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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 14, 1901
Page
10
Summary of year to date stock and bond transactions with notable declines and advances. Includes money rates on collateral loans, commercial paper ranges, and a long list of stocks and bonds with one percent or more moves. Unclear figures and multiple entities referenced.
The market rallied with broad participation as nearly a million shares traded. Union Pacific edged up 6% to 113½, St. Paul rose 4% to 170, and other leaders included Rock Island Amsterdam? No. The rise followed Bank of England cuts and hopeful South Africa-hostilities outlook.
The Street weighs Missouri Pacific meeting outcomes amid dividend expectations and possible system expansion links to Missouri Kansas Texas Texas and Pacific Denver and Rio Grande and Wheeling and Lake Erie. Baltimore and Ohio gains on legal dividends and others on inside buying or consolidation rumors, while Sugar and tobacco shares move on manipulation and buying. London buys 20 000 shares as call money eases to 2 1 2 percent.
Dispatches report the cotton crop will run about two weeks late but not doomed to poor yields. Earlyseason woes included seed injury and replanting costs, yet acreage may rise 5 to 10 percent. With fair weather ahead to picking and light insect damage outside Texas boll weevil areas, growers expect strong yields despite labor and grass growth challenges.
Reports from R. G. Dun & Co. on the principal sheep states say the season is satisfactory for size and condition, with larger yield than last year. Prices are generally poor as growers hold wool, expecting better terms later, while cleaner wool could reduce scour losses though overall prospects for higher prices are not encouraging.
William V. King was reappointed Superintendent of the New York Stock Exchange yesterday. R. P. McDougall named Secretary and an Executive Committee comprised of J. T. Gwathmey, R. P. McDougall, Frederick Van Riper, George W. Bailey, and Mark J. Parrott. A 212-pound round base from the South sold for 351.96 dollars, with proceeds sent to the Merchants' Association for Jacksonville sufferers.
Wall Street topics note a reduction from 3 percent to 3 per cent in the Bank of England's discount rate, marking the lowest level in nearly a year and signaling firmer currency and market sentiment.
Philadelphia reports say negotiations are under way for Diamond State Steel Company to change hands within the next few weeks. The deal involves a sale or transfer of ownership and reflects ongoing industrial consolidation.
A statement announces the Mawry County phosphate mines in Tennessee will consolidate with a capital of 1,000,000 dollars. The move aims to streamline operations and strengthen financial backing for ongoing extraction and processing activities.
Chicago dispatches report that the abstract companies to be consolidated will take the name Chicago Title and Trust Company. Official announcement states capital stock will be increased by 3 420 000 dollars.
The transfer books for Colorado Fuel and Iron Company's common stock will close on June 22 to enable payment of the dividend, instead of the previously announced June 25 closing date.
Philadelphia dispatches report that the company to take over the American Railways Company and the Electric Company of America will be known as the American Railways and Lighting Company.
The statement notes an application to list the Ecuadorian Association 6 per cent gold bonds on the New York and London Stock Exchanges. It indicates an international listing move and specifies the bond issue details.
A proposal plans to consolidate the Forest City Savings Ban Company and the Detroit Street Savin Bank Company of Cleveland Ohio under the title Forest City Savings Bank Company.
A money market update notes a call at 3 percent and closing at 2 percent, with time money at 3 percent for the first thirty days.
Mercantile paper rates 3 to 5 percent for 60 to 90 days and longer terms. Clearing House shows exchanges of 262,833,101 with balances 10,058,807 and Sub Treasury debit 401,993. London money on call 1 to 1.5 percent. Open market discounts 2.0 to 2.5 percent for short bills. Domestic exchange firm with varied posted and actual rates. Continental currencies quoted with several percentage deductions and various regional exchange terms in New York centers.
London on June 13 shows ample money and steady discounts with a hopeful mood. Consols rise on bank rate cuts while gilt edgeds and rails firm. American markets wobble but close higher. Key closes include Consols 93 15-16, Atchison 88 1/2, New York Central 159, United States Steel 50, bar silver 27 3/4d. Gold premiums list Buenos Ayres 133.20 Madrid 38.85 Lisbon 39.50 Rome 4.88.
