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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 19, 1903
Page
12
Traders faced a dull session as sentiment dipped despite London’s rate relief. Steel shares weakened while mass liquidation fears lingered, with bonds slipping to new lows and Metropolitan and New York Central lagging despite favorable earnings and labor news.
Calendar for today reports dividends payable and stock names including Continental Tobacco Co preferred Equitable Trust Co Knickerbocker Trust Co Maryland Trust Co South Side Elevated Railroad Trust Co of America Resse Twin City Rapid Transit Co Union Ferry Co Calumet and Hecla Mining Co Norfolk and Western Railway on common stock.
After yesterday's session observers noted the market held up well overall. The falls in Metropolitan and United States Steel, along with Colorado Fuel earlier, could have produced a sharper broad market decline.
Despite losses and developments in the Metropolitan and Colorado Fuel sectors the market remained firm with significant absorption by major interests. The beat contingent tried twice to trigger a general break in morning and delivery hours but both efforts failed.
Conservative interests note no liquidation and a lifeless morning with only small lot trades. In the afternoon the market turns professional with many traders unhappy after failed scalping attempts and several moving to the Suburban exchange.
In morning trading Metropolitan stock fell nearly four points to its lowest level since the reorganization. Investors fear the company lease under guaranteed dividend may be set aside, troubling outlook for future dividends as officials’ court statements suggest a deficit. Market sentiment criticized management for presenting surplus after dividends while court testimony hints at worse figures, signaling diminished confidence.
The Street remains puzzled by Colorado Fuel's further net loss yesterday. Gould interests control a large property stake and Harri man and allies hold a substantial block, suggesting no collapse despite internal woes. Despite note payments concerns, genuine shareholders stay unfazed as about 6,000 shares declined.
The Erie stock rose on closing, attributed to purchases from Morgan brokers. Grangers sold off late amid crop news concerns. Dan's report suggested better than expected conditions. Gates interests bought 10,000 Baltimore and Ohio shares. Pennsylvania saw profit taking.
In London the market saw little activity yesterday with not more than 15 000 shares traded. Transactions were roughly split between purchases and sales, reflecting a subdued session.
The Steel Trust and related shares fell as rumors swirled about Mr. Schwab possibly resigning his presidency. Trade showed a net decline with heavy insider buying at 2 PM and persistent weakness in independent steel stocks. Analysts cited fluctuating demand, seasonal dullness, and cautious railroad orders as factors shaping the session.
Dun and Co reports from major corn regions indicate favorable growing conditions. Widespread moisture supports early corn. replanting in flood areas boosts acreage in uplands while lowlands recover. Illinois, Nebraska, Indiana, Ohio, Iowa, and Missouri show strong progress with potential higher yields if weather remains favorable.
Chicago June 18 Corn again drew market focus as prices advanced with heavy trading. Large volume, persistent buying despite some liquidation, and favorable weather supported a continued bull market. July slipped between 60% and 61 1/4 with a 4 cent gain at close.
The index settled at a fractional gain for September, closing near 4914.88 after trading in a wide range, ending up modestly higher than the session low.
Sales on the Stock Exchange include 19 Bank of Commerce shares at s10 360 362. American Waltham Watch Co approves dividends shifting to Dec 1 and June 1. Chicago Michigan and Indiana Electric Railway chartered with 3 million to link Chicago to Southwestern Michigan. Albany notes canal tonnage for week ending mid June 96 724 vs 81 103 last year. Alpena Michigan reports Thunder Bay River water power project backed by Eastern capital. Euclid Avenue National Bank and Park National Bank stockholders to meet June 30 to approve consolidation. Lit Brothers Company lists 500 400 additional shares on Philadelphia Exchange. New Haven Gas Co to call in 750 000 of 4 percent bonds issued May 1 and convert. Michigan Central Railroad holds special meetings July 15 to review Canada Southern offer. current agreement expires Dec 31. Austin dispatches claim Mexico’s first steel produced at Monterey total ten million. Portland Cement Co organized at Sharon with 1 500 0 capital. NYSE applications seek 75 094 750 additional Pennsylvania Railroad stock. Rochester Optical and Camera Co may undergo reorganization plans.
