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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 25, 1903
Page
10
The article notes a Morgan arrival amid a steel stocks slump and bond declines to record lows. It describes market ambivalence, with rail and finance sectors fluctuating, renewed exports, and a cautious, dull day despite scattered gains and losses. It mentions Metropo litan and Securities 21 deficits and widespread debt interrelations among firms.
A summary of bond transactions shows current totals reaching 325 million plus, with a corresponding amount from the previous year around 476 thousand and 96 thousand in related figures. The figures reflect June activity and include year over year comparisons.
Calendar for today lists stock and dividend events including closings and annual or special meetings for firms such as American Car and Foundry Co and Willam Cramp & Sons Ship and Engine Building Co. It cites preferred and common stocks across several companies and banks with notices of mortgage insurance and other financial actions.
The market was ruled by professionals all day with fluctuations driven by their actions. Morning bids by the Waldorf crowd failed to gain support as banks held off ahead of July disbursements and the Pennsylvania stock issue. Professionals then sold gains and joined by bears to push a short line, but both morning and afternoon effects were minimal, ending near lows after a day of overall weak liquidation.
The TirmzEs Tepresentative cited prices as too low and likely to rise after month end while a bear-trainer warned there is no real buying power and a decline of 10 to 14 points is likely. Traders wait for Mr. Morgan's return to spur a possible advance, though bears cite a recurring pattern of declines after his abroad trips.
Traders expect the Steel Trust to announce quarterly earnings with dividends on July 7. Projections show first quarter net earnings down 81.4 million but half year results may reach 21.0 million, contrasting 1902 figures. Rumors of bond conversion and London stock moves sparked volatile handling in the market.
Stock market notes show beaks pressing Pennsylvan ia as a preferred target while new stock issues remain scarce. Underwriting syndicate may skip taking a single share, delivery is delayed over a month, and market risk from short positions looms. Time money eases with sixty day at 4 percent and four months down slightly.
After a Directors meeting American Locomotive Company announced fiscal year earnings of 82.86 million for the year ending June 30 2003. The statement notes over 4 million invested in expanding plants and machinery, with improvements to be completed in the next fiscal year and orders for many engines to be delivered in 1942.
The Interurban Street Railway Company, guarantor of Metropolitan’s 7 percent dividend, issued a quarterly report ending March 31 showing a deficit of 285,506 dollars. Gross earnings were 3,073,469 dollars with expenses listed as the remainder.
The report shows net earnings of 1 835 805 and other income of 1 737 664, totaling 1 889 000 in income. Charges reach 2 174 506, creating a deficit of 285 596. Cash on hand is 599 026 and profit or loss stands at 841 305 in deficit.
Charles Counselman of Counselman & Co. predicts a large corn crop with two warm weeks needed to reach full maturity. He notes Missouri River bottoms will lead in corn growth and late fall yields. Wheat in Kansas, Nebraska, and Oklahoma is described as excellent, with oats also promising a large, high-quality harvest.
The Iron Age notes little change in iron markets with buyers cautious and concessions scarce. Western rail orders reach about 200000 tons with Pennsylvnia work at 62000 tons. Lackawanna to operate easing supply fears as foreign and domestic foundry iron shifts continue.
Governors of the New York Stock Exchange approve additions to listings including Pittsburg Fort Wayne and Chicago Railway, Missouri Kansas Texas Railway, Norfolk and Western Railway, Pennsylvania Railroad, Westchester Lighting, Lackawanna Steel, Chicago Rock Island and Pacific, St Louis and San Francisco lines. Total listed value rises with new bonds and stock, with capacity to add further issues up to specified limits.
Adrian H. Muller & Son sold numerous securities at auction in New York at 161 Broadway. The list includes National Park Bank, Importers and Traders National Bank, Fourth National Bank, Scovill Manufacturing Company and Scovill & Adams, Morris and Essex Railroad bonds, West Shore Railroad first mortgage bonds, Central Hudson Steamboat Company bonds, National Bank of Commerce stock, Granby and Queensboro land trusts, Rio Bonito and Hydra Battery Company shares, Eighth Avenue Railroad, Trust Company of the Republic, New Amsterdam National Bank, Peacock Copper, National Shoe and Leather Bank, Lawyers' Title Insurance Company, and Federal Bank shares, with various denominations and lots detailed.
General business items report stock actions including 10 shares of Bank of Commerce at 352 355, Ancona Mills Fall River voting to issue 100000 of 6 percent preferred stock and 200000 bonds, Gen eral Asphalt Company seeking unlisted department status in Philadelphia, Tidewater Steel May receipts at 209000, Pittsburg Safe Deposit and Trust Company increasing capital from 2 million to 3 million.
