaling no overseas financial unease. Local money market strengthens with interior money returning. Trade railroad and commercial reports show activity and prosperity. Major Street interests believe the worst is over and urge cautious buying.
Market movement showed limited retrac tions after early gains with 2 point advances and steady recovery. Experts said the day closed near highs with frequent 2 3 and 4 point rises, suggesting genuine buying rather than mere short covering.
At the market close yesterday several observers offered opinions expressing doubt or optimism about recent moves. Some traders highlighted potential risks while others cited possible upside, signaling cautious sentiment amid volatile sessions.
The commentary argues that despite claims of reduced short interest after the day’s transactions, the opposite occurred. Short sellers entered and exited across the session, with new positions established at higher prices, negating any net reduction.
Yesterday's session opened with sharp gains across issues as Southern Pacific, St. Paul, Steel Trust and Union Pacific led advance, signaling a strong start and a crowded brokers' floor after weeks of lull.
Throughout the session the market showed a scarcity of stocks with limited offers. After the opening bulges, active stock quotations often gained a half point or more between trades. Detroit Southern common rose from 15 to 16 and the preferred from 29 to 31 on 100 share blocks.
St Paul stock, long a favored seller, again rose sharply as short sellers were forced to cover. Controlling interests reportedly bought heavily, seizing the initiative and boosting the issue above its perceived investment value. A new alliance with Union Pacific goes into effect January, with rights to St Paul shareholders likely soon after.
Washington traders supplied the day’s orders as fresh Venezuelan information circulated. London also bought heavily after early British reports suggested a calmer outlook, lifting prices, with Southern Pacific the focal stock as London remained notably short.
Steel Trust shares held firm yesterday as investors speculate a new syndicate may control the group or that the old syndicate has resumed activity. Market belief centers on Union and Sharon plant acquisitions strengthening the company’s position.
An Albany circulated statement claimed the Steel Corporation bought the Breaker Island plants near Troy. A company director officially denied the purchase and said no further buyouts of independent firms were planned.
Southern Pacific opened over 2 points and closed with a net gain of more than 3 as 300 000 pool members who sold short rushed to cover. Short interest remains high with estimates up to 100 000 shares outstanding against them.
Boston interests, typically active in Sugar Trust moves, have largely missed the recent stock rise. The issue is up nearly ten points in two weeks, with Washington insiders believed to have driven the advance on Cuban reciprocity treaty developments.
James R. Keene and E. H. Harriman deny any interest in the Amalgamated Copper pool. The denial appears aimed at Boston interests, as Wall Street did not take the report seriously.
Brokers tied to the Moores controls led the heavy Rock Island charres buying. Banks report the system earns more than 15 percent on common stock, fueling optimistic sentiment about the shares.
The Distillers’ Securities Company, successor to the Whisky Trust, has been granted NYSE approval to place 27 918 426 dollars of its stock among unlisted securities and is now trading in that department.
Members of the New York Cotton Exchange voted yesterday to observe a holiday closing on the Saturday after Christmas Day, affecting trading and related operations.
Reports from Philadelphia indicate the New Hall Engineering Company has nearly completed plans for a sugar refinery. Details on location, capacity, and project timeline remain forthcoming as engineers finalize design and financing arrangements.
Reports from cities including New Mexico California Short Line Railway incorporation with capital 1 250 00 links Rock Island and Southern Pacific. Eastern Steel Company rehabilitation at Pottsville. Farmers Cooperative Shipping Association in Kansas Nebraska Oklahoma with 200 000 capital plans to own grain elevators. Calumet and Southeastern Railway to connect Calumet River Chicago to Ohio River. Connecticut leg to charter three trust companies led by 5 000 000 capital. Gold bullion shipment from Deadwood to Philadelphia Mint. Wendmere Savings stockholders to sell to Cleveland Trust. Lebanon Iron and Steel receivers resume operations. Joliet steel plant sale to Franklin Steel of Boston. New York Shipbuilding dry dock plan at Camden near 2 000 000. Bank of England rate steady. Bank of Bengal up to 5 percent. CB&Q to invest 1 000 000 in La Crosse area upgrades. Grand Trunk Railway seeks Miami and Erie Canal Transport property. American Navigation Company Maine with 1 000 000 capital. Grain Drill Combination HQ in Springfield with 20 000 000 capital. Buffalo Rochester and Pittsburg Railway seeks 1 300 000 more stock listing.
