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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Dec 29, 1900
Page
4
Closing prices yesterday of the principal active securities show irregular trading with heavy realizing sales. Investment buying figures appear as a feature in bonds and money markets amid changes from Thursday's final quotations.
The market closed with near equal gains and losses as professional traders push for lower prices. Confidence remains high among holders while money markets show relief with funds at 5 to 6 percent and outside capital flowing to support equities. Buying of standard shares led by St. Paul and Pennsylvania stocks, with bonds and industrials posting mixed results.
London reports a firm and moderately active market for American securities. Closing prices include Atchison 48 1/2, Canadian Pacific 4, St. Paul 146 1/2, Illinois Central 1, Louisville and Nashville 0 1/2, Union Pacific preferred 0 1/2, New York Central 4, Erie 12, Pennsylvania 74, Reading 18, Erie Ist preferred 6, Northern Pacific preferred 89.
The report covers stock and railroad shares with three to six month terms and high names, firm foreign exchange rates with Cabie and various bank posted rates, domestic exchange across cities, bank clearings for New York and other cities, call and discount rates in London and Berlin, British securities and French rentes, and silver and gold premiums in multiple markets. Market activity notes include London call money at 3 1 4 percent and Madrid gold premium figures.
The money market remained stable with 6 percent accommodation available. New York News Bureau estimates banks gained about 5.43 million in cash weekly, potentially higher including registered mail movements. Sub-Treasury contributed 2.577 million of the cash gain, while call money stood near 3.42 to 6 percent and time money ranged from 4.5 to 5 percent for various maturities.
The daily Treasury report shows reserves and redemption divisions with totals for gold coin bullion and certificates. It lists general fund assets from gold and silver holdings, United States notes, and deposits in national banks, plus current liabilities and available cash. Government receipts for customs and internal revenue are detailed, with daily and year-to-date figures, and the Sub-Treasury records a debtor balance to the Clearing House.
Week ending December 28 1898 1899 1900 reports show entries at the port totaling 1 938 048 1 136 994 1 945 772 and market figures 1 951 956 111 081 989 223 for January 1 to year end totals 91 847 608 103 565 602 111 068 757. Thrown on the market totals 89 673 984 103 289 501 109 888 989.
Foreign trading was light due to cable breakdowns. Arbitage houses traded about ten thousand shares with emphasis on high priced shares and railroad stocks like Burlington St Paul and Rock Island. St Paul led gains with strong Western buying and a possible 6 percent basis. shift seen toward Erie and other rails as Morgan interests buy Granger shares.
Principal participants included Dick Bros. & Co. and Moore & Schley with 1,000 shares each buying Atchison preferred, F. W. Savin & Co. and H. Clews & Co. selling 1,000 shares, H. Clews & Co. buying 2,000 Union Pacific common, J. Muir & Co. selling and buying 1,000 shares, and other firms such as Walsh Tailor & Co. and Flower & Co. engaging in various trades. Estimates note 10,000 shares of Chicago Great Western common and 6,000 preferred Bs purchased by speculative interest, with Wabash Bs down as offered by H. Content. Market activity highlights include 8,000 Ontario and Western bought by C A Missing & Co. and 2,500 St. Paul sold on the advance.
Multiple firms including Sturgis & Co and Van Emburgh & Atterbury report large block trades in Sugar Rock Island Tin Plate and Union Pacific. Purchases involve Eames Moore J Muir Co Bache and others with volumes ranging from 1 000 to 5 000 shares across Sugar Refining American Tobacco Southern Pacific and Delaware and Hudson.
The Institution for the Savings of Merchants' Clerks at No 20 Union Square declares a 3 percent dividend. Harlem Savings Bank matches with a 3 percent dividend on sums from 500 to 3000. For all sums from 1 to 500 dollars a 4 percent dividend will be paid.
Bradstreet reports a year end surge in holiday trade across regions, with strong gains in Southwestern markets and improving but uneven results in spring wheat and Northwest lumber belts. Heavy clothing demand up, fur trade lagging due to mild weather. Wholesale activity limited but key sectors like iron steel shoes leather lumber glass and dry goods show encouraging outlook. stock taking underway with year end results expected soon.
The Southern Pacific Company releases its year ended June 30 figures with gross earnings up by 8,095,374 to 64,400,725 and a surplus of 7,253,490 compared with 4,477,975 the previous year. Net earnings rise to 20,157,? across 1900 and 1899 changes, with appropriations for betterments and new equipment noted.
The Railroad Gazette notes massive orders for rolling stock from multiple railways and manufacturers. Missouri Pacific buys 2500 cars and 5 passenger coaches. Nelson Morris & Co. 100. St Louis Southwestern 500. Los Angeles Terminal 5. San Antonio and Aransas Pass 200. St Louis and San Francisco 10 coaches 5 baggage cars. Ohio River 250 gondolas 14 coaches. St Charles Refrigerator Despatch 50 refrigerators. Ohio River and Lake Erie 250 coal cars. Wabash 25 passenger 8 combination coaches 2 baggage cars. Reading 500 box cars with steel underframe and 150 small coal cars 25 box cars 20 logging cars. Additional orders include 50 motor cars for Brooklyn Rapid Transit. Cleveland Lorain and Wheeling 5 gondolas 150 box 50 stock cars. Chicago Indianapolis and Louisville 200 flat 100 stock cars. Costa Rican Government railroads 30 flat cars. After January 1 NY Ontario and Western seeks 6 passenger and 2 parlor cars. Detroit and Mackinac about 150 gondolas.
Bradstreet’s notes weekly wheat exports at 4,011,105 bushels and corn at 3,686,165 bushels with year to date figures. Wheat exports since July 1 total 94,151,453 bushels and corn exports 9,240,169 bushels, compared with last year’s levels.
The outside securities market closed dull and weak with American Bridge common slightly lower as about 500 shares traded between 6% and 6%. Bay State Gas remained firm with over 10 000 shares traded up to 1% but finished near the day’s end weaker. Dis tiling issues were weak and inactive with common at 64 and preferred at I/O. Otis Elevator preferred sold at City Bank stock strength, Royal Baking Powder preferred rose 2 points, Consolidated Equipment active with over 90 shares up to 13%. Interstate was offered down to
The table lists earnings and mileage for several railroads including Cleveland es and St. Louis 1899, Cincinnati New Orleans and Texas Pacific, Louisville Evansville and St Louis, Ohio River, Peoria and Eastern, and Twin City Rapid Transit. Figures show miles operated and weekly or year to date income in December and through December 21.
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