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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 21, 1906
Page
4
Large survey of bond trades and prices across U S and international issues. Highlights include U S government 3s and 4s, various municipal and corporate debentures, and listed yields ranging from about 4% to the low teens. Total sales figure cited near 1,762,000 with extensive tickers for banks, railroads, utilities, and colonial bonds.
Money on call opened at 3 percent with steady 3 percent close. Time money quoted from 4 percent for short terms to 4.5 percent for seven months. Commercial paper at 5 to 6.4 percent. Bank rates show New York and other cities with varied discounts and premiums. Foreign exchange cites Sterling, French francs, Reichsmarks, Guilders and Swiss francs with posted rates and Berlin and Paris discounts. London call money at 12 2 percent and rates for bills. Domestic exchange notes regional variations and bank clearings totals for major cities. Foreign securities show consols, French rentes and Japanese 6s values.
Closing prices show broad gains across many issues with dividend announcements fueling optimism. Traders anticipate firmer money markets ahead of July disbursements while foreign demand and finance bills support a steady flow of funds in the domestic market.
Irregular trading yesterday gave way to a generally rising market with several dividend boosts. Baltimore & Ohio increased its common dividend to 6 percent, while American Locomotive moved to a dividend basis amid broad speculative enthusiasm. Key movers included Pennsylvania group, Canadian Pacific, Union Pacific, St Paul, Reading, Southern Pacific, New York Central, and Michigan Central. Missouri Pacific earnings boosted demand. Interborough-Metropolitan and Metropolitan old stock weakened. Foreign buyers were scarce. B&O dividend hike strengthens Pennsylvania’s income via cross holdings.
London market reports strong gains in American securities led by Norfolk and Western. Gold premiums are listed at Madrid and Lisbon. Mexican exchange to New York at 198 percent. Government receipts show daily total of 2,201,951 with year to date excess of 24,955,558. Sub Treasury shows Debtor to Clearing House at 578,135.
Foreign houses showed little activity in New York as U S Steel common led modest purchases while Baltimore and Ohio saw small trades. London bonds rose early then fell, Paris nervous about Russia, and bank-rate cuts anticipated. Multiple banks and companies declared quarterly or semi annual dividends with diverse rates and payable dates through July and August, including Metropolitan Trust 5 percent and Bank of New York N B A 6 percent.
Gividen of three-quarters of 2 per cent pega July 15. A meeting of Guggenheim Exploration has been called for July 2 to take action lowering the capital stock to $22,000,000. The company has contracted for large interests in mining properties across Utah, Nevada, Alaska, Yukon, Italy and British Columbia, creating obligations of $10,000,000 with more purchases planned to meet obligations and avoid curtailing operations.
Securities were sold yesterday at the Exchange Salesroom by Adrian Muller and Son. Items include Bank of the Manhattan Company shares, Utica Chenango 7 percent bonds, Susquehanna Valley Railroad bonds, United New Jersey Railroad and Canal Company shares, New York Life Insurance Company shares, 4 percent bonds due 1964, St Paul Minnesota and Manitoba Railway bonds due 1919, Metropolitan Life first mortgage bonds, Chicago Milwaukee and St Paul Railway bonds, Central New England Company bonds, Peoria and Eastern bonds, Consolidated Elevators Company shares, Central New England 5 percent shares, Richmond and Mecklenburg Mortgage bonds, Golfen Empire Mining first mortgage bonds, Atlantic Trust Company common, Mobile and Ohio Railroad shares, Boreei Mining Company shares, Chattanooga Southern Railway certificates, Emitab London shares, Clinton Hall Association, Mitchell Mining Company shares, Transmitting Typewriter Company shares, John B Manning & Sons mortgage bonds due May 1 1904, Valley Street Railroad bonds due May 1908 coupons hypothecated.
The curb market posted irregular price action with strength and weakness in different issues as the day progressed. United Copper jumped over 6 points on heavy buying, Nipissing rose on dividend news, and Cripple Creek Central Railway common gained 2½, while preferred stock rose 2. Standard Oil advanced 3 but pared gains later. American Can weakened, Mackay lagged, Havana Tobacco held steady, Nevada Consolidated stayed firm, Gold Hill declined, and Micmac climbed while Giroux fell. Bonds moved differently with Havana Tobacco Ss down a point and American Steel Foundry down 6 to 34? Marine 4 4s steady, Westinghouse Electric up 4.
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