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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 08, 1900
Page
10
Dull trading across stocks and bonds with year to date totals shown. Equity issues traded with mixed advances and declines among many named firms. bond activity highlighted modest gains and notable declines. Money rates steady for collateral loans and commercial paper, reflecting a cautious market tone.
NYSE saw under 200000 shares traded yesterday as investors paused. A few stocks posted gains with Sugar up over a point and Ice Trust advancing 3 points while New York Air Brake rose about 14. Railway shares generally slipped but not sharply. Atchison preferred stock rose a quarter of 1 percent amid bond issue talk. Metropolitan Company earnings boosted local traction stocks. Brokers urge holding stocks with little sign of near term market improvement. Morgan and Vanderbilt’s return could cue further action.
The Commercial and Financial Chronicle outlines the 1900 cotton crop outlook. It notes acreage expansion due to higher 1899 prices, predicts smaller stocks but reduced demand for textiles, and cites varied regional views on seeding and growth as of June 1 1900. The piece emphasizes profitability driving planted area despite unsettled world stocks and lagging spinners' demand.
New York Central and Hudson River Railroad announces a four and one half percent dividend on the New York and Harlem Railroad stock to be paid to holders of record at the close of business on the 15th inst. E V W Rossiter, Treasurer. Chicago and North Western Railway issues a dividend of one and three quarters percent on preferred and three percent on common stock to be paid July 6, with transfer books closing June 13 and reopening June 18. O Howe, Treasurer.
The Eden Musee Americain Company Limited declares a quarterly dividend of 144 percent payable June 15 1900 to stockholders on the books June 7 1900. The transfer book will close from June 8 to June 7. Frederick Vieweg, Secretary.
The report shows varying percentage changes in cotton acreage and production from 1899 to 1900. Missouri Oklahoma and Virginia lead excesses, while larger producers like North Carolina South Carolina Georgia and Florida also rise. Texas would have grown more without floods. Reports note a generally late crop with delays due to rains and cool temperatures, especially in Alabama Mississippi Texas and Louisiana, with some Carolina areas drier conditions delaying germination.
Shortly before noon yesterday a determined raid targeted Metropolitan and Brooklyn Rapid Transit shares. Met declined to 152, Manhattan to 89, and Brooklyn to 68 but rally efforts recovered losses by close, with Brooklyn up 14, Manhattan little changed, and Metropolitan steady. Metropolitan earnings for the quarter ended March 31 showed net 1,715,800 and a surplus of 729,390, cash 2,126,900, amid reports of plans to gain control of Manhattan. Dividend meeting set for next week to declare 1 percent. Officials deny slow progress on electrification, claiming rapid advancement and stronger winter ridership. Brooklyn Rapid Transit welcomes the outlook.
The steel and iron stock market remained uncertain with reports of further price cuts in billets and finished products. Foreign shipments for Steel and Wire in May were the smallest since 1898, while home prices were lowered for jobbers. Analysts note a continued waiting mood and ongoing declines across Bessemer and Northern foundry iron, with no sign of demand improving.
The passage notes that architecture offices are busy while materials remain scarce and warns that once supply doubts vanish, the world will see an unprecedented level of iron consumption, signaling a major industrial upturn.
The New York Air Brake stock moved from 139.14 to 150 with a close at 142 1 4, a gain of 5 points on 1,300 shares. Inside buying grew on talks of a New York Westinghouse consolidation and a $10 million Trans Siberian Railway contract for the New York Company. President Starbuck denied consolidation, fueling belief in a possible working understanding between the firms.
The Atchison common weakened while the preferred moved both weakly and strongly at times, ending with a fractional net advance. A report claims the company will issue up to 8 million dollars in bonds this year for improvements and related needs. Chairman Aldace F Walker clarifies that under the general mortgage less than 4 million dollars in new bonds will be issued for all purposes including retirements, branch acquisitions, extensions, improvements, and equipment.
Stocks including Granger and Pacific drifted little despite Chicago selling. May results buoyed sentiment as Great Northern earnings reached 2,299,000, up 269,000, and Northwestern's annual report showed a May year end surplus of 6,136,000. After board appropriations of 4,542,000 for real estate and equipment, surplus after dividends stood at 1,594,800.
Union Pacific shares advanced on rumors that President Burt's presence in the city signals upcoming developments in the company. The Street has heard similar assurances repeatedly, growing skeptical of promised favorable outcomes and any gratuitous optimism amid the drift.
Jersey Central gained steam as traders debated buying for control while President Maxwell denied involvement. Reading first preferred also rose amid chatter it may switch to a 4 percent basis after the next dividend meeting. Coal stocks benefited from expectations that rising export demand will ease the coal situation.
Yesterday's trading featured under 200000 shares with only five stocks moving 10000 shares or more. Sugar led with 16000, Atchison 18000, Brooklyn Rapid Transit 10000, Burlington 11000, and St Paul 12000, accounting for about one third of total activity as the tape often stood still amid China crisis uncertainty.
Directors of St Louis and San Francisco meet and declare the regular semi annual dividend of 2 percent on the preferred stock. Consideration of the second preferred is postponed. Earnings reported as very satisfactory.
Sugar Trust common stock rose yesterday as a bull pool pushed prices higher, closing with a 1 percent gain on 16 000 shares traded. No outside buying appeared to accompany the advance, suggesting the movement was driven by internal demand.
