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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 27, 1902
Page
2
Securities values are strong with good demand from substantial speculative interests. Call money rates advance to 13 percent, ruling at 10 percent. Closing prices and changes from Wednesday include totals and receipts figures, with sub treasury and bank note redemptions noted.
The Treasury reports the reserve fund, trust funds, and general fund totals with gold coin and bullion, gold and silver certificates, United States notes, and other assets. Divisions of redemption show gold certificates outstanding and silver certificates outstanding, along with Treasury notes. Current liabilities and available cash balance are listed.
Stock activity was moderately active with advancing prices amid high call money rates. Large interests and inside buyers pushed gains in Rock Island, Brooklyn Rapid Transit, and other issues while out of town traders stayed away. Venezuelan troubles and bank statement expectations fueled late speculation.
Government bonds held firm with bids and asks listed for various issues including Be 190s reg 10th and U.S. bonds from 1904 to 1908. Railroad bonds showed robust activity with total par value sales around 2.2 million and notable trading in Atchison 4s, Central of Georgia 4s, Chicago Burlington Quincy 4s, Rock Island Pacific 4s, and other issues.
Money on call opened at 8 percent with highs to 13 percent and lows near 6 percent. Time money at 6 percent for 60 to 90 days and 5 6 percent for four to six months. Foreign exchange closed steady with varied cable and bank rates. Bank clearings across major cities show substantial activity and US customs revenue, internal revenue, and miscellaneous receipts posted for the day.
The report shows port entries and market throws for dry goods with totals and values. Figures include entered at the port and thrown on the market for the period ending December 2 1902, indicating substantial import activity and market exposure.
Foreign houses did practically nothing in the local market as London Exchange closed. The American Car and Foundry Co reports orders for 800 box cars and 100 flat cars for MK&T, 100 side dumps, 100 flat cars for NYNH and Hartford, 300-500 oil cars for Great Northern, 100 flat cars for Evansville and Terre Haute, 30 box and 20 flat for California and Northwestern, 35 refrigerator cars for Indianapolis Abattoir, 25 flat cars and 2 coaches for Georgia Florida and Alabama, 5,000 box cars for Chicago Rock Island and Pacific, 200 box cars for ON&W, and two coaches for C M and St P. Currency movements show a $300,700 net weekly gain for banks. Grain exports, locomotives orders to Baltimore and Ohio, Southern Pacific, Long Island, and Louisiana and Arkansas. Louisville and Nashville weekly earnings up. St P directors say routine matters. Sub Treasury transfers $50,000 to New Orleans. Brooklyn Rapid Transit orders 480 high speed electric trucks, at least 240 new cars due May 30. Missouri Kansas and Texas weekly earnings up. Missouri Pacific weekly earnings up. Several bank dividends declared. Market and Fulton bank to increase capital to $1,000,000. stockholders meeting Feb 17.
Charles H. Tweed, longtime chairman and general counsel of the Southern Pacific Railroad and president of the Pacific Mail Steamship Company, will resign January 1 to join Speyer & Co. as an active partner. A lawyer born in Calais, Maine in 184? and Harvard graduate, Tweed has been closely allied with Collis P. Huntington and serves as an executor of the Huntington estate. Speyer & Co. have long acted as fiscal agent for Huntington properties.
Dan's Review reports holiday trade quiet except for Christmas goods, with many packing and shipping departments busy, inventories delaying production, and fuel shortages closing some plants. Prices hold firm, banking profits up, railways up, iron and steel stable, coke supplies limited, and shipments from Connellsville unchanged. Bradstreet's notes strong year end sentiment, record holiday trade, and cautious optimism for 1903.
Dealings in outside securities were limited but prices moved higher overall. International Mercantile Marine led gains near 1 percent amid 2,500 shares changing hands, while Northern Securities and Seaboard Air Line also advanced. United Copper jumped 2 percent on a dividend notice. White Knob Copper recovered after a dip. bonds gained with Brooklyn Rapid Transit and Buffalo Gas bonds selling higher. The market closed strong on improving demand and rumors of contracts and retirements.
Buffalo Rochester and Pittsburg and Canadian Pacific report long list of miles, weeks in December and earnings figures for many railroads including Detroit United and Evansville routes. The data spans totals for miles and yearly and half year periods with gross income and net earnings noted for November.
Chicago December market shows dulness in wheat with firm close matching last Tuesday. May trades from 1 1/6 to 1 1/6 and closes around 77 1/2. December near 7 3/4 to 7 7/8. Corn mirrors wheat with steady/low moves. May open 4 1/4, range 4 3/8 to 4 1/8, closing around 4 1/8. Weather and crop reports point to mixed conditions in Russia Argentina and U.S. with exports active and little speculative trading.
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