Stocks Edge Higher Amid Steady Demand
Closing prices of leading active securities rose second day as traders continued firm demand. Traders noted modest gains across rail and industrial issues with fractional changes from Thursday’s quotes.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 22, 1900
Page
4
Closing prices of leading active securities rose second day as traders continued firm demand. Traders noted modest gains across rail and industrial issues with fractional changes from Thursday’s quotes.
Profit taking and contract closings amid the holiday period caused irregularities, yet prices closed near day’s highs. Banks acted as active buyers with low priced issues in demand. Southern Railway, Atchison, Erie and granger issues rose, while demand strengthened in afternoon trading. December money market remained steady as traders anticipated year-end liquidity and January disbursements.
Government bonds quote firm final bids and asks across U S issues led by 3s and 5s with ranges from 105 to 138 percent. Railroad bonds show broad strength with total par sales of 34 208 million and notable activity in Atchison Central of Georgia Central Pacific and Reading general issues among others.
London December 21 4 p m American securities market showed activity after a weak open with traders watching European developments and NY opening moves. Analysts cited demand for U S financials and industrials as bids emerged in late session trading.
The closing figures show varied gains and losses among railroad stocks led by Erie at 264 percent and Illinois Central near 134 percent. Other notable movers include Canadian Pacific at 9 percent and Union Pacific preferred at 85 percent with mixed results across Pennsylvania, Reading, Grand Trunk and New York Central.
Trading at the stock exchange shows mixed activity with notable figures listed for 100 150 15000 1000 2000 10000 amid an 15 percent movement. The report highlights volume and price shifts across several securities.
This week money movement favors banks with cash gains around $5,000,000. Interior receipts totaled $5,168,400, offset by $2,967,600 shipped to New Orleans, aided by Sub-Treasury operations. Current money rates: call money at 4 to 5 percent with 6 percent in some cases, time money at 5 percent for sixty days, 4.25 to 4.95 percent for three to four months, and 4.5 percent for six months on railroad collateral. Commercial paper ranges 4 to 4.5 percent for three to four months.
Market closes firm with mixed foreign exchange rates. Bank postings show Paris and London benchmarks, while domestic exchanges report varied premiums and discounts across New York, Chicago, and Boston. Silver and gold prices move in regional markets with listed bullion premiums.
The Treasury reports the reserve fund assets and redemption figures including gold coin and bullion totals. It shows gold certificates silver certificates and United States notes outstanding plus deposits in National banks and total current liabilities. Receipts for customs internal revenue and miscellaneous amount to 1 433 191 with expenditures 1 325 000 and monthly and yearly totals noted. The Sub Treasury balance at the Clearing House shows a debtor position and a weekly loss affecting banks of 3 785 000.
Consolidated exchange sales list items for St Louis Southwest region shows 95 percent rates and a total of 11 000. Details are incomplete due to damaged OCR.
Port of New York records show dry goods entries and market ths for the period. Figures indicate imports entered at the port, with values and quantities listed across several totals and subsequent market entries.
London operations topped 100000 shares with 40000 more purchases than sales. Notes on loan quotations include Atchison Erie common and many others with 4% and 3% classes. Reports claim Standard Oil buyers for American Sugar Refining and a possible rise to 150, while Missouri Pacific stock gains from pools and public investors.
The principal buyers and sellers in yesterday's market included C. D. Belden buying Rock Island 1,500 shares and W. H. Motley selling. L. L. Benedict purchasing Car Foundry common 1,000 shares, Weaver Harris & Co. selling 1,000, Harris & Hutton and traders buying 1,000, Zuckermann buying 1,000 with Day Heaton Strong Sturgis Co Manning and Palmer selling, F. W. Savin & Co. 1,000, Strong Sturgis Co. 1,000, Pear & Co. 2,00 and Taylor Cutting Co. 2,000 buying American Tobacco, Wassermann 1,000, J. H. Dunne C I Hudson and Dick Bros Co. 2,500 selling, Strong Sturgis Co. 3,000 buying American Tobacco, T W Thorne Co. 2,000 and Dick Bros Co. 4,000 selling. Halsted Hollister and Cox Sharp bought Atchison common. Moore.
