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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 06, 1901
Page
8
The Philadelphia market fell with broad selling in the political and electric groups. United Gas and Philadelphia Electric led declines while Philadelphia Traction faced liquidations amid fears of Focht Emery legislation. Stronging in Pittsburgh buys buoyed steel issues before a late market slip as New York troubled traders.
The Sub Treasury reports New York banks down 1 643 000 since Friday. The Secretary purchased 35 000 of 4 per cent short term bonds at 113 79. Pressed Steel Car May sales reach 2 700 000 with 2 705 shipped and 2 905 built. New Bedford mills declare second quarter dividends. Boston’s industrial influence cited as shifting to Philadelphia. Joseph W Gross resigns from Colonial Trust Company board. National bank notes redeemed 509 281. Internal revenue receipts 1 011 116 customs 1 027 836 miscellaneous 126 657. Expenditures 1 254 000. F Stewart elected Elastic Tread Horse Shoe secretary. stock on Philadelphia Exchange anticipated. Money on call 4 per cent. time loans 4 1 2 per cent and up. Commercial paper 4 1 2 to 5 per cent. Cambria Steel stockholders meet July 8. rights July 15 to Aug 15. Harvest and rain in Kansas. crop prospects modest. Trust Company of North America increases directors to 24. vacancies to be filled. Union Pacific final subscription installment due June 1 1901. penalties apply.
A historical stock list shows multiple street and electric railway companies with prices, paying notes, and preferences. Items include Philadelphia area lines such as Philadelphia Traction, Reading Traction, Union Passenger, Fort avenue lines, and various Pittsburgh and New Jersey consolidations with per cent preferences and paid values.
A Boston injunction halted Amalgamated Copper merger talks while H L Horton & Co boosted declines. American Tobacco rose on exchange prospects, and Southern Pacific and Rock Island led gains on large broker buying. Reports of dividends and new stock issues framed a volatile session with broad activity among steel and railroad issues.
The record presents quotations for Oranda 5 matched with Tuesday issues, outlining keyed statements and paired references. Specific speakers and contexts are reflected in the readable excerpts.
Comptroller Goler announces a June 17 sale of city bonds totaling 3 507 125.00 dollars. Funds provide 1 500 000 for rapid transit railroad 800 000 for land for South Third avenue approach to Harlem bridge improvements 527 125.90 to replenish street and park openings 200 000 for new armories and sites 30 000 for a Canal bridge project.
The New York market opened strong but faded as day wore on with selling intensifying. Large gains in low priced issues gave way to widespread declines as investors realized profits on heavy stock positions. Rock Island and Atchison led notable moves amid directory changes and rail group rumors, while Illinois Central and Pennsylvania showed strength on specific optimism. United States bond activity remained dull with total sales at $3.515 million.
The Outside Market report shows a generally strong tone with frictions in price changes. Small gains appear in American Can common Union Copper Seaboard Air Line Distilling of America and Tennessee Copper while British Columbia Copper climbs on good demand and New York Transportation weakens.
The Baltimore market held firm in spots on June 5 but failed to sustain its best level. Seaboards drew interest with common stock and the 4s edging up while overall prices softened slightly in the second call as New York signs suggested a pullback. No major breaks occurred and tone rather than price moved.
Yesterday’s market showed mixed activity with notable gains in Amalgamated Copper and American Tobacco while utilities and rail shares fluctuated. Trading volume approached 1.4 million shares with key listings including Am. Car & Foundry, Gen. Electric, Interboro, and Southern Pacific among those reported, and overall net changes varied by issue across sectors.
The Philadelphia Times reports closing quotations for unlisted securities as compiled by the New York Times. Prices range across multiple listings with bids and asks, showing varied percentages and values amid market activity from yesterday and Tuesday.
New York exchange held at par today with call and time loan rates at 4 to 5 percent. Metropolitan Elevated was the day’s market feature as the common rose to 3644 and the preferred to 93 on expectations the road would join the elevated system on favorable terms for stockholders.
Virginia three percent and century bonds attract strong bids in Richmond with sales outpacing other classes. The State Board of Sinking Fund Commissioners has not purchased state bonds for several days due to a ruling that keeps prices high and dampens new issues.
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