Prices start strong on the Paris exchange as the Bank of England lowers its discount rate, but late session realizations curb activity. Spanish 4s rise, Rio Tinto recovers, Kaffirs soften. Three per cent rentes 101f 714c. London exchange 25f 22c. Bank of France weekly statement shows notes in circulation down 32.95 million, current accounts up 57.275 million, gold up 8.675 million, bills discounted down 9.35 million, silver up 0.175 million.
On June 13 the Berlin Boerse showed dull business with banks especially weak amid a generally unsatisfactory trade picture. Funds fell as the Bank of England reduced its discount rate, and Transvaal rails weakened. The Dresden Credit-Ansalt run led to a bankruptcy declaration by its directors affecting about a dozen smaller banks and electric firms, with drafts held partly by the Reichsbank and major German banks.
In Madrid on June 13 gold was quoted at 39.25 as market activity showed a firm tone. The report notes the metal’s price movement amid regional trading conditions and investor interest.
The Bank of Bombay reduced its discount rate today from 7 to 6 percent. This move tightens credit briefly as officials cited market conditions and liquidity concerns.
London reports the Bank of England cut its discount rate from 3% to 3 percent. The weekly statement shows reserves up 916,000, circulation down 379,000, bullion up 537,255, other securities up 57,000, other deposits up 1,867,000, public deposits down 906,000, notes reserve up 890,000, and government securities unchanged. Reserve to liability ratio rises to 52.15 percent from 51.30.
Fred T. Gates is elected president of the American Linseed Company to replace Guy Major who resigned. W. A. Jones is chosen secretary to succeed G. E. Highley.
Chicago June 13 President Wise of the Union Lead and Oil Company announced that J D Rockefeller and associates have secured control of the American Linseed Oil Company and that the merger agreement with the Linseed company is non operative. Stock under the agreement will be returned. The Union Lead and Oil Company holds a large stake and will cooperate with the Rockefellers.
A certificate of consolidation merged the American Gas Fixture Company with Oxley Enos Manufacturing Company. The new firm, Oxley Enos Company, has capital stock of 450000 dollars and directors William F. Moody Jr of Cranford New Jersey WE Franklin of Flushing C H Fuerstenberg of Flatbush Thomas Plunkett and W L Scovil of Brooklyn.
Nassau Trust Company unveiled its new Brooklyn building at Bedford Avenue and Broadway to the public yesterday afternoon. About 700 invitations were sent to prominent local residents and business leaders for inspections and a luncheon from 3 to 5 PM. In the morning the Board of Trustees met in the Directors' room and elected Henry Roth to the board.
Application has been made to the Stock Exchange to list 2,000,000 additional 4 per cent preferred B stock of the Chicago Great Western Railway Company and additional 4 per cent debenture stock.
National Steel stockholders will gather at East Orange on June 27 to vote on leasing the company to the Carnegie Company.
The Secretary of the Treasury announced a purchase of 61,800 dollars of short term four percent bonds at a price of 113 per bond. This marks a government debt operation conducted in Washington on June 13.
Outside market yesterday showed irregular, small scale trading with several new issues watched. American Locomotive preferred stayed steady at 90, Consolidated Tobacco 4s fluctuated and closed up a quarter, Central Railway of Georgia bonds opened 89 rising to 89 without change, Royal Baking Powder preferred strong but limited by stock offerings. Copper stocks softened while Standard Oil fell to 7 50, United States Cotton Duck held at 32 bid with stronger demand for preferred shares.
Boston activity shows United Fruit slipping further after a 9 point drop yesterday with another 6 point fall today to around 108. A lone Boston Elevated sale of ten shares at 88 marks minor movement while Massachusetts Electric gains momentum amid overall list activity. Clearing House money loans at 2 percent and New York funds at par plus a 5 cent premium frame the day. on call money 3 to 3.5 percent. time money 3 to 4 percent. commercial paper 3 to 4 percent with top names at 4 percent. Exchanges total 23,807,862 with balances 2,074,494.
Chicago market notes indicate New York exchange at ten cents premium. Call and time loan rates stand firm. Chicago Union Traction tops activity with Wrenn as principal buyer, likely for the syndicate control, pushing price to about 20. Demand for the served remains limited near 59. Other stocks show dull demand.
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