Irregular Trading in Stock Values and Bond Demand
Closing prices yesterday of the principal active securities and net changes from Wednesday's quotations were: bonds and money in good demand though some issues show irregular trading.
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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 13, 1902
Page
4
Closing prices yesterday of the principal active securities and net changes from Wednesday's quotations were: bonds and money in good demand though some issues show irregular trading.
Fragmentary bond table lists various 4s and conversion issues from different issuers including B and O gold 4s, Mexican Centric con 4s, Nor Pac 4s, Un Pac conv, Reading generic con 4s, Wabash debentures es st, Consol Tobacco 4s, and P I conv Ss with prices or yields such as 1025 and 87 percent, reflecting a loosely compiled securities rundown.
Activity in stocks was confined to a few issues but prices remained generally strong through late trading. Goulds, Chicago Great Western, Kansas City Southern and St Paul attracted buying while many issues saw quiet accumulation. Rail earnings for the first week in June showed marked gains over last year supporting higher prices. Inter regional Pump and American Grass Twine led industrials. Missouri Pacific and other Gould roads remained in strong financial shape. Closed with slight gains overall as some names weakened on profit taking.
Market quotes show government bonds slightly lower with final bids and asks listed for several series. Railroad bonds prove generally strong with total par sales around $2,022,500, led by Atchison 4s, Baltimore and Ohio gold 4s, Central Pacific 4s, and others across major lines and industries.
The London report details a rise in total reserve by 971.00 with circulation down 210,100 and bullion up 760.94, while public deposits rose 2,017,000. The reserve ratio stands at 52 percent with the discount rate steady at 3 percent, and notes in circulation in Paris show a separate set of changes in francs.
A brief stock exchange note records low 1.60, trade activity at 3.2 million shares, and a modest 20 he units of turnover with limited readable context. Remaining readable figures suggest a routine market update without specific company names.
Money and exchange notes show less demand for call funds than time money, with borrowers seeking to tide through August and crop movements. Time money firmer due to Sub-Treasury losses and July 1 disbursements. rates: call 2 to 3 percent, last 2 1 2 to 3 percent. Time money 4 1 4 percent for 30 to 60 days, 4 1 4 to 5 percent for longer terms. Commercial paper 4 to 4 1 2 percent. Foreign exchange steady. closing rates listed for various currencies. Bank clearings and balances noted for several cities. domestic and foreign money markets summarized with rates in London, Berlin, Paris. Government receipts show daily and monthly totals. sub-treasury activities at clearing house.
Foreign houses traded 7000 shares, 5040 sales, with American stocks in London showing little movement. The general market was featureless with Kaffir stocks active and no change in consols. Bank of England kept rates, bullion gains, Paris and Berlin exchange trends easing, money easy. Distillations and corporate notes noted, with Denver and Rio Grande surplus tallied at 5.0609 million and Boston bonds offered for public investment.
Rogers Brown & Co report pig iron markets shifting as buyers hesitate on 1993 contracts while large users procure for January to June deliveries. Costs rise along the supply chain, railroads and heavy industry increase purchases, and optimism on demand persists despite uncertainty over old contracts.
The Panama Railroad Company and the Pacific Mail Steamship Company have completed a three year contract, securing Pacific Mail traffic control from Pacific Coast destinations north of Panama to British Columbia United States Mexico and Central America. The agreement replaces the prior arrangement that expired in December 190. Both firms had operated since then under a less profitable setup.
James G. Cannon of the Fourth National Bank states that the bank has no stake in Meyer loans but will aid in adjustment at the request of 143 banks and institutions. A committee including Cannon Porter and Woolverton will study Dominion Securities Company and seek a concerted plan for reorganization. Stockholders urged to deposit shares with Metropolitan Trust before July 3.
Dispatches from R G Dun reports show corn growth strong across major states with ample rains benefiting progress. Ohio and Illinois note wet grounds and weed pressures. Indiana reports excellent progress with larger acreage. Iowa faces washouts and replanting but sustains a good stand.
The report notes a week or two of warm dry weather is needed to cultivate fields that are becoming very weedy. Missouri complains of too much moisture but planted acreage is larger and crops strong. Kansas shows a large shift with 1,041,000 abandoned wheat acres now planted in corn, adding to a heavy existing corn area, and the two states together produce about two thirds of the nation's corn crop.
The outside securities market remained steady with Tennessee Copper and Northern Securities leading activity. Insider manipulation pushed Tennessee Copper up to 16 percent on 15 000 to 16 000 share transactions. Northern Securities traded about 2 100 shares early but faded toward close.
Bid and asked prices appear for various bond issues including Gas Ss 100 110 NY & ER Ist 5s with quotes around 100 to 115, standard shets, and Premier preferred issues. General listing shows bid and ask spreads and specific issue identifiers such as con. and pref. notes with small price ranges.
The report lists miles of track and gross earnings for multiple railroads. Chesapeake and Ohio shows 1 607 miles and earnings over 15 million for the year through June. Central of Georgia and others report similar figures. Entries include Chicago Great Western, Cleveland Cincinnati Chicago and St Louis, Evansville and Indianapolis, Louisville and Nashville, and more with weekly June figures and annual totals to June 7. Data columns mix miles, first week in June earnings, and July 1 to June 7 totals for each line.
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