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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 07, 1901
Page
9
Special to The Philadelphia Times from Chicago reports New York Exchange rates at 5 percent discount with call and time loans near 4 to 5 percent. Trading shows little notable movement though prices remained steady and activity eased.
Yesterday M. Thomas Sons sold at auction 15 Pennsylvania Salt Mfg allotments, 27 shares Union Trust Company, shares Catawissa Railroad second PPOs, 14 shares Thirteenth and Fifteenth Streets Passenger, and a $1,000 Lehigh Coal and Navigation mortgage 7s reg. These listings show a mix of industrial and utility securities traded through the firm.
The Stock Exchange opened at 3 percent with a 5 percent high and 2 percent low, closing at 3 percent. Time money remained unchanged as brokers offered liberally and demand stayed light. Mercantile paper softened, with rates at 4 percent for longer periods and 4 1/2 to 5 1/4 percent for shorter terms. London money markets show London call money at 2 percent, short bills 8 percent, and three months bills about 3 1/16 to 3 1/4 percent. Bank of England balanced £14,000 gold from abroad, and its discount rate reduced from 4 to 3 1/2 percent. The London bank date and prior year comparisons note minor shifts in rates through 1900 and earlier years.
London June 6 Consols hold at 93 93 percent for money and account. Canadian Pacific lower at 109. Anaconda lower at £104. Grand Trunk unchanged at 11. Spanish 4e at 70. Money demand light. discounts steady. American securities open easier then firm. Atchison and Grand Trunk among notable moves. London prices at 2 PM reflect mixed European and U S activity.
Trading on the Berlin stock exchange was nearly flat with scant movement, mines bucking the trend as prices firmed. Paris rentes closed higher while Bank of England rate cuts provided a mild lift to later activity, with French rails and industrials in demand and crop reports noting good to very good winter and spring wheat across departments. Foreign gold premiums were quoted in London with minor shifts.
The Bank of England reports reserves up 394000 pounds and bullion up 568842 while other securities fall 756000 and public deposits drop 2370000. Notes reserve rises 401000 with total reserves rising. Bank of England reserve ratio sits at 51.40 percent. In Paris Friday notes in circulation fall 162075000 francs as treasury accounts and gold move down, bills discounted drop 220275000 francs while silver rises 5450000 francs.
A London sale of sheep skins saw 4673 bales offered. Attendance was average and bidding irregular. Fine grades rose while medium and coarse skins declined about five percent. The detailed lot list includes entries from New South Wales Tasmania and other exporting regions with clothing and combing grades prominent.
Paris dispatch notes winter wheat in 3 departments very good, 45 good, 34 fair, 56 passable. Spring wheat rated very good in 18 departments, 20 fair, 8 passable with no spring wheat in remaining districts.
On June 6 1900s era reports show the Bank of England cutting its discount rate from 4 to 3 percent while the Bank of Bengal reduces from 7 to 6 percent. Bullion in London totals 14000 pounds. Paris rentes at 3 percent trade around 101 france 20 centimes with 25 francs 19 centimes checks to London. Berlin cites London exchange at 20 marks per pfennig for checks with rates for short and three month bills around 8 percent and 34 percent respectively.
Sterling opened firm as most maturities quoted higher. Demand and inquiries showed solid activity for actual business with sixty day bills around 4.65 to 4.88 percent and commercial bills near 4.34 to 4.55 percent. Continental forms showed francs near 5.17 to 6.15 percent and reichsmarks quoted with steady, if limited, supply.
Receipts and shipments for wheat show 41 264 bushels and 249 444 bushels stock with prices easing under lower cables. Corn receipts reach 80 129 bushels and 142 800 bushels shipments. market falls % to weak with Western prices down and export demand indifferent.
Receipts reach 15,089 bushels, shipments total 8,237 bushels, stock at 172,511 bushels. The market remained steady with fair demand and moderate offerings. Sales of 8 carloads No 2 white oats clipped at 34 cents.
Receipts totaled 2 851 barrels and 1 745 170 pounds in sacks as buyers limited activity to small lots. Prices held firm with light offerings. Winter super 2.10 2.25, extr as 2.40 2.65, Penneyhenia roller clear 3.08 3.25, Western winter clear 3.25 3.40, patent 3.65 3.80 8. Dozens of brands and sacks show varied pricing across regions and qualities.
Rye flour held at 2.75 to 2.90 per barrel with fair demand for fine creamery but prints weak due to abundant offerings. Prices quoted include solid packed extra 19 to 19 1⁄3 cents, firsts 18 to 18 1⁄3 cents, prints extra 20 cents, jobbing 21 to 24 cents.
The market showed moderate offerings and firm tone for New York full cream and other near by dairies. Prices quoted reflect good demand with fair to good quality items such as Pennsylvania and Western cream being offered and sold at steady rates.
The listing shows fowls and hens offered with varying quality and price. Old roosters at 7 cents each. Spring chickens priced per pair by weight, with weights around three and four pounds. Mixed quotes include 10 percent alb due to quality, and spring chickens under 16 to 20 cents per pair by weight tiers.
