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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 29, 1900
Page
4
Closing prices yesterday of the principal active securities rose with gains led by crop report data. Net changes from Wednesday show broad uplifts across major sectors, reflecting favorable agricultural outlook and steady buying interest.
Early trading ran light as prices moved irregularly. Coal and Western rail shares showed demand from strong buyers while bears opposed gains. Mexican Central issues attracted interest amid silver strength, American Car and Foundry rose on dividends, and granger shares surged. July yields and large June disbursements prompted optimism for reinvestment, yet political risks kept public buyers cautious.
Market steady for government bonds with final quotations showing bid and ask values. Total par value of railroad and other bond sales reached 1,193,500 while Wednesday posted 1,068,500. heaviest activity centered on Atchison and Baltimore and Ohio issues and several 4s and 6s across major lines.
In London on June 2 American securities fell below parity as traders waited on Wall Street. Sellers led a quiet finish with Atchison 25 and major issues ranging from Canadian Pacific 89 to Reading 8 per share.
Money on call at 1 percent with 1 percent ruling rate. Time money at 3 percent for various terms on railroad collateral. Commercial paper 4 1/2 percent for three to six months for top names. Foreign exchange market firm with various closing rates and bankers posted rates. Domestic exchange notes New Orleans and other cities with discounts, premiums, or par rates between banks and telegraph transfers.
New York and various exchanges report volumes and balances across banking and foreign money markets. London call money sits at 4. per cent with short bills at 2 and long bills at 2 and 12 per cent. Berlin and Paris exchange rates and discounts adjust while British consols, French rentes, and Spanish 4s show listed levels. Silver and gold premiums wrap up with bar silver at 61.5c, Mexican dollars at 48.5c, and Madrid Lisbon Buenos Ayres Rome price spreads.
Washington June 28 report shows total in Treasury at 126.56 million with reserve funds 724.85 million. Gold and silver holdings, United States notes and certificates itemized. Government receipts for the day 1.894 million and year to date 561.49 million, with excess receipts 75.49 million.
London and Paris issue a weekly financial roundup noting shifts in reserves and circulation. The Bank of England reports declines in total reserve and bullion, with a rise in circulation and a drop in public deposits, while the Bank's reserve ratio eases from 44.36 to 43.64 percent and the discount rate remains at 3 percent. Paris records increases in notes in circulation, treasury accounts, and gold, plus higher bills discounted, with silver in hand falling.
Market for securities remained firm with Standard Oil at 516 26. Other leading issues posted varied quotes including Havana Commercial 74 s, Baking Powder 88 90, Amsterdam Gas 23 2446, Rubber Goods 22%4 22% and New York Transportation 6% 6%. Foreign trading limited with about 15 000 shares exchanged, mostly sales. Loan quotations showed mixed activity across major industrials and utilities.
Stock market notes list UP common and other issues with 1% fractions. AMERICAN TOBACCO stock rises four points amid rumors of a proposed company collapse. A broad notice explains reorganization of rail lines Chicago Peoria and St Louis and St Louis Chicago and St Paul and the issuing of new securities to certificate holders.
The principal buyers and sellers include Keech, Loew & Co selling Brooklyn Rapid Transit and Wormser and Street & Norton buying Sugar. J. J. Manning and J. Kirkner were heavy buyers of Brooklyn Rapid Transit while London acted as a moderate seller. Multiple firms bought and sold Steel, Reading, Atchison preferred, and American Tobacco amid a general rally with short covering noted.
The local money market shows dull conditions with no tendency for rates to rise. Some expectation of higher call money during July payments exists, but no disruption is expected as preparations near completion. Interior money flows continue, Treasury withdrawals reduce bank losses, and six month time loans run around 4 percent with little activity elsewhere.
The American Car and Foundry Company declares a common stock dividend of half a percent and a regular quarterly 1 percent on preferred stock. The firm cites 14 months earnings of about 11 percent on common, surplus reinvested to 9 million, and a strong market for both shares. Directors accepted J B Haggin's resignation. Louis Haggin elected to fill the vacancy. bylaws amended to require stockholder consent for any mortgage on company property.
The rise in silver prices lifts demand for Mexican Railroad issues Anaconda and Denver and Rio Grande preferred. Lon don has been buying Denver and Rio Grande as it expects higher traffic from stronger silver demand. Anaconda’s 1898 profits from silver boosted earnings beyond dividend needs. Mexican Central and Mexican National stock show strong demand with active inquiry for first income bonds.
The Iron Age reports worsening iron and steel markets with buyers balking at prices. Despite nominal Pittsburgh prices of 20 dollars for Bessemer iron and 8 dollars for billets, demand remains weak as producers push lower offers and fixed pricing schemes fail to help the market amid a drought in the Northwest.
Declines in prices of steel and iron have occurred in the last week. Foundry pig No. 2 standard in Philadelphia fell to 18 from 1860, and foundry pig No. 2 Southern in Cincinnati also dropped.
Market list shows varied price shifts for foundry pig iron, Bessemer pig, Lake Superior charcoal pig, steel billets and bars, old rails, iron rods, steel scrap, refined iron bars, tin plates and sheets across Chicago Philadelphia Pittsburg tidewater Youngstown and others. Prices move from small to large figures, indicating fluctuating demand and regional availability in the iron and steel trade.
The United States Assay Office begins its annual examination led by B. F. Butler and W. F. Bowen of the Mint Bureau. The weighing and accounting of all gold bars on hand will take about two weeks. Last year’s operations emphasized demand from foreign exchange houses and exporting gold bars to Europe due to lower abrasion losses compared with coin.
Chicago wheat trading reveals renewed and larger-scale long liquidations driven by well financed sellers. July and August futures drift from Wednesday highs to decline, with July closing near 8c and September around 8%c. Analysts note weather news has limited impact, with local pit conditions and fund selling driving losses while North American and Northwest crop forecasts remain pessimistic.
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