Heaviness in Stocks Reflects Bank Failure Factor
Closing prices and net changes from yesterday show pressure in stocks amid bank failures. Foreign money and securities levels are noted with London and Berlin rates, and silver and gold premiums abroad.
Market Closes Firm After Seventh National Bank Failure
Stock markets opened strong and then weakened with selling pressuring shares following the Seventh National Bank failure in this city. The event is seen as isolated with no broader banking or economic instability foreseen. European crops loom, with France and Germany expected to need heavy U.S. wheat, while U.S. industry shows resilience amid improving iron and steel conditions. Money moved from 15 percent call rates to liquidity, aided by purchases from strong investors, and granger shares plus Missouri Pacific led a late recovery.
MENTIONED IN THIS ARTICLE
Seventh National Bank
New York
Europe
France
Germany
United States
Sterling Exchange
Emera
Granger
Missouri Pacific
Iowa Central
Consolidated Gas
Day's Operation in Bonds Market Steady and Weak
Government bonds show a steady market with final quotations listed for various issues including US 2 299 re 107 08 TS, 4s 1967 cou.118% 114%, 28,1830 cou. Whig 10S% TLS 4s 1925 reg 139 140, US 35 1908 reg 105% 1094, US 35 1998 cou 108 109%, US 5 1947 reg 112% 1334, District of Columbia 34 5s 125-, and other notes. Railroad bonds are weak with total par value sales at $1,995,500, against $3,005 Wednesday. Heaviest dealings in Atchison issues, Baltimore and Ohio 4s, Central 1st and 24 incomes, Northern Pacific 4s, Southern Pacific 4s, Texas and New Orleans 4s, Union Pacific 4s, Wabash 5s, Wheeling and Lake Erie 4s, and Wisconsin Central 5s.
MENTIONED IN THIS ARTICLE
Atchison
Baltimore and Ohio
Baltimore and Ohio Southwestern
Chicago
Kings County
Central
Northern Pacific
General
St. Louis
Southern Pacific
Texas and New Orleans
Union Pacific
Wabash
Wheeling and
Lake Erley
Wisconsin
Iss Adams Expressi
Albany & Sussist
Amal
Amer Dist
Amer Express
Amer
Ea Manehause Snuff
Allen
Ann Arbor
S.m
Kim Rap
Lin Pkisn
BR & Pitts
Hes & Ohio
BR & Qy
Altor
Vic Rie & Pa
Clew & Pitt
Denver & S
Dellack
Evans
Hocking Valley
Illinois Central
DMCCO
Eok & Des
King & Fem
South
Ibe & Dson
Erie
Lake Shori
Lvis & Nash
Louis & N Sh
Don
Man Beach
Manhattan el
Penneylynia
Met Street
Reading Org
Rep Steel Wu
St Law & Dir
Michigan
St's
Minn
St Louis
Ryalts
R& T
Nc & I
Texas Pac
Tate
Kan & T
Missouri Pacific
Steel
Mo Morris & Fsrex
Uw Wabash
Coast
Sven
Ing
Norfolk & West
Toccceee
Amer “New
Ao Care
Pacific
Ao Mae
Ohio
Ind Gas
Ortario Silva
Pacific Coast
Pacific Air
Penn RR
Ab Peoria & East
Peo Gas & Coxe
SGM
Pullman
Wnceese
Texas Tenn Coal & Ir
Third Ave RR
Adams
T&s
Pac Trust
Balt & Ohio
Nyc
S&w
Nor & Gs
Sonn
G & Cc Ch & Tee
2D Inc
West
Col
Ss IB
Necevece
J & GI
Too
CR & P
Tenn CLI & R 6s as oe 108 De ardeleben 1921 2000 =< St Pe& M
Toop
Tex & P
As & I
Union Pac
H& T
Wwe
Lou & Nash
Central OF Georgia
Aim
Cincinnati
New Orleans
Texas Pacific
Adtano
Indianapolis
Louisville
Interoceanic Railway OF Mexico
Minneapolis
ST. Paul
Sault Ste. Marie
Toledo, Peoria and Western
Twin City
Buffalo
Rochester
Pittsburg
Cleveland
ST. Lous
Georgia
Lexington and
Eastern
Ross
Anette Wecenes
Macon
Birmingham
New York
Ontario and Western
Hee Inc
Reading Company
Coal and Iron Co
Lewes
Inc
Reading Co
London Market Dull Yet Rich in United States Steel Shares
London, June 27 market for American securities noted dull heavy trading with emphasis on United States Steel shares. Final prices show Atchison 164, Canadian Pacific 164, St Paul 177.4, Minnesota 152, Louisville and Nashville 111.5, Union Pacific preferred 24, New York Central 192, Erie 44.4, Pennsylvania 77, Reading 22.5, Northern Pacific 10.5, Trunk 10.0, Anaconda 6, United States Steel 4, United States Steel preferred 100.4.
