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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 28, 1901
Page
16
Closing prices from major exchanges show heavy gains and losses amid bank failure concerns. Foreign money markets reveal London call rates at 2 to 3 percent with Berlin and Paris rates noted. Silver and gold prices listed for several international centers.
A brief market update notes activity in stock listings across the stock exchange including railroad shares and other listed stocks. The report records prices and trading shifts among CNlisted securities.
The stock market opened strong but weakened as selling pressed prices after the Seventh National Bank failure. Despite the bank's collapse, analysts say it signals no broad banking weakness and expects continued U S and international buying. European crop prospects boost wheat demand while U S industry appears prosperous with iron and steel improving. Call money spiked to 15 percent, with shorter dates at 5 percent and longer at 4 1 2 percent, yet some sectors like Nickel Plate and Missouri Pacific rose on independent bull moves.
The day’s operations in bonds show government bonds steady with final quotations, while railroad bonds are weak. Total par value traded reached about $1,995,500, led by Atchison issues, Baltimore and Ohio 4s, Ohio Southwestern division 3, Terminal Transfer 4s, Kings County Elevated Central 1st, Northern Pacific 4s, and St. Louis Southwestern, with several others including Union Pacific convertible Ws and Wisconsin Central among the sales.
June 27 London market for American securities described as dull and heavy with extremely light trading. Major activity centered on United States Steel shares and final prices included Atchison 61 4, Canadian Pacific ὕ, St Paul 17744, Illinois Central 12, Louisville and Nashville 111%, Union Pacific preferred 92, New York Central 162, Erie 445, Pennsylvania 77, Reading 22%, Erie first-2%, Northern Pacific preferred 0, Trunk 10%, Anaconda 9%, United States Steel 44, United States Steel preferred 100%.
The June 27 statements show England's reserve up 31,000 pounds and circulation down 604 pounds with bullion rising 634,790, other deposits up 1,952,000, and public deposits up 463, notes reserve down 6,400. France reports notes at 11,025,000 francs with treasury current up 39,225,000 and bills reduced 2,400,000. discount down 6,775,400 francs and silver on hand 1,225,000 francs.
Money rates show call money at 3.15 percent and time money at 5 percent for sixty days to three months. Four and six month railroad collateral yields 4 percent. Commercial paper ranges from 4 to 4.5 percent for top names, higher for less known. Foreign exchange market is heavy with actual closing rates listed for cables and sight. Domestic exchange on New York and regional cities is noted with specific discount and sight figures.
Washington reports the Treasury status at opening orders with reserve fund gold and bullion valued at $150 million. Trust funds and redemption division shows silver dollars and other assets, totals of cash and certificates near $84 million in current mobilities, and available cash around $372 million. Government receipts for the day amount to $1.347 million with expenditures of $1.295 million, and year-to-date receipts totaling about $541 million against $17 million in expenditures, plus bank-note demotion receipts of $464,068.
The document lists fiscal surpluses and earnings figures across multiple companies. It notes a surplus of 2,422,978 for eleven months, a fall in profits due to a fall strike, standardization of the United States Flour Milling Company into Standard Milling, and a planned dividend by International Power Company. It also covers Atchison earnings increases, Linseed loan payment plans, Rockefeller stock purchases, a court ruling about Peoples Gas, Bank of New York vault upgrades, plans to build a large coke and gas plant at Sparrows Point, American Ice Company dividends, and a bank notice on draft payments along with a six month Dry Dock Savings dividend of 3 percent.
At a directors meeting Ameri can Car and Foundry abolishes the chairman of the board and forms an executive committee led by William McMillan with W K Bixby and Frederick H Eaton. Officers elected include Eaton president and multiple vice presidents and treasurer. The 1 4 percent preferred dividend and 1 percent common dividend are declared.
London prices fell as foreign houses moved stocks in New York with heavy turnover. Major issues saw large Steel sales while loan quotations listed many prominent shares. Boston rumors say American Sugar Refining may boost capital to acquire rivals, though locals expect no increase. Reading earnings for May show gross gain of 470,444 and net rise of 445,989 over May prior year.
The outside securities market closed dull with Sea board Air Line issues steady yet quiet. bonds at 8. Cast Iron Pipe Issues firmer at close. American Locomotive common 32 and preferred 884. New-York Transit sold at 3%. White Knob Sopper active up to 1st. Old Colony 1% and Sparklers 4. Louis Transit up tolity. Bank shares scarce except merce down to 400.
Cen Un Gas Ss 106 107 NY ER Ist Ss 111 113 Consol Deb 5s 110 do Con 5s 106 108 Eq ist Con 5s 118 132 Standard 132 Mutual 305 als do pref 152 ON 4 G tet Se 108 109 edo ist Ss 116.
Chicago June 27 Special Tonight's wheat prices show gains as markets rally on cables from Liverpool Paris and Berlin. September opened strong and closed mixed while July and December finished up. Corn weak with small gains for September and July, oats and flaxseed quiet or lower. Primary receipts ahead of last year and seaboard clearances steady. Provisions easier amid profit taking and cooler weather expectations.
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