Stock Values Struggle In Irregular Trading
Closing prices yesterday of the principal active securities show irregular trading with bonds and money in good demand. Net changes from Wednesday's quotations are listed, indicating uneven market movement.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 13, 1902
Page
18
Closing prices yesterday of the principal active securities show irregular trading with bonds and money in good demand. Net changes from Wednesday's quotations are listed, indicating uneven market movement.
Old market brief lists numerous bonds and rail company securities with bid or price quotes such as Fen a ore B& O gold 4.102% Cent Pac 4.10 Chie BAGY 4s WK F 1 conv Ss 104% Consol Tob 4s 87% Erie sen 4s Mex tent con 45 Nor Parc 4 Reading gen 4s tn Pac conv 4: oss st 1 Wabash D Bs
Activity in stocks centered on a few issues with prices firm into late trading. Gould shares, Chicago Great Western, Kansas City Southern and St Paul attracted buying while others saw quiet accumulation. Rail earnings for early June showed strong gains, supporting higher sentiment despite the coal strike. International Pump and American Grass Twine led industrials. Northwest and Chicago and Eastern Illinois rose. Sugar Refining fell, steel shares slipped slightly.
Market activity shows slight decline in government bonds with final quotations. Railroad bonds remain generally strong with $2,022,500 par value traded, led by Atchison 4s, Central Pacific 4s, Chicago lines, Erie 4s, and several convertible and income issues.
The Bank of England weekly return shows total reserve up 971 pounds, circulation down 210,400, bullion up 760,961, other securities down 829, other deposits down 1,999, public deposits up 2,017, notes reserve up 926,000, government securities unchanged, reserve ratio 62 percent, rate of discount unchanged at 3 percent. Paris notes in circulation down 43,440,000 francs, treasury current up 3,800,000 francs, cold in 4,900 francs, bills discounted in-
A brief report notes activity at the stock exchange with figures showing one price point at 60 hi and another at 2.200. No further context or names are provided in the fragment.
Money and exchange report shows call money softer than time funds as withdrawals by country deposits in New York and crop moving needs influence rates. Time money firmer. call money opened at 2 percent, high 4 percent, last 3 percent. Commercial paper ranges 4 to 5 percent. Foreign exchange steady with various rates. domestic and foreign markets note bank clearings and government receipts.
Foreign houses showed little activity in London with 7000 shares traded, 5040 sales, while American stocks had scant trading. The Bank of England held rates, reserves high, bullion up. Paris exchange eased, Berlin exchange lower. Notes include Rome Locomotive Works officers, a 3% semiannual dividend, Denver Rio Grande surplus, Milwaukee Gas Light listing, and Boston bond offerings.
Rogers Brown Co reports the pig iron market showing cautious planning for 144 deliveries. Buyers stay indifferent on next year while large consumers secure raw materials for January to June. Furnaces hold off on new business, citing rising costs in labor and materials and a need to see how markets unfold. Railroads and industries boost purchases, signaling confidence in the future despite uncertain pricing.
The Panama Railroad Company and Pacific Mail Steamship Company have signed a three year traffic renewal agreement. It covers Pacific Coast routes north of Panama to British Columbia, the United States, Mexico and Central America. The prior pact expired in December and the new deal aims to restore profitability.
Banks holding Meyer stock claims have entrusted James G. Cannon of Fourth National Bank to coordinate an adjustment. Cannon says the bank has no direct interest but will aid a nationwide effort with cooperation from 13 banks. A committee including Cannon Porter and Woolverton will study Dominion Securities and seek a plan for readjustment. Stockholders are urged to deposit shares with Metropolitan Trust before July 3.
Dispatches from R. G. Dun describe rapid growth of the corn crop with abundant rain and vigorous plants. Reports cite too wet ground in places, weed rise, and the need for hot dry weather. Ohio and Indiana show strong progress with higher or steady acreages. Illinois and Iowa report large plantings but flood damage and replanting in spots.
Weather patience needed for cultivation as fields turn weedy. Missouri reports excess moisture hampering cultivation though acreage runs high and crops look strong. Kansas notes vast plantings from abandoned wheat fields totaling 1041 acres now devoted to corn alongside existing corn acreage. The two states account for about two thirds of the nation’s corn crop.
The outside securities market was steady with Tennessee Copper and Northern Securities active. Insiders pushed Tennessee Copper up 2 percent to 16 percent on 15,000 to 16,000 shares. Northern Securities traded about 2,100 shares. Other issues including Hall Signal Company, Green Consolidated Copper, Montreal and Boston, United Copper, White Knob Copper, United States Steel 5s, Union Copper, and San Francisco and American Can offerings showed mixed gains and dull activity. The close was quiet but steady across the board.
New York market notes show bid and asked lines across several securities. Listings include railroad and gas company issues with quoted bids and asks, alongside preferred and common stocks from standard mutuals and national securities.
Quotations for guaranteed stocks are supplied by Joseph Walker and Sons of Broad Street.
A table of earnings and mileage for multiple railroad companies compares first week in June and July 1 to June 7 figures. Entries include Chesapeake and Ohio, Central of Georgia, Chicago Terminal Transfer, Evansville and Indianapolis, Louisville and Nashville, Norfolk and Western, and others with miles run and dollars earned, reflecting the period around mid 1902.
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