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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 15, 1902
Page
4
Bank holdings show expansion in bond investments with fair demand. stock values remain firm and transaction volumes persistently light. Investors watch for rate shifts as market activity shows subdued trading and cautious sentiment across sectors.
Yesterday's stock market saw small price moves with a general tilt to higher quotes. Volume surpassed Saturday but stayed under 150,000 shares as commission houses stayed quiet. Bullish sentiment grew after a bank statement showed reserves above legal requirements by 2,016,775, lifting total reserves to 13,302,350. Missouri Pacific led gains along with Gould stocks. St Paul, Reading, Union Pacific and Atchison were active leaders. General Electric and Long Island rose on light turnover. Despite a five week coal strike, industrial progress remained evident and securities values stable. Analysts note occasional manipulation but say intrinsic value supports a bull trend as strategic buyers target low priced rails and attractive Industrials. Missouri Pacific, Reading, St Paul expected to lead when activity broadens. The weekly price table for active issues concludes the report.
The market showed activity in a range of debentures and convertible bonds. Western debenture Bs, Mexican Central consolidated dated 4s and first incomes, Missouri Kansas and Texas second 4s, Reading general 4s, Southern Pacific 4s, Union Pacific convertible 4s, Wabash debenture Bs, Wheeling and Lake Erie first 4s, Colorado Fuel and Iron convertible 5s, and Consolidated Tobacco 4s were all actively traded.
The Pay's Operations in Bonds reports market activity with government bonds steady and various bid and asked prices. Railroad bonds show general strength with Friday par value sales totaling $1,406,500 and notable deals in Central of Georgia, Burlington and Quincy, Erie, Worth and Denver City, and Green Bay and.
The report covers money rates on call and time money with 3 to 60 day terms at 3 to 4.5 percent, commercial paper at 4 1 2 to 5 percent, and notes foreign exchange with London and Paris quotes plus bank rates. Domestic exchange includes several city quotes with premiums and discounts, and foreign money markets list London and Berlin rates. Metals markets list silver at 52 cents, Mexican dollars at 42 cents, with gold premiums in Madrid Lisbon Buenos Ayres Rome.
Washington June 14 With Treasury at start of business reporting reserve fund gala coins 546146089 silver dollars 4M national banks deposits trust funds silver bullion 1890 gold certificates and silver certificates outstanding totals 346146089 455 30725000 gold coin bullion 208000000 available cash balance 200199176 total current liabilities 200199176Available cash balance.
A historical bank table reports the usual comparative statement of holdings with figures for June 7 and June 14 including deposits, reserves, legal tenders, and total cash. It also lists changes from the preceding weeks for three years and shows reserve requirements and percentages.
Import figures for New York during the weekend of June 14 1902 show totals across drygoods general merchandise and other categories. Values listed include drygoods about 1.58 million in 1900 and 1.39 million in 1899 with general merchandise totals exceeding eight million, and yearly cumulative amounts from January 1 to the period noted.
Foreign trading was subdued with under 200 shares in local activity while American stocks in London held near parity and the general market remained featureless. Bank clearings for the week ended June 14 totaled 1.902 billion, down from the prior week. Kuhn, Loeb & Co. bought 12.4 million of 4 1/2 per cent 100 year Metropolitan Street Railway bonds to become a first mortgage, with 11 million for motive power changes and 1.4 million to retire small liens. Vulcan Detinning stock rose briefly before waiting on director dividend action, as earnings improved. A petition circulates to close the New York Cotton Exchange on July 5. Texas and Pacific mileage rose 30 with the Natchitoches and Red River Valley line opening. Willamette University conferred LL D on Henry Clews. Dillon Electric bonds offer 80,000 first mortgage 5 per cent 30 year notes. plant claims strong earnings. Kuhn, Loeb also purchased the same Metropolitan issue, planned as a full mortgage on the property.
Seaboard Air Line reports year end 1901 earnings in an application for bond listing on the Philadelphia Stock Exchange. Total income 1 1 1 1 1 11 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Schumacher & Co explain that demand for exchange is met by bankers via sixty and ninety day bills drawn on European credits. Banks are ready to supply more bills as needed, with London inclined to discount such long bills into cash. European banks likewise hold francs and reichsmarks, supporting the flow while contrasting the favorable foreign rates with domestic rates and noting that Europe may continue to supply funds until rate disparities narrow.
The outside securities market remained quiet and firm with Northern Securities rising to 103.15 on about 1,500 shares. Tennessee Copper swung from firm to 16 percent as 2,500 shares traded. United States Steel 5s at 94 1/4, Greene Consolidated Copper 28 1/2 to 29 1/2, British Columbia Copper at 8 3/4, Montreal and Boston at 23 5/8, Toledo Railway and Light firm. General Arriage Trusteer at 4 1/2 to 6. United Copper at 34. The market closed quiet.
Bank statement presents totals including 83 572 700 and 105 007 900 figures along with 81 070 400 172 373 700 and 76 645 800. It lists miscellaneous amounts such as 342 and 68 600 and 31 410 800 in sequence.
A brief note from New York lists street railway companies with bids asked and prices cited. Details are sparse but indicate financial terms for rail ventures in the city as reported by William E. Nichols & Co. of Wall Street.
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