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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 21, 1900
Page
30
Stocks generally lower as bear traders push prices down. Closing values of major active securities declined from Tuesday's prices, with declines broad across groups and losses sharpening investor concern about market direction.
The clipped OCR shows fluctuating percentages for railroad and utility bonds such as Wabash, Northern Pacific, Reading, St Louis and Iron Mountain, and South Pacific, with yields ranging around 0 to 110 percent and several 4s and 5s notes.
Early gains gave way to irregular trading and broad losses across issues. Wheat firmed briefly, dragging granger shares down, while American Tobacco weakness weighed on industrials. Baltimore and Ohio common lagged Union Pacific, with overall market sentiment bearish amid crop worry and ample margined liquidation.
Government bonds show a steady market with final quotations: U S ex 2s reg 124 4. T B 48 1928 1384% 124%. U S 3s reg 109 104. TS sec 1994 reg 113 113%. U S 3s small issue 1094 109%. U S 5s 114. Treasury notes 1964 reg 112%. Dist of C 8-668 123. U S 45 1025 reg 124% 154%. Railroad bonds mark irregular trading. total par sales $1,274,500 vs $1,265,00 prior. Major activity in Atchison issues and several 4s across lines.
American securities opened near parity in London and stayed steady to the close. Last prices included Atchison 26½, Canadian Pacific 93, St. Paul 115, Illinois Central 114, Louisville and Nashville 77, Union Pacific preferred 74, New York Central 131, Erie 11, Pennsylvania 64, Reading 8, Erie first preferred 34, Northern Pacific preferred 74, Grand Trunk 6, and Anaconda 8.
Foreign exchange markets show weakness with varied closing rates for currencies and precious metals. Domestic exchange quotes in New Orleans show commercial at 50 percent discount and bank at 1 dollar premium, while other cities report bid offers and telegraph quotations amid mixed domestic money lending terms for short and midterm loans.
Bank and exchange data from major cities show varied premiums and par values. Boston and Chicago report premiums on securities with over the counter and par rates, while Savannah and Charleston list buying and selling figures. Foreign markets note London call money at 1.1 percent and Berlin Paris rates, with consols and rentes quoted. Silver and gold premiums are given for multiple world centers.
Market activity shows continued trading in stocks at the exchange and railroad sectors with assorted small lot transactions. Investors monitor price movements and volume as institutional and retail traders adjust holdings amid fluctuating indices.
Washington June 20 The Treasury reports reserve fund levels gold and silver holdings and currency in circulation. It lists receipts from customs internal revenue and miscellaneous sources totaling 1 961 048 for the day with expenditures 1 165 000 and a year to date excess of 69 590 006.
The market closed weak with Standard 611 at 85 527 and other issues showing varied bids. London buyers and arbitrage houses traded local stocks, while several banks and financial firms declared July dividends including Bank of New York 5 percent and National Park Bank 6 percent with Wells Fargo pending.
Several corporations announce cash dividends and notes on office moves. Manhattan Savings Institution declares a semi annual 2 percent dividend up to 3000 on deposits through June, payable in July. Chicago Rock Island Pacific Railway pays 125 a share on August 1. Merchants Exchange National Bank at 3 percent semi annual payable July 2. American Smelting and Refining declares 1 percent on preferred stock payable July 10. Norfolk and Southern Railroad 1 percent quarterly dividend payable July 10. North American Trust Company relocates to 135 Broadway Cedar Street. Toledo St Louis and Kansas City Railroad bond and stock holders must file by Friday June 22.
Principal buyers were M. Bouvier & Co. and Haile & Stieglitz who bought People's Gas. H. I. Nicholas & Co. bought Brooklyn Rapid Transit. several firms including C. M. Oelrichs & Co. and Provost Bros. & Co. bought Missouri Pacific. sugar refiners changed hands with C. Minzesheimer & Co. and Halle & Stieglitz selling. American Tobacco saw activity with H. Content & Co. and J. J. Manning buying. Sugar Refining moved with A. De Cordova & Co. selling down 1400 shares. and St Paul, Metropolitan Street Railway, and other assets changed hands among numerous brokers.
Gold export commitments reached 1 190 000 dollars for Paris with Lazard Freres taking 600 000 and National City Bank 500 000. Paris London exchange at a discount. local sterling weak with demand at 4.864 4.87. Time money firmer. ninety day loans at 3 percent and five to six months at 4 percent on railroad and industrial stock collateral. Demand for money light. prime mercantile money in lighter request. discount rates rising.
