Market reverses as heavy selling hits steel and copper shares
Weakness dominated the day after an initial London driven firmness as the Bank of England cut its discount rate. United States Steel fell sharply amid rumors of dissolution within its iron group and a possible bond issue for Gary plant. other steel and copper stocks also declined. Foreign exchange softened sterling but recovered later as gold imports outlook brightened and banks received funds from San Francisco.
MENTIONED IN THIS ARTICLE
London
Bank of England
United States Steel Corporation
Southern Furnace Association
Steel Corporation
Gary
Ind
Chicago
Wall Street
Baltimore & Ohio
American Locomotive
American
Reading
Great Northern
North Pacific
Pennsylvania
Berlin
Paris
San Francisco
Sub-Treasury
New York Stock Exchange Market Snapshot June 21 1906
Unclear ledger data shows totals including 36 15054 v1 aan 300 76 100 2 080 Unlisted and references to last sale on 100 share lots. Minor figures and transcription errors obscure exact results for Peesay and other entries.
MENTIONED IN THIS ARTICLE
NEW York Stock Exchange
Calendar for today dividends and meetings listed
The calendar notes books close and lists institutions such as Bank of New York N B A General Chemical Co preferred stock Metropolitan Trust Co Mutual Bank National Butchers and Drovers Bank Title Guarantee and Trust Co West End Street Railway Boston Yorkville Bank Dividend payable Calumet and Hecla Mining Co Annual meeting Youngstown Ohio River Railroad.
MENTIONED IN THIS ARTICLE
Bank of New York
N. B
General Chemical Co
Metropolitan Trust Co
Mutual Bank
National Butchers and Drovers’ Bank
Title Guarantee and Trust Co
West End Street Railway
Boston
Yorkville Bank
Calumet and Hecla Mining Co
Youngstown & Ohio River Railroad
Cotton Insurance Rates Targeted for Warehouse Protection
The New York Fire Insurance Exchange will prepare a detailed statement outlining alterations and improvements to protect cotton warehouses from fire and to achieve lower insurance rates. The plan will cover each local warehouse including the American Cotton Dock Company on Staten Island and Independent Stores in Brooklyn. Warehouse interests seek a rate reduction, noting current costs may be five points monthly versus a potential two points.
MENTIONED IN THIS ARTICLE
New York Fire Insurance Exchange
Cotton Exchange
American Cotton Dock Company
Staten Island
Brooklyn
Exchange Near Gold Point After Rate Cut
Following a British rate cut from 4 to 3 percent and heavy exchange offerings, demand for sterling fell about 25 points to 4.85, later recovering 20 points. At the day’s low the market neared the gold import point as local bankers engaged in a return flow, with $1,209,000 gold tied to Sept last year’s price context. Banks received $400,000 from San Francisco yesterday, part of $20,495,000 since May 4.
MENTIONED IN THIS ARTICLE
London
Tis
San Francisco
Preferred Creditor foreclosure granted in Fussel case
Vice Chancellor Bergen grants Albert Von den Driesch of New York a preferred creditor status in the George G. Fussel's Sons Company case. He may foreclose a $30,000 mortgage and hold a vendor's lien for $36,000 more. Fussel's Sons, a West New York window shade maker, has been in receivership.
MENTIONED IN THIS ARTICLE
Bergen
Albert von den Driesch
New York
George G. Fussel
Steel famine feared as demand outstrips supply in Pittsburg region
Pittsburg advices warn of a looming steel shortage as third quarter Bessemer iron orders reach production limits. Prices range 17.25 to 17.50 with premiums for immediate shipment as United States Steel executives assess Gary Ind. plant output and rising demand.
MENTIONED IN THIS ARTICLE
Pittsburg
Bessemer
United States Steel Corporation
Gary
Ind
Receiver appointed for Fort Wayne Gas Co in Indiana
Indianapolis June 21 Henry C Paul of Fort Wayne was named receiver for the Fort Wayne Gas Company after Central Trust Company of New York filed a complaint alleging the company defaulted on $60 000 interest due January 1 on a $2 000 000 bond issue from 1895 to 1925 with Central Trust as trustee.
MENTIONED IN THIS ARTICLE
Fort Wayne Gas Co
Indianapolis
Central Trust Company of
New York
Henry C. Paul
Fort Wayne
Fort Wayne Gas Company
Ind
E. F. Hyde
Fred. C. Randall
Central Trust Co
W. H. Smidt
Notary Public
Rockland Co
New York Co
Central Trust Company of New York, Justee
EB. F. Hyde
Bowling Green Trust Declares 10 Percent Dividend
Bowling Green Trust Co, which cut its capitalization from 2.5 million to 1 million, announces a semi annual dividend of 10 percent payable July 15. The payout reflects the reduced capitalization and equals the former 4 percent semi annual dividend.
