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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 02, 1901
Page
14
Linseed New York addresses stockholders of the American Linseed Company with financial matters and corporate notices awaiting action. The document outlines rights and potential shareholder considerations affecting the company’s capital structure and governance.
Chicago, Burlington and Quincy Railroad Company issues notice from Boston dated May 20 1901 urging holders of convertible bonds to convert them into stock immediately and deposit their stock, signed by Francis W Hunnewell chairman.
Notice of annual meeting for Amalgamated Copper Company to be held June 3, 1901 at 10 AM in Jersey City at the Hudson County National Bank Building for electing a Board of Directors and other lawful business. No stock may be voted if transferred within twenty days prior to the election. Signed WM. G. Rockefeller, Secretary.
The Record-Herald reports a proposal to establish a large bankers' bank to be owned by 100 of the largest U S banks. Oakleigh Thorne of the North American Trust Co leads discussions with Chicago bankers while a representative, W S Coursey, meetings. Col Dowd notes possible Western interest but bank founder Thorne is out of town.
List of new companies including Summer Land Company of Rochester with capital 10000 and directors Summer Hayward C C Clark K B Castle H C Harford Company of New York City capital 24000 and directors H C Harford W H Smith William Angus New York Hydraulic and Steam Pump Company capital 100000 with directors George Donger Frederick Starke J F Jacobs and more. Also Heimann Lichten hat makers capital 250000 directors Julius Heimann Morris C Lichten Ida Heimann The Co operative Association Sons of Italy capital 500 directors Biondo Salvator M Guglemin Filippo Monta perto Croce New York City. Chartered Audit Company Brooklyn capital 1000 directors Elmer E Spencer Nelson Whinple W A Rayner F H Bassett Shade Fixture Company Brooklyn capital 40000 directors F H Bassett S D Hanney J R Ehlers Higley Machine Company Croton Falls capital 25000 directors George Juengst Jr Charles Juengst L R Conkling Sinclair Reduction Company New York City capital 600000 directors Grattan Wheeler E N Ouimette Frederick G Anderson Douglass Frank Sinclair of Los Angeles member and William C McDougall of Ollalla B C.
Notes show Westchester Fire reinsures Armenia of Pittsburg. Trezevant & Cochran named general agents for Eagle Fire in Southwest including Texas Arkansas Oklahoma. Wisconsin revokes Mutual Reserve Fund Life license. casualty underwriters conference set June 15 to discuss rate questions. Western Union Fire Underwriters meet at Niagara Falls amid debate on exempted cities. Morristown New Jersey residents push for lower fire rates citing a small loss record and Mayor Fox praises the Fire Department’s prompt action.
The article details renewed speculative buying in the securities market, driven by strong technical positions and restored confidence. It notes floating stock shifts, panic effects on margins, and the role of professional traders, with United States Steel leading gains and a planned dividend declaration and company inspection schedule.
The report shows strong stock activity with notable advances and declines. It lists major stock and bond movements, including percentages, key rail and industrial issues, and new year-to-date totals for stock and bond transactions. Money rates for collateral loans and commercial paper are provided.
The bank statement issued yesterday shows reserves down by 35,925, loans up 7,442,100, specie up 1,122,800, legal tenders up 1,661,600, and deposits up 11,281,300. The rise in loans reflects stronger stock market activity and money movement toward the center despite 4,000,000 in gold exports, with prices advancing to near the day's best. Comparisons to the prior week and year show weekly totals for loans and deposits and the year over year shifts in circulation and reserves.
Stock market edged higher with broad gains amid heavy buying from inside interests, London operators, and leading commission houses. Volume topped 900000 shares as United States Steel and Canadian Pacific posted notable advances along with Atchison and Brooklyn Rapid Transit among others.
The market rallied on the official settlement between Northern Pacific and Union Pacific, signaling a broader community of interest across Great Northern Northwest and St Paul lines. Investors expected dividend increases and capital stock readjustments, with steel and Erie issues leading trading activity.
Samuel Sloan, chairman of the Lackawanna board, remains an unwavering optimist about the nation’s prosperity. He cites resilience after Wall Street’s panic, predicts continued rail rate stability and greater expansion benefiting manufacturers, farmers, merchants, and artisans.
President Henry Fink of Norfolk and Western predicts the South will lead a century of prosperity, transforming from an agricultural to a manufacturing powerhouse with improved Southern legislation and a favorable climate for capital and enterprise. He argues Wall Street panic reflected excess and should not derail strong general conditions. The South’s future depends on steady, intelligent policy.
Neville Higham of Higham Brothers in London expects continued market improvement. He cites an easy fortnightly settlement, settlements on Northern Pacific shorts, and reduced panic after the dispute’s end. Higham notes the community of interest deals ended rate wars, easing losses and boosting confidence in UK securities.
J S Goodwin of Minneapolis says the West leads in current prosperity with strong crops, active manufacturers, and scarce labor in some cities. He notes widespread gains across laborers, farmers, merchants, and railroads, predicting the East will not keep up when the Philippines open.
Co. Schumacher reports the foreign exchange situation with demand at 4.88 and cables at 4.89, noting gold cannot be shipped to London without loss. Bankers send gold to Paris to buy sterling and cover London transfers here. Sterling in Paris has risen to 25.1814 to 25.194, implying higher rates before further gold shipments. About $4,000,000 in gold was shipped during the past period.
Prices for refined sugar stayed at 6.55 cents for Santaee and 5.40 cents elsewhere as Arbuckle tensions persist. Market chatter says Sugar Trust and Arbuckles may be entering an unresolved dispute with possible rebates on coffee orders through the month.
Money on call and time money rates are listed for different terms. Foreign exchange and city exchange rates show dull activity with various premiums and discounts. Continental currencies and domestic centers quote francs reichs marks guilders with specific buy and sell levels.
London on June 1 reports money bulging with two million treasury bills paid off and dividends totaling over two million. Stock Exchange mood steadies as Consols rally and gains ease amid easier money, while forecasts point to possible bank rate cuts and reduced money pressure in coming weeks.
Paris trading today showed firm tone with light Contangos aiding speculation. Spanish stocks rose on rumors of a possible resignation of Spain's Finance Minister. Rio Tinto gained on American market firmness while some industrials weakened. Three percent bonds quoted at 101.25 cents and London exchange at 25.19 for checks. Spanish fours at 71.30.
Operators on the Boerse benefited from hopeful foreign market hints. Bear coverings supported a rebound in mining shares. Chinese equities were firm. London exchange stood at 20 marks 46 pfennig for checks. Discount rates ranged from 3 4 percent for short bills to 3 4 percent for three months’ bills.
New York exchange sold at a 135 cent premium as call and time loans ran 44.5 percent. Local stocks tracked New York gains with Tin Can leading gains on United States Steel rise. Trading showed mixed moves across American Can, Union Traction and Diamond Match with small shifts in several rail and utility issues.
Philadelphia July 1 report notes a strong market tone led by United States Steel whose activity kept prices above New York figures. Wall Street operations influenced the local exchange as steel stock activity remained vigorous.
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