Market steady with demand meeting supply for choice stock. Fresh killed fowls fetch 10 cents, good to fair at 9 1/2 cents. Frozen fowls and broilers priced 15 to 35 cents, frozen chickens 11 cents. Old roosters 6 1/2 cents. Near by broilers 25 to 35 cents.
Continued steady demand with fair jobbing activity. Prices listed for city beef in sets smoked and air dried, Western beef sets smoked, knuckles and tenders smoked and air dried, city and Western ham types, pork family, cured hams, shoulders pickle cured and smoked, lard per pound for butchers, and refined city lard in tierces.
Apples scarce and firm with limited barrels. Oranges steady to moderate with fair demand. Strawberries fairly sold at quoted rates. California oranges ranged by box from $2.75 to $3.90 for navels and nine inch St Michael, Mediter ranean sweets quoted at $2.25 to $8.00. Strawberries per quart 4a1%c, huckleberries 16a12c, gooseberries per acre no clear value, watermelons Florida fair to good around $2 to $3.50 per carrier. Prices vary by variety and region with some regional misreadings in text.
Directory of regional produce prices shows strong demand for potatoes with firm market. Illinois and Southern regions report steady offerings. cabbage and beans priced per barrel or basket with notes on variations by state and product.
The report notes dull trading and little change with some shift in softer grades for prompt delivery. Refiners set prices after a 15 cent per 100 pounds rebate, listing several grades with small variations such as cut leaf at 8.05c and crystal A at 6.80c.
Receipts show 300 tons of hay and 11 cats of straw. Hay supplies ample and buyers indifferent, keeping prices weak. Straw scarce yet in fair demand at former rates with mixed quality affecting quotes for various grades and bale sizes.
The item list shows limited demand with stable offerings including winter bread, bran sold in sacks, and pricing terms such as per ton and a quoted figure of 1717.50. The text references unchanged quotations and site specifics for pricing and packaging details.
Market notes show prices holding steady with middling cotton quoted at a Sic. per pound basis. Trade sources indicate stable demand and little change in value across the week.
New York June 6 flour receipts 28884 barrels exports 10482 barrels. Wheat receipts 460150 bushels exports 42512. Spot weak No 2 red 52 1 2 c. f o b afloat. Options weak lower on unloading dull demand and frost news.
A garbled market notice lists prices and references to coal oil rosin turpentine molasses and sugar with scattered figures and vendor hints. The fragment mentions refining terms and city prices, but key names and specifics are incomplete.
In early session coverage of new months led to a bullish start as bears failed to press lower. Liverpool strength abroad and foreign buying of new crops pushed far months higher, with July and August as anchors. afternoon profit-taking trimmed gains but prices closed net 6 to 8 points higher.
The report shows a 25 percent rise last year, 20 percent this season, and 14 percent in the Indian Territory this year, 15 percent in 1900. Western Texas reports heavy additions, while many districts see moderate increases. National net gain stands at 5.05 percent versus 9.76 percent last year.
The Amalgamated Copper Company held a special meeting in Jersey City to approve increasing capital stock from 75 million to 155 million and to purchase Boston and Montana Copper Company and Butte and Boston. Opponents filed injunctions. Vice Chancellor Stevens allowed the meeting for stockholder sentiment. The stock rise passed 504,855 to 304, with future court approval required for the two purchases. The deal values the properties at about 80 million dollars. The company adjourned to reconvene June 10.
New efforts to consolidate Pennsylvania and Cambria Steel to Bethlehem are unclear. An offer for control of more than 16 000 shares faces no acceptance. Drexel interests deny a Wharton led transfer while a new group may form. Cambria trading exceeds 60 000 shares in three days with Lowther Welsh linked buyers.
Chicago grain market Tuesday sees sustained pressure as heavy Northwest rains dampen wheat values. July wheat slips to 74 3/4 cents with September softer, corn and oats falter amid ample stocks and weak export demand. Provisions rise modestly with pork and lard supported by buyers. receipts forecast include 40 wheat, 340 corn, 21 oats, and 24,000 hogs.
City Treasurer Moore reports receipts of 608 040 13 dollars and payments of 528 274 14 dollars leaving 13 708 860 61 dollars on hand. Indebtedness totals 50 472 000 dollars with interest 3 to 6 percent and 1 010 028 08 dollars interest due July 1. Water loan 46 leaves 2 122 000 still due. Only 2 897 600 of 50 472 900 dollars bonded debt is held by non residents, mostly in Philadelphia. Bond buyers weigh edity loan at 9 million offered. par is unlikely if rates stay high. Philadelphia credit compares higher than New York.
Cleveland June 6 The Iron Trade Review notes improving indications in the iron market with expectations of earlier buying. A 50 000 ton purchase of Bessemer iron to Central Western furnaces for a Colorado steel works supports a potential price and demand upturn, while valley trade holds until United States Steel confirms second half contracts amid possible extension of strikes and crop impact.
