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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 01, 1900
Page
11
The report notes that the amount available covers the 5 percent dividend on preferred stock and still leaves a residual balance of $632,640. The figures imply a larger financial context and ongoing obligations related to equity instruments.
Continental Tobacco declares a regular quarterly dividend of 1 54 percent to common shareholders, deflating short-seller bets. The stock firmed after the announcement, with the common up as the day ended and about 000 shares traded, while the preferred stock dividend was not passed.
Missouri Pacific showed strong buying yesterday with a midday surge to near 56 and a close 45 points below the peak on 14 000 shares traded. Rumors that Rockee interests will join the Missouri Pacific Directorate and an impending dividend agreement have improved sentiment on the issue.
Pennsylvania lines east of Pittsburgh and Erie show a 500000 net increase in April earnings and Western lines 627600 more. Southern Pacific April net earnings reach 1725600, up from 10046 a year earlier.
London prices jumped with Americans mostly higher except Police and Kansas Texas which eased slightly. The market was buoyed by Lord Roberts rapid advance and Pretoria entry prospects. Daily turnover about 20 000 shares, seen as a healthy level given limited trading. Wall Street bulls foresee higher prices here in coming days.
The exchange market yesterday was quiet with lower quotations and a likely end to profitable gold exports to Paris. Authorities note the South African War’s end and Rand mine openings end the gold export movement. Local banks continue to gain cash from interior regions.
Granger stocks showed strength and activity led by Burlington with gains as Boston and local buyers, long seen as active purchasers, pushed prices. St Paul gained 1 1/2 percent while Rock Island and Great Northern advanced, Northern Pacific common and preferred up, Union Pacific rising 7s amid London buying and optimistic crop prospects.
Two railroads reported earnings for the third week in May with Burlington Cedar Rapids and Northern down $513 and Santa Fé Prescott and Phoenix up $2,570. Including these, 58 lines reported, 48 had increases totaling 8750 1771, and 10 had decreases totaling $27,611 leaving net increase $762 110.
Pittsburg reports heavy coal shipments to lake ports hindering carriers due to limited motive power. International Smokeless Powder Company announces a $5 per share call on preferred stock payable June 25. Montana Coal and Coke Company stockholders authorize $500000 first mortgage bonds. Bank of England keeps discount rate unchanged. Visible Typewriter Company incorporated in Trenton with capital 183000000. Cherokee Mining Company and National Time Company also incorporated. Philadelphia Stock Exchange lists 1200000 common and 100000 first mortgages for American Cement Company. United States Mortgage and Trust Company named tentative receiver for Brooklyn Wharf and Warehouse Company during voluntary dissolution proceedings.
Chicago and Northwestern Railway Company reports fifty miles of new track laid in North Dakota since April 1 with double tracking of 15 miles under vigorous progress in the state.
Money on call and time money edged higher with rates quoted at 2 percent for money on call and up to 7 percent for longer terms. Mercantile paper ranged from 3 to 5 percent for various maturities. Clearing House reported six changes totaling 175,983,528 with balances at 11,562,303 and a Treasury debit of 352,408. Foreign exchange was dull, with nominal rates for sixty days around 4.84 and for demand near 4.88, while continental and New York exchange showed mixed premiums and discounts across centers.
The London market for American securities opened steady and rose to close as professional traders traded lightly. Consols advanced to 10275 for money and 1031-16 for the account, with gains seen across listings such as Atchison 27 and Union Pacific preferred 76 amid a quiet bar silver market at 279-16d per ounce.
The report lists percentages for an 11-16 per cent range and three months bills at 211-16 to 25%4 per cent. It also quotes gold premiums for Buenos Ayres at 129.50 Madrid 24.95 Lisbon 41.50 Rome 6.05.
In Paris on May 31 business held firm with liquid money and favorable war news supporting prices, yet volumes were small and late-day trading turned down as Berlin market weakness pulled prices back. Rio Tinto shares weakened after an initial rise while Kafirs surged on news of British advances on Johannesburg and Pretoria. Bank of France weekly report shows rises in note circulation and Treasury current accounts, with gains in gold and bills discounted, and a drop in silver.
In Berlin on May 31 business opened irregular but firm as Americans and Canadian Pacifics held. Mines offered freely by reports of Upper Silesia pressing iron sales and rumors of US iron demand. London exchange 20.46 marks per pound check, short bills 5 percent, three months bills 4.75 percent.
The report notes Spanish 4s closing at 76.10 and gold priced at 25.50 on May 31 in Madrid. The brief marks currency and commodity values, reflecting market conditions of the day.
