This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!
This newspaper page contains 30 articles. Subscribers can read the full text of each article.
Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 06, 1902
Page
12
The day shows weak stocks and varied bond moves with notable activity in Elgin Joliet & E. and Penn. Div. Co. bonds. Net stock changes reach about half a percent with several issues advancing while some bonds also rise. Market rates hover around 4 to 4.5 percent for short and medium terms.
Yesterday's stock market displayed notable weakness with many stocks down by a point or more. Canadian Pacific fell four points and International Power dropped ten, while total transactions slipped below 400000. Despite favorable items like higher railway earnings and better crop reports, professional traders driven by shorts sells from the Western contingent caused the decline.
The Chicago and North Western Railway announces a one percent increase in both classes of stock dividends. The move underscores the companys ultra conservative policy and signals a maintained earnings stream, seen as a strong prosperity indication by financial observers.
The market fell after heavy selling for Western accounts began before 1 PM and persisted to the close. A leading house active in St Paul Union Pacific Reading Atchison and steel stocks issued the largest orders, including 10 000 shares of St Paul. Street chatter claims Westerners and locals aim to push values lower with rumors that Russell Sage is dead.
Canadian Pacific pools active in the Canadian market face instability as members struggle to sustain cohesion and realize gains. Yesterday the stock slid about four points for those selling on behalf of pool members, closing near the day’s low. If late reports hold true, pool managers of the Canadian property are contending with weak takings and uncertainty.
The report notes leaders among pool members expect proceeds from the Penny's ber land sales to fund new properties and improvements to the system, making extra or increased dividends on the stock unlikely.
The heaviest St Paul selling occurred after Northwest announced 1 percent extra dividends on common and preferred shares. The action was said to be Western driven to exploit rising demand and depress the issue, with aims to thin weak holders and accumulate St Paul stock at lower levels.
A handful of active stocks rose yesterday led by Northwest up 2 points closing net 1 on 16 000 shares due to a 1 per cent dividend. Kansas City Southern seen as being absorbed by Harriman interests. Mexican Central earnings rising while Street notes Harriman inspection. St Louis and San Francisco gains tied to Birmingham Belt Line acquisition. Rubber Goods and Twin City Rapid Transit also higher on better trade and earnings reports.
Stocks moved lower as a bear campaign reportedly gained traction with pressures from Pittsburgh and Western sources. A 10 point drop in International Power stemmed from a forced sale of 100 shares while rail and steel issues fell after early week gains, with short covering rally at close.
The market ignored positive items such as Northwest stock dividends, Chicago strike settlement, favorable crop news, and strong railway earnings. Negative coal strike reports were given prominence with much ado, while several railroad companies posted savings like Missouri Pacific down 162000, Chesapeake and Ohio down 65000, Southern Railway down 106000, and New York Central down 179000 for May.
Bradstreet reports May bank clearings across 86 cities totaling 10.34 billion dollars, 19 percent below last May’s record but sixth best on record. Gains lead in Far West 16.1 percent with notable increases in Los Angeles Spokane Seattle Portland Memphis Minneapolis and St. Louis, while New England and Middle States show declines. Five months into 1902 total clearings reach 49.03 billion, down 8.7 percent from 1901’s pace, excluding New York.
A further 5 million reduction lowers the contemplated capitalization of American Steel Foundries to 30 million. The change preserves working capital, as one target acquisition can be bought for 5 million less. The syndicate is expected to close within a week and a new operating company could take possession by July 1. for each 100 subscription, the syndicate will receive one share each of 100 par value preferred and common stock.
For the fiscal year ending July 1 1902 those whose properties and fi ness will be acquired are said to be at the rate of 6 percent upon the preferred stock and more than 6 percent upon the common stock to be issued by the new company.
President Wagar of the Consolidated Exchange explained a recently adopted rule on commissions for railroad and industrial stock trades. The rule sets a minimum of one sixteenth of one percent for fifty share lots or more, and one eighth of one percent for under fifty shares, with possible division of the latter among other brokers.
Louis Windmuller who failed in Federal Court to stop the Spirits Distributing Company dissolution files a bill at Trenton asking appointment of a receiver to wind up affairs. He argues directors have equal rights with stockholders and creditors and cannot wind up the company.
Butterick Company shares admitted to dealings in the unlisted department of the Stock Exchange. Laclede Gas Light Company reports May sales up 13 percent with net earnings up 4 percent. City of Boston to open bids June 10 for 5.514 million in 3 percent bonds. Standard Oil plans 6 million in California development this year. Lawyers' Surety Company reduces capital stock from 500000 to 230000. Fifteen of twenty one rope manufacturers stop consolidation. National Tube Company exports over 3000 tons of iron pipe, up nearly 50 percent from April. Pittsburg dispatches note American Bell Telephone Company sues Pittsburg and Allegheny Telephone for patent infringement.
