Better Tone in Stocks as Traders Rally Markets
Traders push gains across stocks with renewed optimism. Gold exports advance, while bonds and money markets show strength. Investors eye inflation data and central bank signals for sustained momentum.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 13, 1900
Page
18
Traders push gains across stocks with renewed optimism. Gold exports advance, while bonds and money markets show strength. Investors eye inflation data and central bank signals for sustained momentum.
After early weakness the days operations in stocks show a trader's rally with small net gains. Optimistic railroad earnings and strong grain reports influence speculation while steel and industrials fade and railway issues stay heavy. Investors move cautiously, awaiting a future bull movement as prices remain attractive.
The days operations in bonds show a firm market with total sales at par value of 1,116,200, down from 1,690,500 on Monday. Heaviest dealings centered on Atchison and Baltimore and Ohio 4s, Chesapeake and Ohio 4s, Central Pacific 4s, and multiple rail issuers including Missouri Kansas and Texas 2d 4s and Reading general 4s.
London June 12. The American securities market opened dull then slight improvement before easing again. Last prices show Atchison 26 centered. Canadian Pacific 8. St. Paul 3164. Illinois Central 115. Louisville and Nashville 70 . Union Pacific preferred 75. New York Central 182. Erie 12. Pennsylvania 66. Reading 8%. Erie first preferred 364%. Northern Pacific preferred 75. Grand Trunk 7. Anaconda 8%.
Money on call at 1% to 2% with 1% ruling rate. Time money at 24.02% for sixty days, 3% for three months, 8.3% for four months, and 8.4% for six months on railroad collateral. Foreign exchange steady with cables quoted at 45.54 to 45.55. Domestic exchange rates vary by city, with premiums and discounts noted. Bank clearings for New York, Philadelphia, Boston, Baltimore are listed along with call money in London and discount rates in Berlin and Paris. Gold and silver prices in international markets recorded, with Madrid and Lisbon premium rates.
Merchandises exports report shows a week ending June 12 with items valued at $13 in the period. The document lists figures for the same ending date and notes entries for June 12 and January 1 in the sequence, reflecting a brief accounting record.
Unclear OCR notes sales at the stock exchange and mall lots. Readable fragments provide little to confirm names, dates, or outcomes. Summary highlights uncertain listing of auctions or transfers with no verifiable entities or figures.
Closing quotations on the Colorado Springs Mining Stock Exchange are provided by William P. Bonbright & Co. of Colorado Springs as the market day ends.
A dense OCR listing details bond and stock quotes across numerous issuers including Manhattan, Adams Ex, Manhatton, MK & T, New York Central, Reading, Rio G W, Union Pacific, Tex Pac, and Wilkes & Past. Highlights show varied yields from 6% to 108% with total reported bond sales totaling 1,116,200.
Total Washington report details reserve fund gold and silver holdings, trust funds, and divisions of redemption and issue. It lists gold certificates, silver certificates, currency certificates, and United States notes, with totals for general fund and deposits in national banks. Government receipts include customs and internal revenue, with daily, monthly, and year-to-date figures and redemption note receipts.
Early trading indicates a mixed wheat session with a low open and close, while July option 784 shows varied activity. Market chatter references an estimate near 1.2 million but readable details are limited in the fragment.
Market closed dull with Standard Oil at 4 546 and notable quotes for Havana Commercial and others. London prices firmer in foreign trading as arbitrage houses bought about twenty five thousand shares. Gould dividends include Manhattan Railway 1 percent and Western Union 14 percent quarterly payout proposed.
The principal buyers and sellers in yesterday's market were Missouri Pacific and Winslow, with activity centering on rail and related equipment. Other participants remained unnamed as trades moved through regional exchanges. The report notes marked turnover and renewed interest in transportation assets.
