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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 05, 1902
Page
10
The Philadelphia market shows dull stock activity with mixed gains and losses among leading issues. Union Traction rose on earnings, while Lehigh Valley and Reading lagged. bonds advanced modestly, and Readings and Lehigh Valley faced softer support amid labor strike concerns.
The column surveys Wall Street mood with quotes on Electric Storage Battery shares, bank losses, Klondike gold arrivals, and major corporate moves. It notes New York Central profits, Philadelphia clearings, trading in Girard National and Detroit United Railway, and tax-driven shifts in Metropolitan Street Railway stock.
Boston June 4 market continued flat with American Telephone weakening further on rights sales. Bingham Mining traded very heavily while other miners showed little movement. Listed are today’s top active stock prices: highs, lows, and closing versus yesterday’s final.
Special to The Philadelphia Times from Chicago notes New York exchange at a ten cent premium and time and call loans at 4 4 0 5 percent. Local market matched Wall Street with low interest and minimal price movements. Sales to absorbers listed.
Baltimore on June 4 saw a flat market with Lexington Railways leading gains. Prices rose from 100 to 101 percent since June 1 after ex-dividend trading, amid unverified talk of a Southern consolidation plan involving smaller regional systems. Bond and stock listings showed notable movements across several securities.
Money on call opened at 3 percent on the New York Stock Exchange, with highs to 3 1/4 and a close at 3 percent. Time money showed liberal supply and moderate business, with rates for 30 to 120 days around 4 percent and short bills at 4 1/4 to 4 1/2 percent. Mercantile paper available but not freely, with rates 4 to 4 1/2 percent for 60 to 90 days and 5 to 5 1/2 percent for longer indorsed notes. Philadelphia loans down about 0.5 percent. London call at 2 11/16 percent for short bills, 2 3/16 to 2 13/16 percent for three months.
Yesterday's bond closing quotations compared with Tuesday show unclear figures. Bank clearings are referenced against the same date last year with fragmented figures and garbled text, making specifics unavailable.
Sterling remained firm amid inquiry as sixty day rates closed higher and cables edged up. Demand rates for actual business stood at 4.54 percent for sixty days and 4.87 percent for demand, with 24.87 percent noted for cables. Commercial bills quoted around 4.854 percent. Grain and cotton supplies were scarce while continental bill rates showed France at 5.18 to 5.25, marks and guilders traded at varied levels. Leading drawers exchange rates listed.
Market page notes irregularities with totals to date and year-ago figures. Bonds show advances and declines with notable changes in Cent. of Ga., Can. Pacific, Amer. Tel. & Tel., and Illinois Central among others. Money rates list collateral loans and commercial paper terms.
The New York Times reports a dull stock day with only a few thousand shares above the previous level. Trading was listless with minimal changes, as tired holders and bears sold modestly amid coal strike concerns. Rock Island’s annual report shows nearly five million dollars added to surplus despite heavy construction charges.
The outside market showed continued dullness with few stocks drawing notable attention. General Carriage weakened on reorganization doubt, Cuban bonds rose from 40 to 42 amid renewed demand, and United Copper Company faced litigation fears affecting its copper output and bond-backed valuations.
Special to The Philadelphia Times reports Wall Street saw the Hocking Valley board declare a semi annual dividend of 2 percent on the preferred shares and 1 1 2 percent on the common shares, matching last period. Some selling followed by disappointed speculators, but holders connected to the property absorbed offerings, signaling support for retirement of the preferred stock.
In New York on June 4 the transfer of 200 shares of International Power stock featured two trades. A tired holder sold 100 at 55, a trader then bought at 55, later sold 100 at 70 when a market bid appeared. With no offers below 75, the sale yielded a $1,500 profit as the close showed bids at 65 and asks at 70.
Henry Brothers & Co stock brokers, who assigned on May 5, had schedules filed by assignee J Adrian Bush. The firm settled with creditors in full and received a release. Total liabilities 2,800,259 with 1,964 secured. nominal assets 4,588,304 and actual assets 2,951,787.
Norman MacLeod & Co state that Philadelphia stocks offer a profitable trading opportunity. They claim local securities will be little affected by the coal strike or New York banking attitudes, citing firms like the Philadelphia company, United Gas Improvement, American Railways, Electric Storage Battery, Pennsylvania and Cambria Steel as strong assets with undervalued prices.
A garbled list of dividend declarations includes National Enameling and Stamping Company at 1% on preferred and 1 cent on common, Diabate Lighting Gas at Philadelphia, various 1% quarterly rates on preferred stock, and multiple entries from Revere Rubber, Commercial Cable, Santa Fe Railroad, and other firms. Details are inconsistent due to OCR errors.
London stock dealings were dull with realization sales in consols and home rails. Prices closed moderately lower as foreign bonds remained well supported and New York shares showed mixed early strength before a late recovery in some stocks. Paris and Berlin bourses displayed uneven moves amid weak London and New York cues.
Currency reports show Buenos Ayres gold premium at 132.30, Madrid at 37.55, Lisbon at 26.50 unchanged. Bank of England bullion intake today 120000 pounds. Berlin discount rates set at 2 percent for short and three months. Paris three percent rentes at 101 francs 92 centimes.
A New York statement explains delays in appointing a protective committee for Webb-Meyer issues. It notes efforts to obtain District Attorney Jerome’s involvement, aiming to prosecute promoters and officers for profits and to test statutes on false reports and conspiracy.
On June 4 New York reports higher Southern stocks with Detroit Railway up five points, Missouri Kansas Texas Missouri Pacific and Texas Pacific gaining as government cotton crop optimism spurred buying. Morgan interests were credited with key purchases during late trading for Southern Railway.
The St Lawrence and Adirondack Railway quarterly report ends March 31 with a surplus drop of 17165 while the bid remains 35 points under its high level from weeks earlier.
The report shows tin edging up slightly while futures slip to 13 15s in London and 128 15s in futures. Copper remains steady though quiet with London losses of 2s 6d, iron and pig iron prices are largely quoted as nominal or unchanged, and silver trades around 12 25s per ounce amid a quiet market tone.
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