The report shows money on call at 3 percent and time money at 4 percent for several terms. Mercantile paper rates vary from 4 to 5 percent. Clearing House figures: exchanges $206,482,673 and balances $9,737,082. London money on call at 2 percent, with discount ranges around 2 1/16 to 2 18/16 percent. Foreign exchange dull, with posted and actual rates for sixty days and demand. Continental bills quoted for francs, reichsmarks, and guilders with small differentials. Exchange on New York at domestic centers includes various city premiums and discounts.
The Times reports quiet fresh business in the Stock Exchange with falling consol sales and investors awaiting coronation while profit taking nears end. In South Africa liquidation persists as public reluctance to buy grows, though pros trade for options. Rand work and war conclude could raise gold supply and push rates, with resumption of Rand activity only after months. American rails show inactivity with minor price adjustments toward parity.
New consols demand for £2,750,000 prompts gold flow and discount easing. Early stock exchange trading weak then steady as Hicks Beach notes sinking fund. American mining fears linger. Closing quotes show mixed gains across rail and industrial issues with bullion intake at Bank of England totaling £23,000.
Paris stocks opened irregularly with some Parquet gains as miners and metals moved on copper price signals. Foreigns held firm despite profit taking while Bank of Paris and Credit Lyonnais rose on steady purchases. Spanish rails advanced due to favorable exchange, and three percent rentes traded around 101 francs 87 centimes.
On the Berlin Boerse internationals were steady while locals showed irregularity but closed with a recovery. Canadian Pacifics weakened on New York advices and Transvaals fell due to Vienna sales. London exchange quoted at 20 marks 49 pfenigs for checks with discount rates for short bills at 2 percent and three months bills at 2144 percent.
The weekly Bank of England statement shows total reserve up by 242000 pounds and circulation up 364000. Bullion increases 606042 while other securities fall 2851000 and other deposits drop 2172000. Public deposits decline 963000 and notes reserve rises 254000 as government securities fall 528000. Reserve to liability ratio sits at 50.08 percent, up from 46.69 percent. Discount rate remains at 3 percent.
Paris reports increased notes in circulation by 53.675 million francs and decreased Treasury accounts by 2.85 million francs. Gold on hand fell 4.05 million francs and bills discounted declined 102.15 million francs while silver on hand dropped 3.375 million francs.
The Boston money market shows extreme apathy with light demand and abundant funds. Sterling exchange weakens slightly as Clearing House rate stands at 4 percent and New York funds trade at a 5 cent discount. Call loans range 3 1/4 to 4 percent, time money 4 to 4 1/4 percent. Clearing House exchanges total $23,364,233 with balances at $3,738,054. stocks are dull and drifting lower.
Special to The New York Times reports Philadelphia trading dull with weakness in Readings and Electric Storage Battery common. Stocks moved modestly, with Union Traction firmer than prior days and United Gas Improvement edging higher while American Alkali slipped.
Trading in the outside market yesterday was very quiet with only a few less active issues showing substantial gains. Copper stocks mostly fell, Tennessee-advanced moved from 13 to 13 1/2, American Light and Traction preferred gained 1 1/2 points, and Northern Securities rose to 102 1/2 as private purchases influenced prices. National City Bank rights traded 60 to 65, up about 10 points from the prior transaction.
Beaumont Texas June 5 The American Steel and Wire Company has secured title to 100 acres near the Burt Refinery. A 5 060 000 factory is planned for the site. The plant is expected to employ at least 3 000 workers in the early days.
Closing quotations show bids and asks for government bonds and various stocks with many entries missing trades. The page lists numerous prices and percentages across issuers and exchanges, including central pacific, Pere Mara, iowa, and Joliet & Pa. mixed in a dense, partial ledger.
W J Gardner named Chicago manager for New Amsterdam Casualty Company. E E Yates of Kansas City takes office as Missouri Insurance Commissioner. John H Packard Jr named Secretary of American Fire Insurance Company of Philadelphia, also retains Vice Presidency. W O Chamberlain resigns as Minnesota special agent for Niagara Fire Insurance Company of New York.
The Baltimore market posted one of its dullest days on record with few headlines beyond insider bid rumors in Cotton Duck coupons and a potential favorable sale of United Electric Light and Power by United Railways. Bond and stock activity totaled 835 shares with $54,700 in bonds traded, notable moves in Seaboard Ry and Norfolk Ry issues.
We want people to find what they are looking for at NewspaperArchive. We are confident that we have the newspapers that will increase the value of your family history or other historical research. With our 7-day free trial, you can view the documents you find for free.
People find the most success using advanced search. Try plugging in keywords, names, dates, and locations, and get matched with results from the entire collection of newspapers at NewspaperArchive!
You can also successfully find newspapers by these browse options. Explore our archives on your own!
Browse by location and discover newspapers from all across the world.
Browse by date and find publications for a specific day or era.
Browse old newspaper publications to find specific newspapers.