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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 07, 1900
Page
2
Closing prices yesterday of the principal active securities show firm stock values while bond demand remains heavy. Net changes from Tuesday's final quotations indicate a shift toward fixed income, with investors seeking stability amid market volatility and continued interest in government and corporate issues.
Market columns list numerous stocks with varying bid and ask sizes, including Amer Cotton, Oregon, and Detroit Gas, reflecting broad day’s activity. Foreign exchange and bank clearings figures accompany the stock listings, detailing rates, offerings, and regional totals in a dense, period-appropriate financial brief.
Market activity showed broad gains as railroad and industrial stocks led demand with buyers viewing current quotes as bargains. Experts expect prices to rise later, aided by underlying value and large capital ready for deployment, while bonds attracted investment and posted notable gains across issues. Total stock trading reached TAA.7 shares.
The market closed lower on government bonds with mixed prices and ranges. Railroad bonds showed strength and heavy trading, led by Atchison, Baltimore and Ohio, Central of Georgia, Chesapeake and Ohio, and several western lines, with total sales around 6.27 million dollars and notable issues including 5s, 4s, and 4s to 5s along with debentures and income bonds across multiple carriers.
London market for American securities ends irregularly with several declines. Prices listed include Atchison percent, Canadian Pacific percent, St Paul percent, Louisville and Nashville percent, Union Pacific preferred percent, New York Central 167, Erie 17, Pennsylvania te, Reading WA, Erie first preferred 4 percent, Northern Pacific preferred 81, Grand Trunk 6 percent, and Anacronia Wy.
The weekly Bank of England statement shows reserves down 992 pounds, bullion down 548,896 pounds, other securities down 1,758,000 pounds, public deposits down 11,927 pounds, government securities up 8,190 pounds, and the reserve ratio at 4.6 percent. The discount rate remains at 4 percent.
Out of town money entered yesterday's market as talk of a money squeeze drew funds to the center. Banks face a likely offset from local Sub-Treasury losses, with up to two weeks left in the month for cash inflows from city institutions. Mercantile paper remains steady while prompt collections shine, especially in the dry goods district. Notably, rail and property interests, including Pennsylvania, seek sizable funds for present and upcoming plans. Rates show call at 4 to 6 percent, time money 4% to 6 percent for sixty days, and 4% to 6 percent for three months.
Washington December 6. The Treasury divisions report reserve fund gold coin and bullion 150 000 000. redemption division gold silver and notes totals 747 065 379. issue division gold and silver certificates outstanding totals not shown. deposits in national banks 222 878 139. available cash balance 137 465 627. Government receipts for the day 2 204 061. year to date 234 548 625 with expenditures 240 949 523. Sub Treasury debtor to Clearing House 168 386.
London traded about 40,009 shares, largely purchases, while arbitrage houses sold Erie and Atchison. Tennessee Coal and Iron's earnings decline and dividend posture draw scrutiny, Erie issues gain demand, St. Louis and San Francisco dividends rise, Kansas and Texas shows strong demand, coal stocks surge on cold weather. Bond activity stays brisk with Missouri, Kansas and Texas extensions and various debentures in demand. New York Central earnings rise for November to 4 959 223. Third Avenue bonds subscription closes December 7.
The principal buyers and sellers in yesterday's market were: G. A. Walsh, Matthews & Co. (1,000), J. & S&S. Wormser (1,000), J. H. Davis & Co. (1,000).
Probst Wetzler & Co leads purchases of Southern Pacific with 4,000 shares while major buyers include Howard Whitney and Noble & Mestre for Reading first preferred and J. P. Morgan affiliates in various broker actions. Numerous firms bought or sold staked holdings across Missouri Pacific Southern Railway Atlantic coal and tobacco issues with mixed results and large block trades.
Heavy buying lifted New York Susquehanna and Western general mortgage 5s, closing at 98.74 with a 2.5 point gain. Terminal bonds of $2 million, first mortgage on vast terminal property, trade near 114.4 with strong demand from major financial buyers. Erie ownership highlights progress and earnings, surplus last year $205,072. Analysts anticipate prices above par, predicting at least 110 for the generals amid rising demand for good bonds under par.
A bid of 87 percent for 100000 Kings County Elevated Railway 4 per cent bonds was rejected after sales at 885 and a closing price of 8. The issue covers Kings County lines plus Brooklyn and Brighton Beach Railroad including the Brighton Beach Hotel and Sea View Railroad. Lines electrified except two miles, with anticipated savings to cover interest. Bonds will be leased to Brooklyn Heights Railroad which guarantees them. First mortgage fifty year gold bonds, recently advanced from 84 percent.
The Atchison line reports near total adoption of automatic brakes on locomotives and freight cars, with 28 042 freight cars total and 332 lacking. Last year’s costs include 2 000 per locomotive and 550 per passenger car, plus 1 per freight car, plus 865 000 for line improvements and 500 000 plus for bridges and culverts. Eleven new postal cars were purchased, built to Government specs for safety and mail handling. The Southern Kansas division grades between Kansas City and Olathe are slated for relief.
The Duluth and Iron Range Rail road mileage was misprinted at 175 miles yesterday but should read 185 miles. In two years ten miles were added without increasing bonded debt. First 5 per cent bonds are held by conservative capitalists. Terminals and equipment may be worth more than all outstanding bonds. Earnings per mile match or exceed those of any railroad.
The outside securities market closed firm with American Bridge at 42 percent and 92 percent for preferred. Rubber Goods preferred moved to 8 percent on 500 shares. Vehicle common weak at 1 percent. International Purse common down to 27 percent. Distilling issues strong at 74 percent with 2 percent for preferred. British Columbia Copper active but off at 19 percent. Consolidated Equipment firming 2 percent. Bay State Gas strong and active, up 1 percent on over 6,000 shares. American Woollen common quiet at 2 percent. Seaboard preferred 2 percent. Compressed Air and Anthracite coal strong, coal up nearly a point. Standard Oil steady 7.5 to 9. General Carriage weak.
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