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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 21, 1900
Page
10
Stocks generally declined as bear traders pressed the market. The closing prices yesterday of principal active securities and net changes from Tuesday reflect widespread weakness as gold exports and money markets also felt the impact.
Reading shows mixed bid values for railway and coast bond issues with varied yields. Listings include Nor Pac 4s, Pac Coast Ist 5s, Cent of Ga fs, St L & MLG 342s, and Wabash Ist 4s with percentages indicating performance and changes.
Early strength in stocks gave way to irregular trading and net losses across many issues. Wheat advances curbed a rally in granger shares while American Tobacco pressure pressured industrials. Local traction and Baltimore and Ohio weakness signaled a bear tilt amid liquidity and litigation fears involving Brooklyn Rapid Transit.
Market steady for government bonds with final quotations listed for U S 8S ex 2s reg 100. 4s 1925 134% 124. 2s reg 108 109%. 1904 reg 113 113%. 4s cou 100 92 182. 1904 cou 112 112% BE. 1907 cou 115 115%. Railroad bonds show irregular market. total par sales $1,274,500 versus $1,265,500 prior. notable issues include Atchison Baltimore and Ohio Central of Georgia Chesapeake and Ohio Chicago Rock Island and Pacific Erie Missouri Kansas and Texas Norfolk and Western Northern Pacific Reading St Louis and Iron Mountain St Louis Southwestern Southern Pacific Union Pacific Wabash and related 5s debentures.
American securities opened near parity in London and held steady through the close. Last prices showed Atchison 265, Canadian Pacific 93, St. Paul 115, Illinois Central 114, Louisville and Nashville 77, Union Pacific preferred 74, New York Central 131, Erie 11, Pennsylvania 654, Reading 8, Erie first preferred 34, Northern Pacific preferred 74, Grand Trunk 6, Anaconda 8.
A dense list of money rates including call money 1 percent, time money varying 3 to 4 percent for different terms, and railroad collateral at high yields. Commercial paper quoted for best names and higher for others. Foreign exchange shows market weakness with various cable and Paris Antwerp Berlin rates and domestic discounts in New Orleans and San Francisco.
Bank clearings and exchange figures across New York Philadelphia Boston Baltimore Chicago and more. Foreign money market rates in London Berlin Paris with rates on bills and foreign exchange. Silver and gold premiums listed for Madrid Lisbon Buenos Aires Rome and related markets.
Unlisted small lots reported at the stock exchange show limited activity in railroad and other shares. Brokers note subdued demand with marginal price movements across minor listings.
The June Treasury bulletin lists reserve fund gold at 50 million, redemption division silver dollars and notes totals, issue division balances for gold certificates and currency, and general fund assets including gold and silver holdings. It records government receipts for customs, internal revenue, and miscellaneous totaling 1,165,000 for the day, with year-to-date receipts of 48,110,404 and expenditures of 475 (units shown).
Market closed weak with Standard 611 at 535537 and several issues quoted. London buyers and arbitrage houses added about 15000 shares. Dividends declared by Bank of New York National Park Irving Market and Fulton and Wells Fargo with July pay dates.
The Norfolk and Southern Railroad declares a quarterly dividend of 1 percent payable July 10. American Smelting and Refining 1% on preferred stock due July 10. Manhattan Savings Institution semiannual 3 percent on balances up to $3,000, payable in July. Chicago Rock Island and Pacific Railway 125 a share dividend paid August 1. Merchants' Exchange National Bank 3 percent semiannual dividend payable July 2. North American Trust Company moves to 135 Broadway Cedar Street. Toledo St Louis and Kansas City Railroad bond and stock holders must file by Friday June 22. deposits after that date at committee discretion.
Principal buyers and sellers listed across multiple issues dominated by M. Bouvier & Co. and Haile & Stieglitz with People’s Gas, Brooklyn Rapid Transit, Missouri Pacific, Sugar Refining and American Tobacco among the highlighted assets. Others including J. M. Amory & Son, W. H. Motley and Keech Loew & Co. held shuffles in St Paul and Metropolitan Street Railway while Sugar Refining activity moved between De Cordova & Co and Hough & Roland amid shifting support.
Gold to the amount of 1 199 000 was engaged yesterday for export to Paris Lazard Freres taking 600 000 and the National City Bank 0 000. Paris exchange on London is lower francs firmer. Sterling weak in local market with demand rates at 4 86 4 87. Time money firmer long time loans higher. Ninety day money at 3 percent and five to six months funds at 4 percent on rail and industrial securities. Banks demand rates for periods on all railroad stock collateral. Current business for money demand light. Prime mercantile money lighter. some bankers out of market. Minimum discount figures 494 percent and rates trending upward.
