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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 08, 1901
Page
9
Boston markets show dull copper and utilities with minor gains and losses. London and Paris closing notes describe Consols easing then firming, Madrid and Berlin mixed with caution as rates, taxes, and bank policy influence sentiment, while buyers hesitate before weekend settlement.
Bradstreets notes an overall improvement in the trade situation due to better weather and crops. In the East warm weather boosts retail demand for fabrics and apparel, aiding dry goods and shoe markets. Northwest rains ease spring wheat fears. South shows late cotton implying delayed effects. Pacific coast trade improves while Southwest wheat reports temper the overall pace. Iron and steel remain quiet though pig iron drops 25 cents, while consumption stays steady.
The weekly Dun's Review reports unsettled labor in many regions causing hesitation in some industries. It notes optimism as winter wheat shows satisfactory conditions nationwide and spring wheat was planted under favorable conditions. Rail earnings and bank clearings rise, while speculation on grain declines wanes amid crop damage reports, with cotton and textile markets displaying renewed activity and demand for raw materials.
The policy of banks to substitute the new gold bonds narrows supply outside banks while new bank purchases boost holdings to secure circulation. This week’s circulation stood at 326,077,530 with 312,234,550 in gold 2 per cents and 78,023,000 of these bonds pledged to secure public deposits.
London on June 7 saw 279,717 sheepskins offered with large supply and unsatisfactory condition. Attendance was fair and withdrawals were large while prices were very low for long-wooled, short-bees and coarse goods. 177,727 skins found buyers.
London reports gold premiums at Buenos Ayres 133.00 Madrid 37.75 Lisbon 40 with no change from yesterday. Market observers note steady levels as trade remains quiet across these key centers.
The Bank of England saw bullion withdrawals of £191,000 on balance. Paris quotes 3 per cent rentes at 101 francs 22 centimes, London exchange at 25 francs 20 centimes. Berlin exchange shows 20 marks 44 pfennigs for checks. London May Board of Trade shows imports fell by $7,248,000 and exports by $5,706,000.
Market opened firm as inquiries in the afternoon exceeded supply with eight bills a shade higher. Closing strong with rates for actual business: sixty days four percent, demand 4.88 percent, cables 4.89. Commercial bills 4.84 to 4.85, grain and cotton bills scarce. Continental bills quoted for France 5.17 less 1/16 and 5.10, reichsmarks 4.15 to 4.00, gulden 4.03 to 4.06, and 4.07 to 4.16. Leading drawers’ posted rates noted.
May mining dividends total $6,586,025 with year to date $62,005,046. Copper gold silver and related metals paid $2,520,500 while coal iron oil and minerals accounted for $4,066,326. Largest payer was Pennsylvania Coal Co with 2,160,000 extra dividend. Boxton and Montana Copper Mining Co followed with 1,500,000.
The St. Joseph and Grand Island Railroad Company declares a dividend of five percent on first preferred stock for the fiscal year, up two percent from last year. Payment is made quarterly by Swift & Co. of Chicago on the 14th.
Receipts total 83 670 bushels with 2 400 bushels shipments and 380 714 bushels stock as prices ease under weaker cables. Export demand light, 40 000 bushels sold privately for export. various car lot quotes for No 2 Pennsylvania red and No 2 Delaware red with bid and ask levels, while oats show 17 804 receipts and 11 280 shipments with car lots quiet but steady prices and 9 cars of No 2 white clipped at 34 1/4 cents per bushel.
Receipts total 2 452 barrels and 2 212 600 pounds in sacks as offerings stay moderate. Winter and spring flours hold firm with several grades trading from 2.10 to 4.25 per unit. rye flour dull but steady at 2.70 to 3.00 per barrel. Creamery supplies clean and market firm while prints flood the market and remain weak at 19 to 24 cents.
Demand fair for quality goods as market remains firm with moderate supply. New p Hark full cream and other dairy items show steady prices. regional and nearby lots offer fair to good stock with modest outlets. Prices hold firm across several lines and outlets for choice stock remain steady.
Market reports indicate a moderate supply and steady demand for poultry. Quoted prices show Powls hens at 10 3 4 cents, old roosters at Te, and spring chickens 3 to 4 pounds per pair at 22 1 2 cents, with larger two to four pound pairs around 24 cents.
