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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 20, 1902
Page
12
The day shows lower stock activity with half percent moves in key indices. Bond quotations drift, led by declines in several regional issues while others edge higher. money rates hold near short to mid term lending levels.
Stock quotes sagged as news centered on the anthracite strike and a looming labor conference. United States Steel common stock fell below 37 a share amid rumors of suspended dividends, while steel bonds strengthened on technical trading and a potential limit on new bond issues.
The latest market activity showed retreats across several majors but small in magnitude. Tennessee Coal and Colorado Fuel saw weakness alongside United States Steel, though declines appeared unconnected. Wall Street speculators bought at high levels, with some forced to realize losses as prices fell.
A report notes intensified clashes and manipulation schemes within a crowd and cites numerous unresolved questions about the corporation, suppressing public interest and fueling concern.
Railway earnings continue to climb with yesterday's figures aligning with the rising Wall Street average, signaling sustained investor confidence in the sector.
Officials declared yesterday that Morgan is not sick at all and dismissed circulating Wall Street rumors. Cable dispatches say Morgan is enjoying a vacation, putting the ill rumor to rest.
Charles H. Page a broker of 29 Broadway and 129 East Seventy-sixth Street filed for bankruptcy with liabilities of 6100 and no assets. Major creditor Russell Sage holds a $2105 judgment from May 1898, with Edward R. Wilson of Newtonville Mass listed at $3288 from a July 1896 note.
The firm devoted its earnings to increasing surplus. Its last annual report shows capital of 2,000,000 and surplus of 2,000,000 with undivided profits of 2,562,194. Total deposits stood at 52,380,922.
The Real Estate Trust Company of New York declares a semiannual dividend of 5 percent on its capital stock payable July 1. The last semiannual dividend was 4 percent.
The General Chemical Company has declared a regular quarterly dividend of 144 percent payable July 2.
The Standard Trust Company of New York has declared its regular semi annual dividend of 3 percent payable June 30.
The Bank of England keeps its discount rate unchanged. The Bank of Bombay lowers its rate from 5 percent to 4 percent. Chicago dispatches report freight navigation on the Great Lakes may top 30 million tons this season, possibly 32 million. Marine Bank of Buffalo raises capital stock from 1.2 million to 1.5 million dollars.
London traded roughly 10 000 shares with Atchison and Reading leading the activity. Both fell but within the day’s broad declines, while coal stocks mostly held except Reading’s slight drop. Delaware and Hudson slipped two points on light volume as strike news spurred theories the market weakness stems from Leader Mitchell’s prolonged strike outlook.
Buffalo and Susquehanna Iron Company will begin work within days on a new pig iron furnace beside its steel plant in South Buffalo. Reports from the South say negotiations for the Atlantic Valdosta and Western Railway sale to the Southern are finished and the Southern will take control on July 1.
Advices from Norfolk Virginia report that seven railroads entering the city have completed arrangements to build a union station valued at $500000. The project consolidates passenger services under one roof.
Ottawa dispatches report ten month trade at 348,705,085 dollars with imports up 34,941,771 and exports up. May exports rise 4,079,060 and imports 359,129, reflecting overall higher commerce between Canada and its trading partners.
International Power stock fell ten points in trading yesterday amid a rumor of a court-ordered inquiry into the corporation. The looming inquiry promises more attention than the stock’s volatile moves as investors await details on the prospective appeal and its impact on the company’s affairs.
Four Kentucky railroads consolidate effective July 1 forming the Lexington and Big Sandy Railway Company with a capital of 4 800 000. Southern pig iron producers say no price announcements yet for 1903. Philadelphia Rapid Transit shares admitted to unlisted department trading. Directors of American Pneumatic Service Company vote to postpone the semiannual preferred dividend.
Southern Railway rose over 10 percent in the second week of June. Central of Georgia reported about a 50 percent increase, while Mobile Kansas City Railway climbed more than 80 percent.
Sugar refiners cut prices and Sugar Trust stock traded about 10,000 shares with fluctuations near one point. The controllers show no market worry about politics or trade, but a speculative pool organized by Stock Exchange room traders is heavily loaded with the stock, more than current conditions justify.
Friends of John W Gates whispered that he and his followers seek control of Colorado Fuel and Iron Company. They claim outside interests plan to oust Gates and liquidate holdings, while supporters of President Osgood call the theory baseless and foolish.