Traders watched weak traction shares yesterday amid BRT declines led by the 10 cent fare dispute for Coney Island. Judge Dickey’s stance against ten cent fares sparked expectations of legal moves to overturn policy. Metropolitan Street Railway interests reportedly bought, while ordinary traders stayed on the sidelines. Manhattan and Metropolitan saw modest losses, with Brooklyn Rapid Transit dropping about 3 percent as long-term holders and major players maneuvered.
Annual statement shows surplus after charges of 149,749, up from 85,292. Admin expenses fell by 2.47, gross income rose by 62,409. President notes Milwaukee Electric Railway and Light and Cincinnati Edison Electric Company stock established on dividend paying basis with 6 percent quarterly for Milwaukee and 3 percent for Cincinnati starting 1900. Treasurer lists assets including Milwaukee and Cincinnati stocks, bonds, and receivables. liabilities include interest, dividends, and profits.
The Coal Trade Journal notes the hard coal market holding prices steady despite increased tonnage. Production continues, with some storage near usage, especially for domestic sizes, while steam sizes see strong demand. Soft coal areas report hesitation from industrial buyers during the hot season.
Yesterday's earnings for the second week in June show decreases and increases across a set of railroads. Central of Georgia and Cincinnati, New Orleans and Texas Pacific report shifts, with Chicago Terminal Transfer and others noting decreases. Ohio River and Kanawha and Michigan display declines amid varied results for Pittsburgh and Western and Toledo, Peoria and Western.
Weakness in People's Gas was due entirely to bear pressure, not to developments affecting stock value. The company raised output 4 percent since January 1 without higher manufacturing costs, and earn ings are expected to reach about 7 percent on the stock. The firm supplies a major city with 845 units at $1 per 1,000 with no competition.
The note discusses gas stocks with 6 per cent yields, compares market values and price spreads among Consolidated Gas, People's Gas, and Brooklyn Union Gas, and notes People's Gas popularity with bears while investors gradually absorb it.
Securities were sold at auction by Adrian H. Muller & Son at the New York Real Estate Salesroom. The list includes American Surety Company, American Telegraph and Wells Fargo Express, American Sugar Refining, American Malting and Amex, St Joseph and Railroad, Lake Erie and West, New York Central and Hudson River, Spokane and Spokane, Western Union, Woodlawn Cemetery, Missouri Kansas Texas, New York Biscuit, Northern Pacific Terminal Oregon, Nowell Gold Mining, Pittsburg Fort Wayne Chicago lines, Rio Grande Western, Southern Railroad, Pacific Mail Steamship, Chicago Rock Island and Pacific, Brooklyn Union Gas, Chicago Milwaukee and St Paul, Norfolk and Western adjusted, Third Avenue Railroad, General Electric, Reading, Des Moines Fort Dodge, St Joseph Grand Island, Kings County Elevated, National Bank of the Republic, Western National Bank, Farmers' Loan and Trust, New Jersey Zinc, Pennsylvania Knitting Mills, Gulf and Manitoba Railway, with various bond types and due dates including 1911, 1912, 1914, 1918, 1923, 1930, 1939, 1949 and payments in January, February, March, April, July and October.
New York bid asks shown for several securities including Askea Con An G 5s 107 2N Am G 1st 55 103 14 Con Deb Ss 10 NY ER Ist 5s 111 118 Equit Ist C 58 115 117 do Con 5 Mutual 805 315 Standard com New Am Gas 24 25% do pref 145 do pref 48 494) do Ist 8ST
Colorado Springs Stocks report closing quotations on the mining exchange. Data furnished by William P. Bonbright Co. of Colorado Springs.
A condensed table of railroad earnings and mileage by company for mid June and year to date periods. Includes Central of Georgia, Chicago Terminal Transfer, Cincinnati New Orleans and Texas Pacific, Chesapeake and Ohio, Grand Trunk, and others with miles operated, second week in June data, and Jan 1 to June 14 totals. Also lists Philadelphia and Erie and Pittsburg lines with gross earnings, expenses, and net earnings for April and May periods.
Chicago wheat futures rose about four cents per bushel with July trading around seven and a quarter to seven and a half cents. September held a premium while Northwestern markets advanced quickly. Reports say widespread crop losses in both winter and spring wheat regions are unprecedented, prompting outside buying and rising prices despite recent dips. Bulls show no profit-taking as cables strengthen this week.
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