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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 06, 1912
Page
14
A cautious market survey notes stock gains driven by expectations from a Roosevelt speech and a resilient steel industry. Strong railroad orders and rising pig iron output suggest continued industrial strength despite political noise and mixed rail demand.
On stock exchange collateral loans run at 2% to 3% with last loans at 2% and most at 2%. Time money rates show 3% for sixty to ninety days and rising to 4% for longer terms. Commercial paper bids at 3.42% for prime four to six months. New York Clearing House reports balances and sub-treasury credit. local banks report a $1,891,000 loss since Friday. Foreign rates show London, Paris, and Berlin levels for short bills and checks with cable and sight rates listed for major cities. Domestic exchange rates for Boston, Chicago, St Louis, San Francisco, and Montreal noted with premiums and discounts.
London bars dropped 1 16d to 28 d per ounce while New York unchanged at 47c per Mexican dollar. The note records bullion pricing in the two markets with no change in the New York quote.
Large purchases of Atchison in recent days connect to a director of that road and Reading Company, as copper stocks gain and Amalgamated holds firm on price. England’s railway union funds held, not sold, while Flynn & Co. demise shadows J P Morgan’s corner. Roosevelt hints calm, Taft boom talk resurges. Chicago & Alton plans 4.5 million bond issue to expand lines, and United States Motors sees big price slump on the curb.
Activity in Braden Copper dominated the outside market with an 6 percent open rising to 7 percent and 13 000 shares traded closing at 6 percent. British Columbia issues advanced to 6 percent on 7 000 shares. Lehigh Valley Coal Sales climbed from 243 to 250 closing at a high. United Cigar Stores traded 1 200 between 230 and 242 closing at 241. Braden Copper bonds active with 6 per cent issues at 140 and an odd lot at 146. Other mining bonds remained stationary.
Consolidated Stock Exchange session saw prices move higher with buyers in control for much of the day, often under the New York Stock Exchange range. Quoted levels varied as two markets narrowed gaps late, with softness tied to profits for commission houses and room traders opposing advances. Reading and Lehigh Valley coal stocks led with active trading, aided by favorable crop outlook reports.
The 50 leading railroad and industrial stocks split into two groups showed a net advance of three quarters of a point at the close yesterday. The day’s mean was just under three quarters above Tuesday’s mean, and about an even point and a half above last Saturday. Industrials rose about a third more than railroads versus Saturday or Tuesday. Averages listed as 19312.
A weekly New York Times Financial Review synopsis covers bond stock wheat cotton coffee and metals with home and abroad financial developments. It offers reference quotations and range vet prices across years and discusses politics and business by authoritative writers.
The Times notes moderate demand for money with steady day to day advances. Longer bills softened slightly while two and three month bills eased. A large amount of gold was received at the Bank of England as Derby Day dullness kept markets quiet. American and Mexican securities and copper shares rose at the close amid Liverpool sale activity tied to a local failure. Paris and Berlin also show mixed money market movement.
Auction listings reveal sales by William T. Emmet as Insurance Liquidator at the Exchange Salesroom 14 and 16 Vesey Street. Items include Cleveland Cincinnati St Louis Railway stock, Toledo St Louis Western bonds, Peoria Eastern bonds, Chicago & Eastern Illinois bonds, Missouri Kansas Texas bonds, plus bank shares, dump cars, and notes from Naica Mining, Grinnell, Morse Twist Drill, Acushnet Mill, Niagara Fire, and AT&T among others.
White & Co of 25 Pine Street names R. H. Adams as President while remaining general manager. The firm seeks diversified investment in public utility bonds. American Snuff declares dividends on preferred and common stock payable July 1. John H. Stoddard and William H. St. John I named Assistant Cashiers at the National Bank of Commerce.
A public utility bond places a first lien on property supplying electric street railway light power and gas in a prosperous growing city. The issue earns nearly 214 times its interest charges, signaling strong financial backing for the utility.
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