Stocks Close Higher as Investors Buy Shares
Investors pushed prices higher on news of renewed buying. The report cites yesterday’s closing levels for principal active securities and their net changes from Wednesday’s final quotations.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 01, 1900
Page
4
Investors pushed prices higher on news of renewed buying. The report cites yesterday’s closing levels for principal active securities and their net changes from Wednesday’s final quotations.
The readable lines show a jumble of bond and stock codes such as Cent Pac, Cent of Gafe, 87 Chic & A, MK & T, and Union Fac, with partial percentages and prices. The text appears as fragmented listings from a financial page with multiple abbreviations and no coherent report.
Trading showed strength with heavy, well distributed activity. London bought large in Chesapeake and Ohio while New York Central, St. Paul and Burlington drew investment orders as prices rose overall. Major advances occurred in Amalgamated Copper, Chesapeake and Ohio, Chicago and Alton, Consolidated Gas, and several utilities and rail issues amid cautious margin discipline and limited speculative decline.
The pays operations in bonds show a steady government bond market with final quotations in bid and asked. Notable items include U.S. reg and nonreg issues, and a variety of railroad bonds showing strength and activity with total par value sales of 6 195 030.
The London 4p m market for American securities was active with gains shown in Atchison 4 1/2, Canadian Pacific 58, Paul 132, Illinois Central 128 1/4, Louisville Nashville 86 1/2, Union Pacific preferred 1, York Central 146 1/4, Erie 14, Pennsylvania Reading 144, Erie first preferred 42, Northern Pacific preferred 5, Grand Trunk 6, and other listings. The report notes continued strength with several issues advancing while others held steady.
The money market remained steady with no rate changes during the monthly dividend period. Banks reportedly lost about 2.54 million dollars this week through interior and Sub-Treasury operations, while shipments to the Booth and Canada occurred on a modest scale. Call money stood at 3 percent, with various term rates for rail road collateral and other names. Foreign exchange remained active with sterling and sixty days quoted up to slight discount.
New York to New Orleans, Cincinnati, San Francisco and Chicago show varying bank discounts and premiums across telegraph and exchange markets. Bank clearings list exchange totals in New York, Boston, Philadelphia, Baltimore, Chicago with corresponding balances. Foreign money markets report London rates at 4 percent for short and long bills, Berlin 4 percent, Paris 2 percent discount with specific exchange figures. Silver and gold markets note bar silver at 64.4 cents, Mexican dollars at 50 percent, London prices 2911-164, Madrid gold premium 33.75, Lisbon 37.50, Buenos Aires 132.30, Rome 5.57 percent.
Fragmentary stock list shows rails and other shares trading with figures like 1 31 1 30 and 1 44 106, indicating fluctuating prices and volumes. Missing full names and dates limit specificity but the page records varied railroad and related securities activity.
The Federal Treasury report lists reserve fund amounts and divisions of issue and redemption. It shows gold coin and bullion 150000, trust fund figures, silver dollars and notes, and totals for the division of issue and general fund. Government receipts for the day 3465122 with expenditures 2478000, month-to-date receipts 48344514 and year-to-date 244918824, plus Sub-Treasury creditor balance 25592.
The week ending Nov 36 1898 1899 and 1900 shows entered at the port values totaling 1 452 151 1 726 446 1 549 017 and thrown on the market 1 471 145 1 529 617 688 236 for January 1 entries and 84 457 060 945 010 120 108 564 213 for thrown on the market 82 590 731 94 645 362 102 367 018.
London prices were strong as foreign houses bought in the local market, totaling about 40 000 shares. Burlington and Quincy and Atchison led gains with earnings reports showing October surplus but higher costs. American Smelting and Chesapeake and Ohio drew attention amid bullish pools and earnings signals. Standard Oil moved to new highs while major trusts paid dividends and new firms formed on Wall Street and Beaver Street.
The report lists numerous buyers and sellers across industries and rail lines. Key participants include American Tobacco, Southern Railway, Union Pacific, St. Paul, and New York markets with hundreds to thousands traded, led by F. W. Savin and Halle & Stieglitz among others.
Bradstreet's notes unsettled weather and holidays hinder distribution in markets but reports the iron and steel, coat and boot, shoe, hardware, and lumber trades as conspicuously well positioned. It highlights a generally favorable industrial situation with little complaint about idleness or future troubles, and bank clearings ahead of last year, signaling progression.
The report notes slight gains over last year’s railroad earnings and strong American trade activity. While crude material orders stay moderate versus recent highs, iron and steel stay steady with West reports of large pig iron business and heavy orders for rails structural material and plates. Mills push six to eight week lead times as January 191 deliveries are anticipated.
The Daily Stockholder reports December payments reach a record $40,968,829 for interest and dividends, up from $37,574,872 last year and well above 1898 and four years ago. Total disbursements including government pensions total about $52,000,000. Interest payments amount to $16,633,271, with dividends at $24,355,558. No new interest is due today on U S obligations, while current month pension payments total $11,000,000, about $4,000,000 of which will fund pension agent checks in the first week.
The Railroad Gazette lists multiple carrier orders and market plans. Northern Pacific seeks 50 to 75 locomotives and 40 to 50 passenger cars. Wabash plans 50 locomotives. Lake Shore locomotives. Rio Grande Western 5 compound consolidation locomotives and 100 boxcars. Denver and Rio Grande 1 dining car. Illinois Central 300 refrigerator cars. Florence and Cripple Creek 50 narrow gauge eight wheel adolt cars from American Car Foundry. Rio Grande Western 100 boxcars. New York Chicago and St Louis 10 passenger 1 dining 5 baggage cars.
Bradstreet s reports week exports of wheat including flour at 2 497 38 bushels, down from last week 3 929 381 and 3 699 000 in 1899. Since July 1 wheat exports total 17 799 267 bushels, vs 89 167 last year. Corn exports for the week reach 4 301 591 bushels, up from 4 182 159 last week and 4 441 514 in 1899. Since July 1 corn exports total 74 681 591 bushels, vs 94 463 000 last year.
Charles H Treat, Collector of Internal Revenue for the district, released November figures showing total internal revenues of 1 426 40837 dollars, up from 1 188 01525 in November 1899 and 1 223 459 ST in October 1900. Documentary stamps sold reached 1 010 01270 dollars, a rise of nearly 500 000 over prior months, reflecting revived business activity in Wall Street. The record for documentary stamp sales in the district was 1 262 575 dollars in January 1900.
The outside securities market closed firm with active trading. American Bridge common held firm with buying pushing the price to 42, General Carriage gained on insider buying up to 6 but closed near the high. Pump issues remained quiet yet firm with common trading at 29 percent. British Columbia Copper showed activity. Seer of 1,200 shares moved up to 22. International Power preferred reappeared after a lull and fell 16 points from 70 to 55 with no bids. Bay State traded freely between 1 and 11 16, about 50 shares changing hands.
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