MENTIONED IN THIS ARTICLE
Bowling Green Trust Co
Bowling Green Trust Company
Executive Appointments and Company Stock Actions
Charles Barr named General Superintendent of Construction at Tennessee Coal and Iron Company. Guanajuato Consolidated Mining and Milling declares a 1 percent dividend payable July 31 with books closing July 16 reopening Aug 1. Pittsburg Fort Wayne and Chicago Railway lists $3 0297 million additional guaranteed stock with NYSE listing pending. Charles H Tenney elected director of American Woolen Company. George R Leslin and G Winthrop Sands elected NYSE members.
MENTIONED IN THIS ARTICLE
Charles Barr
Lackawanna Steel Company
Tennessee Coal and Iron Company
Guanajuato Consolidated Mining and Milling Company
The
Stock Exchange
Pittsburg, Fort Wayne & Chicago Railway Company
Charles H. Tenney
Money Market Rates in New York and Exchange Notes
Money on call on stock exchange at 2144 3% and closing at 2% with many loans at 8 percent. Time money quoted 4 1 4 percent for thirty days and up to 5 percent for seven months. Mercantile paper rates range from 5 1 2 to 5 6 percent. Clearing House shows exchanges at 313 million and balances at 1.26 billion with gains for local banks. Sterling irregular, nominal rates around 4 83 and 4 86 for sixty days and demand respectively. Continuous quotes and various international exchange rates listed for bills, cables, and different centers.
MENTIONED IN THIS ARTICLE
Stock Exchange
Mercantile Paper
Clearing House
Treasury
Sterling Exchange
Market Report Sees Consolidated Gas Firm Amid Flat Trading
Baltimore June 21 The market closed dull but steady with Consolidated Gas Electric Light & Power active at 40 for the common and 9 for the preferred. Bond issues showed fractional changes while United Railways Company plans to fund overdue income bond coupons and finance immediate improvements. Sales totaled 37400 in bonds and 1304 in shares.
MENTIONED IN THIS ARTICLE
New York Times
Baltimore
Consolidated Gas, Electric Light & Power Company
United Railways Company
Income Bondholders Association
Steel common hits year's low as Southern stocks slide
United States Steel common stock dropped to 36 percent, with 139600 shares traded. Tennessee Coal and Iron Republic Iron and Steel and Sloss Sheffield fell about two points each in a market showing rumors of a capital plan for Gary Indiana. An explicit bond issue for a $75 million Gary plant was denied and cash from surplus was to fund early work. An anti graft order barred gifts to any Steel Corporation affiliates.
MENTIONED IN THIS ARTICLE
United States Steel
Tennessee Coal and Iron
Republic Iron and Steel
Sloss-Sheffield Steel and Iron
Tennessee Coal and Iron and Siloss
Sheffield
The
Republic
Stock Exchange
Southern Foundry Iron
Southern
Tennessee Republic
Sloss-Sheffield Company
Republic Iron and Steel Company
Tennessee Coal and Iron Company
Sloss-Sheffield
Gates
Southern Steel
Steel Corporation
Gary
Ind
W. E. Corey
Chicago
Elbert H. Gary
Finance Committee
Pennsylvania Railroad
Bullion and Mining Prices and Trades Reported
Bar silver in London at 5 16d per ounce and in New York at 6 5 4 4 0 per ounce. Mexican dollars at 50 34 c. Consolidated Exchange lists numerous small trades including Bull Frog 500 shares, Bullion 300 at .20, Comstock 4 100 at .19 to .18, Crown Point 800 at .11, Ophir 100 at 3.75, Lone Star 500 at .12, Hale and Nor cross 300 at 1.05, Jim Butler 800 at 1.24, and other listed issues with varied quotes.
