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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 21, 1901
Page
4
Trading at the stock exchange sees varied activity across railroad and other issues with investors weighing bonds and equities. Market flux continues as price levels shift and traders monitor yields and corporate actions.
Yesterday's closing quotes show mixed movement across principal active securities. Net changes from Wednesday's final quotations are varied with figures like North Pac 3s at 72 percent and Reading gene around 985s, while others such as An Pac canvas and Wabash D Bs display modest gains or losses, indicating uneven activity in the market.
Trading on the Stock Exchange was light and irregular with declines about equal to advances. General Electric rose on takeover rumors, while United States Steel and Colorado Fuel and Iron edged lower before closing mixed. Bond market firm with Central of Georgia Railway issues gaining.
Market steady for government bonds with final quotations. U S 25 3030 reg 1964 107 percent. 4s 1907 coupon 113 percent. various other U S issues in the 100s to 130s. Railroad bonds generally firm with $3 003 000 par value traded. heaviest activity in Atchison 4s, Baltimore and Ohio 4s, Central of Georgia 4s, Erie general 4s, Union Pacific convertible 4s, and others.
London reported a weak close for American securities on June 2 at 4 p.m. Final prices showed Atchison 9, Canadian Pacific 105, St. Paul 185, Illinois Central 151, Louisville and Nashville 112.5, Union Pacific preferred 0, New York Central 160, Erie 4, Pennsylvania 774, Reading 4, Erie first preferred 724, Northern Pacific preferred 100.5, Grand Trunk 11, Anaconda 1, United States Steel 54.4, do preferred 101.0.
Money rates show call money at 2 to 4 percent with a ruling rate of 4 percent. Time money quotes around 3 1/2 to 4 percent for 60 days and 3 1/2 to 4 percent for longer terms secured by railroad collateral. Commercial paper at 3 4 percent for top names, higher for less known. Foreign exchange market closes weak with various cable and banker rates listed for sterling, reichsmark, guilders, and domestic exchange settings across New Orleans, San Francisco, Boston, Chicago, and Savannah.
Buying and selling levels across money markets are listed with bank clearings for New York Boston Philadelphia Chicago and Baltimore. Foreign money markets show call money in London 14.6 2 percent and Berlin and Paris rates. foreign securities note British consols and Spanish and French items. Silver market and gold premium data from Madrid Lisbon Buenos Aires and Rome accompany the report.
The Treasury lists gold coin and bullion holdings, silver dollars, certificates, and notes outstanding, with a breakdown of reserve funds and the Division of Redemption. Receipts for customs, internal revenue, and miscellaneous sources total daily $2,063,598, with year to date receipts $563,054,425 against expenditures of $498,982.26, leaving a positive excess of $70,172,169. National bank note redemption receipts amount to $521,787.
London reports a weekly rise in total reserves by £549000 with circulation up £27000 and notes reserve up £620000 while deposits shift. Bank of England reserve ratio fell to 51.79 percent from 52.15. Paris notes a decline in notes in circulation by 15200 francs and a mixed mix of treasury, discounts and gold figures for the week.
A compact 1901 market summary notes light foreign trading with equal buys and sells. Diamond Match seeks NYSE listing. Morgan signals possible U S Steel absorptions. Flower named Amalgamated president with Standard Oil ties. Several dividends declared by major rail and bank firms. Missouri Pacific rights offer July subscribe window with payment schedule.
The American Car and Foundry Company reports earnings for the fiscal year ending April 20 with total earnings of 405,204 and a net income of 5,015,394 after charges. A new Detroit plant of 806,000 is due to be ready by August, with working capital between 10 and 11 million. Export orders include 900 cars for a Spanish railroad and additional orders for France, England, South America, and New Zealand totaling about 550,000.
Holders of Ohio Southern Railroad second mortgage bonds and Manhattan Trust Company certificates, representing those bonds and company stock, may participate in a plan to purchase the Detroit Southern Railroad Company. Details and terms are available at the Continental Trust Company.
The plan offers stockholders 10 per cent in preferred and 30 per cent in common stock in the Detroit Southern Company for a 10 per cent assessment. Fixed charges are $680 a mile, and full preferred dividends require $600 more. Participation right in the consolidation expires July 1.
Banks and corporations yesterday announced dividends including Merchants' Exchange National Bank at 5 percent semi annual, National Park Bank at 7 percent semi annual, Trenton Potteries Company at 2 percent, Procter & Gamble at 2 percent quarterly, National Shoe and Leather Bank at 1 percent quarterly, National Broadway Bank at 6 percent semi annual, National Bank of the Republic at 4 percent, and Oriental Bank at 5 percent semi annual.
The outside securities market closed firm with Seaboard Air Line issues strong and active. Common rose to 30 percent with a 2 percent gain. Consoli dated Tobacco 4s rose about 1 percent to 7. Denver and Southwestern bonds traded at 4 percent. American Can steadied as bank shares remained quiet and slightly higher. Cotton Duck posted fractional gains at close. American Locomotive stayed dull. Transportation firm and in demand, up to 2 percent.
Closing quotations on the Colorado Springs Mining Stock Exchange are provided by William P. Bonbright & Co. of Colorado Springs.
Wheat prices eased in Chicago with July futures weak and closing near 69 cents. July opened around 69% and finished about 69% to 69 4, while September traded 68% to 69 and closed around 63% to 64. Northwestern and Southwestern markets remained softer amid favorable crop reports and steady corn, with clearances at 5790 bushels. Reports of strong shipments persisted with 62 loads east and 300,000 bushels moved.
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