Sold fairly and ruled steady with moderate offerings. Fresh killed fowls bring 10 cents. do fair to good at 9e. Old roasters 6 1/2. broilers nearby 2 1/2 to 3 1/2. frozen broilers vary by size. Frozen chickens noted in large lot at market.
Apples scarce but firm while strawberries are plentiful and sold fairly. Oranges are in sale demand and steady with varied quotations across regions. California and Florida shipments appear in differing crate and box prices, with multiple fruits including pineapples cantaloupes and berries listed in per crate and per quart terms.
Old potatoes were plentiful and weak under light demand while new potatoes and vegetables sold fairly at quoted rates. Prices listed include Michigan and Southern produce such as potatoes, cabbage, beans, cucumbers, tomatoes, and beets with per basket, barrel, or carrier pricing.
A scrambled quote list shows meat items including beef in sets smoked and air dried, city and western beef knuckles and tenders smoked, beef hams priced at 19.50 per unit, pork family items at 1717.50, home cured in tierces, bellies in pickle by brand, breakfast bacon graded by brand and average, lard city refined in tins and tubs, and various cased or loose products with brand references and quality notes.
Prices for refiners remain fixed with a 5 point concession on prompt orders. Rebate of 1d per 100 pounds at 30 days applies. Dominoes and confectioners’ sugar grades listed with varied per pound costs from 5.00c to 6.05c and down to 4.55c for lower No. grades.
Receipts total 350 tons of hay and 4 cars of straw with hay prices weaker due to ample supply and soft demand. Straw prices hold firm amid smaller offerings and fair demand.
Feed prices show bran and related feeds in light supply with weak market tone. Winter bran in balk per ton around 16.50 dollars and spring bran in sacks per ton near 16.30 dollars, with minor variations noted.
Market reports show moderate demand with middling uplands holding at 4 cents per pound. Traders note steady baseline pricing amid unchanged market conditions.
June 7 report shows flour receipts 12 405 barrels exports 5067 barrels with prices steady. wheat receipts 179 000 bushels and firm futures on frost fears and crop news. corn receipts 187 000 bushels with spot quiet and firm closes on cover, July and September trends noted.
The report notes varied changes across commodities with steady crude cottonseed oil and rosin holding near prior levels, while petroleum remains dull and refined products quiet. Coffee is described as spot Rio tight with No 7 invoices low, and sugar molasses and other refined items show limited movement.
Prices rallied across New York Liverpool and southern markets as bulls dominated. Short sellers faced heavy buying pressure with July August squeeze rumors fueling late-day gains. Strong demand from spinners and depleted raw stocks supported higher closes despite some profit taking.
New York June 7 The total net receipts of cotton at all ports since September 1900 are listed by port. Galveston 2,024,884 New Orleans 2,918,162 Mobile 129,416 Savannah 1,110,068 Charleston 226,046 Wilmington 256,22 Norfolk 893,562 Baltimore 64,837 New York 167,88 Boston 191,875 Newport News 19,282 Philadelphia 24,550 Brunswick 93,448 Port Arthur 20,054 Pensacola 121,757 total 7,001 Gaz.
Willett & Gray report a subdued sugar market with Centrifugals in demand equal to supply while other grades ease. Cuba crop sales are light, Java cargoes afloat, and favorable weather could boost refined sugar demand this month, potentially supporting prices.
Chicago price movements mixed with frost fears and crop reports weighed on July wheat, slipping to lower, with corn and oats trading mixed. A private crop update and export activity pressured and then helped recover losses, while provisions stayed steadier amid light demand.
Grain market notes from Minneapolis on June 7 record cash bids for wheat and tomato related items with figures in incomplete form. The snippet references July futures, September contracts, and bulk prices around 11.50 to 11.75 per unit, along with miscellaneous line items and unclear terms.
Receipts 2,476 with steers slow to 10c off, cows steady, medium week. Steers range 4.50 to 6.00, oxen 5.40 to 5.60, bulls 3.00 to 4.45, cows 2.50 to 4.30. Cable quotes also note cattle movement to Liverpool and London with lower prices mentioned.
Chicago and East Liberty reports show cattle steady to good prices with steers $5.00-$6.10 and hogs $5.00-$6.05. lambs and sheep move slowly with best pens at $4.25-$4.25 for wethers and yearlings. Buffalo and regional markets list varied loads, receipts around 24,000 hogs and 3,000 sheep and lambs in the period.