Ice Trust shares fell again with preferred stock at 48 percent, down nearly 5 points in a day and about 15 points in two weeks. The common stock hit a new low. No official reasons given, but side interests claim the company prospers. Local politicians reportedly hold large holdings of both common and preferred stock bought at higher prices.
The London market reports a cheerful yet thin trading day with limited business as mining settlement looms. Bank of England bullion holdings rose modestly while Consols firmed and Illinois Central led gains amid New York demand.
President Starbuck and the board of directors were all re elected at a New York Air Brake Company meeting yesterday. The firm reported earnings continuing the previously disclosed extraordinary gains.
Announcement states oversubscription for the United States Shipbuilding Company pond issue and that one syndicate’s offer to take a large block of bonds was refused as subscription was already filled. Belief grows that Bethlehem Company absorption will lead to another major industrial plant purchase.
The Atlantic Coast Line Railroad Company securities are to be listed on the New York Stock Exchange including both bonds and shares. Leigh Valley's application to list stock is also expected.
Intimations rise of a settlement conference between Amalgamated Copper and Calumet and Hecla. Boston reports Calumet and Hecla can fetch 0.25 to 0.375 cents per pound more than Amalgamated, with the theory that Amalgamated salesmen are instructed to concede.
The forecast for tomorrow’s bank statement shows money remains plentiful and cheap. Call money remains under 34 percent while time funds earn barely two thirds of the legal rate.
Wall Street interests tied to the Montreal and Boston Copper Company announced that a new smelter began operations at Greenwood British Columbia. Official figures show 250000 tons of paying ore blocked out in the company's mines.
In Continental Centres Paris saw a firm start and later firmer prices as foreigns led the rally. Portuguese rentes remained in demand due to bear covering while Argentines Brazilians steadied. Turkish securities unsettled awaiting conversion. Rio Tinto weak on copper gloom from New York.
The directors announce the Morton Trust Company will pay 20 percent annual dividends, issued quarterly, marking a switch to a dividend-paying basis. The company had not previously distributed dividends.
The private rate of discount stood at 27 16 per cent. Three per cent rentes at 1011 S714c. London exchange quoted at 25 19 cents for checks. Spanish 4s trading at 81.97 per cent.
On the Berlin exchange today internationals were quiet with Spanish 4s advancing on Paris tips and Russians higher on the dissolution of the underwriting syndicate. Canadian Pacifics softened due to New York advice while Transvaals recovered. Hamburg American firm on dividend rumors and new share issue at 140. London exchange at 20 marks 46 pfennigs. Discount rates show short bills at 1% and three months at 2%.
London June 19. The weekly statement shows total reserve up 614000, circulation up 67000, bullion up 680839, other securities down 176000, other deposits up 216000, public deposits up 77000, notes reserve up 554000, government securities down 100000. Reserve to liability ratio 52.90 percent, up from 52.00 percent. Discount rate remains at 3 percent.
Bank of France reports weekly changes in Paris with notes in circulation down 83.275 million francs and the Treasury account up 22.3 million. Gold in hand rises 3.7 million, bills discounted fall 5.125 million, and silver in hand increases 2.75 million.
Boston market shows marginal freer commercial paper with rates around 4 1/4 to 5 percent and steady sterling. Clearing House rate 3 1/2 percent, New York funds parity plus premium. call loans 3 1/4 to 4 percent. time money 4 to 5 percent. Philadelphia prices fall on Reading and United States Steel selling, Rapid Transit stock opening active, but later retreat.
Outside securities show varied activity with larger volume but small trades. United States Steel bonds rise after talks on issuing 50 million to 250 million dollars, closing at 95 in gain. Northern Securities falls 1 and 4 50 00 shares traded as profit taking dominates for the day.
New York exchange quoted at 10c premium. Time and call loans 4.5 percent. Lake Street Elevated softens to 114 percent as small stock offers press. Market doubts linger on speculative selling and Rounseville pool. Pnuematic Tool rises from 101 to 105 amid modest business. Traction stocks mostly steady with small activity.
Money on call was at 4 3 4 to 5 percent. Daily transactions showed 755 shares traded and bonds worth 11 750. Notes include Seaboard Railway, United Electric, City Bank, Canton Company, G B S Brewing, Fidel and Guar, and Continental with varied highs and lows and closes around 100.
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