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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 06, 1902
Page
10
The Philadelphia market shows dull money and light stock activity. Bonds soften slightly while Electric Storage Battery and Union Traction move on modest demand and investors shift toward defensive plays.
Stocks in various transit and electric concerns show mixed results with May earnings reported for Detroit United Railways and Chicago and Northwestern. The drift of market outlook is noted alongside new incorporations and a treasury balance update from federal figures.
The Philadelphia Consolidated Stock Exchange reported trades executed yesterday with a list of securities sold. Specific security names and quantities are not disclosed in the fragment.
Boston stock market mood was dull and heavy with mining shares led by Parrot turning soft. overall prices remained weak.
New York exchange premium was ten cents while time and call loans stood at 4 1/2 to 5 1/2 percent. Trading in Chicago was dull and prices showed no change as sales on the Chicago card were listed.
Baltimore June 5 market dull with no notable moves except two rumors. insiders bid 822.50 for July 1 Cotton Duck coupon stock, implying payout around 25. United Railways rumored to sell United Electric Light holdings on favorable terms, potentially influencing railway shares. Call money steady at near 0 percent.
General Louis W re py Proghteat of the Third National Bank in Europe on June 25. J Cotte tal Cotton ge py y to the ort Company in ike of the common stock. The time for sale to the site of Tidewater er eet nee stock extended to June 10. Sales of Bank of Northern Lanerrice stock occurred at date day the leet sale was water at seven eer. The underwriting syndicate for the
Money on call opened at 3 percent on the New York Stock Exchange with a high of 3 4 and a low of 3. Rate for time money held steady around 4 percent for thirty days to four months. Mercantile paper quiet amid modest local demand whiletwenty day bills hovered around 4 percent for sixty to ninety days. Foreign exchange showed dull Sterling and mixed rates on bills, with government bond activity and bank clearings reported by city.
The Consolidated Stock Exchange annual meeting elected permanent officers including President George B. Wilson First Vice President Charles W. Finninger Second Vice President J Overton Paine and Secretary B Williams Chairman William H Johnson. Directors listed include George E Bartel Algernon Harden Henry Swartley and others with arbitration and nomination committees named.
A few active stocks advanced in New York trading led by Northwest which rose 2 points and closed with a net gain of 1 on 16 000 shares due to an extra 1 percent dividend. Kansas City Southern also advanced amid street talk of Harriman absorption. Mexican Central continued rising as earnings improve and investors eye Saeteonee tied to Harriman's property inspection.
Heavy Western sales pushed the market down after 1 oclock amid persistent declines. The day featured broad selling for Western accounts with prices slipping on several light trading sectors.
Northern Securities gained to 102.4 with late afternoon fractions as holders show little will to sell amid a shifting settlement. National City Bank rights moved from 60 to 65, a 10 point rise. The day featured principal outside market transactions with notable highs and lows.
The Times reports a firm London market with limited fresh business and dwindling consols. South African liquidation continues as professionals buy options while coronation delays limit activity. Rand pressure and war’s end anticipate higher yields. Rand work resumes later with money value stabilizing until next year. US rails inactive with modest price adjustments. Paris stocks show irregular trading with some gains and a drop in French rentes.
Market activity opened weak with declines across several issues. Notable stock advances included Butterick and International Silver, while bonds and collateral loans showed mixed rates as traders monitored day-to-day changes.
The Times notes yesterday's market showed weakness with Canadian Pacific down 4 and International Power off 10. No new depressing news. instead, rising railway earnings and dividends plus good crops signal a healthy economy but traders act as if selling short dominated by Western interests. The Chicago and Northwestern 1 percent dividend hike appears significant, underscoring durable profits and prudent management.
The outside market yesterday saw few events of interest with substantial gains only in some of the least active issues. Overall, prices on most active stocks slipped back to previous levels as the Stock Exchange mood remained weak though marginally more active. Copper stocks showed larger totals but traded at lower prices with one exception closing near 1 bid.
The heaviest St Paul selling occurred after Northwest's extra dividend was announced. Analysts say Western investors planned to push a short line by selling St Paul to capitalize on anticipated rate increases and Western buying pressure.
Canadian pools in Canadian Pacific face strain as members unload holdings. Today selling for pool accounts produced a sharp 4 point drop in the stock, with the day closing near its intraday low.
Several firms announce dividends with payments set for July 1 or near dates. Companies include Pennsylvania utility, Boston Electric, Panfthera Passenger Rail, Keenwick and Johnsonrikie Railroads, and Louis and San Francisco Railroads. Details cover preferred stock payouts and regular quarterly yields, with some extra percentages.
Berlin stock activity mixed with gains in some local issues. International securities held steady while Canadian Pacifics softened on New York tips and Transvaals weakened from Vienna driven selling.
Bank of France reports increases in notes in circulation and silver holdings while Treasury accounts fall. Bank of England shows higher reserves and circulation with changes in bullion and deposits. reserves to liabilities rise to 50.08 percent. Berlin records London exchange at 20 marks 49 pfennigs and discount rates. bullion movements noted and Paris three percent rentes quoted at 101 francs 87 percent.
The Steel Trust equities faced sustained selling pressure in New York trading with preferreds briefly dipping to the year’s low. Pittsburg and Western sources are cited as the pressure drivers amid rumors of a bear campaign aimed at shaking out public holders.
In New York on June 5 a 10 point decline in International Power followed the transfer of 100 shares. Market talk said selling was forced as pools that had driven railway shares earlier in the week sought profits and encountered a limited market.
The Metal Markets New York reports 300,000 pounds of electrolytic copper sold for July August and September delivery at 12.20, lifting the inside price. London copper largely unchanged with futures at 54 3s. Od. Tin rises on London strength, while lead and spelter see mixed moves and firming prices.
The London market for bar silver remained steady at 24 1 16 pence per ounce while New York reported a lower commercial price for bullion. Prices in Mexico stayed unchanged around 42a per ounce amid regional fluctuations.
A London sale reports bidders for sheep skins with mixed results and premiums. The notes indicate a five per cent advance on crossbred and fine ewes, with frequent references to quicker turnover and occasional price trends.
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