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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 22, 1905
Page
13
Markets showed resilience despite mixed signals with gains in readings from Reading and Ontario dividends offsetting a City Trust Company Philadelphia failure. Money markets eased as banks rebuild reserves, while Wheat and cotton slipped and corn stayed steady amid tempered trading.
Calendar items list institutions Cumberland Telegraph and Telephone Co National Park Bank Philadelphia and Erie Railroad Title Guarantee and Trust Co West End Street Railway Boston with note that books close.
A special stockholders meeting completed the reorganiza tion tied to the North American and City Trust mergers. Directors elected include Charles T. Barney Frank H. Platt James Campbell J. J. Riker W. H. Chesebrough Edward C. Schaefer John D. Crimmins George R. Sheldon James M. Donald Henry F. Shoemaker Ashbey P. Fitch Samuel Spencer J.B. Hollins Oakleigh Thorne James S. Kuhn R.B. Van Cortland Frank R. Lawrence WK. Vanderbilt Jr Immerson McMillin Warner Van Norden Hosmer B. Parsons FP A. RB Widener Marsden J. Perry IB F Yoakum. A stockholders meeting is planned next month to vote on a director increase from twenty four to thirty. The Broadway branch at 14 1/2 Broadway is to be closed, while the 36 Wall Street office remains. Directors meet today to elect officers.
Securities sold at auction yesterday by Adrian H. Muller & Son include 45 Irving National Bank shares, 15 Union Exchange Bank shares, 5 New York National Exchange Bank shares, 10 Casualty Company of America shares, 50 Detroit and Mackinac Railroad shares, 10 National City Bank shares, and 95 Guaranty Trust Company shares among others. Notes mention first mortgage bonds of Utica Clinton and Binghamton Railroad due 1939, gold bonds of Coro and Lavela Railroad and Improvement Company, and hypothecated securities of American De Forest Wireless Telegraph Company and De Forest Wireless Telegraph Company with various coupon dates and values.
A New Jersey Stock Exchange membership meeting elected A Sartorius of 20 Broad Street and F W Pelzer of 44 Broadway as new members. The exchange now numbers around 100 members.
Daily money market shows loans at 2 percent with varying rates: 60 days 8 percent, 90 days 3 to 4 percent, six months around 3 4 percent. Mercantile paper offered 3 1/3 to 4 percent for 30 to 90 days and higher for longer terms. Clearing House exchanges totalling 217 million with balances near 13.8 million. Foreign exchange heavy with nominal and actual business rates, district center premiums and discounts varying by city.
London rates for money and discounts were easy with a cheerful mood on the Stock Exchange amid a quiet session. Consols and home rails rose while Americans opened firm only slightly higher. Russian and Japanese securities were weak and gold premiums were reported in Madrid and Lisbon.
Continental Centres BERLIN June 21 business on the Boerse today was very quiet. Prices were scarcely changed. Exchange on London 20 marks 46 pfennigs. The rate of discount for three months bills 2 1/4 per cent and short bills 3 per cent.
Paris reports show favorable dispositions on the Bourse with Russian Imperials quoted at 80.80 and Russian 1904 bonds at 503. Three per cent rentes at 981.82 for the account, and London exchange at 25 francs 1 sol for checks.
Prices for American mining stocks received in London yesterday include Camp Bird at 115 pounds 6 pence, Esperanza at 1 pound, Tomboy at 1 pound 0 pence, Dolores at 1 pound, with other values noted but unclear due to OCR.
Special to The New York Times reports a dull local money market in Boston with call and time loans near history levels and a slow start on an upward swing. Traders hoped for higher prices but faced ample stock supply while New York strength bolstered copper shares and broker bids, culminating in a firm closing despite a Philadelphia Trust Company failure.
The Consolidated Exchange notes a total of 142,660 in activity on Wednesday June 21 1905. Trading details and participant names not provided in the readable text. The record appears to summarize daily market activity and volume.
Seaboard 4s led the bond list with an opening gain of percent and held firm. Maryland Telephone 5s strongest at par, Georgia Alabama 5s at 112 percent up, United Railways at 94 firm, incomes steady at 61. Cotton Ducks active at 77, United Railways certificates at 14 steady, Alabama Consolidated Coal and Tron common weak. Seaboard rights up 13 16 to 1 %, new common at 25, new first preferred at 85 1 4 and Alabama Coal and Iron common up to 70, preferred 90, market dull and steady with 2,385 shares and $79,800 bonds traded.