Cattle receipts around 12 000 head with Texans steady for good to prime steers and weaker for other stock. hogs up to 28 000 today with higher close but lighter demand. sheep and related stock showing limited movement and slight weakness in some classes. Texas fed steers sold up to 5.60, bulls and calves vary by grade across the region.
Rumors say a new Consolidated Tobacco Company with 30 million capital organized in New Jersey last Wednesday may acquire American and Continental tobacco firms and subsidiaries. The total capitalization exceeds 166 million dollars, with 950 million in company shares all held in common stock.
Oil City report dated June 6 notes credit balances at $1.08 and highlights small gains in circulating funds for local banks and merchants amid steady cash flow.
Judge Knowlton issues an order of notice returnable June 11 seeking a temporary and permanent injunction to stop the Montana stockholders association led by Maginnis and Forrester from transferring Montana stock to the Amalgamated group until a full hearing. The defendants agree not to transfer stock in their possession before the hearing.
The Boston Clearing House Association voted to treat checks stamped payable in Boston or New York exchange or Boston and Albany exchange as non negotiable. They will not be received on deposit or collected by members or institutions clearing through them. The rule takes effect June 15.
The notice lists diverse dividend payments on various railroads and utilities. Payments include Boston and Albany at 2.10 per share payable June 20, Chicago and Northwestern regular 1% on preferred and 3% semiannual on common, Denver and Rio Grande 2% semiannual on preferred, Union Passenger 4.75 per share July 1, West Philadelphia 2 percent on preferred, Chicago and Alton 2 percent on preferred, Maryland Coal 7 percent on preferred, Binghamton Gas 1 percent payable July 20, Madison Gas & Electric 2.4 percent payable July 20, Fraser Chalmers 10 percent final 2 percent for 14 months to June 30 1899 and 12 months to June, Havana American 1.5 percent on preferred payable June 15.
Bank clearings yesterday rose compared with last year in Philadelphia and New York with totals of 4,004,999 and 5,660,184 dollars respectively. New York reported a substantial increase while Philadelphia posted gains of 164,640,021 in clearings.
Delaware Dover June 6 The International Electric Syndicate to manufacture explosives was incorporated here this afternoon with capital stock of 500000 The incorporators are New York men.
The Pennsylvania Railroad buys land for a Union station in Washington and to remodel its track system removing grade crossings. Authorized by the act of February 12 1901 the plan sets six north and south corridors and confines street occupation to Virginia and Pennsylvania avenues. The proposed station on B street would cost 1 500 000 dollars. some say Baltimore and Ohio integration may end ascent of elevated tracks near Eleventh street south of Pennsylvania Avenue.
The Chicago and Northwestern Railway Company held its annual stockholders meeting in Chicago. A 3 percent semi annual dividend on common stock and a 1 percent quarterly dividend on preferred stock were declared. The annual report cites gross earnings of 430159779, expenses 38030685, and surplus after dividends of 1641077. Eugene E Osborn was elected vice president, replacing M L Sykes. Directors elected include Marvin Hughitt N K Fairbanks James Stillman Oliver Ames and Zenas Crane.
Reading Terminal offices report a railway director visit. Bonds totaling 2.4 million dollars issued by Chattanooga Rome and Southern and Georgia Central on the Chattanooga division. Reading to build a brick stone station at Noble near Huntingdon Valley. Everett Moore syndicate gains control of the Miami and Erie Canal between Toledo and Cincinnati to run passenger and freight traffic. Southern Pacific directors in New York elect Martin Erdman as temporary director. Great Northern Railway in New York denies a Montana line extension proposal. General Manager Hutchinson notes limited progress on the Grays Nest Pass route.
The cottonseed oil market shows an advance of two cents a gallon this week as demand remains robust. Prime summer yellow sells at 37 to 38 cents for spot delivery, with buyers urging 40 cents in a few days. Export sales support higher rates while western producers push supplies to meet demand as the season winds down.
London prices for bar silver remain at 277 16 pence per ounce while New York quotes show a cent higher at 0% a0. Government assay bars are unchanged at 09061% and Mexican dollars stay at 48am in early trading.
The annus crop report notes a general tilt toward expanding cotton area in the South this year. It finds no radical shift elsewhere, with the net national increase about half of the 1900 rise, though Oklahoma contributed notably to the growth.
City officials met with Mayor Ashbridge to finalize arrangements for entertaining delegates of the Southern Industrial Convention. Work on tower electric decorations progressed, with details and decorations being placed as part of the planned activities.
Three hundred twenty one Germans Tallams and Russians arrived as steerage passengers aboard the Switzerland bound ship. Officials from the immigrant commission oversaw clearance and processing at the port, marking a notable influx for the period.
George Kerwin alias George Davia, proprietor of a patent medicine, was held by the commissioner for examination on a charge of fraudulent use. The readable text notes his alias and involvement with a patent medicine business.
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