Dispatches from Joplin Missouri report zinc ore price remains firm at forty dollars as light sales push lead ore down from fifty four to fifty point five. Pittsburg says Union Steel Works stacks at South Donora near completion and expected to start operation in early autumn.
Capital stock of the People's Natural Gas and Pipeage Company of Pittsburg increased from 500000 to 650000 dollars, reflecting expansion in its regional gas utility operations.
Altoona dispatch reports a charter filed in New Jersey for the Johnstown and Cumberland Railways Light and Power Company to absorb numerous street and suburban lines and electric plants in Central and Southern Pennsylvania from Johnstown to Cumberland Maryland. Manufacturers' Light and Heat Company of Pittsburgh increases capital stock from 21.5 million to 25 million dollars, and London indebtedness grows from 3.929 million to 10.499 million.
Boston dispatches state that the Worcester Street Railway Company petitioned the Board of Railroad Commissioners for authority to issue 1,000,000 dollars in 4 percent bonds for twenty years and 250,000 dollars in stock to build and equip its road.
Money on call on stock collateral loaned at 2 1/4 percent with the last loan at 2 1/4 percent. Time money at 4 percent for sixty to ninety days, 4 1/2 to 5 percent for four to five months, and 5 3/4 to 6 percent for six to seven months. Mercantile paper rates 5 percent for sixty to ninety days, 5 1/4 to 5 1/2 percent for four to six months, and 6 percent for others. New York Clearing House exchanges were $188,306,132 with balances $11,606,901. Sub-Treasury debit balance. London money on call at 2 1/4 to 2 1/2 percent. Foreign exchange easier with nominal rates around 4.45 for sixty days and 4.58 for demand, actual business at 4.87 60 for demand. Continental bills: francs 5.18 to 5.15, reichsmarks 0 5 to 0 11-16, guilders 0 40 to 0 40 5-16. Exchange in domestic centers: Boston premium, Chicago -6c, New Orleans commercial discount. bank 1 premium. Savannah buying 50c discount, selling 75c premium. Charleston buying par, selling 1-10 premium. San Francisco sight 2 1/2c premium, telegraphic discount. St. Louis 1/2c premium.
The Times reports a fairly active money market with fortnightly loans at six per cent and discounts weak. Gold operations were absent though Bank gold intake reached 100,000. Stocks showed a cheerful tone with South African recovery and De Beers gains, while American rails were inactive and general mining quiet.
Trading on the Paris Bourse opened dull yet demand for French routes supported a general improvement. Panama Canal shares rose on a rumor of Hay Herran treaty ratification by the Colombian Congress. Prices at close firm and activity quiet with 3 percent rents at 96f 90c and private discounts at 213 16 per cent. Exchange Paris checks 25f 13c. Berlin Boerse quiet with money rates higher and London exchange at 20 marks 39% pre.
Chicago June 24 New York exchange shows a 35 cent premium while time and call loans run 4 1/2 to 6 percent. Market activity is light with 683 shares traded and only 2000 dollars in bonds. Listed bonds and stocks show small moves across American Can American Shipbuilding Chicago Pneu Tool Diamond Match Lake Street Elevated National Biscuit Metropolitan Elevated Chicago Street Railway National Carpon Swift Co United Box Board and others with little change in last prices.
The stock market showed renewed interest in International Mercantile Marine with the common dropping from 7 to 6 while the preferred rose to 26 1 4 before closing near the day’s high. Northern Securities advanced early then held. South Elberon 5s traded around 60 amid wash-sale concerns.
The Boston money market is practically unchanged with light demand for gold shipments. Call loans at 3 4 percent and time loans on collateral 4 1/2 to 51/2 percent. Clearing House loans at 3 1/3 percent. New York funds at a par premium. Clearing totals show 22,223,387 with balances at 1,320,353. A block of Concord and Montreal stock sold 1000 shares in one lot at 181/2 percent, compared with 193 last quotation.
Philadelphia trading today remained extremely narrow and professional with minimal shifts. Pennsylvania warrants led activity but the overall market slipped back from morning gains, with Susquehanna Steel liquidation checked and several issues drifting lower. Total sales reached 27,1938 shares and 53,100 bonds with mixed movements across many issues.
Baltimore June 24 listless market with Sea board Air Line Railroad reporting a week revenue rise of 10690 for the week ending June 15. Day’s transactions totaled 112 shares of stock and 40600 dollars in bonds with various issues quoted including United Railways and Electric, Carolina Central, and Augusta Street Railway among others.
Wednesday June 24 1903 the bond market summary notes total sales and activity across issues. Financial officers and brokers reported demand for government and municipal bonds with varied yields and trading volumes.
The page lists closing bid and asked quotations for government bonds and stocks with no transactions in many issues. Names, prices, percentages, and exchange references appear in dense OCR form, indicating market activity gaps and scattered prices across various securities.
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