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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 20, 1900
Page
11
A nationwide trend shows broad success despite weak general market signals, with analysts attributing the downturn to multiple unidentified factors. The pattern suggests resilience in sectors less tied to overall demand as investors adjust expectations.
Street chatter yesterday centered on possible engagements for France, with Lazard Iréres expected to lead tomorrow's steamer. Bankers note ongoing export movement, possible Germany shipments next week, and New York lending for German accounts while local banks benefit from pension payments as government deposits withdraw.
Ice Trust preferred stock slid to 60 percent on the Stock Exchange with a 214 point loss after 400 shares traded. The prior low was 61 and the year’s high 78.14 set February 3. Common stock fell to 29.45 with a one point loss on 300 shares.
Consolidated Gas fell about 14 percent on light volume of 1 100 shares as traders anticipated an announced gas price increase and discounted the stock on news. Analysts now expect lower figures ahead due to new obligations limiting favorable developments.
Northern Pacific surged to 52.44 intraday amid short covering before closing near 52.30 for a net 14 point gain. Southern Pacific rose 54, aided by weak fundamental demand. St Paul and Rock Island fell fractionally after early strength tied to Western holder liquidation.
Republic Iron and Steel fell to a record low intraday price of 50 with a 14 point close, a net drop of 254 points after trading 1,300 shares. Inside interests were reported to be liquidating.
Street reports say the 1 percent dividend on Wabash B debentures may not be declared as management aims for conservative dividend policy. A meeting to decide the matter is scheduled for next week.
The market rose in early trading as London buoyed prices again and investors welcomed unexpectedly large June earnings boosts from major rail systems. St. Paul with a $44,700 rise, Norfolk and Western $60,700, Missouri Pacific $82,000, and Southern Railway $42,500 led the gains.
Federal Steel preferred yesterday advanced a full point on sales of TuU shares in anticipation of the declaration of the regular quarterly dividend of 14 per cent on the stock. The meeting at which the dividend was declared was held shortly after the close of the market and reports submitted were said to be very satisfactory.
The advance was driven by short covering as investors criticized the lack of anticipated competition from Union Bag and Paper, leaving traders disappointed that the predicted challenge had not yet emerged.
Increase of 1522 tons in east bound freight from Chicago last week over the prior week and 2654 tons more than the same week last year. Railroad Commissioners approve doubling stock of Fonda Johnstown and Gloversville Railroad to 600000 to absorb Cayadutta. Rumor of Iowa Central Railway control in the interest of Minneapolis and St Louis Railroad circulates as official authority.
Decrease of 231,460 dollars in general merchandise exports from the Port of New York for the week versus the prior week, and an increase of 2,077,826 dollars compared with the same week last year. Today's steamer shipped 146,000 ounces of silver to Europe.
The court confirms the sale of the MHerring-Hall-Marvin Company assets to the Reorganization Committee. The action concludes the creditor recovery process and transfers control to the committee for restructuring and future disposition.
Creditors of Price, McCormick & Co await a formal assignee statement while estimates place total claims around 200000 on the New York Cotton Exchange floor. Many claims have been filed under the thirty day rule with June 24 as the deadline. Assignee Curtis conferred as reports hint the firm may owe at least 250000 beyond liabilities. No official statement yet from the offices of the firm.
The Weather Bureau reports a prolonged drought in the northern Spring wheat region with rain needed in parts of New England and Texas and generally across the Rocky Mountain area. The weekly summary notes continued dry conditions affecting crops and the priority for rainfall to alleviate stress.
Abundant rains relieve drought in the Middle Atlantic while heavy precipitation disrupts farming in the South Atlantic and East Gulf. Cooler trend in the central valleys. corn progress strong in Missouri Valleys. Wheat harvest slowed by rains. spring wheat poor in northern regions. Cattle and oats generally improving. cotton suffers in east Mississippi and Texas remains dry yet favorable for some crops. Fruit outlook promising though some apple drops noted.