On call money rates and term loan yields are listed, including 2 1 2 to 3 percent on stock collateral and 21 percent on the majority of loans. Time money ranges from 4 percent sixty days to 5 1 2 percent seven to eight months. Mercantile paper rates show 3 percent sixty to ninety days, and 6 percent for longer terms. New York Clearing House figures show exchanges at $219,085,602 with a debit balance of $152,27 298. London money on call at 3 4 8 percent, and foreign exchange notes cited with domestic rates.
The Times reports minimal Bank of England rate impact on Lombard Street loan rates after a 3 percent cut. Money remains in fair demand, short-dated paper weak, longer maturities and American bills stronger. Bank reserve up to £26,823,000. Stock Exchange closes higher with mixed rail and mining results, gold operations reported at the Bank of England, and gold and silver prices noted.
Paris on the Bourse opens firm except Rio Tinto. Three per cent rentes at 97f 214c, London exchange 25f 16c. Bank of France weekly: notes in circulation down 17,150,000f, current Treasury accounts up 28,975,000f, gold in hand up 18,400,000f, bills discounted up 4,225,000f, silver in hand up 2,450,000f. Berlin steady with London exchange at 20 marks 41 14 pfennigs.
The Imperial Bank of Germany reports changes in cash in hand up 22,180,000 marks and treasury notes up 1,100,000 marks. Other securities fell 3,740,000 marks while notes in circulation declined 16,340,000 marks.
The Boston money market shows little change with call loans at 3% to 4% and mercantile paper at 5% to 5.5%. New York funds trade at 1 4% to 5 cents premium, clearings total 32.1 million, balances 2.2 million. Sterling advances broadly and Dominion issues strengthen while American Telephone weak. Steel stocks weak but active, copper shares slide with Amalgamated. Complete transactions follow.
Outside market activity was quiet with prices under pressure and finishes near the day’s lows. Montreal and Boston shares led with about 30,000 traded, yet activity appeared manipulated as prices rose briefly to 1 1/2 points before closing at the day’s lowest level.
San Francisco reports official closing quotations for mining stocks for today and yesterday. The list details prices and changes across multiple mining firms, reflecting market activity and sector performance in the region.
Special to The New York Times from Philadelphia notes Reading and Pennsylvania dominate today's market with over half of activity. Reading stock seen as crucial for a clear majority by Pennsylvania Vanderbilt interests. Several leading ferais priced lower with a small liquidation from exhausted holders. total sales 30 411 shares and 57 500 bonds.
New York exchange quotes show 40 cents premium before and 50 after clearings. Exchange sales exceed $900,000. Swift & Co leads on the Stock Exchange while Diamond Match opens at 182 percent and eases to 132 in small lots. National Biscuit and American Can show mixed moves as much of the market remains dull.
The Baltimore stock market shows little activity with a fair tone and dull trading. Money costs ease slightly with call money at 5 to 5 1/4 percent, daily transactions total 18 shares of stock and bonds worth 102000, including Seaboard Ry notes and United Ry & Elec bonds among others.
Allis-Chalmers held its annual meeting in Jersey City yesterday electing directors Charles Allis James H Eckels Philetus W Gates Max Pam and James Stillman. Directors then chose officers with Charles Allis as President William J Chalmers as Vice President and Treasurer Henry W Hoyt as Second Vice President Philetus W Gates as Third Vice President Joseph H Seal an as Fourth Vice President and Secretary Joseph O Watx as Assistant Secretary.
London silver set at 16 1 2d per ounce and New York at 62 3 4c. Mexican dollars 41 45c. On the Consolidated Exchange Belcher 500 shares at 0.50 Collar 300 at 0.75 7000 Comstock bonds at 0.85 0.85 percent. Horn Silver 30 at 1.25 Mexican 100 at 1.45 Occidental 200 at 0.24 Portland 10 at 1.32 Potosi 360 at 0.30 Silver Hill 300 at Las Animas Union Consolidated 300 at 0.11 0.07.
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