MENTIONED IN THIS ARTICLE
London
United States
Ste
Atchison
Signadian Pacific
St. Paul
Louisville and Nashville
Union Pacific
New York Central
Eri
Pennsylvania
Reading
Eriefir
Northern Pacific
Anaconda
United State Steel
United States Stee
Bank of England weekly statement shows mixed changes
The weekly report lists a reserve rise of 31,000 pounds and bullion up 634,790, with other deposits increasing 2,374,000 and notes reserve down 6,000. Public deposits gain 463, government securities steady. England reserve ratio 49.50 percent, discount rate 3 percent. France data show a sale of 11,025,000 francs and treasury holdings up 39,225,000 francs, gold and silver movements described.
MENTIONED IN THIS ARTICLE
Mdon
The
K of England
Bank England
the of France
Treasury
Money Market Rates and Foreign Exchange Report
Money rates edge in a tight range with call money at 3 1/2 percent and time money at 5 percent for sixty days to three months, 4 1/2 percent for four to six months on railroad collateral. Commercial paper 4 4 1/2 percent for three to six months for top names. Foreign exchange market heavy with closing levels shown for cables and London markets. Bankers posted rates list sixty days and demand for sterling at 4.86.
MENTIONED IN THIS ARTICLE
Lonsone
Treasury ledger shows diverse asset and receipt totals
Washington notes the Treasury assets including gold coin and bullion about 150 million, certificates outstanding 280.6 million, deposits in national banks 102.8 million, and available cash 173.4 million. Government receipts for the day total 1.35 million with monthly and yearly figures on customs and internal revenues.
MENTIONED IN THIS ARTICLE
Washington
Treasury
United States Notes
National Banks
Wall Street and Foreign Trading Report Strong Activity
London prices fell as foreign houses moved stocks in the local market with heavy deal flow exceeding fifty thousand shares. Large Steel share sales noted. Loan quotations include Atchison and Baltimore and Ohio common at 4. Sugar refiners weigh stock increase while Reading reports May earnings and improved net.
MENTIONED IN THIS ARTICLE
London
Atchison Common
Baltimore and Ohio
Atchison
Chicago
Burlington and Quincy
People's Gas
Southern Pacific
Wabash
General Electric
Missouri Pacific
New York Central
Northwestern
Amalgamated Copper
Reading First
Rock Island
St. Paul
Sugar
Union Pacific Common
Anaconda
Manhattan
United States Leather
Brooklyn Rapids Transit
Delaware and Hudson
Tennessee Coal and Iron
Western Union
Southern Railway
Louisville and Nashville
Erie
United States Steel Common
Boston
American Sugar Refining Company
Lower Wall Street
Reading
Reading Company
Financial highlights and corporate updates from 1901
Surplus after charges for eleven months of the fiscal year shows 2,422,978 with a dip from 1900. Standard Milling Company reorganizes United States Flour Milling assets. International Power to dividend plans on July 10. Atchison earnings rise sharply year over year. Linseed Mortgage to be paid off next week. Rockefeller and Harriman stock activity noted. Chicago court ruling denies Ogden deal challenge. Bank of New York enhances safe vaults. Elkins to build large Coke and Gas plant at Sparrows Point. American Ice declares quarterly dividend. Various bank drafts to be honored. Dry Dock Savings declares 34 1/2 percent six month dividend.