Money on call at 1 1% per cent closing at 114 per cent. Open market rates show 234 percent for short and 27-16 24 per cent for three months' bills. Foreign exchange easier with nominal rates $4.8514 for sixty days and 4.88% for demand. Continental rates: francs 5.1814, reichsmarks 11-16, guilders 40 1-16. Domestic exchange centers show mixed premiums and discounts across major cities.
London markets opened dull for American securities but later trimmed losses and recovered modestly with an irregular closing. The Exchange will close on Saturday June 23. Gold premiums and exchange quotes listed include Consols around 100 and various U S stocks at mixed levels. Bullion withdrawals from the Bank of England totaled £206,000.
Prices were weak on the course today due to disquiet and Spanish Fours. Rio Tinto and Kafir shares moved, Spanish tours closed at 71.1714. In Perlin markets, hesitation gave way to weakness as Chinese resistance seemed likely to fail. Exchange on London stood at 20 marks 41 pfennigs. Discount rates: short bills 4 percent, three months’ bills 5 percent.
The week’s exports valued at 11,450,452 dollars, down from 11,690,912 the prior week and 9,381,566 a year ago. Since January 1 exports total 281,490,312 dollars, compared with 218,920,597 in the same period last year.
Fire underwriters expect the 1900 Agreement to be approved at tomorrow’s meeting amid a surge in fires over the last ten days. The New York Exchange defense suit hearing involving Moses Tanenbaum occurs today, with a perma nent injunction sought for Friday. Insurance on Stein herd & Strasburger and 709 Madison Avenue property losses are itemized across multiple fire and casualty companies with substantial payouts listed.
Yesterday’s market for outside securities favored sellers as prices fell across many issues. Havana Commercial preferred dropped to 40 amid rumors a dividend may be skipped, while Distilling of America posted losses on light volume. Amalgamated Copper edged up fractions, American Woolen saw minor declines, and United Railways of St. Louis fell more sharply with losses in bonds and transit shares.
A fragment from a mining stock page shows numeric quotes and abbreviations including 34 percent 79 percent and a sequence 2 a 2 Q 30 29 96 241. The readable portion lacks names or firms to specify.
The closing quotations show bids and asks for Government bonds and various stocks with many entries. Listings include ranges for Erie, Amex, and others, reflecting values on this trading day across multiple issues and issuers.
A financial ledger summary lists Consolidated Exchange sales with a $5,000 reserve fund and large totals for gold coin bullion United States notes and various certificates. It outlines divisions of redemption and issue, a general fund, available cash balance, and extensive bond transaction entries across many securities and issuers.
In Chicago on June 19 prices moved down in several directions with selling in Linseed lowering common to 1054 and preferred to 5142. City Railway fell 3 points from 250 while Metropolitan Elevated preferred rose 7 points.
Silver bullion certificates stood at 60 61 on the Stock Exchange with no sales. London bar silver at 27 and a half percent per ounce and New York prices in Mexican dollars at 47 and a half percent. Consolidated Exchange listings included Cable Consolidated at 0.064 and 0.07, Comstock 0.07, Cosmos 0.01, Golden Age 0.03, Isabella 1.24, Justice 0.10, Gibson 0.24, Pharmacist 0.13.
Richard V. Harnett & Co. sold securities at auction at 111 Broadway New York Real Estate Salesroom including Tombard Investment Company seven year 6 percent gold debentures.
Railways list gains vs year ago for the second week in June led by Mexican National and Rio Grande lines. Several lines show increases including Chicago & Eastern Illinois and Denver & Rio Grande while Alabama Great Southern and New York Ontario & Western show declines. Total increases across 27 roads amount to 566000 dollars with prior increases totaling 210000 and a current rise of 855000 for 15 roads.
Philadelphia prices show Marsden advancing from 10 to 11% in early trading after a telegram from Edward C. Lee J Bonsall Taylor George P. Brock and Francis Henderson reporting positive inspection results at Marsden plants in Owensboro and Linden. The rally faded by 1 pm as half the gains disappeared.
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