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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 03, 1902
Page
4
Closing prices yesterday show more net losses than gains across principal active securities. Call money advances as the bond market remains strong, reflecting a cautious trading mood. Thursday's quotations indicate modest changes in several issues as investors weigh short term risk.
The page lists varied bond issues and prices from many issuers including Gen B & Q, Am Bicycle, Am H L, Met Elev, Mex Cent, M St L, N Y Cent L, Pac Coast, Union Pac, Wabash, and others. It notes totals and percentages for each issue, with numerous 4s, 5s, 6s and related coupon types, alongside large aggregate figures for debentures, favorites, and regional lines. The scattered OCR reads like a bond market catalog with percentages, quantities, and identifiers across railroads, utilities, banks, and national securities.
Financial notes show London silver bar closing at 2313-164 while world gold premiums list Madrid 37.57 Lisbon 26.50 Buenos Aires 131.80 and Rome 1.62. Government receipts from Washington total 1.452 million with expenditures 1.365 million for the day and month, plus year totals of 515.18 million in receipts and 438.69 million in expenditures. Sub Treasury stood debtor at the Clearing House by 169,572.
Daily operations at the stock exchange show activity in railroad and other stocks while bond trading is noted. Figures listed include 8,600 and 3,160 with a 100 ticker reference.
Securities traded with few gains and many losses as coal strike developments restrained activity. Reading Ontario and Western Delaware and Hudson and Erie posted small losses on light volume, with total transactions under 280,000 shares. Canadian Pacific led advances briefly before fading, while the industrial list saw Fuller Company climb two points. Gold mining in South Africa grew, boosting money supply and signaling broader economic benefits, though London traders seemed more focused on peace celebrations than securities moves. Call money rose to 5 percent in the afternoon, with expectations for easier rates through the summer.
Market activity for railroad bonds remains strong with total par sales at 3,114,000 versus 2,172,000 last Thursday. Notable declines appeared in several issues including archive, Central of Georgia, Central Pacific 4s, Chicago Burlington and Quincy 4s, Kansas City Fort Scott and Memphis 4s, Northern Pacific 3s and 4s, St Louis Southwestern firsts, Union Pacific convertible 4s, Wabash debt, and Wisconsin Central 4s with Consolidated Tobacco 4s also active.
Money on call opened at 3 percent and closed at 2 4 percent with a 3 percent ruling rate. Time money quoted 4 percent for 30 to 60 days and 4 1/4 percent for three to six months. Commercial paper at 4 percent for 60 to 90 days, 4 1/4 to 5 percent for other terms. Foreign and domestic exchange rates listed with bank posted rates and city premiums. Bank clearings for New York, Chicago, Philadelphia, Baltimore, Boston provided. Silver market noted at 4.5 percent.
London June 2 4 p m The market for American securities showed strength matching home issues though trading was light. Dealers spent the day celebrating the peace declaration in South Africa. Final prices follow.
Foreign houses traded about 12 000 shares with even splits as profits trimmed earlier gains. The London market closed easier on profit taking while continental buyers supported most securities. Consols gave back part of recent advance amid signs of large speculative positions. Loan quotes covered Amalgamated Copper Anaconda American Ice Atchison Brooklyn Rapid Transit among others. Rock Island Railway reports strong corn crop prospects in Kansas aided by recent rains. National City Bank stockholders approve increasing capital stock from 10 million to 14 million.
The notice outlines book reopening from June 3 to June 4 then closing until June 23 with stock ex rights after June 4. It states stockholders may subscribe for one and a half shares per current share. Burlington earnings rose in April and year to July 1, Louisville and Nashville earnings rose April but net rose then fell by July 1, a new secretary was elected at North American Trust Company, and Amalgamated Copper held its Jersey City meeting with directors reelected and no financials issued.
The Equitable National Bank of New York opened yesterday by order of the Currency Controller. It carries capital of 200000 dollars paid in, with shares at 100 dollars each. President Cornelius Van Cott, vice president James M. Bell, second vice president Carl R. Schultz, cashier John Carraway head a roster of prominent directors. Officers and directors are noted for high standing in business and professional circles. First day deposits were reported large, surpassing expectations.
The New York Produce Exchange held its annual officer election with two tickets in the race. Edward G. Burgess led the winning ticket for president, defeating John V. Barnes despite strong opposition. Burgess secured 910 votes to Barnes’s 9 in a 1,459 vote count, and the slate includes Robert E. Annin as vice president Edward C. Rice as treasurer and six managers: H. Myers Bogert Joseph S. Thayer A. C. Fetteroff James F. Parker Frank I. Maguire David D. Allerton plus gratuity fund trustee E. T. Hopkins.
Ten principal Beaumont field oil companies merge into a single concern with 10 million dollars capital stock. The Star Oil Company receives its charter today. The corporators are said to be Iowa men.
The Allis-Chalmers Company reports year ended April 30 with net profits after maintenance, reserves, and deficits of 1,442,259 and surplus after 7 percent dividends of 304,759. Current assets total 19,626,562 against current liabilities 1,423,875 leaving net current assets of 9,202,677. Balance sheet shows real estate and machinery, receivables, and stock at cost. cash stands at 4,514,167 with total assets 37,078,634 and liabilities 35,250,000 including preferred stock 16,250,000 and common 20,000,000. Dividends and surplus figures appear, with paid date May 1, 1902.
Bradstreet notes May failures at a ten year low with 767 U.S. failures and liabilities around 8.5 million. Liabilities rise due to private bankers contractors builders and shoe firms. New York City failures up 4 percent in number and 13 percent in liabilities. Canadian failures down 20 percent in number and 37 percent in liabilities.
At the New York Cotton Exchange annual meeting 105 members voted for a full slate with no opposition. Elected were President J Temple Gwathmey and Vice President Robert P McDougall along with treasurer George Brennecke and a group of managers including George W Bailey and Eustratius A Fachiri among others. Trustees for the gratuity fund are Otto Arens, Charles Stillman and Edward E Moore. Inspectors of election are A G Munn Jr, John F Black and Henry H Royce.
Trading in outside securities today was light yet prices held firm. Copper shares advanced modestly with Tennessee reaching 13 percent and White Knob up to 234 percent. Greene Consolidated opened firm at 29 but slipped 1 percent. United Copper rose to percent, Dominion Securities at 13, down 3 percent from last sale. American
The market opened firm with Northern Securities rising about 1 percent to 102 but trimming gains by close. General Carriage trust receipts slipped from 5% to 4% while Frisco issues remained steady with 1000 shares trading at 65. United States Steel 5s moved to 4% and Virginia Iron Coal and Cokers touched 57 as the session ended quiet and steady.
Furnished by William E Nichols and Co No 1 Wall Street. Bid and asked prices for New York and East Railway, utilities and common stocks show varying bids and asks. entries include Ist Sa 1044 and 112 percent, Con U Gas Ss 98 1 2, Ga Beresiccas 112, Am Co Sa 112 113, Brooklyn 222 23 percent.
A brief listing of various gas companies compiled by William E. Nichols & Co from No 15 Wall Street. The notice presents names and brief descriptors of firms operating in the gas sector.
Street railroad bond details supplied by William E Nichols and Co of 15 Wall Street. The note outlines current offerings, investment terms, and market context for urban transit finance. It emphasizes yield expectations and risks for local investors.
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