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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 29, 1901
Page
4
Closing prices yesterday of the principal active securities and net changes from Thursday's quotations show buyers reasserting influence. The market recovered from earlier declines with notable gains in major issues as traders priced in renewed demand and optimism for the next session.
Trading was dull yet prices generally firm with gains in many issues. Outside buying limited to top names as the Seventh National Bank tied brokerage house failure barely dents sentiment. Banks expected to tighten later, call money near 10 percent, but relief anticipated after July 1 with steady interior receipts and a potential reserve rise. Major gains posted in Erie, St. Paul, Union Pacific, Illinois Central, and other leaders as market closed strong.
Government bonds were weak with varied bid and ask prices across U.S. issues, including reg. 4s, 5s and couplings from 1906 to 1930. Railroad bonds showed strength with par value sales totaling 2,765,250, led by Atchison issues and various 4s plus select 5s and convertible notes.
London trading June 2 to 4 shows an inactive yet firm market for U S equities with fair demand for Atchison. Final quotes include Atchison 106, Canadian Pacific 177, Illinois Central 152, Louisville and Nashville 117, Union Pacific 2, New York Central 10, Erie 43, Pennsylvania 77, Reading 2 1 2, Northern Pacific preferred 9, Grand Trunk 164, Anaconda 9, United States Steel 50, U S Steel preferred 191.
Money rates show call money at 5.410 percent, time money at 4.45 to 4.50 percent for sixty days and 4% for six months on railroad collateral. Commercial paper ranges 4.25 to 4.5 percent for three to six months for top names, higher for others. Foreign exchange market closed firm with good remittance demand tied to July 1 disbursements and broker buying on precise short selling. Spot bills supply tight. some decline in grain futures offerings. Closing rates list cables sight at 7 1 2 7 8 8 percent, sterling around 4.58 4 88 4 57 4 and other currencies with minor shifts. Bankers posted rates show domestic exchange and discount figures across principal cities including New Orleans, San Francisco, and Chicago.
The report shows balances by exchange offices in Philadelphia Chicago and Baltimore, with foreign money markets listing London call money at 343 percent and Berlin and Paris rates. London and Paris exchange figures against London are provided, plus British consols, Spanish and French securities, bar silver pricing, and gold premiums in Madrid Lisbon Buenos Aires Rome.
Port of New York figures for weeks ending June 28 show entered at the port totals around 1.64 to 1.66 million dollars and thrown on the market about 1.51 to 1.66 million dollars. From January 1 figures indicate entered at the port roughly 51.8 to 64.1 million dollars and thrown on the market about 51.29 to 62.01 million dollars, with a notable combined total near 2.8 million dollars.
Foreign houses were moderate buyers in the local market taking about 35 000 shares. Atchison common was actively bought for London account. Weekly money movement shows banks receiving 3 584 108 and shipping 2 200 400 with Sub-Treasury drawing 3 221 000 leaving a net loss of 1 887 005. People's Gas victory in Chicago Ogden Gas case strengthens position. Southwestern shares revive consolidation talk. Burlington gains with May earnings up 774 652 gross and 217 093 net.
Union Pacific shows May earnings of 3 619 340 with a 388 8 percent gain year over year and total fiscal year up to May 31 at 2 974 481. American Tobacco declares regular quarterly dividends 2 percent on preferred and 1 percent on common payable August 1. Lackawanna Declares usual 1 percent quarterly. Linseed Oil Mortgage Debt: company may repay mortgage soon but plans to borrow cheaper funds. Silver exports: Lucania to Europe carries 533 000 ounces from United Metals and Zimme rmann Forshay. Varick Bank deposits exceed one million. Dividends declared include American Woollen 14 percent preferred, American Tobacco 2 percent preferred and 1.5 percent common, Institution for the Savings of Merchants Clerks 3 percent semi-annual, New York Savings Bank 3 percent semi-annual, First National Bank of Paterson 6 percent semi-annual.
Rail industry data shows 1,968 miles built by four U S companies in the first six months of 1991, down from 2,111 miles in the same period last year. Texas leads with 245 miles, Oklahoma 243, Georgia 144, Arkansas 133, Louisiana 163, and Colorado 192. Chicago, Rock Island and Pacific tops builders with 157 miles. St. Louis and San Francisco 64. Southern Pacific 6. Great Northern and Blackwell Enid and Southwestern 55 each. most activity continues from older lines or affiliates.
Dan's Review notes a small New York bank failure sparking Wall Street discussion while overall business remains confident. Reports cite strong New York bank clearings, rising railroad earnings, and favorable but cautious signals from Bradstreet about trade, crops, and industry. Temperature-driven retail distribution and stock considerations temper activity in textiles and wool, with no decisive material price shifts anticipated.
The outside securities market closed firm and active with American Can advancing to 2714 on the common and 754 on the preferred. St Louis Transit common to 27 and preferred steady. Seaboard Air Line common at %% and preferred 51%. Otis Elevator preferred strong at %& Empire Steel preferred 4. Consolidated Tobacco 4s bid 69. Compressed Air weak to 0. New York Transportation 13. American Locomotive active with common 32 and preferred 88. Bank of Commerce common 2m low.
A list of railroad lines with mileages and financials for the third week in June and period Jan 1 to June 21. It includes Burlington Cedar Rapids and Northern Chattanooga Chicago Terminal Transfer Choctaw Oklahoma and Gulf Cleveland Cincinnati Chicago and St Louis Duluth South Shore and Atlantic Grand Trunk with mile counts and revenue figures in dollars.
Chicago reports a bearish grain mood despite strong harvest prospects. Export activity around 400,000 bushels via the Gulf contrasts with weak foreign markets. Wheat prices drifted with July and September trading in tight ranges, corn and oats showing modest moves amid mixed crop news.
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