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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Aug 01, 1902
Page
10
Markets showed mixed moves with some stocks advancing while others declined. Union Traction and Philadelphia Rapid Transit hit record highs, insiders cited strong earnings while the strike in coal regions weighed on others and dividend ex dates influenced Cambria Steel.
The Philadelphia Consolidated Stock Exchange reported transactions yesterday with multiple securities traded. Details include security names and trade volumes as summarized in the daily activity.
Boston July 31 market was narrow with light trading. Swift & Co. moved from 163 to 168, then 166 as prices fluctuated without notable developments.
The Baltimore Cotton Duck issues opened stronger but eased after a rumor of canceling two interest warrants for a 2 percent payment. Officials later corrected the rumor. income bonds’ cumulative rights remained favorable, making January warrant worth 5 percent. Money on call stood at 6m per cent as trading closed.
In Chicago on July 31 the New York Stock Exchange showed a 15 cent premium and Swift & Co. stock rose from 165 to 167 1 2 as news broke that Swift has purchased the business of Sturtevant Haley. Time and call loans stood at 4405 per cent as trading intensified.
A seat on the New York Stock Exchange sold for 75000 with the prior sale at 73500. The New York Cotton Exchange votes to close on Saturday August 9. Colorado Fuel and Iron applies to list 3000000 in bonds on the NYSE. Cambria Steel forecasts 750000 tons output for the year. The People's Gas case appeal proceeds to higher courts. Philadelphia bank clearings rise by 27760519 year over year. Fairmount Park Transportation earnings exceed last year by 10 percent. National bank notes redeemed amount to 745453. Government receipts show internal revenue 746871 customs 1262453 miscellaneous 300833. expenditures 1029000. American Car and Foundry earnings for quarter end May 31 total 2008000, near double prior year. Frederick T Chandler to inspect lands of Consolidated Lake Superior Company in Canada. Captain G B Clark resigns from Fidelity Trust to join Matchless Kid Manufacturing. July chaperage for Philadelphia listed. Treasury balances and authorized capital of new incorporations reach 269022500 in the month versus 146000000 last year. Comments on six months statements from Electric Company of America foresee 325000 net earnings and a 6 percent dividend payer, with a planned increase later. Dividends announced for August total 612?54. August payouts for Bursements and related items noted. Treasury daily balances show cash 203567113, silver 26913275, and notes at 12624301. total receipts 2408658 for yesterday and 493691 for last month. year-to-date receipts 40305691. Warwick Iron and Steel stock shows net profits around 25000 monthly, with no August dividends. transfer and control rumors addressed by Westerna tional Bank official.
Market activity shows stronger performance in New York with bond transactions totaling 2,203,000 to date this year and 559,188,600 in value, compared to 687,652,720 on the corresponding date last year. The excerpt notes year to date totals and contrasts with prior year figures despite garbled OCR.
The New York Times reviews market activity and the Rock Island plan. It notes a shift toward bullish sentiment with Standaril Interests joining the bull side and discusses the Fuller Construction Company capitalization move and the Rock Island Railroad capitalization proposal. The piece questions fairness safety practicability and urges examination of the Rock Island Company records.
The Times notes continuous curb trading with irregular weak activity. Oregon Short Line bonds stay weak around 130, Union Pacific rights active lower, Northern Securities up 4 on about 4,000 shares. American Woolen bonds rise. final sale 74 1/4 up a point. Manhattan Transit active, up to 7. Seaboard Air Line up about a point, common at TM% gain. United States Realty and Construction Co. trading strong. Central Ry Bond Trust at 84 bid 83. Alliance Realty shares 181, later 260 for 1 share. New York stock movements show mixed gains and losses amid fluctuating prices.
Reports claim a change in control involving Cambria Steel and Pennsylvania Steel, but both firms deny. The Pennsylvania Railroad allegedly holds 20 million dollars in preferred and common stock of Pennsylvania Steel, with Reading Railway taking about a quarter. Reading is said not to own Cambria Steel, as control remains with Pennsylvania interests totaling roughly 65 percent of Cambria’s 900,000 shares.
The Money Market in New York opened at 2 percent and rose to 3 percent, closing around 2 percent. Time loans firmed with rates for 60 to 90 days near 4.4 to 4.5 percent and four to six months at 4.5 to 5 percent, mercantile paper higher, call money in London about 2 to 3 percent, gold withdrawn at the Bank of England totaling 40 000 pounds.
The market for sterling remained firm and quiet with no rate changes. Closing figures show sixty cars at 4.55 percent, demand at 4.87 percent, cables at 4.58 percent, and commercial bills quoted with limited detail amid scarce grain and cotton supplies and varied foreign exchange rates for leading drawers.
New York July 31 brokers pushed Illinois Central shares at the market opening with a quick sale of 10,000 shares. By day’s close about 30,000 shares changed hands and the price finished only fractionally below the day’s opening level.
London and Paris markets show subdued activity on July 31 with consols slipping and gilt easiness offset by firmer American stocks on New York support. Norfolk and Western led gains while German and French notes fluctuated as banks reported tighter reserves and steady discount rates.
The Bank of England withdrew 40000 pounds in gold. Berlin quoted London exchange at 20 marks 40% pfennigs for checks with discount rates for short bills at 2 percent and three months at 4 1/2 percent. Paris rentes at 3 percent, 100 francs 45 centimes. Buenos Aires gold premium at 129.90. Madrid at 37.10. Lisbon 27.50. Rome 1.07. Vienna discount rate rose 4 percent.
The People’s Gas Company stock fell fractionally after Judge Grosscup’s Chicago ruling unfavorable to the firm in the Chicago strike ordinance case forcing a 75 cent per thousand charge. Trading was light at about 5,000 shares with no significant impact on overall gas market activity. The firm expects to appeal the decision while declaring a 6 percent quarterly dividend and projects semi official earnings around 7.14 percent.
Wall street brokers report rising public interest in stock speculation in provincial cities with local exchanges, led by Philadelphia and Boston. Chicago sources note sequels to John W Gates and associates July corn corner, as the public chased corn at ninety or higher.
Wall Street traders expect a very bad bank statement this Saturday yet bankers insist loan funds will remain ample. They forecast rates to stay low for a long period, arguing current conditions will not tighten credit despite market worries.
Chicago and Alton rose one point as about 10,000 shares traded in New York. Chicago Terminal also advanced slightly with quotes noted for both.
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