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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 14, 1900
Page
2
Closing prices yesterday of the principal active securities and net changes from Tuesday's figures show gains as buyers reenter the market. Active trading saw short positions trimmed and investors pushing major indexes higher amid cautious optimism.
Prices advanced amid renewed support from large interests as traders covered positions across sectors. Analysts note intrinsic strength and speculate higher values before the Democratic National Convention, while cautioning small operators about potential margins and volatility in the coming summer market.
The day’s operations in bonds show firm government bonds with final quotations for various U S issues and railroad bonds. Total par value of sales reached 1,133.00, up from 1,116,200 on Tuesday, with heavy activity in Atchison and Baltimore and Ohio issues among others including Central of Georgia 5s and Union Pacific 4s.
The report outlines money on call rates from 1% to 2% with 2% prevailing, time money ranges from 2% to 4% across periods, and railroad collateral at 3 3 1/2% for four months. It lists foreign and domestic exchange rates, bank clearing figures for major cities, London call money at 1 1/4%, Berlin and Paris rates, foreign securities, silver and gold premiums in several cities.
Washington June 15 report outlines the Treasury divisions of issue and redemption at opening. Reserve fund bullion 22.22 million. trust funds redemption gold coins and silver dollars totals about 229.08 million. Silver bullion 70.23 million. United States notes 4.05 million. Division of issue lists 344 certificates outstanding 229.08 million. silver certificates 416.144 million. Treasury notes 78.127 million. currency certificates 4.050 million totaling 487.179 million.
Custom receipts reported from Washington amount to 818,?1, internal revenue receipts 968,150 and miscellaneous 36,027. Total receipts for the day 1,823,080 with expenditures 1,060,000. Month to date receipts 19,603,906 expenditures 17,290,000. Year to date receipts 537,157,022 expenditures 471,508,498 with an excess of 65,648,524. Receipts of National bank notes for redemption 575,899.
The London market for American securities remained firm from open to close on June 13 with settlement drawing notable focus. Last prices included Atchison 27, Canadian Pacific 9 1 2, St. Paul 117 1 2, Illinois Central 115 1 4, Louisville and Nashville 80 1 4, Union Pacific preferred 75 1 4, New York Central 132, Erie 12, Pennsylvania 66 1 4, Reading 8, Erie first preferred 36, Northern Pacific preferred 75 1 2, Grand Trunk 7, Anaconda 8.
Markets end firmer with Standard Oil at 542 644 and 544 348 on Tuesday. Other notable prices include Havana Commercial 10% 12, Baking Powder 894 9, Bay State Gas 14 145, Amalgamated Copper 86% 87, Amsterdam Gas preferred 50, Rubber Goods 26 27, Distilling of America 64 5% preferred 194920, Sloss-Sheffield 21 23 preferred 62a 4, Storage Power 18 18%, General Carriage 54 5%, New York Transportation 74 8. London buyers return to local market as arbitrage houses purchase about 20,000 shares. Loan quotations list many names with varied percentages. Dividends include Knickerbocker Trust 3% semi annual payable July 2 with books closing June 20. Home Stake Mining monthly 25 cents plus extra 25 cents payable June 25, totaling 8,773,750 to date. Atlantic and Danville fives offer to refund into new 4% bonds with 10% cash bonus. exchanges at Merchants Trust Company through June 22. new bonds secured by first mortgage and a lease to Southern Railway.
Principal buyers and sellers in yesterday's market included G. E. Dimock purchasing Minneapolis and St. Louis common, T. B. Williams acquiring 2500 Federal Steel, Pearl & Co. selling, W. H. Granberg & Co. buying Chicago Burlington and Quincy, and R. W. Newton and C. E. Chapman selling 1000. London bought Baltimore and Ohio common, while I. F. Mead & Co. and F. D. Porter and Barnes Brothers bought American Tobacco. E. A. Levy 2000 and others bought North American. A. Carleton 1000 and De Haven Townsend 109 sold. P. J. Goodhart & Co. and Worden & Co. bought Norfolk.
