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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 08, 1900
Page
2
Small dealings in stocks show prices generally firm with money market conditions unchanged and no pressure to sell. Closing prices yesterday of principal active securities and net changes from Wednesday's prices are reported.
Bear efforts failed to push prices lower as most stocks closed with gains. London stayed inactive and local liquidation was absent, keeping bear attacks unprofitable. Inside buying appeared in several issues while most activity was professional short covering and room trader maneuvering.
The market closed weak for government bonds with final quotes. U S ex 2s reg 100-7.8. U S 3s reg 100% and 3s 1004 reg 118%. U S 4s reg 134% and 118% for others. District of Columbia 3 85s 123-. U S 45 1925 reg 134%. Rail bonds showed firmness with total par sales at 1,569,000 against 1,211,900 prior. heaviest activity in Atchison issues, Baltimore and Ohio 4s, Brooklyn Elevated 1sts, Central Pacific 4s, and multiple others.
London shares of American railways opened dull as overnight New York prices weighed. Prices partially recovered but trading remained unsettled with pro traders active. Closing tone steady with last quotes including Atchison 2014, Canadian Pacific 95, St. Paul 119, Illinois Central 116, Union Pacific 76, New York Central 133, Erie 12, Reading 8, Northern Pacific 77, Anaconda 84 and others.
London reports a fall in total reserve by 1.034 million and a rise in circulation by 218 thousand as bullion and government securities shift. Public deposits decline 1.639 million, notes reserve drops 71.08 million, while France records decreases in notes in circulation 127.3 million francs and treasury current accounts 37.5 million francs and a 241.475 million franc fall in bills discounted.
Money on call stands at 14 percent with 2 percent ruling. Time money for sixty days 244643 per cent, for three months 3 percent, four months 85%4 per cent, six months 34 4 per cent on railroad collateral. Commercial paper 84.44% for three to six months for best names, higher for less known. Foreign exchange market firm with closing rates: Sterling around 4.57 sight and 4.56 sixty days, francs near 5-16 to 5-16, guilders around 39-1/16, Reichsmarks quoted varied. Bankers' posted rates show sixty days around 4.85 to 5.18 for francs and guilders. Domestic exchange notes New Orleans commercial discounts and premiums. San Francisco sight 1/4 to 1/2, telegraph 1/8. Cincinnati, Boston, Chicago, St. Louis, Savannah rates listed with premiums or par for various transaction types.
A compact report lists New York London Paris Berlin and Madrid rate data including exchange totals, balances, and call money. It notes London open market discounts, British consols at 101 percent, and silver and gold premiums in key cities.
Market brief notes sales at the stock exchange and railroad shares, with a total of 12 035 detailed in the summary. The report emphasizes trading activity across major stock categories and related entities.
Total sales of bonds 1.51 million dollars with a semi annual 8 percent dividend on common stock. Alvin E. Masten of Pittsburg elected NYSE member. George J. Gould elected to American Surety Committee. N W Harris Co offers 2.5 million Grand Rapids Railway first mortgage bonds to retire old debt and fund improvements. Grand Rapids population over 190,000, famed furniture center. road earns well above interest, franchises run beyond maturity.
Washington June 7 report shows reserve fund gold coin and bullion $150,000,000. division of redemption assets $729,987,179 including silver dollars and notes. division of issue gold and silver certificates and currency outstanding. deposits in national banks $109,178,486. available cash balance $145,436,816. Customs receipts $672,516. internal revenue $900,661. miscellaneous $100,410. total day receipts $1,673,589. expenditures $1,910,000. month-to-date receipts $10,669,540. expenditures $9,795,000. excess receipts $874,540. Fiscal year receipts $528,222,656. expenditures $464,013,498. excess $64,209,158. National bank note redemptions $505,881.
The market ended soft with Standard Oil at 548 550 and several leaders drifting. London prices fell, arbitrage houses sold in the local market while other notes show mixed readings on Havana Commercial and Amalgamated Copper as Dominion Coal reports higher earnings and Berlin weakness raises caution.
Principal buyers included L W Wormser purchasing 2700 St Paul shares at 118 percent from M C Bouvier & Co with total Wormser holdings at 4000 shares. Bouvier & Co sold 3000. I S Wormser led Reading first preferred bids. Numerous firms traded Rock Island 4s, Air Brake, Atchison and other securities with Keech Loew & Co and J J Manning active. Several houses, including Halle Stieglitz, sold or bought varied rail and steel issues like Southern Pacific, Pennsylvania, Sugar and Federal Steel.
The Iron Age reports continued price drops and flexible credit terms as buyers gain the upper hand. Foundry pig iron demand rises, yards run bare, and short deliveries persist while prices drift toward stabilization. East markets show modest gains, while overall activity wanes with some plants operating part time.
Northern Pacific Railroad directors will meet next Wednesday to decide the common stock dividend. Markets on Well Street circles anticipate a 4 percent basis as earnings have exceeded that rate in the past two years. The railroad reports strong prospects from traffic, waterfront improvements on the Pacific Coast, and the forthcoming Clearwater extension, which should add value.
The St Louis and San Francisco Railway directors declare a semi annual dividend of 2 percent on first preferred stock. Next month action on second preferred may raise the rate to 3 percent as earnings exceed 4 percent. Officers elected: B F Yoacum president and GM, Alexander Douglass vice president and general auditor, C H Beggs vice president and assistant to GM. Yoacum succeeds D B Robinson who resigned due to ill health.
Aldace F Walker chairman of the Board stated that the Atchison Topeka and Santa Fe Railway would issue 8 000 000 dollars in bonds for improvements this fiscal year. Less than 4 900 000 dollars of new bonds will be issued for all purposes under the general mortgage including retirements acquisitions of branches extensions improvements and equipment.
New York Air Brake stock rose twelve points on rumors of a Westinghouse absorption. The company president denied any negotiations, while the gain faded to end the day with less than half the early surge.
The Financial Chronicle reports 190 acreage at 24,625,944 acres for this year, up from 22,433,245 last year, a 9.76 percent rise. State by state figures list the largest cotton acreage, highlighting the leading producing region.
The report shows Texas at 6,682,738 acres, up from 6,187,720 last year, with Virginia 22 percent higher and North Carolina 9 percent higher. Other gains include South Carolina 11 percent, Georgia 11 percent, Florida 15 percent, Alabama 10 percent, Mississippi 9 percent, Louisiana and Oklahoma around %, Arkansas 10 percent, Tennessee ww, Indian Territory 15 percent, Missouri 30 percent.
Chicago reports a 2 cent intraday rise in wheat and a 3 cent two day rally as drought anxieties grip the Northwestern belt. July slips to 70 cents and closes near the top. June at 68 cents and September at 71. Prices steady despite rain reports from Winnipeg and strong buying by Patten and Cudahy. Liverpool firm while U S shipments and exports show large offerings and seaboard activity. receipts total 122 cars.
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