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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 19, 1900
Page
10
Closing prices yesterday of the principal active securities and net changes from Saturday's prices show a general decline amid liquidation. Major declines were seen across multiple sectors with notable losses in industrials and transport shares. Investors eyed corporate results and market sentiment remained cautious as trading closed.
Cautious investors fled to the exits amid home and foreign uncertainty and rumored bear manipulation. Liquidation dominated yesterday's trading as high priced issues fell below apparent value, while some buyers anticipated bargains and eventual profits.
Trading on government bonds was steady with final quotations showing minor yields for U S and Gs while railroad bond activity was irregular. Total par value sales reached 1.591 million against 1.082 million Saturday, with heavy dealings in Atchison and Baltimore and Ohio issues and various 4s and 2ds across multiple lines.
London June 12 American securities opened dull then strong briefly before fluctuating and closing weak. Provisional trading limited. Last prices include Atchison 234, Canadian Pacific 385, St Paul 14, Illinois Central 114, Louisville and Nashville 76, Union Pacific preferred 74, New York Ore 181, Pennsylvania 8, Reading 8, Erie First preferred 33, Northern Pacific 75, Grand Trunk 5, Anaconda 25.
Money on call stemmed at 14% with 1% rulings. Time money offered at 2% for sixty days, 2% for three months, 8% for four months, and 24% for six months on railroad collateral. Commercial paper quoted 3 4% for three to six months for top names, higher for lesser names. Foreign exchange markets weak with closing cables and domestic rates showing discounts and premiums. Bank clearings in New York noted with exchange activity and regional variations.
The Imperial Bank of Germany reports shifts in cash, treasury notes, and notes in circulation. London call money at 1 1 1 percent, Paris and Berlin rates noted. silver and gold premiums listed for Madrid Lisbon Buenos Aires and Rome with varying percentages and figures.
Stocks at the stock exchange show activity in railroad shares and other listed securities. Traders report varied demand across transportation and industrial sectors with prices fluctuating through midday.
A dense catalog of bonds and stocks with numerous issue names and prices. Entries include C & O Gen 4s, Minn 6s, Union Pac Ist 4s, Reading Gen, Wabash Ist G, and many others with prices and counts. It reads as a market roundup of issue types, coupons, and total sales totals.
The Treasury report from Washington lists divisions of issue and redemption. It shows gold coin and bullion, silver dollars, United States notes, and various certificates in both general and trust funds, with deposits in national banks and government receipts totaling daily and year-to-date figures. Expenditures and excess receipts are noted, including customs and internal revenue receipts, and notes for redemption.
Market closed weak and dull with Standard Oil at 63 8 and 54 48 last Saturday. Foreign trading showed London prices higher as arbitrage houses bought 25 000 American shares, with half in Northern Pacific common and demand for St Paul Louisville and Nashville Union Pacific and Southern Railway. Stock loan demand was strong with numerous names quoted for borrowing including American Steel and Wire, General Electric, New York Central, Northern Pacific preferred, St Paul and Union Pacific preferred, among others.
The Chicago Rock Island and Pacific Railroad declared a regular quarterly dividend of 1% per cent payable in August. The United Metal Selling Company ships 275000 ounces of silver to Europe. The Trunk Line Association committee meets in New York to set eastbound rate cuts and possible drastic actions. St Paul and Duluth Railroad stockholders vote to sell the line to Northern Pacific with $60 cash per share, Morgan & Co. handling the cash for surrendered stock. New York Cotton Exchange sees higher memberships with a seat selling for 3600, a record high.
The gold export movement pivots toward Berlin as monetary conditions force German borrowing. Heidelbach Ickelheimer & Co export 2,000,000 in gold bars, National City Bank sends 500,000 in coin. Kaiserin Maria Theresia sails today for Bremen. Loans reach a record 809,999,900 with deposits down year over year, suggesting a readjustment before future stock market activity.
Principal buyers and sellers listed across multiple lines with firms such as Northern Pacific Chicago Burlington and Quincy St Paul Reading Union Pacific and Missouri Pacific. Notable names include J M Shaw H Whitney L Wormser Harris Fuller Housman Co and D Henry buying or selling thousands in trades.
The net earnings of the Northern Pacific Railway Company are estimated at 15,636,838 for the year ending June 30, with gross earnings of 29,981,285, up 3,982.59 from 1899. Operating expenses total 14,824,407, up 1,974,?5. Net earnings exceed 1899 by about 2,000,000. Betterments appropriated amount to 2,362,000 more than last year, leaving 2,725,700 available for a 1 percent dividend on the common stock declared Friday.
Gross earnings of the Chicago Milwaukee and St Paul during the second week in June totaled 776,535, up 4,781 from the same week in 1890. Last year’s second week showed an increase of 99,224 over 1898. This year’s week marked the largest earnings for any corresponding period in the company’s history.
E H Gary president of Federal Steel Company says new business is dull but expects a restore in activity in two to three months as buyers wait on price direction. He notes higher raw material costs lock in contracts, mills reopening including Joliet red mills, and warns against political sparring hurting business. He sees no permanent setback to prosperity and forecasts larger steel and iron sales and renewed export demand.
Fragmentary OCR notes reference ferry names such as Rockin Ferry and Feeces Ferry along with percentages, bids, and bond mentions. The text lists figures like 18 20 85 86 68 70 110 111 and labels such as Bonds Union Ferry, Ist Bs, and 96, indicating a dated financial or bid record about ferries.
Rail lines across the Midwest report second week June and year to date earnings and mileage. Entries list miles operated and revenue figures for Cleveland Canton and Southern, Denver and Rio Grande, Evansville and Indianapolis, Hocking Valley, Iowa Central, Ann Arbor, Buffalo Rochester and Pittsburgh, Chicago Milwaukee and St Paul, Missouri Kansas and Texas, Peoria Decatur Evansville, Rio Grande Southern, Rio Grande Western, Toledo and Ohio Central, and other lines with partial figures and totals.
Chicago June 18 Wheat prices moved higher amid heavy buying from Northwest seaboard and foreign buyers. July ranged 79 to 79 1/4, closed around 79 1/2, September near 74 1/2 to 75. Government crop outlook remains cautious with a national yield not exceeding 500 million bushels.
The St Paul and Duluth Railroad Company sells all railroad and related property to the Northern Pacific Railway Company. The NP assumes all debts and pays sixty dollars per share in cash to stockholders, deposited with J P Morgan & Company in New York for transfer on endorsement. Dated New York June 1900.
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