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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 07, 1901
Page
8
The Philadelphia market showed strength with heavy trading over 81 000 shares. Cambria Steel led activity, Bethlehem Steel rose, and Pennsylvania Steel weakened while new Diamond State Steel issues traded. Philadelphia and Pittsburgh street railways moved differently with Union Traction rallying and Philadelphia Traction slipping. United States Steel softened then recovered near close.
Kidder, Peabody & Co of Boston raise rates for sixty days to 4.8514. Francis A. Janney elected a member of the Philadelphia Stock Exchange. New York banks have lost 1,859,000 since last Friday. Union Traction warnings for June exceed last year by 19,000. Southern Pacific Board met in New York and adjourned without action on a dividend. Pennsylvania Railroad warrants traded at 15, highest since issue, later above. Electric Storage Battery and New York Electric Vehicle plan oxide battery use on Fifth Avenue lines. National bank notes redeemed 674,130. internal revenue 1,175,778. customs 624,041. miscellaneous 154,212. expenditures 1,145,000. Boston Stock Exchange adds 15,000,000 AT&T collateral trust bonds to regular list. Diamond State Steel stock receipts stricken. replace with Diamond State Steel common and preferred. President Ripley denies lease discussions with Union Pacific. May AT&T output 47,374 instruments vs 30,472 last year. Northwestern spring wheat surge and favorable weather hint at large spring wheat yield. Money on call in Philadelphia 4 percent. on time 4 1/4 percent. Commercial paper 4 3/4 percent and up. little to offer. First-class names obtain lower accommodation. brokers unable to meet all calls. Sustained tendency to ease.
On June 6 Secretary Gage purchased short 4 per cent bonds at 113 800 and short 5s at 108 9587. Louisville and Nashville showed strength amid dividend rumors. Cotton acreage forecast pegs yield at 72 500 000 bales. Eries United States Steel and Southern Pacific saw active buying while American Snuff faced limited supply.
The piece notes a stable market despite high prices and massive railway negotiations. It highlights that capital from major railways and financial interests dominates trading, absorbing floating stocks and cornering the market, with railroads seen as main brokers of the governance of prices.
June 6 New York stocks showed weaker activity with sizable losses in key issues. Short-covering dynamics and rumored consolidations influenced trading, while tobacco stocks led advances on New Jersey incorporation plans. bonds steadied after a volatile day.
The June 6 market report notes a subdued outside securities scene with American Can leading activity. Common traded around 28, preferred to 76, with fluctuations. National Enamelling 21 the first in weeks. copper stocks soft. Seaboard Air Line bonds rose modestly. Electric Boat moved 22 to 23 as volume remained light.
John D. Lyon of Sangerties Ulster county New York filed a bankruptcy petition in the U S District Court Clerk's office today The firm Chamberlin Hall Lyon was dissolved in January 1888 The total liabilities amount to 217827 with 108490 listed as assets or related figures not fully shown in the excerpt The case centers on insolvency of a former business partner in a long standing local firm.
Yesterday's government bond prices closed with several issues quoted near 1074 to 108 for reg and other series. The data shows small changes from Wednesday, reflecting slight moves in yields across the range of issues listed.
Special to The Philadelphia Times reports Baltimore’s market moves were slow and hesitant as outside sentiment dampened by New York’s rigid tone. Traders see no commitment to extra declines, expect dullness and only minor losses as Seaboard and others drift.
New York closing prices list mixed movement with several issues showing gains and decreases. Unlisted securities and odd lots contribute to a complex end-of-day summary for traders and investors.
New York bond sales and quotations feature numerous issues across rail, utility and industrial groups. Notable entries include American Express 4s and Erle Ist con 4s with varied prices, and United Fruit, Agricultural Chemical and Massachusetts Electric preferred among others.
Boston June 6 market activity shows copper shares softening with brief lapses as offered. Railroad stocks were active but weak amid expectations from American Telephone rights. Maine Central and West shift lingers, while West continued to rise to touch higher levels.
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