MENTIONED IN THIS ARTICLE
Allis-Chalmers Co
Bio l & Allis-Chalmers Co
Copper Co
Car & F. Co
Hide & Leath
Ice Securities
Rey le
Locomo. Ce
Locomo. Co. Pf
T.r
Pneu
Am. Smelt. & R
Steel
Sugar
Sug. Ref
Tobacco Co
Woolen Co
Anacon
Cop. M Co
Atlantic Coast Line
Baltimore & Ohio
Baltimore & Ohio Pf
Brooklyn Rapid Tran
Canadian Pacific
Central Leather Co
Chesapeake & Ohio
Chicago Great West
Orr
Chi. T. West
Chi
Mil. & St. Paul
Chicago & Northw
Nion Trac
Union Trac
Colorado Fuel & Iron
Colorado & Southern
Col. & South
Delaware & Hudson
Denver & Rio Grande
Denver & Rio Gr. Pf
Distillers Securities
Sen Eee
Erie Ee Ee
S. & At. Pt. Saree Ee
Erie
Ee Ee Ee
Fed. Min. & Smelt
General Electric
Great Northern Pf
Havana Electric
Hocking Valley
Illinois Central
Interbor
Internat. Paper Co
Internat. Power Co
Iowa
Central
Iowa Central
K. C
Kansas City South
Knick
Ice
Chicago
Lake Erie & Western
Louisville & Nash
St. P M
St. P
S. S.m.p
Kan
Texas
Missouri Pacific
National Biscuit Co
Nat. Enam. & Stamp
National Lead Co Eveee
National Lead Co. Pf
New York Central Wee
N. Y
Chi. & St. L
N. H
Norfolk & Western
Northern Pacific
Pacific Mail
Pennsylvania Roer
Steel Spring
Rep
Iron & Steel
Isle Rock Island
Rock Island Co
St. L
St. Louis Southw
Ae Ap
Southern Ry. Pf
Agi
Tenn. Coal & Iron
Texas & Pacific
Texas Pac
San Josc A
Toledo Rys. & Li
United Rys. Invest
United Rys
U. S
U.S. Realty & Im. Co. Bait
U. S. Red. & Red
U. S. Rubber
U. S. Steel
Va.Caro. Chemical
Va. Iron, Coal & Coke
Vulcan Detinning Pf
Wabash
Eee
Wabash Pf Awe
Ene
Western Inion Tel
Wheel
Lake Erie
London
New York
Consolidated Exchange
Bull Frog
National Bank
Comstock
Consolidated California
Lone Star
May Queen
Ophir
Philadelphia Market Opens Strong Then Closes Heavy
In Philadelphia on June 21 the market followed New York with an initial rally before selling pressure eased gains. Reading and United States Steel leads as heavy New York-linked selling drives two thirds of activity while Lehigh Valley dips from 80. Trading shows broad small changes with most issues holding near prior levels and total volume at 35,683 shares.
MENTIONED IN THIS ARTICLE
New York Times
Philadelphia
New York
Reading
United States Steel
Lehigh Valley
United Gas
American Cement
American Gas
Bell Telephone
Cambria Steel
Col. Fuel & Iron
Electric Co
OEP
Egeios
Lake Superior Corp
Lehigh Valley R. Re
Philadelphia Traction
Southern Pacific
Southern R. R
Tonopah Mining
Pittsburg Exchange Ledger June 21 Transactions
Pittsburg reports today on the local Exchange show varied activity with orders and trades in progress. Prices, volumes, and counterparties are noted for specific securities and commodities.
London Stocks Drift Slightly as Rates Fall
Moderate demand and ample supplies marked the London market with weak discounts. Gilt edged securities rose on the BoE rate cut while home rails and foreign sections firmed. United States Steel rumors sparked a late pullback as markets closed easy with bullion about £99,000.
MENTIONED IN THIS ARTICLE
London
Stock Exchange
Bank of England
Paris
Baltimore & Ohio
Southern Pacific
New York
United States Steel
Omnes Imperial
Tce S
Bank of England Weekly Statement Shows Reserve Rise and Rate Cut
London notes the Bank of England report with total reserve up by 2,084,000 pounds and bullion and securities higher. Public deposits and notes reserve rise while government securities stay unchanged. Discount rate cut from 4 to 3.5 percent announced, reserve ratio at 49.04 percent versus 47.38 prior week.
MENTIONED IN THIS ARTICLE
London
Bank of England
Bank of France Weekly Statement Highlights Changes
Paris reports the latest Bank of France weekly statement with key monetary adjustments and shifts in reserve indicators. The release outlines changes in liabilities and assets, reflecting domestic liquidity conditions and policy actions during the period.
MENTIONED IN THIS ARTICLE
Paris
Bank of France
American mining stock prices in London yesterday
London quotations show Camp Bird at 1 5 Esperanza at 0 318 9 Tomboy at 1 5 Dolores at 2 1 3 El Oro at 16 3 Stratton's Ind at 946.
MENTIONED IN THIS ARTICLE
London
Camp Bird
Esperanza
Tomboy
Dolores
el Oro
Stratton's
European Markets React To Bank Rate Cuts In June
Paris and Berlin stock pages report firmer prices as the Bank of England cuts its discount rate and cheaper money abroad supports markets. Russian imperial 48 closes near 77.60, Russian bonds at 487, three per cent rentes 97f 35c, London exchange 25f 17c. Berlin Boerse strengthens on New York cues, with discount rates for short and three months bills at 3.14 and 3.5 percent respectively.
MENTIONED IN THIS ARTICLE
Paris
Bank of England
Exchange
London
Berlin
New York
Suit to Prevent Pasadena Bond Sale
Pasadena citizens sue to block the July 3 sale of 20000 bonds at four percent for city improvements. The action seeks to halt proceeds funding projects and challenges the bond authorization in Pasadena, California.