Mendham Brothers sold People's Gas while L W Wormser paid 117 for Sugar Refining. Investors including W H Granberg and J W Davis Co moved stakes in several rail and steel firms. Reading first preferred changed hands to J W Davis Co and I & S Wormser. Multiple firms bought Sugar Refining and Tennessee Coal and Iron amid widespread activity in Baltimore and Ohio common shares.
Gold exports today total 3.5 million with Heidelbach Ickelheimer Lazard Frères and the National City Bank sharing 1.5 million 1.5 million and 0.5 million respectively. Week exports likely offset Treasury disbursements and interior receipts, prompting banks to post a cash loss on Saturday. If export flows persist money rates may rise slightly though a sustained summer surge is unlikely. Strong sterling demand and Paris exchange decline temper London warrants, with no near gold inflow from London. Western banks report favorable conditions and no heavy cash calls for crop movement from the East absent Treasury aid if needed.
An active demand for International Paper common stock drew market attention. The company shows improving earnings versus last year, virtually no floating debt, and expectations to finish the fiscal year with substantial earnings on both preferred and common shares. Directors anticipate no major recession and foresee gradual price appreciation without issuing new notes.
The Minneapolis and St. Louis Railroad Company declares a semi annual dividend of 2 percent on preferred stock and 1 percent on common stock, payable July 16. The annual earnings show a net after charges, with construction delays on the New Ulm to Illinois Central line impacting income for the new extension.
The Sloss-Sheffield Steel and Iron Company reports for the quarter ending May 31 show a total profit of 897 188 with deductions for depreciation charges and repairs. Directors declare a regular quarterly dividend of 1 percent on the preferred stock, with 114 000 balance carried over from February.
The Western Union Telegraph Company presents quarterly results for the June quarter with partly estimated figures for the current year and actual figures for the previous year. Net revenues, interest on bonds, dividends, and surplus are listed, with totals and year-end projections. The fiscal year ends in June, and four quarters are combined to show annual results.
The Coal Trade Journal reports little change in hard coal with buyers awaiting the buying period. Prices are well maintained and may rise in some directions. After July 4 the season remains active until year end. Soft coal stays strong with sustained demand for higher grades nationwide and potential for increased exports.
The notice itemizes multiple new and continued issues across several firms. Central Pacific, Southern, Chesapeake and Ohio, and Mexican Central Railways plus Western Union Telegraph Company and Sloss-Sheffield Steel and Iron are listed with new totals for bonds and preferred or common stock. Brown Bros Co. certificates of 1871 and the Philadelphia Company are also noted.
The Stock Exchange lists 700 000 dollar additional consoli dated first mortgage 5 percent gold coupon bonds of 1933, bringing total listed issues of the Cleveland Lorain and Wheeling Railway Company to 5,000,000 dollars.
Securities were sold yesterday at auction by Adrian H. Muller & Son in New York. Listed were numerous bonds and shares including Detroit, Hillsdale and ae Railroad Company 6 percent, Brooklyn Trust Company, Mill Creek and Mine Hill Navigation and Railroad Company, Louisville Evansville and St Louis Rail, Central Trust Company, Pennsylvania Knitting Mills of Reading, Utica Clinton and Binghamton Railroad first mortgage bonds due 1939, Jones Journeau and Burnham preferred, National Bank of Commerce, Fourth National Bank, Herring-Hall-Marvin Company preferred, Winona and St. Peter Railroad first mortgage bond due 1916, Mystic Valley Water Company mortgage sinking fund bonds due 1898, Huntington Gas Company first mortgage bonds, Manhattan Life Insurance Company, Citizens Insurance Company, Toledo, & Lewis and Kansas City Railroad, Importers and Traders National Bank, National City Bank, Produce Exchange Trust Company, Trust Company of America.
Chicago wheat prices held near the prior day as the market opened down but recovered. Northwest buyers led activity amid bullish spring wheat crop signals despite heavy showers in the Dakotas and Minnesota. July futures ranged 72 to 75 cents, with strong interest from northern elevator firms and mixed selling by traders. Oats and flaxseed faced weather-related pressure while pork and lard values showed modest shifts. overall receipts remained solid with substantial room for Thursday.
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