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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 26, 1900
Page
4
Closing prices yesterday for principal active securities show gains from Saturday. Beiter buying is noted as contributing to the market upturn while Consolidated Gas reports weakness in feature bonds and money silver prices move higher.
Market observers noted a morning decline that drew buying, with shorts covered and prices recovering. Afternoon trading was irregular but most active issues closed up, despite Consolidated Gas weak on a new stock issue. Rail stocks outpaced metals and grains, with wheat receipts rising and brokers predicting a near bottom for stocks.
Government bonds closed weak with final quotations mixed across several issues. Total par value traded in railroad bonds reached 1,086,000, led by Atchison and Baltimore and Ohio, Central of Georgia, Central Pacific, Chicago Rock Island and Pacific, Colorado and Southern, Erie, Mexican Central, Norfolk and Western, Northern Pacific, Reading, St Louis Southwestern, Southern Railway, Union Pacific and Wabash debentures.
Financial page shows on call money at 1 percent, with time money at 3 to 4 percent for various tenor railroad collateral. Commercial paper quotes 4 1/4 to 4 1/2 for top names. Foreign exchange market weak with listed sight and banker rates for francs, guilders, reichsmarks, and Amsterdam guilders. City by city rates include New Orleans commercial 5 1/2c, San Francisco sight telegraph 2c, Cincinnati between banks 2c premium.
Premiums and par values listed for Boston Chicago Savannah and others. Bank clearings show New York Philadelphia Boston Baltimore Chicago figures with balances. Foreign money market quotes include London call money Berlin Paris rates and exchange figures. Silver and gold premiums noted for Madrid Lisbon Buenos Aires and Rome.
Daily stock exchange totals show 1,225 shares traded, with 48 hours market activity and price movements for 800 and 1,300 units. Two cent and thirty three cent figures appear for certain transactions, with total daily sales reported.
A dense OCR page lists numerous bond issues and quotes across United States issuers. It references Norwest and various utility and railroad bonds, with yields, par values, and note codes, reflecting a broad, volatile fixed income market.
American securities opened dull then improved slightly but ended weak amid East political tensions. Last prices included Atchison 24% and Canadian Pacific 89, St Paul 12%, Illinois Central 114, Louisville and Nashville 76, Union Pacific preferred 72%, New York Central 130, Erie 11%, Pennsylvania 64%, Reading 4, Erie first preferred 32%, Northern Pacific preferred 72%, Grand Trunk 6%, and Anaconda 7%.
The June 25 Treasury statement lists reserve funds including gold bullion and silver, notes and certificates outstanding, and a general fund balance. It records government receipts for the day and month, totaling about 1.998 million with expenditures of 930 thousand, and fiscal year totals of 555.8 million receipts against 42.9 million expenditures, leaving a 72.9 million excess.
Stock and bond activity reported with open, high, low, and close figures. Wheat options for July and August show varied bids and sales, including large quantities and differing estimates for weekly trading.
Market closed weak with Standard Oil at 519 523 and other leaders showing varieds. Notable prices include Havana Commercial, Baking Powder, Bay State Gas, Amalgamated Copper, Amsterdam Gas and Rubber Goods among many issues. Foreign trading in London saw about twenty thousand shares with roughly even sales and purchases as stock loan quotations moved modestly across several large firms.
The Illinois Electric Vehicle Transportation Company announced a capital reduction from 30,000,000 to 2,500,000 dollars by amending par value from 100 to 10 dollars per share, yielding 250,000 shares. The first batch of new five dollar silver certificates arrived at the sub-treasury, featuring Red Jacket in full war regalia.
Yesterday's trading featured R W Newton and Wormser among many brokers buying and selling rail routes and tobacco shares. Notable actions included 1500 Chicago Burlington and Quincy and 1500 American Tobacco transfers, plus widespread activity in Northern Pacific and Baltimore and Ohio.
The Colorado Midland Railway Company reports fiscal year results ending June 30 1900 with net earnings 649 719 and balance for non obligatory interest 250 960. Directors declare full 4 percent interest on 2 3 4 per cent bonds for the current year and waive prior lien bonds and scrip payments. Voting trustees accept sale of voting trust stock at 20 for preferred and 124 5 for common.
Bar silver in London rose to the year’s peak amid rising Russian demand for silver for China. A continued rise in silver is seen if China turmoil persists, with rupee demand in India heavy and local silver shipping reporting good activity. In this market silver traded around 6 1/2c per ounce, Mexican dollars at 47c, signaling potential gains for Mexican railroad securities and fueling excitement in Western mining interests over future increases in silver and lead.
The Wabash Railway directors meet to decide on interest on the A and B debentures. The A debentures will yield 6 percent for the year, with 3 percent for the half year. action on the B debentures is uncertain. May and June net earnings drop sharply, and summer business prospects are unclear while capital expenditures loom. Net earnings fell by 75,056 dollars in May despite a 96,448 dollar rise in gross earnings.
Advices from Berlin say speculative sit uation at that centre has reached a safer basis owing to heavy liquidation which has reduced prices to figures closer to actual conditions. Improvement aided by Reichsbank loans and discounts and inflow of 10 to 15 million marks in gold since June 15. Financiers expect a discount rate cut in July despite pending semi annual settlements.
The Chicago Milwaukee and St Paul line reports third week June gross earnings up 33600 from the previous year. Narrowing the comparison to 1898, the week shows a 148000 gain, making 1899 earnings remarkable and record breaking for the period.
Railroads list miles and earnings through June with May figures for lines such as Ann Arbor Buffalo Rochester and Pittsburg Chicago Milwaukee and St Paul Cleveland Canton and Southern Denver and Rio Grande Evansville and Terre Haute Fort Worth and Rio Grande Missouri Kansas and Texas Peoria Decatur and Evansville Rio Grande Western West Coast lines and Toledo and Ohio Central plus Wabash and Cleveland Lorain Wheeling and Santa Fe Prescott and Phoenix Chicago St Paul Minneapolis and Omaha routes. Reports show miles operated, third week in June earnings, and year to date totals.
Chicago June 25 Special The wheat market showed a shaky start as profit taking by leading herders affected prices. News influences remained conflicting with bear tones dominating beyond Northwest conditions, while cables and world shipments painted a mixed picture. The American and English visibles rose while cash business showed no clear signal.
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