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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 29, 1900
Page
11
In Baltimore and Ohio, coordinated buying by professional manipulators pushed the quote from 68 3/ to 70 percent, lifting 14 points on 24 000 shares as timid shorts rushed to cover. Beyond the cover and buying, no other support appeared. The Street remains bearish, arguing the non dividend payer trades too high versus dividend payers.
A raid against Brooklyn Rapid Transit in early trading drove the stock to 62 1 2, a two point drop. In the afternoon short covering lifted the price, ending with a net gain on 34 000 shares. A Street report said city authorities might seek to force underground wires, but action pending charter nullification.
Steel shares advanced despite mixed trade reports with expectations of larger orders at lower prices. Tennessee Coal and Iron led gains, with most major issues climbing while Republic Iron and Steel preferred fell a quarter amid manager dissensions.
The bull pool in Sugar Trust stock renewed operations yesterday afternoon bidding the stock from a low 1104 to 113% with a fractional close, marking a net rise of 14% points. Short covering aided the move as buying pressure pushed prices higher.
Coal stocks improved yesterday with anthracite prices up and brighter trade prospects. Reading issues and Jersey Central led gains, supported by large Vanderbilt purchases.
The Southern Railway shows a net earnings decline of 56,100 dollars from the previous May, linked to poor cotton crop reports and a lackluster company performance for the month.
Rock Island rise yesterday drew on short covering and buying after a report that Russell Sage was selling puts on the stock at par for the year. Some viewed the action as assurances of support above par, though nostalgia lingered on past Sage puts on Missouri Pacific at 58 for three months when MP traded down to 47.
The wheat break and favorable crop reports from the Northwest spurred short covering, mainly by Chicago interests, lifting prices in most Granger stocks yesterday. Outside buying in several issues was reported.
Consolidation of all electric light and street railway firms in York into a single entity named York County Traction Company. The move unites utilities and transit under one corporate umbrella in the county seat of York, Pennsylvania.
Malcolm M Jamieson of Chicago elected to Stock Exchange membership. Stock Exchange sale of 40 shares of American Exchange Bank stock at 1874. Sterling exchange rates cut by half a cent. Bank of England rate unchanged. Steel billet prices drop in Pittsburg from 28 to 25 dollars per ton. Dividend of 1 percent declared, plus an extra 1 percent on American Car and Foundry preferred stock.
Summary of money on call rates, time money, mercantile paper, and exchange quotes. Includes Clearing House statement with exchanges, balances, and debits in New York, plus London money on call rates and open market discounts. Also lists nominal and actual rates for foreign exchange and domestic centers by city.
American securities sagged in dull London trading with prices well below parity. Consols steady near 100, while major rails like Atchison and Canadian Pacific weakened. Bar silver held firm, bullion withdrawals totaled £34,000 from the Bank of England, and gold premiums across Buenos Ayres Madrid Lisbon Rome indicated a cautious market.
A Paris market report notes a heavy tone following a fresh industrial decline. Rumors circulated of forced sales by a German speculator, with trading subdued and prices drifting.
Market for curb stocks remained subdued with only a few issues moving over five hundred shares. Amalgamated Copper rose a half point after an 86 1 2 bid, Union Copper traded around 2000 shares with gains and declines, Electric Vehicle fell one point with dividend suspensions noted. International Pump common jumped 24 points to 174 bid, rubber goods firm closed higher after early weakness, Otis Elevator fell about one point with preferred firmer, closing quotes posted for all listed securities.
Silver bullion certificates quoted at 61% to 62 percent with no sales. Bar silver in London at 289 16d per ounce and in New York at 61 1/4 cents. Mexican dollars at 481 1/4 cents. Consolidated Exchange shows varied small trades in Comstock, Consolidated California and Virginia, Creede and Cripple Creek, Golden Age, Mollie Gibson, Syndicate, and Yellow Jacket with scattered bid prices. Boston stock activity notable with Sugar, Cochiti, Calumet and Hecla, Osceola, Bell Telephone, and Merced Mining among movers. money and mercantile rates describe a firm but cautious market.
The excerpt reports on currency and bond activity with Rio Tinto and Kafir notes weak on realizations, three percent rente rates, and London exchange at 25 francs 11 14 centimes. It includes a Bank of France weekly statement showing increases in notes in circulation by 19,420,000 francs, current treasury accounts up 40,175,000 francs, gold in hand up 15,850,000 francs, bills discounted up 41,590,000 francs, and silver in hand down 825,000 francs.
Berlin reports a firmer disposition at the Boerse as better China news and expectations of a smooth settlement lift sentiment. Trading was small and hesitant with American securities weak on wheat price gains. London exchange at 20 marks 44 pfennigs for checks, discount rates: short bills 4 percent, three months bills 4 1/4 percent.
Madrid reports a quiet day with the peso steady at 79.40 while gold is priced at 26.22. The market reflects stable currency conditions and bullion pricing in today’s trading.
London June 28 The Bank of England weekly statement shows reserve fell 66000 pounds while circulation rose 566000 pounds. Bullion and other securities dropped 102980 and 32000 pounds respectively, public deposits declined 806000, notes reserve down 700000, other deposits up 224000, government securities unchanged. Reserve to liability ratio stands at 43.04 percent, down from 44.36 last week. Discount rate remains at 3 percent.
