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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 30, 1903
Page
11
A broad market rise followed a cheerful outlook with most shares advancing about 1 percent. Reading and Union Pacific led gains while steel and coal issues rose. Pennsylvanias bond issue drew strong demand and underwriters earned praise for stabilizing intrinsic values amid volatility.
A compiled calendar shows numerous stocks and preferred shares from AT T Atlantic Coast Line Railway Santa Fe Railway Hocking Valley Lake Shore and Michigan Southern New York Central and Hudson River railways across cities like Birmingham Chicago Philadelphia and New York. It lists dividends payable from companies including American Bank Note Guaranty Trust Mercantile Trust Mergenthaler Linotype and United Fruit, among others.
Yesterday's market movement defied heavy selling pressure as prices rose with little stock on offer. Buyers exceeded sellers for the first time in months, while powerful financial interests continued to accumulate shares, limiting near term supply and signaling cautious outlook unless a fresh boom emerges.
Federal authorities with Guaranty Trust Company offer limited sets of the new Philippines currency. The seven piece set centers on the peso with a 50 centavos and bronze small coins. Sets target collectors. millions minted shipped to the islands before circulation begins next fall amid expected adjustment difficulties and a fixed gold value.
A fragment notes a group called New Street clique persists amid a bore era. Readable nouns point to social circles and ongoing urban life with unclear dates or places.
The Westerners including Gates backers reportedly sell stocks yesterday amid crop outlook fears. The market questions the consistency of Gates bullish stance with his group’s sales, recalling their earlier strong buying when prices surged to 270 for Northwest and near 200 for St. Paul.
Call money jumped to 5 percent in the early afternoon before easing to 4 percent by close as most loans were at 3 percent. The rise comes amid July disbursement prep and Pennsylvania stock issue payments, with expectations rates will fall after July 1. Time money little changed. The market sees no fear of further gold exports after a decline in foreign exchange. The Sub-RECREATY will pay out about $3,000,000 for Government interests tomorrow.
London acted as a major buyer in New York stocks with about 40 000 shares purchased yesterday. Pennsylvania, Atchison, Union Pacific, and Baltimore and Ohio led the buying while prices rose before the market opened. Some bears suggested rigging, but large London purchases later showed the moves were genuine.
A leading banking house with international links cables foreign correspondents that Amalgamated Directors may raise the dividend following Calumet & Hecla. Consequently foreign buyers pursued Amalgamated and Anaconda, with Anaconda recording the day’s largest market advance.
Rumors circulated that Union Pacific may raise its dividend at the October meeting, possibly to 4 percent. With Mr. Harriman abroad and management quiet, speculation grows as shares traded actively and finished higher, amid calls for larger shareholder returns after years of earnings-funded improvements.
The floor buzzes that Morgan interests plan a push to lift Steel Trust preferred stock above the 82 subscription price amid worker dissatisfactions. Carnegie criticizes the plan and warns workers would watch both wages and tickers if prices fall. Weene is said to direct the market effort.
The Bethlehem Steel Company posts 1908 year results with manufacturing profits of 2,518,201 and a surplus of 2,000,714. Net earnings cover 517,550 in interest on mortgages, with $1,111,868 moved to profit and loss. A 250,000 dividend was paid to the United States Shipbuilding Company. The company has 12,000,000 in uncompleted orders.
Western buyers reported poor weather yet Chicago and local grain markets fell yesterday. Weather Bureau and railroad reports showed rain in the Northwest and warm, clear weather in the Southwest aiding harvests. Early pessimism faded as Western operators noted favorable news and sentiment turned more hopeful.
General business items report the Jackson Michigan based Jackson Ann Arbor and Detroit Traction Company organized with 2 500 000 capital. Chicago receipts show livestock at 306 222 head last week down 83 611 from the prior week and up 15 010 from last year. Pittsburg dispatches announce formation of the American Coal Company to operate in Washington County Pennsylvania and in Brooks and Ohio Counties West Virginia.
Fragmentary OCR note cites New Orleans dispatches with scattered references to Edgar Opie Gegta and related items. Details are unclear but indicate archival mentions of individuals and locations in city reporting.
Dispatches report a stockholders meeting of the Ihela Trust Company of Homestead in August. The proposal aims to raise the capital stock from $125,000 to $200,000, with funds to support the New Orleans and Navigation Company financing.
Reports from Salt Lake City Utah indicate that within a few days articles of incorporation for the Utah Iron and Steel Company with capital stock of 20,000,000 will be filed in Colorado. The Pittsburg and Lake Rairona capital stock was increased from 8,000,000 to 10,000,000.
The Omaha Street Railway Company has filed a mortgage for 2,000,000 dollars in favor of the Central Trust Company of New York.
Money on call on stock collateral loans ranged from 2 to 5 percent with most loans at 3 percent. Time money priced at 4 percent for 60 to 90 days, up to 5 percent for six to seven months. Mercantile paper at 5 percent to 6 percent across terms. New York Clearing House totals show big exchanges and debits. London money on call at 3 to 4 percent, with weaker foreign exchange and quoted francs, reichs marks, and guilders. Regional center discounts and premiums varied by city.
The London financial scene shows brisk money demand with heavy borrowing from the Bank of England on discount. Quoted bills, stock prices, and gold premiums shift, as the stock exchange remains cheerful and rails and select shares trend higher amid ongoing bullion activity.
June reports from Paris and Berlin show firm stock markets after Premier Waldeck Rousseau's Senate speech and rising rentes. Industrials gain, private discount at 213 16 percent, three percent rentes at 96 francs 90 for account, London exchange at 25 francs 13 centimes. Berlin notes iron and coal share advances, other industrials steady, London exchange at 20 marks 40 pfennigs.
The Directors of the Wabash Railroad Company declared the regular semi annual dividend of 3 percent on the debenture A bonds yesterday. No declaration regarding the B debentures was made.
Outside securities showed modest gains led by Northern Securities and Greene Consolidated as traders drove prices up with little selling pressure. Northern Securities climbed from 91% to around 94 bid late day, closing near the day’s high, while Greene Consolidated rose from 20% to 22% with a solid overall gain despite a minor pullback.
Unclear readable text lists stock abbreviations and a stray 5 percent figure with fragmented references to Ray and dates. No complete names, places, or events are discernible to form a coherent summary.
In Baltimore on June 29 the market displayed small volume but a firming tone. Transactions totaled 867 shares and $33,500 in bonds with Seaboard Railway and United Railways among active issues. Bond listings include Seaboard Ry 30-3 Es and United Rys 4s among others.
A June market report notes renewed optimism in Philadelphia with Berkshire Reading Pennsylvania and Lehigh Valley stocks leading activity. Reading remains the main driver as it sustains the broader list and supports prices despite weaker other issues.
New York exchange premium 45 cents, time and call loans 44.6 percent. Stock Exchange trading irregular. Lake Street Elevated steady. Can stock prices around 43 for preferred. South Side Elevated at 99. Embryonic state of Lake Street extension plans. committee weighs money market and labor. Complete stock transactions show mixed figures across American Can, Chicago Edison, Chicago Pneumatic Tools, Diamond Match, National Biscuit, and United Box Board.
The Boston money market remains slightly firmer with minor rate changes. Call loans at 3 3/4 percent, time loans on collateral 4 1/4 percent, mercantile paper 5 percent, Clearing House loans at 3 1/2 percent, New York funds discounted at 15 cents, clearings $20 875 800, balances $755 520. Foreign exchange ready. Improved mood on the Stock Exchange. Copper Range in active demand, Osceola attracted, Amalgamated Copper seen with bright prospects.
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