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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 16, 1903
Page
10
Yesterday's market showed a dip after last week's optimism, with theories over whether gains reflected genuine value or artificial demand. Analysts noted weakness across railways and industrials, with Amalgamated and Atchison among the hardest hit while cotton climbed to new highs before possible declines.
The report lists bond and stock quotations with small percentage changes. It mentions several issuers including Pros & East, LL. & N., Rio G., West, and Wabash debentures, with various price figures and percent movements noted.
Stock shares and bond activity reported with year to date totals. Shares at 482,316 with a value of 70,671,054 versus 83,084,242 last year. Bond transactions show 2,266,000 to date this year and 314,380,350 for the corresponding date last year, with noted totals 453,658,100.
Calendar lists stock issues and annual meetings for firms including St Louis & San Francisco Railway first preferred and Chicago & Illinois Railroad land trust certificates, Torrington Company, United Traction & Electric Company Jersey City, Rubber Goods Manufacturing, Southwestern Railroad of Georgia, American Cotton Company, Central & South Avbertens Telegraph Company and Mexican Telegraph Company.
Yesterday's trading opened weak with expectations of higher prices fading. Bears dominated most declines while banks bought cheaply, leaving the market in a trader’s mood with potential for a sharp upturn if shorts cover. analysts note rising rail profits could boost dividends. Major declines hit Amalgamated Copper St Paul Atchison and Baltimore and Ohio as miners and flood damage weighed on earnings outlooks.
London quotes bar silver at a high level and New York quotes per ounce. Commodities and stocks on the Consolidated Exchange show activity with Best and Co. shares trading around 1.80 and various mining stocks and bonds listed with bid and ask figures.
Capital stock of the Kinloch Telephone Company of St Louis increased from 1 million to 3 million dollars for system improvements. American Telephone & Telegraph Company plans to issue 21 million dollars of new stock at par, one new share for every five held. Plans for Baltimore Cincinnati project progress shown by officials, with new terminals underway and expected to start immediately. Rochester optical firms and Camera Company holdings noted as under consideration.
The article notes the sale of their company to Eastman Kodak Company and Duluth dispatches stating United States Steel Corporation leased the Cascade Mine in the Messaba for 125000 dollars.
Market rates show call money at 2 percent with ranges up to 6 percent for longer terms. Time money spans 60 to 270 days with rates from 4 to 6 1/2 percent. Commercial paper yields 5 to 6 percent. New York Clearing House figures highlight sizable exchanges and balances. London on call money sits at 2 1/2 percent while short bills run 1 3/16 to 1 1/4 percent. Foreign exchange remains quiet with nominal and actual business rates listed for sixty days demand and cables. Continental bills quote francs and marks with implied spreads. Domestic exchange centers show varied premiums and discounts for major cities.
The Times notes abundant call money and fair fixture demand. Discounts steady, bullion demand from Austria pushes gold to 7s 9d and prices drift lower in stocks and bonds. Trading on the Stock Exchange was quiet amid dull American rail activity and a weak mining sector.
Paris markets opened firm on the Bourse but weakened later as French renues fell, influencing most shares except Purk ish securities. Three per cent rentes quoted at 98f 20c for the account. Exchange on London noted for checks. Berlin quotes showed inactive trading with fixed rates on London checks. Short bills at 2 percent, three months at 3 1/4 percent.
The Chicago Street tone shifts toward a bearish stance with brokers cautious after a prior rush to cover shorts. Trading on the exchange shows dull lists with sporadic gains in South Side Elevated and Swift’s, while New York prices rose marginally.
In Philadelphia on June 15 traders showed limited willingness to trade. Prices largely held, with infringements staying above fractional limits as Arbitrage stocks eased. New York sold Reading Erie and steels, while Pennsylvania Steel preferred fell 1. American Railways 14. Reading 11 16. United Gas 1 2. total sales 28,445 shares and 63,500 bonds.
June 15 Boston money market remains dull with expectations of quiet until after July 1 as disbursements and a Pennsylvania stock issue influence activity. Call loans 4¼–4½%, time loans 4–5%, mercantile paper 5–5¼%, Clearing House 4%, New York funds at par plus 5 cents premium. Clearnings $18,477,584. balances $1,261,140. American Telephone opens 15¾–. declines after $21,000,000 stock issue announced. Copper shares fall while Dominion Coal and Iron show mixed moves.
Light activity in the outside market failed to reflect the weakness seen on the Stock Exchange. Northern Securities traded around 2,100 shares and fluctuated less than 1 point. Empire Steel preferred fell to 49 and common to 18 with no sales. Greene Consolidated and other issues showed dull trading as a Board meeting for Empire Steel looms to discuss a semiannual dividend.
The Treasury report shows $72,200,352 in 3 and 4 percent bonds received for exchange into 2 percent consols. The data reflects prices and yields across multiple bond listings, including Pacific and Reading issues, with figures on offers, bids, and stock activity.
Special to The New York Times from Baltimore notes a flat market with slight Cotton Duck 5s gains puzzling traders. Seaboard lapsed toward quiet trading while United Railways attracted chatter about its outlook. Cotton Duck incomes fell on bearish speculation about a new plan, with money on call at 5 5 percent. daily totals show Seaboard Ry and United Ry bonds and stocks trading alongside Cotton Duck 5s and related issues.
Notes show J. T. Wayland named Kansas City agent for Glens Falls. S. S. Post named Michigan special agent for Phoenix Assurance of London. Obald Milton & Reinecke named Louisville agents for Traders Insurance. Texas association urges single agent per town, with a five member permanent committee to oversee agency consolidation and calls for higher compensation due to rising living costs.
New York incorporations list several new firms including Pictorial Review Company in New York with capital 600 and directors R R Appleton W P Ahrelt and C Nelson. Second Construction Solomon Brooklyn capital 600000 with directors P B Purdy J H White and G E Hall. Holland Security Company New York to loan mortgages capital 6000 with Alfred Roelker Jr R C Rathbone 2d and others. Stone Company New York capital 15000 with Milton Meyer J F Donnelly and O M Sternfeld as directors.
The Elliott Fisher Company of Cleveland Ohio was chartered at Dover to deal in typewriters and pawndering and counting machines with capital listed. The Real Estate Improvement Company of Baltimore changed its name to The Consolidated Apartment House Company.
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