Wall Street topics note the completion of the Canadian Steel Company charter with capital of 18 million dollars. No change in Bank of England discount rate. Alvin E. Masten of Pittsburgh elected to Stock Exchange membership. Great Northern reports May gross earnings up 269,126 dollars. B F Yoakum elected President and General Manager of St Louis and San Francisco Railroad. Attorney General rules Chicago and Alton refunding bonds are poor for savings banks. Chicago and Northwestern declares regular dividends. Bes semer Pig Iron Association in Pittsburgh lowers pig iron price from 24 to 20 dollars per ton.
Money on call and mercantile paper rates listed with percentages. Clearing House statement shows exchanges 156,731,374 and balances 9,258,344 with a debits figure. London money, open market discount, nominal rates, and actual business rates for sixty days and demand are provided. Continental and domestic exchange quotes by currency and center, with par and premiums or discounts for various cities.
London trading opened dull as American railway shares fell on lower overnight prices from New York. Prices later partially recovered but the market remained unsettled and inclined to wait for New York’s further cues.
Trading closed steady with professional traders dominant. Bond prices and stock names appear with modest gains and declines. Notable figures include Atchison 2014, Canadian 954 percent, St. Paul 119, Illinois Central 116, Union Pacific preferred 76, New York Central 133, Reading 8, Northern Pacific preferred 77, Anaconda Rand Mines 40. Gold and silver steady, bullion withdrawals from Bank of England amounting to 5000 pounds. Gold premiums listed for Buenos Ayres, Madrid, Rome, Lisbon.
Paris reports a fresh reaction amid fears over China, with traction stocks advanced then weakened Spanish bonds. Rio Tinto demand rose on copper price drop. Kafirs declined. Bank of France weekly shows declines in note circulation and treasury accounts, gains in gold and silver. Berlin stock panic weighs on iron and coal shares as American and Belgian markets signal lower prices. some recovery near close.
The Bank of England reports a net reserve drop of 1 034 000 pounds and a rise in circulation by 218 000. Bullion and government securities hold steady while other deposits rise 484 000 and public deposits fall 1 639 000. Notes reserve declines 1 080 000 as the reserve to liability ratio slips to 43.22 percent from 44.37. Discount rate remains at 3 percent.
Special to The New York Times reports Boston prices fell into dullness with reduced activity in Sugar and most stocks. Tele phone rights stayed active with minor trading in Chicago Burlington Quincy and Atchison. Mining shares waned while several bond futures moved. Copper Range hit a new low while money markets showed uneven liquidity and varying rates across collateral loans and mercantile paper.
Philadelphia prices report a strong coal market with hints of a 25 cent rise next month, while Lake Superior common advances to a fresh high near 34 and may hit 40 amid midsummer dividend expectations. Bethlehem Steel slips on navy armor plate contract hopes, and Philadelphia Electric reacts to limits on Kensington Territory expansion as Long Island property sales draw attention. Asphalt and other listings show liquidation pressure.
In Chicago on June 7 the market showed little interest with 1,745 Biscuit common shares traded. The stock opened at 29 and dipped to 28 ½ percent, closing at 28 percent. Metropolitan Elevated preferred moved from 78 to 77 and closed lower.
Financial notices reveal dividends to be declared by the New York Central and Hudson River Railroad Chicago and Northwestern Railway and Eden Musée American Company Limited. Omaha and St. Louis Railroad bondholders approve a settlement with a committee led by W. Emlen Roosevelt Cornelius B. Gold and Francis Smith. Legal actions to enforce rights proceed and all outstanding bonds must be deposited with Union Trust Company by June 15 or face penalties.
The Chamber of Commerce meeting extended its membership limit from 1230 to 1500 and elected Alexander E. Orr to the Board of Trustees in charge of real estate, serving until May 1901. Twenty five candidates were elected. committees were named and bills on port examiner salaries and cargo delivery were endorsed. An adjournment was set for October.
Assignee Curtis says a full statement will take days but early signs show liquidation of many claims and a possible full payment with about 250000 in surplus after assignee costs. A conference may occur next Sunday with George Crocker present. A new firm with Crocker and others or Theodore H. Price resuming separately is discussed.
Chicago wheat traders faced a buoyant yet anxious session as Northwest crop conditions drove July futures up from 68 3/4 to 70 1/4, then back to 69 1/2 amid heavy buying. News of poor Midwest crops and speculative rumors, including a Russia Japan war scare, pushed prices higher before a late rally. Export demand supported gains, while primary receipts totaled 575,000 bushels with rail deliveries steady in Minneapolis and Duluth.
Frederic A Bell of Madison leaves $500000 and Madison property to widow Mrs Virginia E Bell as executrix. J Turnbull named executor. he gets $25000. Remainder of estate, estimated at $5 million, goes to relatives in amounts from $100000 to $25000. No provision for divorced wife Mary Bell. First wife connected to Gen Ashabel Gridley. Bell sought divorce in Buffalo cases up to the U S Supreme Court.
June meeting of the New York Fire Insurance Exchange is called for the 13th. Merchants Insurance Company of Providence votes to reinsure and liquidate, after a winter run by Theodore H. Price. A policy clause excludes losses from refrigerating plant failures. The Twenty-five Committee eyes supervision and centralized agency limits in major cities, signaling possible rate wars in Washington due to new multiple agency taxation rules.
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