Adrian H. Muller & Sons sold various securities at the New York Real Estate Salesroom on Broad way yesterday. The items included Steece Bond and Mortgage Guarantee Company bonds, Wheeling and Lake Erie Railway first mortgage bonds, New York Susquehanna and Western Railroad bonds, Merritt and Chapman Derrick and Wrecking Company shares, Central Trust and Alliance Realty Company shares, Bankers' Trust and Morton Trust Company shares, Mechanics' Bank of Brooklyn shares, Northwest Railroad Company bonds, Hanover National Bank and Trust Company of America shares. Prices ranged from 44 cents to 110 percent, with totals near 1000009 dollars in listed value.
The Boston market showed narrow turnover with under 700 shares in mining stocks in the first half. Celumet and Hecla dipped to 695 before rallying to 705, the day’s notable price move, while home specialties and most issues traded lightly.
The release lists five rail lines Lehigh Valley Railroad and subsidiaries with five month totals to April and the Pacific Mail Steamship Company annual data. It highlights gross earnings deficits and net earnings for 1900 and prior years with interstate lines such as Pennsylvania Railroad and Northern Central and Southern Pacific figures.
The item lists the closing bid and asked quotations for various government bonds and stocks from the day's market activity. It includes numerous tickers and yields such as Homestake, P. L. Co., Am, and other firms with figures for bid and ask prices, premiums, and percent values.
London May 31 The Bank of England reports a weekly statement with reserve down 679000 pounds and other deposits down 368000. Circulation rose 522000 and notes reserve fell 606000. Government securities unchanged and the bank’s reserve ratio stands at 44.37 percent with the discount rate held at 3.5 percent.
Sales totals reach $1,779,500 with numerous bonds listed from Central Pacific to Reading and Erie issues. Ashbel P. Fitch, president of the Trust Company of America, denies reports that his firm backs Fuller Baling Company or will act as stock registrar.
The Philadelphia market on May 31 showed renewed strength and broader gains. Gas items rose, Union Traction surged, Marsden advanced to 11 percent, and Consolidated Lake Superior common hovered around 23 1/4. Long-dormant specialties improved while Electric Boat of America traded near 11. Closing bids remained mixed with several listings and prices noted.
Chicago market reports a fairly active day with a broad list and firm prices. Lake Street Elevated rises to 1034 with certificates at Lu, West Chicago and Union Traction also advancing, while City Railway and National Biscuit show notable quotes and bonds/other securities trade steadily.
Various companies announce dividends and stock actions. Browns Brothers & Dividends will handle coupon payments for Second Avenue Traction Company of Pittsburg, with details in another column. World-wide banks and trust firms pay dividends on a range of securities, with lists in another column. A Reorganization Committee is formed for several cattle car and rail stock trusts led by Carmichael Cromwell and Clark. holders may join by depositing securities with First National Bank of New York by June 20, with copies of the agreement available at the bank and committee office.
The outside market remained unusually quiet with little trading interest and no clear direction. A base of relative firmness emerged as declines appeared less likely, while some stocks posted gains but overall activity stayed minimal amid midweek holiday hesitance. New Amsterdam Gas preferred saw limited trading around 50, with intent to consolidate into Consolidated ownership. Goopes Rubber rose notably as directors prepare to discuss dividends. Amalgamated Copper and Electro-Pneumatic showed modest moves in thin sessions.
Silver bullion certificates open at 60 61 on the Stock Exchange with no sales. London bar silver at 79 16d per ounce and New York at 60e. Mexican silver dollars quoted at 4744c. Shares moving include Iron Silver at .63 and Standard at 4.00 on the Consolidated Exchange. Other listed issues show varied prices and volumes across Consolidated California and Virginia, Crescent, Elkton, Garfield, Isabello, Pharmacist, Small Hopes, and Zenobia with mixed activity.
The Treasury Department reports 285,620,600 in bonds received for exchange into the new two percent consols of 1930. Of this total 64,043,900 came from individuals and institutions other than National banks.
Commissioners opened bids for the Brooklyn and Manhattan approaches. Kings Bridge Company bid 1,000,000 for Brooklyn and 1,500,000 for Manhattan. New Jersey Steel and Iron Works bid 1,331,478 for Brooklyn and 1,980,865 for Manhattan. Bids sent to chief engineer L Ie Buch for review.
May 31 in Tinver Delaware charter actions granted for Automatic Pump Company of Boston to pursue self sealing pneumatic vehicle wheels patent. National Charcoal Iron and Steel Company of Pittsburgh to produce block sheets and related materials with capital set at 100000 dollars. 1per & Slack Company of Philadelphia to obtain letters patent and other patent rights with capital unspecified.
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