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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 12, 1900
Page
2
Closing prices show further stock declines as crop reports hurt values while sterling exchange firmed and bonds and money markets move. The report details yesterday’s active securities and net changes from Saturday’s levels.
Light volume trading and general weakness marked the day as investors remained cautious amid lingering uncertainty. Bullish hopes faded, bears dominated, and big moves awaited post summer disbursements and clearer economic signals. Wheat rose on crop news, while corn fell as weather and rainfall reports kept traders at sea.
Government bonds held steady with final quotations listed for U S issues including 4s of 1925 and 4s of 1807, with varied reg and cou prices. Railroad bonds showed irregular market activity totaling 1,090,500 par value in heavy trading for issues such as Atchison and Baltimore and Ohio, Chesapeake and Ohio, Colorado and Southern, and Union Pacific among others.
London investors started with a buoyant tone as American securities rose at the open then held steady with moderate demand. By close prices were slightly softer though overall tone remained steady with shares in Atchison Canadian Pacific St Paul Illinois Central Louisville and Nashville Union Pacific New York Central Erie Pennsylvania Reading Grand Trunk and Northern Pacific listed among others.
The report lists money on call at 14 to 14 1/2 percent with time money at various terms from sixty days to six months on railroad collateral. It details actual closing exchange rates for cables and sight, bankers' posted rates, and domestic exchange points across U S cities with bank clearings for New York, Philadelphia, Boston, Baltimore, Chicago, and more. It also references the weekly Bank of Germany statement.
The report shows cash in hand up 1 880 000 marks while treasury notes gain 900 000 marks and other securities fall 95 320 000 marks. Notes in circulation drop 29 880 000 marks with London call money at 1 percent and short and long bills discount rates at 2 percent. Berlin exchange and Paris rates listed along with foreign securities and silver and gold premiums in Madrid Lisbon and Buenos Aires.
A dense list of bonds from various railroads banks and utilities with prices interspersed. Total bond sales amount to 1 690 500 dollars. Key entries include Chicago and North Western Chicago Milwaukee St Paul and Omaha Central Pacific Moody’s related issues and notes from Nor Pac Gen and Western Gas among others.
Washington June 11 Treasury divisions report the day with totals: Gold coin and bullion 45 282 811 Silver coin and bullion 5 412 027 United States notes 4 050 000 and related assets 727 834 179. Government receipts include customs 672 417 internal revenue 1 534 941 miscellaneous 170 126 total 2 377 484 with expenditures 1 960 000. Month to date receipts 16 653 137 expenditures 14 825 000 excess 1 828 137. Fiscal year receipts 34 206 253 expenditures 469 043 498 excess 65 162 755. National bank note redemptions 491 979.
The market closed dull with Standard Oil around 545 548, Havana Commercial and other issues showing small moves. London prices rose, while arbitrage houses bought about 30 000 shares in the local market. Dividend prospects at Pennsylvania Steel and Louisville and Nashville weighed on stock sentiment amid uncertain payout expectations.
The Chicago St Paul Minneapolis and Omaha common stock is set at 5 percent with a 7 percent annual preferred dividend declared. A Pacific Mail bond issuance rumor was denied by C P Huntington. United Metals Shipping plans 350000 ounces of silver exports to Europe. Speyer Co announces June 15 redemption: $9 per Western New York share and $300 per bond for income securities with proportional adjustments for related scrip.
Principal buyers and sellers include J. F. Carlisle buying Sugar Refining and A. A. Housman & Co. buying Northern Pacific. Several firms sold holdings such as Halle & Stieglitz selling Louisville and Nashville and Baltimore and Ohio. Multiple transactions involve Reading first preferred and Missouri Pacific with others buying or selling St Paul and Northern Pacific common.
Reported near close yesterday a $2,500,000 gold shipment to Europe on Thursday. Sterling exchange firmer, Berlin rate up to 5 percent, money demand weak, and bank deposits likely to be deferred. Klondike gold movement not yet started, with usual migration to San Francisco Denver Seattle expected. Prime mercantile paper dull at low rates.
The June letter of the Anthracite Coal Operators Association states the market remains tight with operators ready to act in harmony if prices rise. It warns June and July are pivotal months determining fall prices and notes potential relief if the Delaware Valley and Kingston Railroad project reduces railroad domination and lowers consumer prices.
Northern Pacific directors will delay a decision on the common stock dividend until they can obtain advice from J P Morgan returning from Europe. Wall Street had expected a 4 percent dividend but recent trade reactions cast doubt on an early rate increase. The company is projected to end the year with earnings that justify a 4 percent basis.
St Pauls reports total gross earnings for the first week in June at $709,746, down $49,225 from the prior year. The 1899 week shows a rise of $102,426 over 1898, and except for 1899, this week was the best in the company’s history. Five-year figures show 1897 $609,1, 1896 $656,551.
Gross earnings for the Mexican National climbed in April by 112 349 dollars while net earnings rose by 6 370 dollars. After deductions a bond balance of 148 326 dollars was reached, up 22 391 from April 1899. For the year to April 30 net earnings increased 145 442 dollars and the bond balance grew to 551 065 dollars, up 14 598 from end of April.
The May domestic export value from the port of New York is disclosed with actual figures. The report lists totals by commodity and destination, detailing shipments from major shipping regions and marketers for the month.
For May figures, exports to Porto Rico reached 632 510 dollars, comprising 19 percent of the month’s totals from January 1 to May 31.
Railroads report first week of June gains versus last year’s traffic. Buffalo Rochester and Pittsboro show 5 453, Milwaukee and St Paul 49 22, Lorain and Wheeling 14 38, Terre Haute 3 0, Indianapolis ey Worth and Rio Grande 33, Kansas and Texas 18 34, Grande Western 21 04, Grande Southern 2 87, Ohio Central 16 51, and city rapid transit 12 026, with Wheeling and Lake Erie 8 072 and overall increases noted while some lines show decreases.
Chicago reports Wheat prices showed little change from Saturday with July at 72% to 73% and September at 74. A grim Northwest outlook drives fears of the worst spring wheat crop since 1888, with Minnesota and South Dakota counties posting sharp losses. Aberdeen and Minneapolis-Duluth figures reflect delays and strong buying while government data loom on spring wheat losses.
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