MENTIONED IN THIS ARTICLE
Pasadena
Los Angeles
Cal
Manila bids sought for Luneta hotel site lease
Sealed bids for leasing the Luneta Extension hotel site in Manila must be received by September 16, 1906. The 500 by 600 foot plot fronts the east boulevard near Manila Bay and the new port works. Bid security of 15000 pesos is required with performance bond of 20000 pesos. Bids may be obtained from the Municipal Board Secretary or the U S Bureau of Insular Affairs.
MENTIONED IN THIS ARTICLE
Municipal Board
Manila
P. I
Luneta Extension
City of
Luneta
Manila Bay
the Municipal Board
Bureau of Insular Affairs
Washington, D
United States
John M. Tuther
SHAIN & HAUSER Dissolve Partnership
Notice is given that the firm SHAIN and HAUSER located at 331 West Broadway has dissolved their partnership.
MENTIONED IN THIS ARTICLE
Shain & Hauser
West Broadway
Treasury balances and reserve funds reported in Washington
The Treasury posted general fund balances excluding the gold reserve with available cash about 169.31 million and gold certificates 88.05 million. Silver and other holdings show 10.76 million in notes, reserves fund 150 million, and trust deposits valued at 1.063 billion. Current liabilities total 98.07 million, receipts for the month 34.62 million and year 574.17 million.
MENTIONED IN THIS ARTICLE
Washington
Junis
Treasury
General Fund
Aso
United States
Ae Ae
Pama
Eeeae Oat
Seinem
Aa Ee
S.eseeeeeseee
Also Mentioned on This Page
Plympton, Gardiner & Co
Bankers
William St
Coal Bonds
Spencer Trask & Co
William and Pine Streets
Albany
Hallgarten&Co., Bankers
Nassau Street
Investment Securities Foreign Exchange
Maurice C. Sternbach
Adolph Hoeland
Tel
Sternbach & Co
Bankers and Brokers
Wall Stt
Ira H. Parsons
Bond Dept
Redmond &Co
Pine St
East Orange
N. J
Conn
Clark, Grannis & Lawrence
N. J. Stock Exchange
Wall St
Ex. Place
Dick & Robinson
Carpenter
New York Stock, Co
Philadelphia Bagsot & Co
Otton, Coffee and Bonds
Fos
C. H. Venner & CO
Arizona
Sutro Bros. & CO
Pine Street
Stock K. Exchange
Baring & CO
Foreign Exchange
Letters of Credit
Baring Brothers & Co., Ltd
Hidder, Peabody & CO
Scully, Painter & Beech
Pittsburg Stock Exchange
Chicago Stock Exchange
Chicago Board OF Trade
Broad Street
People’s Building
Gkkerson
Bryan
Capital & Surplus
Nassau
N.Y
Fulton Trust Co. of
New Yor
the Financial Markets
Gold Point
Veda Ly
Wittion
Ean, Nern
Tota Fron
Aan
Peesay
von den Driesch
Tron and Steel Notes
Milwaukee and St. Paul’s
Chicago, Milwaukee’& St. Paul Railway
Road
Yescenaoy
Pacific Coast
Ees
Financial Notes
Money and Exchange
Pz Derg
Continental Exchange
Reichsmarks
Guilders
New Orleans
Savannah
Cincinnati
St. Louis
Charleston
West Va
Ala
Coal & Iron
Breweries
Breweries Inc
Il Seaboard Co
United Railways
York
Continental Trust
Lec & P
Bullion and Mining
Pittsburg Transactions
Crucible Steel
Harbison-Walker
Mrfs
L. Ampe
Ohio Tonopa
Pit
Pew
Ek. A .C. Ss
Pitts
Farmers’ Loan and Trust Company
William Street
Fifth Avenue
Guardian
New Jersey
John W. Hardenbergh
Field
Sec
Y & Treas
George W. Young
Jays . Perkins
Ass’t Treas
Robert S. Ross
Richard Tennant
Ass’t
Sec’y
Sunday Creek Company Collateral Trust
Yonds Sc
Arlington & Missouri River Railroad Company
Nebraska
New England Trust Company
Burlington & Missouri River Railroad Comany
Lua
Hess
Anead
LENG
Devonshire Street
Mass
D. R. Whitney
London Stock Market
Madrid
Lisbon
Peewee Vm
N. Y. NY
Eerer
Atchison
Ye St. Paul
Louis. Wash
U. §. Steel Eee Ewes
U. §. Steel Pf
Wall Street Journal
Isthmian Canal Commission
D. C
State Street
New York City
Custom House
Department of
Bureau of Supplies and Accounts
Nav Department
Navy Yard
Navy Pay Office
N Y
Bureau
H. T. B. Harris
Navy Department
Navy Pay
U.S. N
Copartnership
Treasury Balances
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