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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 28, 1900
Page
4
Closing prices yesterday for principal active securities show gains from Tuesday with most major pairs advancing. Industrials and tech shares led the ascent while utilities and staples posted smaller increases amid mixed volume.
Mon and Tue advances were largely covering by shorts with little public demand. The public showed apathy on Wednesday, while professional trading kept volume light and bears pressed prices. Baltimore and Ohio faced liquidation below 70 after hints insiders favored par. St Paul posted May earnings declines and heavy expenditures weighed on profits. iron and steel stayed firm amid unsettled rail listings.
Government bonds hold steady with final quotations listed for various issues. Railroad bonds show firm market with $1,068,500 par value traded, led by Atchison, Baltimore and Ohio, Colorado Midland, Mexican Central, Northern Pacific, Reading general, St. Louis Iron Mountain, and Union Pacific issues among others.
London June 27 The market for American securities remained firm from the opening with Northern Pacific showing the strongest gains. At close tone remained firm and demand was moderate. Last prices included Atchison 25% Canadian Pacific 91% St Paul 113% Illinois Central 114% Louisville Nashville 77 Union Pacific referred 744 New York Central 181% Erie 11% Pennsylvania 65 Reading 8 Erie first preferred 34 Northern Pacific referred 734 Grand Trunk 6% and Anaconda.
The page lists money on call at 1 percent, time money from 2 to 4 percent for varying terms, and commercial paper at 4 percent for short terms. It notes a steady foreign exchange market with multiple imperial and international rates and domestic exchange premiums and discounts across several cities. Bank clearings in New York are noted, with exchanges mentioned.
The weekly Imperial Bank of Germany statement shows cash in hand up 20,600,000 marks and notes in circulation up 28,280,000 marks while other securities rise 11,060,000 marks. London call money at 1 1 4 2 percent and Berlin discount at 4 percent frame a global rate backdrop.
The day features active sales at the stock exchange with railroad shares leading gains and a broad movement across other listed stocks. Investors monitor railroad performance along with utilities and industrials amid modest volume and prevailing market tone.
The Treasury reports June 27 shows reserve funds with gold and silver holdings and outstanding certificates. It lists division of issue figures, general fund totals, deposits in national banks, current liabilities and available cash, plus government receipts for the day month and year to date with excesses and redemption notes receipts totaling 396,446.
Market closed dull with Standard Oil at 51 8 518 from 510 515 previously. Listings include Havana Commercial 54 8% preferred 85 42, Amalgamated Copper 854 85, Amsterdam Gas 23%4 24% preferred, Rubber Goods 22 23 preferred, Distilling of America 54 5% preferred 201492114, Storage Power 15 17, General Carriage 5%2, New York Transportation 54 Hg. London prices higher. 15,000 shares traded. Dividends: American Tobacco 2% on preferred and 1 1/2% on common payable Aug 1. Banks declare July 2 payouts: Seventh National 3 1/2%, National Citizens 3 1/4%, Phoenix 3%, Bowery 6%.
Buyers included Tin Plate Keech, Loew & Co and Sheldon Thompson Mairs. Loeb, J J Manning and J R Williston sold. Tennessee Coal and Tron Content bought 1500 units. Northern Pacific Ladenburg noted in report.
Multiple firms including Thalmann Co London Walker Brothers Housman & Co and Popper & Stern purchased holdings while others like Von Hoff man Minzesheimer and Kirkner sold. Major rail and railroad names such as Brooklyn Rapid Transit Missouri Pacific and Baltimore and Ohio appear with various buy and sell actions across numerous partner firms and associates.
Mexican Central and Mexican National show strong earnings with silver receipts, while most payments are in gold. Prospects for a gold standard bolster investment appeal. From Jan 1 to June 21 earnings exceed 1899 by 1.61 million, signaling continued industrial growth and potential for higher income bonds amid rising silver prices. A June earnings table illustrates decades of growth in Mexico’s rail sector.
Investor figures from May 1900 project a 4 to 6 percent common stock dividend for the Atchison system. Estimated net earnings for the year ending June 30 1900 show surplus after 5 percent preferred stock and taxes, with potential 5 percent on preferred and about 6 percent total for the next fiscal year aided by a new San Francisco division.
Rogers, Brown & Co warn the iron and steel market may fall further as orders remain held for a bottom that may never be clearly seen. They note a future rebound would be violent once the decline stalls, with recovery gathering pace as forces shift, and advise buyers to look beneath surface signals toward American fusion.
The Stock Exchange lists additions across multiple rail and utility securities including Wisconsin Central with 1,227,000 in fifty year first general mortgage bonds bringing totals to 23,727,000. Rio Grande Southern 2,277,000 in first mortgage 4 percent gold bonds of 1940. Hocking Valley Railway 308,000 in first consolidated mortgage bonds of 1999. Lehigh and Wilkesbarre Coal 12,175,000 in consolidated mortgage guaranteed 7 percent bonds. Silver Springs Ocala and Gulf Railroad 1,107,000 in first mortgage railroad land grant sinking fund guaranteed 4 percent bonds of 1918. Paterson and Passaic Gas and Electric Company 3,317,000 in 5 percent consolidated mortgage bonds of 1949. Wheeling and Lake Erie Railroad 7,529,000 in first consolidated mortgage 4 percent gold bonds of 1949. 3,855,200 in first preferred non cumulative 4 percent stock. 10,427,600 in second preferred non cumulative 4 percent stock. 19,000,000 in common stock. Mexican Central Railway Company 1,000,000 in 6 percent equipment and collateral gold coupon bonds.
Closing quotations on the Colorado Springs Mining Stock Exchange provided by William P. Bonbright & Co. of Colorado Springs. The brief lists prices and changes for key mining shares, reflecting market activity on the local exchange.
Assets sold at the New York Real Estate Salesroom by Adrian H. Muller & Son include Western New York and Pennsylvania bonds, Bridgton and Saco River Railway stock, Peoria Water Works bonds, Safety Car Heating and Lighting stock, Nassau Bank shares, Trust Company of America stock, and United States Leather Company stock. Notable denominations reach up to 31,000 dollars in consolidated gas bonds and 5 percent gold bonds due dates spanning 1908 to 1943 with various coupon dates. Several rail and utility securities appear, alongside mortgage and income instruments, reflecting a broad portfolio auctioned in late December 1898 in York, Pennsylvania.
Chicago June 27 special report says wheat prices rose 1 cent above Tuesday after two days of declines. July opened 0.5 to 1.25 cents higher, traded 0.5 to 1.25 cents, closed near 0.5 to 1.25 cents higher. September held a premium, closing slightly up. Traders expect liquidation to ease as big holders buy, with August or December targeting next. Crop news shows light showers across the Dakotas Minnesota and Manitoba, with forecast clear weather forthcoming. Snow lowers total spring and winter wheat estimates.
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