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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Dec 20, 1902
Page
12
The report outlines year to date stock and bond transactions with totals and prior year comparisons. It notes money rates for collateral loans on call and for three and six month terms, plus commercial paper rates. It lists notable stock advances including Texas Pacific and St Louis as part of a broader market roundup.
An extended market comment notes yesterday's gains continuing into early trading before a mild midday pullback. The decline was minor, aided by a few false Venezuelan reports, with supplies for export driving heavy grain movement totaling over 650000 bushels of wheat and corn, mostly wheat.
Stock market roundup notes a rise in Great Northern preferred stock and a decline in Canadian Pacific after analyst speculation. Colorado Fuel shows gains from short covering and confident owners, while Southern Pacific demand fades. New York Central edges up on dividend chatter, with Rock Island attracting banking buyers and coal stocks supported by Philadelphia buyers amid ongoing deal rumors.
Rumor circulates that St Paul preferred stock will issue no new stock and that all scrip dividends will be given to shareholders to reimburse them from earnings. Company office offered no comment and the report appears widely discredited.
Representative bankers spoke of prudence and urged a slow approach to trading. They warned against heavy speculative activity that could tighten credit late in the year and hinder the market’s stability. Their selling in a late reaction aimed to restrain overly eager buyers rather than signal loss of faith.
The piece notes several causes for yesterday's market reaction including a Van Gerlip quote from National City Bank predicting tight money. It also cites reports from Washington that Germany declined to arbitrate and the Venezuelan matter grew more complex, with traders and shorts taking advantage.
Reports indicate declines limited to a natural reaction after a sharp morning advance and the previous day's rise, with traders watching for further moves within expected limits.
Russell Sage, seen at his office, told friends that he expects an irregular market for the next twenty days with shifts up and down. He believes after that period there will be measurable improvement, a view that drew attention as Sage is regarded as a top market judge in the country.
Dow Jones & Co report the week’s currency movements with a $611,500 net gain for banks after interior transfers and new gold. Interior receipts totaled $6,138,000, with $350,000 via the Sub Treasury from San Francisco and $5,921,500 to the interior. Sub Treasury losses on operations were $2,255,500, while customs collections rose to $4,020,000. St. Paul and Minneapolis shipped nearly $500,000 to New York and South receipts exceeded shipments to that region.
Trade reports from Bradstreet and Dan report wholesale activity easing as year end nears while stock rebuilding supports retailers. Cold weather boosts fur and dress goods sales and high grade holiday buying, but fuel shortages and rail congestion hinder deliveries. Iron and steel trade shows quiet surface with major consolidation and rising freight rates, yet large orders and car production expected. Dun’s notes US Steel expansion and 10 percent freight rise for 1903.
Halifax reports earlier Christmas trade due to cold weather. Cape Breton coal mines exceed prior production while fish prices stay low and markets quiet. St John sees strong retail holiday activity despite weather. Montreal wholesale cools as holidays approach. Quebec reports similar mood. Hamilton sees brisk seasonable fabrics. Toronto holiday trade ahead of prior years. Winnipeg trade unchanged.
Central Trust Company has filed a foreclosure suit to recover a $600,000 mortgage on the Detroit Telephone Company. Springfield reports the National Abrasive Association seeks to consolidate about thirty emery wheel makers. Sharon notes reopenings and a January start for idle mills. Pittsburg reorganizes pottery firms into a nationwide operative association. Tidewater extension work begins on Western Maryland Railroad. Lincoln reports Burlington line short of grain cars. Albany says Mohawk and Hudson Railroad forms to extend Unadilla Valley. Philadelphia dispatches clock Cambria Steel stockholders moving annual meeting date.
Advices from Providence indicate a move to amend by laws to elect three Directors each year. The Peacedale Manufacturing Company of South Kingston Rhode Island with about 400 hands in woolen goods has shut down due to coal shortage. Mechanics and Traders Bank stock sees a 4 percent semi annual dividend rate. Dry goods imports at the Port of New York show a drop of 338183 dollars week over week but rise of 8659 dollars from the same week last year.
Money on call at 5 to 6 percent, closing near 5 percent. Time money for 60 to 90 days at 6 1 4 percent and 4 to 6 months at 6 percent. Mercantile paper 6 percent for short bills, 6 61 4 percent for choice notes, 7 percent for others. Clearing House shows exchanges 218.7 million, balances 9.95 million. London money on call 3 to 4 percent, discount 3 15 16 to 2 13 16 percent. Foreign exchange weak with rates for sixty days near 4.82 to 4.83 dollars, demand 4.87. Domestic exchange: francs 5.18 to 5.19, reichsmarks 0.454 to 0.511 16, guilders near 0.397 to 0.401 16. Various city discounts and premiums listed.
The Times cites rising money demand and a Bank of England rate of 4 1/2 percent for loans with heavy year-end pressure. Stock Exchange activity was light but prices rose, Chinese and Spanish bonds lagging. U S rails, Argentines and bar silver move with mixed momentum amid corporate and bank policy expectations.
Paris reports firm prices across markets with Venezuelan developments boosting hope for quick resolution. Reutes in demand while Rio Tinto copper prospects strengthen. Kafirs open strong and close quieter. Berlin trade quiet with governments firm and mines down amid mild weather.
In Baltimore on December 19 the market showed active trading in Atlantic Coast Line rights and a sharp price advance in them and in common stock. Seaboards United Railways and several other issues rallied, indicating overall bullish sentiment. Money on call stood at 6 percent. The day’s complete transactions totaled 7 705 shares of stock and 50 200 dollars in bonds.
Prices fluctuated unevenly in Philadelphia today with a wide range of changes across commodities and stocks. Traders reported mixed interest and varied bidding, leaving prices unsettled at close.
Boston call loans and mercantile paper rates stand around six to seven percent with New York funds at 162-3c discount. Chicago sees Title and Trust shares slump from 115 to 106 ex dividend, amid anticipated Illinois real estate bill. other issues dull while some banks and rail equities show minor moves.
Outside market movements were mixed with gains mingled with losses, yet advances outweighed declines. Standard Oil rose sharply, closing up 11 points from the previous day amid strong investment demand and limited supply, while Greene Consolidated Copper elected Edwin Hawley to its Board of Directors.
Francis L. Eames, former NYSE president, said he will retire from active business on January 1 next. He will not abandon his seat on the Exchange after thirty six years. Eames has been senior member of Eames & Moore since 1885.
Albany dispatch lists today’s new firms with capitals ranging from 3 000 to 200 000 dollars. Notable entries include Westchester Automobile Company of New York with 15 000 dollars and American Metal Development Company with 100 000 dollars, plus several other concerns across New York City and environs. Directors names accompany each filing, with individuals in White Plains, Brooklyn, Esopus, Jersey City, Philmont, and more named.
Imports of dry goods valued at 2,460,955 for the week, compared with 2,799,138 prior week and 2,452,296 same week last year. Dry goods marketed valued at 2,530,263, versus 2,884,691 prior week and 2,497,287 the previous year.
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