The day saw heavy trading with Schley buying Northern Pacific common and A A Housman Co acquiring St Paul and Atchison stakes. Harris Hutton and Co and Strong Sturgis each purchased 5 000 Atchison common while J H Grisel Co bought Erie first preferred. Alfred Housman added 10 000 Atchison 2 000 St Paul and 2 000 Erie first preferred. The Atchison crowd was huge. Strong Sturgis led Northern Pacific purchases at about 5 000 shares. C Schumacher led Denver Rio Grande buys totaling 3 000. Western houses mostly sold the general list early. Roberts Blair Co bought 1 000 Northern Pacific common and sold 1 000. Alman Bros sold 1 000 Brooklyn Rapid Transit. People’s Gas and Missouri Pacific moves noted. Southern Railway saw Day Heaton purchases. Atchison preferred was bought by Strong Sturgis. Continental Tobacco trading featured 8 000 Sugar and 2 000 Continental Tobacco sales. Numerous firms participated across multiple issues including Southern Pacific Continental Tobacco and St Paul.
Bradstreet reports seasonable trade conditions with widespread holiday activity and favorable comparisons to prior years in most markets. Northwest areas face spring wheat shortages and unseasonable weather. Western jobbers report strong orders and good collections. Wholesale quietness persists but iron steel hardware groceries and toys show strength while shoes leather and lumber are upbeat. Rail earnings stay high but net earnings lag due to coal strikes. Bank clearings dip slightly from last year’s peak. Prices hold with most staples steady though farm products rise above last week and 1899.
The Railroad Gazette reports widespread orders and prospective purchases of freight and passenger cars across major lines. Rio Grande and Western lead with 300 mixed cars, Great Northern reportedly 2,000 freight cars, and Erie, Illinois Central, Philadelphia and Reading, and others issuing or considering new box, gondola, refrigerator, coal and hopper cars. Locomotives also feature, with Aberdeen and Rock Fish engine, Terminal Railroad Association five locomotives, and Japan’s Hokkaido Mining three engines.
Brooklyn Rapid Transit stock surged in yesterday's market amid reports that Pennsylvania Railroad interests bought large holdings. The company statement for November shows a net of 314.69 after expenses and taxes, with a surplus of 20,417. For five months ended November 30, net stands at 1,930,446 while surplus reaches 462,236. Gross earnings rose 213,215 and expenses and taxes fell 236,770, lifting surplus by 449,985.
ACF has secured 2500 cars for Missouri Pacific and 5 cars for St. Louis Southwestern with several large contracts in the pipeline. Directors plan a January meeting to declare a 1 percent quarterly dividend on preferred stock. September was light, but October to December orders and profits look strong, aided by rapid production and steady investment in preferred shares.
Principal railroads in the Southwest show first two weeks of December earnings higher than the same period two years prior. International and Great Northern Missouri, Kansas and Texas Missouri Pacific St. Louis and San Francisco St. Louis Southwestern Sherman Shreveport and Southern Texas and Pacific are listed with gains.
Colorado Springs mining stock quotations close for the day, as furnished by William P. Bonbright Co. of Colorado Springs. The report lists key prices and percent moves for local mining shares traded on the Colorado Springs Mining Stock Exchange.
The outside securities market closed steady as dig tilling issues remained active, notably advancing to 27 percent on modest volume. American Bridge held firm with slight loss, Bay State Gas active with over 15 000 shares traded, and bank stocks seeing strong demand over the past ten days with quotes up from 15 to over 3 percentage points. City Bank rose to 5, Ham over 505, Bank of Commerce to 325.
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