The Chicago Great Western Directors plan to transfer 14 million dollars of preferred stock to Fort Dodge Railroad in exchange for an equal amount of non cumulative Fort Dodge preferred stock. The move marks a balance sheet maneuver to raise funds for extension or betterment, while keeping control within the two firms. The ultimate use of the proceeds remains undetermined.
The Cleveland Cincinnati Chicago and St. Louis Railroad Company stockholders unanimously voted to raise the common stock by 11.3 million dollars for improvements.
Trading volume reached 900000 shares, more than double the prior day, with a steady upturn in prices. London joined in in steel buying, Morgan interests boosting steel stocks, while Ontario and Western saw rapid swings. A cotton crop survey from Price suggested prices around 15.52 to 16.0 cents depending on crop size.
The North American Company reports net profits of 1,592,660 for the year ended December 31, 1905, including 701,119 for asset value readjustment. Dividends totaled 770,000 with the remainder added to undivided profits. President Wetmore notes investment changes, land acquisitions of 22,000 acres, creation of West Kentucky Coal Company, and a capital increase from 17,000,100 to 30,000,000 on March 16, 1905. Remaining cash provides working capital after debt payments and stock sales. The company also disposed of its stake in Cincinnati Newport and Covington Light and Traction.
The Iron Age reports in todays issue light new business across iron and steel trades with a cautious mood and little tangible orders. Pig iron inquiries rise slightly with concessions in prices. Birmingham notes 15000 tons basic pig for Western delivery and a softer market at No 2 foundry grade. The Tennessee Company books 55000 tons for 1906 delivery. Youngstown plans to roll rails. structural tonnage remains strong and delivery issues emerge. Large contracts include 24000 tons for the Philadelphia Rapid Transit and vessels for river and coastal lines. A meeting between Amalgamated Association and independent sheet mills contemplates an 18 percent wage rise likely not granted and possible partial work suspension.
The Iron Trade Review reports the Ohio works Carnegie Steel Youngstown rail mill to restart July 1 after over a year idle, giving the Steel Corporation all rail mills for the first time in more than a year. Yearly rail tonnage projected near 2,000,000 with strong orders for open hearth rails and plates and shapes in demand.
The twelfth annual edition of the American Street Railway Investments is published by McGraw Publishing Company. The new manual features a larger index to improve usability and includes a summary of the gross receipts for the past two years of the principal reporting companies.
Directors of Merchants' Trust Company convened to weigh liquidating the institution versus returning control to its own directors. With Lochvell's Colvin syndicate bid settling Hudson Valley securities, the path to liquidation remains, but opinions diverge on appointing receivers to complete it. Samuel Umstermyer urged permanent receivership. others seek discharging the receivers and raising 300000 dollars to cover Rutland public service securities. Meeting adjourned with no definite action.
Reading Company directors announced a raise of the semi annual common stock dividend from 1 14 per cent to 2 per cent, making it equal to first and second preferred dividends. The Feb payment of 1 14 per cent was the first on the common issue and market rumors of a 4 per cent rise spurred heavy trading before a profit taking decline. About 134000 of 160000 total shares changed hands.
The Directors of United Gas and Electric Company of New Jersey declare a regular semiannual dividend of 2 percent on the preferred stock. Payment scheduled for July 15 to stockholders of record as of June 30.
Albany June 21 two dozen companies were incorporated including Brettell and Bray Company dry goods capital 10004 and Gotham Catering Company capital 101000 with directors in New York Brooklyn Jersey City and Trenton and other firms such as Revere Realty Mount Carmel Realty and Lake Champlain Telephone in New York Vermont and New England regions with varied capitals and listed trustees.
The Southern Boulevard Railroad Company petitions the Board of Estimate and Apportionment for consent to extend its surface rail lines through multiple Bronx streets including Boston Road Crotona Avenue and East One Hundred and Seventy-ninth Street. The filing requests overhead electric operation and a public hearing set for June 9, 1906 with publication in two New York newspapers.
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