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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 13, 1903
Page
6
The board resolves to raise capital stock from 400000 to 500000 dollars. Each stockholder may subscribe for one new share for every four held. Subscription price set at 8300 dollars per share, with transfer books closing on June.
Wall Street gains on sentiment with no new buyers or lenders and a steady bank surplus. Lord Rothschild and local bankers bolster cautious optimism as stocks advance for a second day, led by Pennsylvania and Missouri Pacific amid a broad, active market.
The report notes declines in stocks led by American Agricultural Chemical and American Linseed while American Woolen shows a small pf movement. Bond quotations shift by 1 percent or more, with several issues advancing and others declining, including Mil. L. 8S & Wolsi and Rio Gr. W. 4s. Trading activity totals 10,088,593 shares year to date, with bond totals $2,800,000 for this year and $449,678,600 on the corresponding date last year.
Books close for Chicago and Alton Railway preferred, International Paper Co. preferred, Mergenthaler Linotype Co. among others. Notices mention 2 New Dean New Haven and Hartford Railroad and Safety Car Heating and Lighting Co. West Philadelphia Passenger Railway. Annual meeting for United States Machinery Co.
The stock market showed unexpected strength as major financial interests push a durable rally. Analysts expect occasional pullbacks to aid further buying while noting notable gains in Brooklyn Union Gas Consolidated Gas Continental Tobacco preferred Lackawanna Westinghouse and General Electric amid broad buying across sectors.
The article notes a pattern of wide openings pushing market shorts to avoid covering. After yesterday and today, reactions failed again, leading larger shorts to discuss taking their medicine gracefully. The piece observes bears anticipated a failure on the bear side rather than the bull.
After weeks of bad news the mood turns positive with a strong crop report a favorable US Circuit Court coal road decision robust interior money flow Klondike gold likely arrival and banking efforts to stabilize money markets Rothschild interview and bullish banking sentiment cited as evidence of a change in the news cycle.
Stock movement yesterday showed widespread gains with strong buying in Baltimore and Ohio Union Pacific Copper St Paul and Gould stocks. Coal stocks benefited from a favorable court decision and crop news supported Grangers. Bank cash gains limited loan outlook remains uncertain with maturing foreign loans filling gaps.
The Union Exchange Bank a new financial institution with a $1,125,000 capital and surplus will open for business on June located at 135 Fifth Avenue at the corner of Twentieth Street near major department stores. Board of Directors includes James oe Alexander president and other leaders from prominent organizations.
Long passage names prominent financiers and executives from banks and trust companies. The document lists Joseph B Bloomingdale Vulcan Detining Benjamin N Duke George Haven Jurgis & Co James H Hyde Alvin W Krech Emil S Levi William H McIntyre Robert H McCurdy Maximilian Morgenthau Thomas F Ryan Valentine P Snyder Herbert H Vreeland Paul M Warburg Harry Payne Whitney David Wise Henry Herrman and other bank officers Henry S Herrman William Lee and John I Col cashier.
De Jones & Co report major currency shifts this week with banks gaining 4 237 100. Interior receipts reached 7 497 200 and outbound 1 596 100. New gold totaling 1 042 600, with Berlin and New York and Seattle transfers noted. Gold exports 251 300 to Berlin. Argentina gold coin 1 850 000 slated for next report. Sub Treasury disbursements 17 405 400. payments to Treasury 19 860 700. Sub Treasury loss 2 455 300. Net gain after losses 4 237 100. Large interior gains drive the week. some Canada receipts, light shipments, and substantial funds to the South. Pension payments 435 000. customs 2 704 000 daily 540 000 vs 570 000 prior week.
Trade reports this week show improving weather crops and labor conditions with reduced damage. Dunn’s notes floods easing droughts boosting crops while freight and manufacturing remain cautious yet active in several regions. May gains in gross receipts and clearings exceed last year with steady money and rising iron and tinplate activity nationwide.
Canadian trade advices to Dan's report activity in St John and Toronto with satisfactory payments. Forest fires have damaged but fishing remains good with firm prices. Quebec trade improves as drought ends, Montreal district sees light rains, old crop hay up in price. Winnipeg and Vancouver unchanged. Yukon outlook satisfactory but Fraser River high water causes concern.