MENTIONED IN THIS ARTICLE
Coal and Iron Department
Standard Milling Company
United States Flour Milling Company
Atchison
Chicago
National Banking Association
William and Wall Srs
William L. Elkins, Jr
United Coke and Gas Company
No. 36
Wallst
Maryland Steel Company
Sparrows Point
Steel
American Ice Company
Chase National Bank
St. Lawrence County Bank
Canton
N. Y
Manhattan State Hospital
Navesink National Bank
Red Bank
N. J
McNab & Harlin Manufacturing Company
Paterson
Union Mutual Life Insurance Company
Portland
Citizens’ National Bank
Amalgamated board reshaped at American Car and Foundry
Directors abolished the chairman post and formed an executive committee led by William McMillan with W K Bixby and Frederick H Eaton. New officers elected include Walton Woodin McBride Cole man Curry Hargreaves De Lane Webber and Buick. Regular quarterly dividend set at 14 percent on preferred stock and 1 1/4 percent on common.
MENTIONED IN THIS ARTICLE
American Car and Foundry Company
Willam McMillan
W. K. Bixby
Frederick H. Eaton
William McMillan
W. H. Woodin
W. J. McBride
W. P. Coleman
E. F. Curry
George Hargreaves
S. 5. de Lane
F. F. Webber
J. M. Buick
W. S. Avis
Outside Securities Market Drifts With Minor Movements
The outside securities market closed dull with mixed activity. Sea board Air Line was steady and quiet with the common at 32 percent and preferred at 52. Cast Iron Pipe edged firmer. American Locomotive common at 32.5 percent and preferred at 88. New-York Transportation quiet at 4. White Knob Copper active up to 100. Old Colony at 16. Sparklers and St. Louis Transit noted at yets. Bank shares generally weak with commerce down to 46.
MENTIONED IN THIS ARTICLE
Seaboard Air Line
New-York Transortation
White Knob ‘Opper
Old Colony Company
St. Louis Transit
Lits
Commerce
Trade in Chicago Wheat Prices on June 27
Chicago market report notes wheat prices closing mixed with gains in September and December futures. Cables from Liverpool Paris and Berlin supported a rally while shorts covered. Corn and oats weakened with cool weather outlook. flaxseed quiet. provisions eased amid liquidation by bulls.
MENTIONED IN THIS ARTICLE
Chicago
Liverpool
Paris
Berlin
Budapest
St. Louis
Shorts
Galveston
Kentucky
Indiana
Prince Current
Seaboard
Patten
Cudahy and Armour
Minneapolis
Duluth
Phillips
Also Mentioned on This Page
Charleston
Savannah
Philadelphia
Baltimore
Berlin Exchange
Paris Exchange
Madrid
Lisbon
Buenos Ayres
Rome
C&f
Mo Kan & T Pf
Minn & St L
Amalg
Pt Am Sugarlaa
Jonal Bisen
Sagtemda
Ri& Pac
Southern Ry
F & Tron
Texas & Pacific
Aa Des
M& Fr D
L&é
Do Ist
Cnion B& P Ms
Gen Electric
Miinels Central
Inter Power
Iowa Central Ai
Oeseee Louis & Nash
Ubber
Met Street Ry
West Union Telly
Wheel & L E. Missouri Pac
Wis Central
Archgen
St L South
Do Adj
ORY
South Pac
UN Paccono
Do & W
Cen Ist Inc
WALE
American Securities Abroad
At & el
An- Ae
I. Crea
Money and Exchange
Stock Exchange
Federal Treasury
Clinton Gilbert