Traders reported brisk activity with multiple firms buying and selling. Names repeated include St. Paul Ames London Housman Northern Pacific Baltimore and Ohio and Tennessee Coal and Iron amid sizable lots such as 4,000 and 2,500 shares. Record lists numerous brokers and firms across rail stocks steel and telegraph interests.
Gold shipments remain the cheapest remittance form with an expected 2,000,000 to Paris tomorrow aboard La Gascogne. Lazard Fréres 1,000,000 and National City Bank with Heidelbach Ickelheimer & Co, about 500,000 each. Weekly exports may exceed 3,500,000 as Paris draws funds for visiting foreigners and London shipments rise. Local money markets show a firmer tone amid steady business and surplus interior currency flows.
The Toledo St Louis and Kansas City Railroad outlines a reorganization forming a new company. It issues ten million dollar 8 percent twenty five year gold bonds, four and a half million first mortgage 4 percent fifty year bonds, ten million non cumulative 4 percent preferred stock, and ten thousand common stock. Old securities exchange details include 6 percent bonds for new bonds and stock, with a Vermilye & Co. led syndicate purchasing the property for 130 net and 4 percent interest from June this year. Bondholder meeting approved the sale with over seven million of eight million eight hundred twenty thousand represented.
Colorado Fuel and Iron Company reports April net earnings of 128 019 bringing the nine month total to 1 985 531 and a year end surplus likely to reach 1 500 000. The report compares steel rail and structural steel markets nationwide with April earnings showing a nearly 11 percent drop from March.
The Engineering and Mining Journal reports American metal mining dividends for the five months ending May 31 totaling 16,561,885 dollars. Four properties accounted for 61 percent with Amalgamated 3 million, Boston and Montana 2.7 million, Anaconda 2.4 million, Calumet and Hecla 2 million. State shares show Montana supplying 6.227 million, Michigan 2.7 million, Colorado 2.5239 million, Arizona 1.2071 million, California 1.1175 million, Utah 942,700, South Dakota 540,000, Idaho 499,958, Kansas-Missouri 422,648, Alaska 256,000, Washington 105,000.
The Baltimore and Ohio reports for May show gross earnings up 702 047 and net earnings up 593 792, lifting total net gains since July 1 to 5 214 052. Despite higher expenditures than last year, property holds physical strength from reorganizations, with most gross gains translating to net results. Directors remain conservative and under Pennsylvania policy, unlikely to declare a high common stock dividend this year.
The Chicago Great Western directors declare a semi annual dividend of 250 per share on preferred A stock for the half year ending June 1900 payable July 31 1900. The 16th semi annual interest payment of 2 per share on the 4 percent debenture stock will be made July 15 1900 to holders of record June 30 1900.
The May statement from the Bureau of Statistics lists breadstuffs cattle and hogs provisions cotton mineral oils and totals. It shows increases over the prior period with gains in most categories and a total exports figure of 57 020 dollars versus 50 843 529 dollars, inc 7 611 000.
A historical table lists rail lines with miles operated in June and earnings for the first week in June and year-to-date through June 7. It covers Canadian Pacific, Chicago and Eastern Illinois, Denver and Rio Grande, International and Great Northern, Louisville and Nashville, Mexican Central, Mexican National, Minneapolis and, Missouri Pacific, Central Branch, Norfolk and Western, Southern Railway, Pittsburg Bessemer and Lake Erie, St. Louis Southwestern, Texas and Pacific, Toledo St. Louis and Kansas City, and Baltimore and Ohio systems with corresponding miles and earnings figures. The row for Baltimore and Ohio totals shows May earnings and year-to-date summaries for the entire system.
Wheat prices touched the best levels of the rally with July around 7 31/32 cents and September at a 1 cent premium. The day featured a late rebound after a midday dip due to forecasts of showers in the Northwest, with Northwestern conditions and the June Government crop report dominating sentiment. Corn stayed quiet, oats and flaxseed moved with wheat, and hogs led weakness in provisions as heavy westbound receipts weighed on markets.
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