Wheat fell in Chicago with liquidation and heavy selling depressing prices amid a weak close. The day featured long pressure from Liver pool influenced by Wall Street and Northwest selling, followed by partial recovery before renewed losses. About 253000 bushels traded as wheat and flour.
The wheat market fell again with renewed long liquidation and European buying unable to stop the slide. Northwest markets held firm while July wheat closed at 89 1 2 cents and September at 85 3 4 cents, down 3 1 2 to 3 4 cents, amid light Spring wheat rainfall reports in Manitoba.
A new record price for New York Cotton Exchange seats is $4,100 per certificate. The shift toward the South grows as cotton merchants are compelled to join due to a new commission law. Inactive members are selling seats at the high rates, while plans emerge for a Clearing House to simplify open contracts and reduce margin locking.
The cotton market rose again as unfavorable Southern crop reports and firm Liverpool prices spurred demand. July and August futures opened up several points, with July gaining 1.50 dollars per bale and August about 1 dollar per bale after initial foreign buying paused the advance.
The annual examination of the United States Assay Office began yesterday led by B F Butler and W F Bowen of the Mint Bureau at Washington. Verification of accounts weighing and checking bars will take about two weeks. Examiners will accept the Assistant Treasurer's certificate for gold passed through the Sub Treasury, but all present supply must be officially counted. Supt. Mason holds about 85 million to 40 million in gold bullion, around 3 million in cash, and 400 thousand to 500 thousand in silver bullion.
The Atchison Topeka and Santa Fe Railway Co applied to the New York Stock Exchange to list 3,303,000 additional general mortgage 4 percent bonds of 1995. The St Paul and Duluth common stock has been removed from the Exchange list.
Reporting yesterday for the third week in June, several railways posted gains over the same week last year including Chi., Indianapolis, and Louisville with 1,974 dollars, Cleve., Cin., Chio., and St. Louis with 20,707, Duluth, So. Shore and Atlantic 3,277, and Pere Marquette figures. Total increases across 42 roads reached 706,692 dollars, with 40,398 dollars previously reported, yielding a net rise.
Interest has been credited to New York Savings Bank depositors as announced. Dividends are declared by Pittsburgh Cincinnati Chicago and St Louis Railway Company Consolidated Traction Company and Publishers' and Printers' Engraving. The plan of reorganization dated April 7 1899 has been carried out and the Chicago Peoria and St Louis Railway Company Illinois has been organized new securities issued. The committee will exchange certificates of deposit for new securities at its office.
Union Traction shares eased in demand with common at 15 to 16 and preferred around 59 to 59 1 2 percent. Metropolitan Elevated and Northwestern listed mixed results with common at 28 and 21 and preferred near 62 1 2 and 62 1 4 percent. West Chicago traded actively around 102 and closed near 101.
Closing quotations for bonds and stocks show bids and asks across multiple railroads and utilities. Notable readings include Indiana & Michigan Power, Erie first preferred, Illinois Central, and Atlantic Coast lines with varied bid and ask levels. market activity reflects price levels and yields amid mixed demand.
Philadelphia prices show modest improvement amid narrow trading. United Gas Improvement rises to 112 bid while Pennsylvania lifts to 62 percent. Readings and Lehigh Valley gain with anthracite coal activity. Electric of America and asphalt issues attract notable interest amid varied bond activity.
A historical note shows figures for reserve funds including gold coin and bullion, various note types, and totals within the Division of Redemption and Division of Issue. It lists gold coin holdings near 2, silver dollars and bullion from 1800s, United States notes, and a grand total around 724 million. Details mention certificates outstanding and currency certificates with fractional amounts.
A dense ledger lists various bond issues with amounts ranging from 1,000 to 35,000 across multiple railways and utilities. Entries include Tex Mex Cent Ist with 4s and Genoa Ist 43 notes, Balt Ohio, Ore RR & N, and Pacific gtds with prices around 100. The tally shows total sales near 1,188,500 with widespread 5s to 6s and several 43 and 4s maturities.
A list of newly incorporated firms includes Josephine Remedy Company of Salisbury Mills with capital 50000 and directors Ramsdell trio. Arlington Paper Company of Salisbury Mills with capital 100000 and directors Ramsdell and Clauser. Dutchess Light Heat and Power Company of Rhinebeck with capital 20000 and directors Miller Traver Herrick. Operetta Company of New York City with capital 15000 and directors Wasserman Ferre Gottlieb. Pan American Exhibitors Company of Buffalo with capital 5000 and directors Herman Scatcherd White. S Meyer Company of New York City with capital 20000 and directors Meyer Bernheim. New York Commercial and Stenographer School Limited with capital 5000 and directors Bernhardt Hall Gibson Gibson. Meyer Company of New York and Meyer Company of New York listed with capital 15000 and directors J Meyer Hones J Meyer Sichel.
The American and West Indian Brewery Company of New York was chartered at Delaware today. It purposes to manufacture and deal in beer and spirits. Capital stock is $560,000.
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