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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 08, 1901
Page
8
Persistent selling hit Union Traction and allied rails as prices slid to near 1898 lows. Cambria Steel and Bethlehem Steel faced light demand while United States Steel and other majors eased. insiders offered little support amid dull trade and weak bearings in New York.
New York banks gained 1 911 300 this week while Sub Treasury shows a loss of 1 916 000 since last Friday. Philadelphia cleared 34 600 000 in a single day, a record. Massachusetts restricts broker action against speculators who lose money. J K Tillotson paid 5 160 for Pneumatic Horse Collar. American Linseed Oil stock consolidation extended to July 1. Bees Trust votes June 20 to simplify title to Fidelity Trust. P A Widener sits on the board of a 30 million Consolidated Tobacco takeover of American and Contifirgs tobacco firms. Barney & Smith shows 1901 earnings up 375 000 with 300 000 surplus. Government receipts rise. internal revenue 894 800 customs 741 534 miscellaneous 89 817. May coal output 4 674 707 tons vs 3 800 000 last year. Treasury buys 725 000 4s, 75 000 48, 14 000 3s. total 11 257 990. Marshall Field & Co of New York incorporated in Albany with 25 000 capital. directors Field Fair Shedd. Denver Rio Grande dividend of 24 percent after semiannual payment. left 641 surplus. St Joseph and Grand Island Railroad declares 2 1/2 percent dividend, June 15, on first preferred shares. compares with 1 5/8 paid July last year and 2 percent in January 1900.
Rumors of a Missouri Pacific dividend and a possible Southern Pacific payout buoyed sentiment in London and New York. May coal output rose to 4,674,707 tons from 3,557,700. Des Moines and Fort Dodge Railroad declared 7 percent preferred stock dividend payable August 1. New York traction stocks and bond market showed strength amid speculative activity and arbitrage maneuvering. A Texas court ordered a hearing on Planters’ Compress rates, with a favorable verdict fueling optimism on railroad rate cases.
Money on call at the stock exchange opened at 3 percent and moved to 4 percent intraday, closing around 2 to 3 percent with active demand. Rates showed 3 1 4 to 4 percent for short to mid terms, mercantile paper gaining, and London call money at 2 percent. Bank rates in Boston and Paris discount markets eased or held, with open market quotes across Hamburg Frankfurt Vienna and other centers noted.
London markets show bar silver down 1 16 to 27 percent per ounce while New York spot quotes drift lower for commercial bars. Government assay fixes and Mexican dollar references appear in the day’s price notes with unclear figures.
In New York the stock market showed little activity with prices drifting up and down. Major movers included Missouri Pacific and the Southwesterns while Wabashes declined on realizing. Louisville hinted at higher dividends but insiders remained wary. News on Baltimore and Ohio and Brooklyn Transit offered optimism, and tobacco stocks surged on a possible Consolidated Company formation.
The outside securities market remained quiet though firm with gains seen in Seaboard Air Line issues and New York Transportation. NY Transportation rose on news of acquiring Metropolitan Express Company, trading around 11% to 11% with 2,500 shares. Seaboard active with common around 28% and preferred near 47. Other copper and railroad issues showed mixed strength while British Columbia declined.
Five cents discount for New York exchange noted. Call and time loans at 4.5 percent. Market dull with low demand but no selling pressure and scarce supply in principal stocks. Diamond Match rose to 1424 on light buying. Biscuit Tile Co. showed improvement amid steady elevated issues and muted trading.
Market report shows 98 82 figures for several stocks including Inter. Power and Kanawha C as well as unlisted items. Notable movements include total sales around 72730 and multiple preferred shares, with fluctuating percentages and figures across collocated listings.
Closing quotations of unlisted securities compiled by the New York Times. The list shows opening dollars per share based on par values and market movements. Limited readable details remain about specific securities or figures.
The Baltimore market rose as Seaboard stocks drove the day, with liberal buying on the New York curb and an upward tone across listings. Seaboard strength lent a brighter mood, helping the common stock close higher and hint at further gains ahead.
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