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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 04, 1902
Page
10
The Philadelphia stock market shows extreme dullness with scarce trading and many idle brokers amid a strike. Reading and Union Traction lead activity while Philadelphia Company and Lehigh Navigation see selective buying. The Pennsylvania Railroad April statement highlights strong gains year over year.
On June 3 in Boston trading Sugar rose with strength in United Fruit while American Telephone fell. The report lists the day’s high low and closing prices for active stocks and compares them to yesterday’s final prices.
The Chicago market showed little change with most stocks steady or unchanged. New York exchange today carried a 20 cent premium, call loans at 4 405 percent, Union Traction and Tin Can among few that rose, while others hovered near prior levels.
Baltimore June 8 The local market holds firmness with low activity. Investors focus on railways and illumination stocks tied to Norfolk, Portsmouth, and Newport News as consolidation plans spark cautious buying. Money on call 4 1 2 5 percent. Transactions include Seaboard Air Line 20to, Consolidated Gas, Consolidation Coal, United Rwy and other railway and bank issues with varied quotes.
The report lists transfers of 150000 to New Orleans, stock activity for Bank of North America, and a new high in Trust Company of North America. It notes steel rail prices at 28 a ton, sterling rate shifts, and a treasury/rail revenue snapshot with bank notes, bonds, and corporate actions including Electric Company of America proxy results and Virginia Carolina Chemicals cooperation. It also covers Long Island Railroad April gains, government receipts and expenditures, and a stockholders meeting for Electric Company of America to reduce par value and issue a $2.50 per share assessment.
Figure summary from 4,423 national banks dated April 30 shows loan increases of 44,120,291 since February and 261,231,200 over a year ago. Stocks and securities are up 7,658,3. cash reserves up 24, etc. Deposits and reserve ratios show shifts with country banks at 27.71 percent reserve to liabilities.
New York stocks remained flat with little price movement and bond activity listed. Bond and stock quotations reflected declines for several issues while collateral loans and commercial paper offered steady rates. Other entries noted specific declines in rail and rubber goods stocks, with bond declines including Central of New Jersey and Texas Pacific issues.
The New York Times notes a day with just about 180000 shares traded the smallest turnout since October 1900. Activity centers on a few names Continental Tobacco preferred along with Reading and coal railway issues and limited 10000-share trades.
Bank clearings for yesterday rose from the previous year with Philadelphia at 26,406,353 and New York at 408,708,210. Foreign exchange showed sterling firm, with demand higher than supply and bills close higher. Rates for actual greens closed at 4.84 for 60 days and 4.55 for commercial bills, with other currencies listed at posted rates for major drawers.
Yesterday a large list of outside securities traded with firm prices and selective gains. Certain issues such as Trenton Potteries preferred Union Typewriter common and American Chicle common reached record highs while concerns over General Carriage stock deposits and potential extensions dominated discussion among investors.
Dividend news shows American Sugar Refining declares quarterly 1Q dividends on common stock and semi annual 3 percent preferred dividends. Regular 14 percent quarterly payments noted for Philadelphia, Wilmington and Baltimore Railroad. Mention of monthly dividends for some entities and partial allocations to preferred shares.
New York June 3 The tobacco bonds led the market with strong buying while Continental Company preferred stock surged to record highs before retreating. Consolidated Tobacco bonds gained to their highest level in weeks as major banks acquired large blocks, amid talk that the Continental preferred will be retired.
Light day on Change New York with sparse trading in major stocks. Illinois Central Erie first preferred Monon Delaware and Hudson Chesapeake and Ohio Alton Texas Pacific Ontario and Western Republic Steel preferred saw no trades. Only 100 Northwest 400 Baltimore and Ohio 1200 St Paul 400 Atchison preferred 300 Rock Island and 500 New York Central changed hands all day.
Traders on the floor report a tendency by some interests to feed out steel stocks despite satisfactory earnings. A Wall Street agency later quoted an authority saying States Steel Corp cannot fill all orders booked for the current year and will carry much business into 1908.
The Money Market News notes call funds at 3 to 4 percent with highs at 4 and lows at 3 percent. Discounts show 30 to 120 day rates around 4 percent, 4 1/2 percent for longer terms. Mercantile paper rises in supply with varied rates, while Boston call rates ease and several note types are listed with current yields.
London trading closed weaker for consols while Canadian Pacific and Anaconda fell. Paris markets showed weakness in Kaffirs and Rio Tinto, with Spanish shares pressured but De Beers firm on bear covering amid renewed cabinet finance rumors.
Prices opened easier on the Berlin Boerse as markets faced a subdued mood from London and dullness in New York. Later levels firmed a bit with mine shares active on speculative buying. Canadian Pacific and Transvaals saw firm or improved demand on London tips.
Berlin June 3 The weekly statement of the Imperial Bank of Germany reports cash in hand down 27 020 000 marks treasury notes up 80 000 marks other securities up 17 300 000 marks and notes in circulation up 47 180 000 marks indicating a substantial shift in liquidity.
London reports bullion in at the Bank of England today totaling 204000 pounds. Paris and Berlin exchange rates are noted with London checks at 20 marks 49% pfennigs and 24 francs 22.44 centimes. Gold prices in Buenos Aires Madrid Lisbon Rome shift slightly amid ongoing security issues in London.
Special to Turn Philadelphia Times reports New York trading June 3 featured notable strength in local railway shares led by Metropolitan, up nearly 3 points and at one moment 14% points. Brooklyn Rapid Transit and Manhattan followed with gains as investors chased solid earnings prospects, though no clear rationale was given.
Traders on the floor detected a weak bull pool in Sugar Trust stock and used Washington developments as a pretext to raid the issue. They forced a two point reaction and shook out stock, then the price recovered to the original level as directors declared the regular quarterly dividend.
June 3 reports show a sharp London tin drop of about 2 with spot at £132 5s and futures £128 as bulls push offerings. Copper eases in New York with spot around 12.40 and electrolytic at 12.20, while lead and zinc move lower or steady in varied markets. Iron remains quiet. London and Glasgow prices cited with diverse regional quotes across tin, copper, lead, zinc, and silver.
Yesterday's closing quotas show bond quotes with the latest values and changes. Market players track government bond prices, yields, and shifts across the debt market.
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