Wall-st
Pan America
Nane Astor National
Bowery
Oy & J Iy
Broadway Utchers & Drov
SJ & J
Iso
Chase
J &J
Chatham
Colonial
Columbia
Iso Corn Exchange
East Hiver
R. L. Day & Co
Nassau St
Nawick
J. Oust Os
Hale & Norcross
Fifth Avenue
At& SF
Kings & Mai
Atlantic
Fourteenth Street
Tel & Tel
Mobile
Centennial
Gansevoort
Franklin
Garfield
Bost
Albany Vu
Osceola
German Amer
Bost & Me
Quincy
Greenwich
OM & N
Hamilton
Hide & Leather Union Pac
Allouez ‘ ' Ing
Bush
Trad
West End
Tees Irving
Erie Te
Mount Morris
Iso Mutual Wee
Nassau
Amster
Quar. J
Wj.& J
Y County
Tod. & J
Y Nat Ex
Nineteenth Ward
North America
Oriental
Park
Western
le Wsiads
Yorkville
Wall Street and Exchanges
American Car and Foundry Meeting
Outside Securities
Balt Consol
Bingham Gas
Jack
Buffalo Gas
K C Gas Co
O &M
O & Ind
Pat & P
Colum Gas
St Joe Gas
Con Gas
St Paul Gas
Eee
Do Consol
Denver Gas
Detroit Inc
Seeres Sls
Syracuse Gas
G Rapids
NG & O
Western Gas
Frederic H. Hatch
Leen Pia
Faskea
Locomotive Com
Locomotive
American Can
Tota
American Bank Note
American Book Co
American Hide & Leather
Hide & Leather
American Thread Co
American Graphophone
Press Association
Soda Foun
Seda Foun
Typefounders
Barney & S
Bay State Gas
British Colui
Ches. & Pot
Chesebrough
H. B
Denver
Detroit & South
R. R
Detroit & S. R. R
Electric Boat
Electric Vehicle Co
Empire & Bay State
Empire Steel
Flemington Coal & Coke
General Carriage
General Chemical
Havana Commercial Bn
Fouketeemneal
Havana Commercial
Herring-Hall-Marvin
Herring- Hall-Marvin
Hoboken Fe
Seecees
Hudsop River
Hoboken Land & Imp
J. B. Stetson
Lorillard
Reece
Madison Square Garden
Mergenthaler Linotype
Mosler Safe
National Enamel & Mp
National Enamel
Ven. & Co
Otis Elevator
Otis Elevator P
Old Dominion
Pitts
Bess
L. E
Pratt & Whitney Pr
New
Procter & Gamble
Simmons Hardware
Singer Mtg Co
Swift & Co
Luo Loth
St. Ferry
Wee Teleg. Telephone & Tennessee Copper Cotta Trenton Potteries
Tron
Trenton Potteries
Perry
Union
Union Switch & Signal of New
Union Typewriter
A&o
Universal Trust
Universal Tobacco
Universal Tobacco Pta
Isslass
Westinghouse Afr
Worthington
Baswa, Acker, Merralt & Condit
Woese Ja
JoTtarney & Smith
Etrooklyn Ferry
F&a
Carnegie Steel Se
É&O
J&ovd
Texas & Pacific Coal
A&oo
Union Ferry
M&n
Als Saxony
Eenre Ae
Cologne
Ty of
Munich
Loz
Augsburg
Frankfort
Vienna
de Haven & Townsend
Am Ry Co
North Penn
Phila Co
Ay Penn
Ti Cambria Steel
Penn Steel
St Co
Ry Co
Choctaw Ry
Penn el
Diamond Steel
Phila Elec Co
Elec St Bat Co
Tatmo Phila Traction
Phila & Erte Elec Co
Pitts Con Tr
Ins Co
Sus Iron & Steel
Tidewater Steel
Lehigh
Lehigh Val
Union Traction
U Gas Imp Co
Welsbach Co
Northern Cent
Ind
P Ry
Union Trac
Newark
New-York
NY & ER
Mutua Ae
Edo
Colorado Springs
Colorado Springs Mining Stock Exchange
William P. Bonbright & Co
Alamo l Weeees
Little Puck
Isabella Ingham
Magnet Rock She
Pilgrim
Lexington
Moon Anchor
Pinnacle
Battle Mountain
Jack Pot
Findley
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