Brooklyn Rapid Transit led a market downturn as traction shares weakened yesterday. Traders eyed possible 10 cent fare policy changes for Coney Island with Judge Dickey seen as likely to back legal action to nix the preset rate. Metropolitan Street Railway interests reportedly bought selectively while ordinary houses stayed on the sidelines. Brooklyn Rapid Transit faced sharper losses, with Manhattan and Metropolitan issues slipping as bargaining persisted for large long term holds.
The annual statement shows a surplus after charges of 149749, up from 85292 last year. Expenses of administration declined by 2.47 while gross income rose by 2499. The president notes dividend paying status for Milwaukee Electric Railway and Light and Cincinnati Edison Electric, with 6 percent quarterly dividends starting February 1900 and 5 percent from April 1900. Actual income for May 1900 totals 149181 with expenses of 119749.
The Coal Trade Journal notes steady prices despite a somewhat larger tonnage. Production remains adequate with coal moving from mines and storage near usage points, especially for domestic sizes, while steam coal remains in demand. Soft coal areas show slowdowns as industries ease during the heated term.
Yesterday's earnings for the second week in June show increases and decreases compared with a year ago. Notable gains appear for routes including Cincinnati, New Orleans and Texas Pacific, Chicago Terminal Transfer, and other systems. Several lines report declines as well, reflecting mixed performance across major carriers.
Weakness in People's Gas was due entirely to bear pressure, and not to any developments affecting the value of the stock. The company increased output since January 1 by 4 percent without higher manufacturing costs, and it is estimated earnings will reach about 7 percent on the stock. It serves a big city with 848 at $1 per 1,000, facing no competition.
The piece compares gas utility stocks and their yields. Consolidated Gas pays 6 percent, current value yields above 6 percent. Con solidated Gas of this city 4 percent and above People's Gas by 2 points. Brooklyn Union Gas trades slightly higher. People's Gas favored by bears but is being absorbed by investors, with future risk to shorts if price rises.
Securities sold at New York Real Estate Salesroom by Adrian H. Muller & Son include 146 shares American Surety 170 75 shares American Telegraph and Cable 91% of 1% plus 100 American Cotton, 248 shares Consolidated Gas, and 50 shares Lake Erie and Western preferred. Also listed are New York Central and Hudson River, Spokane and Eastern Trust, American Refining, Woodlawn Cemetery, Wells Fargo Express, Missouri Kansas and Texas first mortgage bonds, New York Biscuit first mortgage sinking fund bonds, New York Betting and Packing, Northern Pacific Terminal, Nowell Gold Mining, Pittsburg Fort Wayne Chicago, Rio Grande Western, Southern Railroad, Pacific Mail Steamship, Chicago Rock Island and Pacific, Brooklyn Union Gas, Chicago Milwaukee and St Paul, Norfolk and Western preferred, Third Avenue Railroad, General Electric, Reading common, Des Moines Fort Dodge common, St Joseph Grand Island, American Malting, Kings County Elevated bonds, National Bank of the Republic, Western National Bank, Farmers Loan and Trust, New Jersey Zinc, Reading Pennsylvania Railroad, Trust Company of America, Gulf and Manitoba first mortgage bonds.
Closing quotations on the Colorado Springs Mining Stock Exchange, furnished by William P. Rapbright & Co. of Colorado Springs.
Compiled rail earnings and mileage figures through mid June for multiple railways including Central of Georgia, Chicago Terminal Transfer, Cincinnati New Orleans and Texas Pacific, Chesapeake and Ohio, Grand Trunk, Kanawha and Michigan, Louisville Evansville and St Louis, Mexican Central, Minneapolis St Paul and Sault Ste Marie, Ohio River, Pittsburg and Western, St Louis and San Francisco, Toledo Peoria and Western, Philadelphia and Erie, and Pittsburg Cincinnati Chicago and St Louis. Data show miles operated, second week in June benchmarks, and gross, operating, and net earnings for periods ending in June or April with notable surpluses and deficits.
Chicago Wheat prices rose nearly 4 cents a bushel with July trading from 5 1/2 to 6 systems as the market bucked a sharp Northwest crop damage report. Prices for September held a 1 1/2 cent premium while outside buying and profittaking shaped the day.
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