General business items report a busy first week of June on the canals with 147 377 tons moved, up from 83 212 tons year ago. New Bedford notes a planned 1 000 000 capital cotton mill project near Whitman Mills. United Iron Works Company forms from Springfield and Aurora Missouri and Iola Kansas with 860 000 capital. Buffalo says George Urban Milling to build a new mill with 1 000 barrels daily capacity by August. Harrisburg issues charters for three small traction lines to connect New York to Philadelphia. Altoona learns Pennsylvania Railroad eyes land at Barker Station and a 600 wheels per day foundry. Indianapolis says Appleyard syndicate aims for trolley Indianapolis to Columbus within sixty days and a through line to Pittsburgh in a year. Stock Exchange lists 2 000 000 Norfolk and Western Railway bonds. Bank of Commerce stock trades at 350 360 for 70 shares. Dry goods imports rise by 178 783 week over week and 186 595 year over year.
Money on call on stock collateral loaned at 1 and 2 percent with the last loan at 1 percent. The day’s loans dominated by 2 percent. Time money rates include 4 percent for sixty and ninety days, 4.5 percent for four to five months, 5 percent for six months, and 5.4 to 4.6 percent for seven to eight months. Mercantile paper rates at 5 percent.
The report covers bills and notes indorsed at sixty to ninety days, United States Sub-Treasury balances, and London money markets. It lists exchange rates, including nominal sixty day and demand rates, actual business closes, and rates for continental bills and domestic centers with regional premiums and discounts.
The Times notes abundant money and declining short-dated discounts while Paris and Amsterdam move against London. Bank of England bought gold, sovereigns received from Australia, and stock activity improves with general advances. Consols rise to 91 percent cash and account, Turkish and Brazilian bonds recover, and mining shares gain as bar silver climbs.
The Associated Press reports London demand for money rose modestly with easy discounts and cheered investors on the Stock Exchange amid few failures. Consols stay firm on easier money hopes. American and Canadian stocks improve. Kafir market active with broad buying. Closing prices list major securities and dollar gold premiums, with money at 2.5 percent and short bills at 2 1/16 to 3 percent.
Paris reports firm opening but weak overall turnover as stocks close on a soft note. Three per cent rentes listed at 91.32%4. Exchange on London shown as 28f lic for checks. Berlin notes firm prices on the Bourse with Canadian Pacifics and flying exchange on London around 20 marks 48% pfen nigs for checks. Discount rates: short bills 2 1 4 percent, three months bills 3 percent.
The Philadelphia market opened higher and held gains as most active stocks rose. Leaders included Reading United Gas and Pennsylvania Railroad warrants with mixed advances across rail and utility shares. Total sales reached 61,007 shares and bonds at $146,200 traded.
The outside market reflected a strong turn up on Thursday with widespread gains and limited trading volume. Northern Securities rose over two points toward its day high, International Mercantile Marine preferred jumped about 2½ points as confidence returned, and Standard Oil advanced about 14 points in two days, with most activity concentrated near the closing prices.
The Boston money market remained quiet with rates unchanged. Call loans 3 to 4 percent, time loans on collateral 4 to 5 percent, mercantile paper 4 to 5 percent, Clearing House loans 4 percent, New York funds at a 6 1 10e premium, total Clearings $26,611,077 and balances $1,839,025. Sterling rates cut 4 4 c. Amalgamated stock pressured by rumors, Copper Range rose to 5453, Wolverine advanced to 674, Osceola Consolidated defers dividend until year end, Dominion issues prominent, Steel and Coal up, Gas stocks strong with common at 43 1 2 and preferred 12. American Telephone active for investment accounts.
Chicago reports a firmer tone in the exchange with New York sentiment lifting prices. Biscuit shares rallied as Metropolitan Elevated remained in good demand and a rumored improved motor for express service influenced activity. Common stock rose from 234% to 25% and preferred reached 67% before noon.
London silver quotes at 24 44 per ounce and New York at 53 ¾ c. Mexican dollars shown at 41 44 48 ¾ c. Consolidated Exchange trades include Best and Belcher at 2.00 and Brunswick at 0.04 1/2 percent. Bonds and stocks such as Comstock at 0.08 and Isabella at 0.17, Leadville at 0.03, Union at 90, and Work at 0.06 report varied activity.
The New York Times publishes the statements of the condition of State banks in New York City as of May 23, with listings for all other cities in the state. The report provides totals and highlights the financial health of each institution as of the date.
The New York Times special report from Baltimore notes a sharp advance in Seaboards and rapid profit-taking on the bulge. Investors rushed in at opening, believing prices were unduly low, with a swift upward turn prompting rebuying after profits. United Railways also moved higher though less dramatic. Market sentiment showed broad recovery.
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