The article outlines money on call at 4 54 percent closing 414 percent, time money at 6 61 percent for 60 to 90 days and 6 percent for 4 to 6 months, mercantile paper at 6 percent for 60 to 90 days indorsed bills and 6 6 4 percent for two to four names, 7 percent for others. It reports a Clearing House exchange total of 257,585,902 with a debit balance of 856,042 and a London money on call at 3 ¼ percent. Domestic and foreign exchange rates, including francs, reichsmarks, and guilders, are given with numerous spot, demand, and cables quotes and regional center premia or discounts.
The Times notes money scarce in early hours but more abundant in afternoon trading. Stocks rise across many sectors with United States Steel preferred and common bought heavily on New York orders. Southern Pacific and Atchison also see active buying, Wall Street liquidation nearly over, Brazilian bonds strong, silver price drop to 22 1/4 pence per ounce.
The Associated Press reports London money markets faced demand for 4.5 million dollars mainly for the Japanese loan as dis counts stayed firm. Stock Exchange activity was subdued with generally firm prices and higher money rates restraining deals. Consols and home rails held firm while American markets weakened. Closing prices showed various gains and losses across major securities and commodities with gold premiums listed for Buenos Aires Madrid and Lisbon.
In Paris prices on the Bourse were mostly firm with rentes hardening after the Marseilles strike. Industrials showed strength, Rio Tinto rose on New York gains, and bear covering emerged. Private discount at 213 16 percent. exchange on London at 25 francs 15 1/2 centimes. in Berlin internationals especially Turks were firm.
Locals fluctuated and closed firm. Canadian Pacifics recovered on New York advices. Exchange on London at 20 marks 44 for checks. Discount rates listed: short bills 24 percent, three months' bills 3 4 percent.
London announces discount at 4 percent with minor shifts in reserves and deposits as the weekly Bank of England statement shows decreases in bullion and other securities and increases in public deposits. In Calcutta the Bank of Bengal raises the discount rate from 4 to 6 percent as of today.
The Imperial Bank of Germany lists gains in cash on hand of 8.52 million marks, treasury notes up 340 thousand, other securities up 12.48 million, while notes in circulation fall by 15.86 million marks in the weekly statement from Berlin.
Paris on December 18 reports notes in circulation up 17.325 million francs while Treasury accounts current fall 7.925 million. Gold in hand rises 2.25 million, bills discounted gain 1.23 million, and silver in hand increases 1.575 million.
The Boston money market remains firm with improving sentiment as the year ends. Call loans are 6.7 percent, time loans 6 6 percent, mercantile paper 6 14 7 percent, clearing house loans 5 percent, New York funds 162 163 at 20 discount, clearings 20 752 378 and balances 1 526 149. Sugar, Steel, Amalgamated and Telephone rise, United Fruit strong, Utah above 24, a likely dividend for Lon don stock.
Philadelphia stocks rise as Reading stock drives strength with Inside buying from commission houses. Electric Storage Battery gains 10 points to 85, while Cambria Steel and Lehigh Navigation rise. Consolidated Lake Superior weakens. Total volume 44,235 shares and bonds. Chicago quotes show Swifts active gains and New York premium noted.
Outside market yesterday held steady with few advances and some declines. Northern Securities rose to 110½, Greene Consolidated Copper gained early then faded, United Copper jumped to 29½ before retreating, and Houston Oil fell further with the preferred at 70 without a bid.
Fragmentary stock quotes show bid and asked prices for various mining shares and related notes. The readable segments list prices for several companies and certificates, with entry lines indicating bid, asked, and par values amid partial company names and symbols.
In Baltimore on December 18 the market showed activity in Atlantic Coast Line common shares and rights. General market strength matched New York, though thin funds limited margin buying. Money on call stood at 6 percent. total day deals covered 8,759 shares and bonds worth 48,500 dollars.
London silver at 225-16d per ounce and New York at 48%c. Mexican dollars quoted at 374% 39%4e. Consolidated Exchange trades included Alamo 1000 shares at .03%4, Alice 300 at .25, Anaconda Gold 400 at .18, California and Virginia 500 at 1.25, Dunkin 500 at .07, Isabella 500 at .00, Mexican 200 at .60, Ophir 300 at 1.25, Potosi 1000 at .20.21.
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