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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 19, 1902
Page
20
A surge in trading drives Illinois Central stock price higher amid a speculative reawakening. Investors rally as heavy transactions lift the share value, signaling renewed market interest in the railway operator.
A strong buying surge raised prices on the active list with gains in Illinois Central and Wabash common extending to Missouri Pacific Union Pacific Southern Pacific Atchison St. Paul Reading Pennsylvania and New York Central. Demand remains robust as speculation and expectations of higher values drive operations.
Market movement showed strength in railroad bonds with total par value sales of 4513.50 versus 2511.00 on Tuesday. Active issues included Atchison general 4s Central of Georgia 1s Chicago Burlington and Quincy 4s Chesapeake and Ohio 4s Erie prior Ken 4s Kings County Elevated 4s Mexican Central 24 incomes Reading general 4s Southern Pacific 4s Third Avenue 4s Union Pacific convertible 4s and Wabash debenture Bs. Colorado Fuel and Iron convertible 4s and Consolidated Tobacco 45 also drew attention.
The report details daily trading in railroad and other stocks with notable listings for Southern Pacific Union Pacific U S Steel and American and Canadian exchanges. It notes prices highs lows and bids as investors react to market shifts and bond yields, with emphasis on rail concerns and major industrials moving in the session.
Money on call opened at 3 percent with last loan at 2 1/2 percent. Time money quoted 12 1/2 percent for 30 to 60 days and 4 1/2 percent for six months. Foreign exchange shows firm rates with Bankers posted figures for sixty days and demand Sterling around 4.5? trading. Domestic exchange reports several city discounts and premiums. Bank clearings list New York Chicago Philadelphia and other cities with sizable exchanges and balances. Sub Treasury shows debtor position at the Clearing House and government receipts totals for the day and month.
A compact list of stocks with prices and trading details including Am Car & F, Am ice, Am Locomotive, Am Sugar, Brooklyn RT, Pacific, Chie & Alton, Chic Gt West, Mo Kan & T, NY Central, Northern West, Pennsylvania, Reading, Southern Pacific, Union Pacific and others. The entry ends with the number 140.
Auction at New York Real Estate Exchange featured numerous bonds and notes from major entities. Lloyd Adrian H. Muller & Son sold items including Tennessee Coal and iron bonds, Cleveland Cincinnati Chicago and St Louis Railway collateral bonds, New York and Western Railway issues, Minneapolis and St. Paul Railway bonds, and multiple bank and trust company securities. The sale also listed yacht club, athletic club, benevolent society, and mortgage bonds with varied due dates and interest terms.
London remained a net seller with about 100 shares traded mostly through the Reading and Erie listings. Major loan quotations feature Amalgamated, Anaconda, American Ice, Atchison, Chicago Terminal, Colorado and Southern, Erie, Reading, Southern Pacific, Union Pacific, United States Steel, Western Union, and others. The National Park Bank declares a 7 percent semi annual dividend due July 1. New Haven stock dividend record issues caused transfer timing confusion. possible Stock Exchange inquiry. Colorado Fuel and Iron reports substantial late 1905 construction delays and blast furnace outputs. Consolidated Tobacco bonds attract buyers and expect price rise. Mer Genthaler Linotype and Lanston Monotype consolidation to be reviewed on Morgan’s return. Metcalfe named president of Mexican International Railroad. Hamilton Fish Benjamin joins Joseph Walker & Sons after Yale and prior banking roles. North American Company re elects Wetmore, Sheldon, Converse, and Pfister to three year terms.
Kuhn, Loeb & Co announce subscriptions for 11 million of the Metropolitan Street Railway Company's percent refunding one hundred year gold mortgage bonds due June 25. The issue totals 65 million with 54 million reserved to retire other bonds. The refunding mortgage covers all lines and leases, securing the entire system. The collateral includes franchises, railroads, equipment, leases, real estate, and 14 000 Broadway and Seventh Avenue Railroad Company shares plus 4 000 Forty-second Street shares.
The notice describes a stock issue comprising 3,000 shares of Central Park North and East River Railroad, 9,900 shares of Thirty-fourth Street and Crosstown Railway, and land. The company’s outstanding capital is 52 million dollars with 7 percent regular dividends since 1899. Dividends are guaranteed by Interurban Street Railway. Subscriptions close at 3 p m on opening day with bond payments due July 8 for delivery.
The fiscal year ended May 31 shows total receipts and expenditures with unrealized profit transfer. Balance sheet compares 1992 and 1961 figures, noting Goodwill, stocks, bonds, loans, property, and cash. Liabilities include capital stock and undivided profits with changes across the two years.
The Wabash Railway seeks to add feeders into coal and iron regions after securing tide water access. It reports 60 months of rising gross earnings and growing net earnings despite heavy spending on improvements and equipment. President Ramsey notes progress on the Pittsburg extension and links to Atlantic seaboard links, denying friction with Pennsylvania Railroad, amid talks of a Gould-led holding company consolidating its securities.
In the outside securities market transactions were down though prices stayed firm. Northern Securities rose to 106 with about 8,000 shares traded, while United States Steel advanced 4 percent with around 35,000 dollars in volume. Standard Oil gained 10 points to 66 and Royal Baking Powder preferred moved to 106 as British Columbia Copper held firmer at 4. American Can preferred rose to 34 and Hall Signal reached 9. National Salt weakened and American Consolidated Pine Fibre fell about 15 points with 1 1/2 shares of common and 100 shares of preferred offered at 32 1/2.
A market brief lists several gas firms compiled by William E. Nichols & Co detailing company names, locations, and approximate status. The note appears in a business column on gas utilities and related stocks.
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