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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 01, 1901
Page
4
Closing prices yesterday for the principal active securities show a general rise with many issues advancing. Net changes from Wednesday's final quotations indicate strength in the market as money market conditions favor higher levels.
Stock values showed strength on heavy business with commission houses driving activity in railroads and industrials. Atchison common traded to 83 percent amid questions about safety of its common versus elevated potential for dividend growth, while preferred issues offered more attractive yields. Strong New York Central, Pennsylvania, Southern Railway, Union Pacific, and Western shares supported by pools and syndicates, with over 1.5 million shares changing hands. Money from interior and Western sources persisted despite mixed currency outlook.
Market firm for government bonds with final quotations listed and rail and other bonds market strong. Total par value sales reached 4,108,500 against 2,802,000 midweek, led by Atchison general 4s, Baltimore and Ohio 31s, Central of Georgia 5s, and multiple major issues across railroads and utilities.
London trading Wednesday May 31 closed with strong mood in American stocks led by gains in Atchison Union and Southern Pacific as New York buyers pushed prices higher. Closing quotes show Atchison 83 4 ex dividend Canadian Pacific 1094 St Paul 166 Minnesota Central 143 Louisville and Nashville 107 Union Pacific 91 New York Central 155 Erie 43 Pennsylvania 74 Reading 724 Erie first preferred 102 Grand Trunk 11 Anaconda 10 United States Steel 48 coal preferred a614.
Weekends May 11 1899 show dry goods imports at the Port of New York totaling 1 422 170 on the market with values around 1 506 255. January 1 figures record 47 345 208 on the market and 57 840 005 in total value with year totals near 65 346 798.
Money rates show calls at 3.25 percent with time money around 4.0 percent for various terms. Commercial paper 3.44 to 4.0 percent for best names, higher for lesser knowns. Foreign exchange market steady with mixed cable quotations and banker posted rates listed in the session.
Domestic exchange shows New Orleans 75k discount, Boston and Chicago at slight premiums, San Francisco and Charleston varying. Bank clearings list New York at 200.5 million, Boston 22.8 million, Philadelphia 19.6 million, Baltimore 33.9 million, Chicago 31.4 million. London call money 2.44 per cent, Berlin rates 3-4 per cent. Paris and London exchange rates noted, foreign securities and metals prices given.
The Treasury shows reserve funds of 150 million in gold coin and bullion and a division of redemption with 251,991,789 in gold, 435,935,000 in silver dollars, and other assets. Expenditures for the day reach 1,815,000 with total receipts at 2,743,770 and a year to date excess of 58,555,696. National bank note redemptions contribute 578,256 in receipts.
The fragment presents unclear figures and garbled text about sales, options, and percentages including numbers like 74 percent and 458000. No coherent entities or events are identifiable beyond disjointed monetary and percentage data.
Foreign houses were active buyers in the local market with balance over 100,000 shares. Atchison led demand. trading continued after London close. Grain exports through July 1 totaled 19,187,632 bushels of wheat and 165,622,106 bushels since July 1. corn exports for the week were 2,037,543 bushels. Colorado Southern stock in active demand amid talk of a Gould Southwestern consolidation. American Linseed stocks are being exchanged for Union Lead and Oil. American Locomotive expands after Dickson acquisition. United States Steel saw strong buying. Southern Railway common advanced. Louisville and Nashville earnings rose. Consolidated Gas declared a 2 percent quarterly dividend. Cotton Exchange elected M. H. Thomas and W. P. Brown as members, with bylaws changes and Gratuity Fund discussion planned.
The Daily Stockholder reports this month’s interest and dividend payments as the largest for the period. Interest on bonds with par value $692,48 3.5 percent yields $17,258,439, up from $14,622,719 in 1899 and $13,982,021 in 1897. Dividends on stocks with par value 3,930 total $29,618,128, up from $21,776,717 last year. Combined payments reach $46,97,000,000 with prior years showing $38,224,643 in 1899 and $37,115,467 in 1898.
Rogers Brown & Co report the pig iron market is dull with buyers and sellers uncertain though evidence suggests growing actual consumption. They note local weakness from machinists' strikes but expect demand to rise in the second half. Production pace nears peak and current melt exceeds consumption by a large margin, signaling alternating active and dull buying periods.
The report shows gross earnings of 7 510 000 and 7 791 560 for the year ended April 30 with material and labor costs around 6 576 000 and 7 560 000. Interest and dividends figures are listed and the balance sheet notes surplus and dividends. Trade conditions cite unseasonable weather damping retail trade and crops, with some improvement in industrial sentiment and ongoing labor issues, plus price cuts in print cloth and steady cereal markets.
The outside securities market closed steady with strength in American Can issues and firm Compressed Air. American Can common rose about 1 percent and preferred by a small margin. Electric Boat common and Transportation shares showed strength while Bank of Commerce and Standard Oil traded at notable levels. Copper stocks including British Columbia, Tennessee, and White Knob moved up to 17 20.
Market overview shows bid and asked prices for gas company securities. Cea Un Gas 5s trades around 106 1/2 to 107, Consol Deb 5s at 110, Ist Con 5s near 106 to 110, and Ist Con 5s 118 to 121. Standard issues quoted around 132, other Ist 5s near 108 to 110 and Ss U6.
In Chicago May 31 special report Wheat prices fluctuated with forecasts of drought in the Dakotas and no rain expected. July opened at 92 1/2 to 93 1/2 cents, closed around 92 1/2 to 93 1/2. May at 78 1/2 cents, September 72 to 72 1/2. Bearish notes prevail from The Price Current. Corn advanced briefly then finished near unchanged with July around 44 1/4 to 44 1/2 cents. Oats irregular with May weaker by several cents. Argentine shipments and seaboard clearances reported, sizable receipts.
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