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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 03, 1902
Page
20
Closing prices yesterday of principal active securities show greater losses than gains and call money advances, with bond market strength noted. The report compares net changes from Thursday's quotations, highlighting overall market movement and investor activity in bonds and equities.
Securities traded unevenly with net losses outweighing gains as coal strike developments and a South African peace declaration restrained activity. Canadian Pacific led advances before fading, while Reading and Union Pacific slipped on light volume. Call money rose to 5 percent but is expected to ease through summer amid buoyant foreign interest in American issues.
Market for railroad bonds showed broad strength with total sales near 3.1 million dollars. Key issues active included Georgia 5s and 4s, Chicago, Burlington and Quincy, Central Pacific, Union Pacific convertible 4s, and Wisconsin Central 4s, with Consolidated Tobacco 4s among active issuers.
Money on call opened at 3 percent and closed at 3.75 percent with a Kb percent ruling rate. Time money ranged from 4 percent for short terms to 4 1/4 percent for longer periods. Commercial paper quoted around 4 1/2 to 5 percent for varied terms. Bankers postings show sight rates near 4.55 percent. Foreign exchange markets closed firm with sterling around 4.87 to 4.89 per dollar, francs and marks with mixed bids, and bank clearings reported for New York, Chicago, Philadelphia, Baltimore, and Boston.
The report lists gold and silver prices in Madrid Lisbon Buenos Aires Rome and London. It shows customs and miscellaneous receipts from Washington totaling 1 452 063 with expenditures 135 000 for the day and 1 365 000 for the month, yielding an excess of 87 063. Year to date receipts 515 179 782 expenditures 438 692 000 with a 76 487 excess. The Sub Treasury was debtor at the Clearing House 169 577.
The consolidated exchange reports broad activity with bonds and railroad stocks. Large blocks include 2000 Va Fund Debt at 96 percent and 3000 Long Island at 24,000, alongside various 4s, 5s, and 6s issues from diverse banks and rail lines.
Stock offerings reopen and close dates are set with rights trading after June 4. Burlington reports April gross up 363167 and net 261120, with July 1 gains of 3224053 gross and 1797622 surplus. Louisville and Nashville show April gross up 277080 and net 91530, while July 1 gross rises 2060604 but net falls 247822. G M Wynkoop becomes secretary of North American Trust Company. Amalgamated Copper Company holds annual meeting in Jersey City with 907,552 shares represented. directors reelected and no financials issued. adjournment to June 9.
London on June 2 reports American securities showing strength similar to domestic issues. Trading was light as dealers spent much of the day celebrating peace in South Africa. Final prices follow.
Foreign houses traded about 12000 shares while the London market closed easier on profit taking. Continental buyers supported gains as Consols gave back part of recent advances. Stock loan quotations listed numerous major firms. Rock Island reports strong corn crop prospects due to ample rains, heat unlikely, desert sands flooded. National City Bank stockholders approve raising capital from 100000 to 5.
Allis-Chalmers reports year ended April 30 showing net profits after maintenance and repairs and reserves of 1,442,259 and surplus after 7 percent dividends of 304,759. The firm holds 4,514,167 in cash, net current quick assets of 4,688,510, and unfinished orders totaling 5,157,034, up 2,491,152 from initial organization. Current assets total 19,626,542 against 1,423,875 in current liabilities, yielding net current assets of 9,202,677.
The Bradstreet May report shows the fewest failures for May in at least ten years with 767 failures and liabilities totaling 8.5 million dollars while assets equal about 44 percent of liabilities. Comparisons show declines from April and May last year though building trades and private bankers contribute to rising liabilities. New York City failures jump, while Canadian failures or liabilities improve versus two years ago.
The Equitable National Bank of New York opened for business yesterday by order of the Currency Controller. Capital is 200000 dollars, fully paid, with 100 dollar par shares. Cornelius Van Cott serves as president and postmaster of New York, James M. Bell as vice president and head of James M. Bell Company, Carl R. Schultz as second vice president, secretary and treasurer of Carl H. Schultz Inc. Mineral Waters, John Carraway as cashier, previously tied to Mississippi banking and other ventures, and director roles in Mobile’s City National Bank, Mississippi Fire Association, Century Sugar Manufacturing in Louisiana, and Biloxi Commercial Club. Other directors include William G. McAdoo, Charles A. Hess, and Charles E. Lambert. James S. O’Neale is assistant cashier, a former Chattanooga National Bank cashier. The new bank is backed by high-standing officers and directors, with deposits for the first day reported large and exceeding expectations.
The New York Produce Exchange held its annual officer election with two tickets in the race. Edward G. Burgess led the winning slate as president after a count lasting to 7:15 pm amid heavy scratching. Burgess’s ticket drew 910 votes to 479 for John W. Barnes, with 1,459 total ballots cast. The victorious slate lists Edward G. Burgess as president, Robert E. Annin as vice president, Edward C. Rice as treasurer, and six managers including H. Myers Bogert, Joseph S. Thayer, A. C. Fetteroff, James F. Parker, Frank I. Maguire, David D. Allerton, plus E. T. Hopkins as gratuity fund trustee.
Ten principal Beaumont field oil companies merged into a single concern with capital stock of 10 000 000 and received a charter today as the Star Oil Company. The corporators are Iowa men.
At the New York Cotton Exchange annual meeting with no opposition, 105 members elected the regular slate. Elected officers include President J Temple Gwathmey and Vice President Robert P McDougall, with George Brennecke as treasurer and 18 managers led by George W Bally and Eustratius A Fachiri. Trustees for the gratuity fund are Otto Arens, Charles Stillman, and Edward K Moore. Inspectors of election were A G Munn Jr, John F Black, and Henry H Royce.
Trading in outside securities was light but prices remained firm. Copper shares advanced slightly with Tennessee up to 13 percent and White Knob to 23 percent. Greene Consolidated opened firm at 29 but closed 1 percent lower. United Copper reached 3 percent and Dominion Securities fell 3 percent from the last sale. American
The market opened firm as Northern Securities rose about 1 percent to a high near 102 before trimming gains. General Carriage trust receipts slipped from 6 to 4 percent, Frisco issues firmed with preferred trading around 1.40 shares, and United States Steel 5s moved to around 50. Virginia Iron Coal and Coke saw quotes near 57 while overall activity remained steady and subdued at close.
A brief notice credits William E Nichols and Company at 15 Wall Street for furnishing information on miscellaneous gas companies. The item reads like a market or trade note listing firms, without detailed data or context.
Furnished by William EF Nichols and Company No 1 Wall Street the listing shows bid ask and last price figures for various bonds and stocks including New York and East River Stand Ss 1980 115 116 percent Ist Sa 144 118 114 percent Con U Gas Se 91109 112 percent Faquit Con Ss 118 No 1st 5s 108 110 Mutual Co 370 mo Stand Gas 135 160 N Am Co Ss 312 198 to pref 152 160 Brooklyn Union 222 2 percent.
Bond details furnished by William E Nichols & Co of 15 Wall Street. Summary outlines street railroad bond offerings, interest rates, maturity dates, and issuance conditions as provided by the firm.
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