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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 07, 1900
Page
2
Closing prices yesterday for principal securities show minor changes from Tuesday. London markets saw an active seller in bonds and money markets, with overall sentiment subdued and price movements limited.
Day's operations at the stock exchange show little activity with prices generally lower. Rail and steel sectors weaken while the international list sells 25,000 shares amid China concerns and political uncertainties. Investors hold steady despite this year's national election and a slowing trading environment.
Government bonds remained steady with final quotations showing U S ex 2s reg and various 4s 5s and 8s trading near par. Railroad bonds displayed irregular market activity with total par value sales at 1 211 900 and heavy volume in Atchison Baltimore and Ohio Central of Georgia Chesapeake and Ohio Missouri Kansas and Texas Norfolk and Western Northern Pacific Readings etc.
London June 6 4 p m The market for American securities moved downward all day with dull cross trading and sellers in control Last prices include Atchison 264 Canadian Pacific 96% St Paul 120 Illinois Central 1164 Louisville and Nashville 1% Union Pacific preferred 76% New York Central 134% Erie 12% Pennsylvania 67 Reading 8 Erie first preferred 36% Northern Pacific preferred 77% Grand Trunk 7% and Anaconda 8%
Money on call ranges from 1 to 2 percent with time money at 2 to 8 percent for various terms. Commercial paper offers 3.5 to 4.5 percent for top names. Foreign exchange shows dull yet steady rates with actual closes for cables and sight, including sterling and francs. Bankers posted rates list sixty day and demand rates. domestic exchanges cover New Orleans to Savannah with par to premium figures. Silver and gold markets cited with bar silver at 60 cents and Madrid gold premium at 26.
Treasury data shows receipts across customs internal revenue and miscellaneous totaling 2 193 218 while expenditures reach 1 040 000 for the day, month to date receipts 8 995 951 expenditures 7 885 000 with a 1 110 951 excess. Fiscal year to date receipts stand at 526 549 067 expenditures 462 103 498 leaving a 64 445 569 excess with sub treasury debtor status at Clearing House of 314 551 and a net loss balance of 677 195. Total day operations: receipts 8 624 394 payments 4 301 589. Net holdings include 230 526 062 coin and 6 569 244 currency.
Washington June 6 The Treasury report lists the reserve fund at 150,000,000 and redemption division assets including gold coin 230,875,178 silver dollars 416,042,000 silver bullion 70,776,812 United States notes 4,785,000 and more. Issuance division shows gold certificates 230,000,000 silver certificates 75,908,000 currency certificates 4,755,000 totaling 780,110,179.
Market closed weak with Standard Oil at 6 1/2 66 and other leaders listed. Pacific Mail bonds denied. May anthracite production forecast at 3,800,000 tons, up from 3,198,000 prior month and above last year. Loan data from Plaza Bank shows loans of 2,060,435.83 and deposits of 2,133,002.61.
Principal buyers and sellers in yesterday's market included L. W. Vermeer purchasing 5000 Atchison preferred. London and commission houses sold as well. London dealings ranged from 2000 to 25000 shares, with about 10000 Atchison preferred. Other named figures include J. F. Carlisle J. Honigman and C. E. Chap.
Several firms report brisk activity across rail and tobacco equities. Key moves include A A Housman buying American Tobacco, J F Carlisle purchasing Sugar, and Sternberger Fuld Sinn buying Chicago Burlington and Quincy. Multiple trades involve Atchison, Pennsylvan ia, St Paul, Baltimore and Ohio, Reading, Jersey Central, and Union Pacific with various houses selling, buying, or taking positions.
A well informed broker argues stocks are not a safe sale at current levels. He cites stubborn short interest, potential political influence from Oregon election results, and predicts a later bull market with good industrial and railroad stocks rising eight months hence. He urges buying cheap stocks and holding them.
Jersey Central stock led gains as all anthracite issues advanced on light volume. Reports say Pennsylvania and Baltimore and Ohio may lease Jersey Central, a prospect greeted by patrons but not yet confirmed. Trade notes rising anthracite demand with expectations of heavy fall business and a possible July price rise. First five months output reached 17,863,573 tons versus 16,624,720 a year earlier. Output last month exceeded expectations even by major producers.
The Chicago Rock Island and Pacific Railway reports higher 1900 earnings with passenger revenue up 487 455 dollars or 9.65 percent and freight receipts up 1 529 436 dollars or 10.66 percent from 1899. Passenger rate per mile rose to 2.062 cents while freight rate per ton mile stayed at 0.99 cents. A condensed balance sheet as of March 31 is included.
Earnings data show a last week in May gain of 119,748 over the prior year, bringing May’s total to 308,316 and the year to 1,389,943. With the exception of St Paul, no other U S road matched these May results on a currency basis.
Reports of pending negotiations for New-York Air Brake Company absorption by Westinghouse trigger quiet accumulation on the Stock Exchange and in private deals. Investors anticipate a deal between the two firms based on recent information.
At a special meeting the New York Cotton Exchange approved a proposal to set minimum and uniform commission rates on cotton transactions for future delivery and to impose a penalty for violations. The rule, approved 152 to 66, takes effect September 1 and is expected to impact trading practices.
The prospect of adoption has materially increased membership value as all members see the benefit. The collective advantage reinforces the push toward broad acceptance and strengthens organizational cohesion.
Yesterday at the New York Real Estate Salesroom Adrian H Muller & Son sold shares including 190 200 of Mechanics National Bank and 70 of United States Fire Insurance. Also listed were bonds and railroad stock such as 110 United States registered bonds and Richmond Fredericksburg and Potomac Railway issues with various guarantees and dividends.
Railroads including Baltimore and Ohio Southwestern Chesapeake and Ohio Chicago Indianapolis and Louisville and others report May earnings and year to date totals. Entries show miles operated fourth week in May and Jan 1 to May 31 figures, with gross earnings and operating expenses for several lines.
ChicagoJune 6 Special Wheat futures rose as drought risks in the Northwest grow. Government and state reports hint at weaker winter wheat conditions, with Ohio and Tennessee showing declines. July wheat opened high and closed near mid range. corn and oats also firm as shipping and export activity varied. Provisions rose with packer activity and pork-TV hedging, while hogs and lard traded lower amid cautious buying.
At a June 1908 meeting of the Executive Committee of the American Surety Company of New York George J Gould was unanimously elected a Trustee for a term ending in 1908. Ongoing advertisements for Tribone subscriptions were noted for Uptown and several branch offices with filing hours and locations listed.
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