The Textile Manufacturers Journal reports for the week ending June 7 that domestic wool sales reached 1,306,500 pounds and foreign 628,000 pounds, totaling 2,852,000 pounds, with figures for the prior week and year shown. City data from Philadelphia area notes credit balances at 1.05 dollars, no bids, shipments 64,233 barrels, averages 84,308 and 77,141 barrels.
Reports from 150 cotton counties as of June 1 show Texas acreage rising 7.1 percent with northern areas up 26 percent and coast districts up 4 percent. Dry weather causes two week crop delay while conditions remain fair to excellent despite some poor stands.
Governor Crane signs An act relative to wagering contracts in securities and commodities. The measure, aiming to clarify a prior statute amended to bar action by speculators who lose, reflects a Boston bankers and brokers petition and aims to limit broker accountability.
Bradstreet table shows bank clearings in principal cities for the week ended June 6 with year over year percentage changes. The report compares current totals to the same week last year and notes increases and decreases across markets.
Attention was drawn to heavy transactions in local steel shares yesterday as Clearing House operations of the Philadelphia Associated Banks reached a record 34 600 000 compared with about 20 000 000 on average. The Drexel syndicate sale of twenty miles of Pennsylvania Steel stock for 11 500 000 helped drive the gain.
Bank clearings yesterday rose in New York and Boston compared with the same day last year. Figures show higher totals in these exchanges, with notable gains across key financial centers.
Charters were issued today by the State Department for several firms including Powder Company Eldred and Brick Company Pittsburgh. The Standard Galvanizing Company Philadelphia was granted a charter with capital listed as $12,500.
Special dispatch from Dover Delaware June 7 notes that charters were granted today to the Coal Mine Company. The document lists capitalization and property rights, including Indian ownership considerations, in a formal grant setting.
Special to The Philadelphia Timms reports Brander and Goldy of Pemberton have filed an assignment for the benefit of creditors. The firm’s new assets are described as vast, but liabilities total 4,482.72 dollars. The note is filed from Mount Holly New Jersey on June 7.
Directors at Broad Street Station name A J Cassatt as president and James McCrea as first vice president. George L Peck becomes general manager of the Pan Handle, succeeding George L Potter. James Jewett Turner and others receive elevated posts as Pittsburg Cincinnati Chicago and St Louis changes announced with loree resignations and new appointments.
Philadelphia holders of stock in the New York Electric Vehicle and Transportation Company may exit at smaller losses after the firm gains control of the Metropolitan Express Company. The Met Express signs contracts to move express and parcels across Manhattan, the Bronx, and Westchester, using Met Street Railway and Union Gallvey capacity, with limited passenger disruption. The arrangement links express cars to Broadway routes at night and ties into Union Railway trolleys, enabling delivery by electric vehicles from depots at stations.
Special to The PetrapeLrnia Times from Chambersburg. The Mont Alto Railroad was sold on April 27 by George H. Stewart as trustee at a foreclosure sale to Colonel Thomas B. Kennedy, president of the Cumberland Railroad. This morning Kennedy met a number of gentlemen at his offices to discuss the matter.
A new railroad company to replace the Mont Alto Railroad was formed and named the Cumberland Valley and Waynesboro Railroad Company. M M Keneady was elected president and the directors elected were Hastings Gehr Samuel B. Rinehart D M Good Jr Dr A H Strickler Ezra Frick and George W Smith with W L Ritchey as secretary.
Lawyers say Hart versus Bache & Co over 8500 Third Avenue shares may affect ownership but won t undo the Metropolitan Street Railway Company lease. Hart s counsel suggests court could order stock or value returned, but value left to court. He adds no grounds for action against current leaseholder if Hart s shares own the lease. court likely won t overturn the record.
The quarterly meeting of Western railroad presidents planned for New York is postponed to September 5 due to difficulty achieving unified action on rate matters. Ongoing negotiations affect changes in railroad ownership across several entities.
The Reading Coal and Iron Company states all collieries run full time and it cannot meet orders due to a car shortage. The May production in the anthracite region is 4,074,707 tons, up from 3,557,700 tons last May, an increase of 1,117,000 tons.
Announcement from Pittsburg that the Pennsylvania Railroad will build pen shops at a central site to handle equipment for the Pennsylvania Panhandle Fort Wayne Baltimore and Ohio and Pittsburg and Western railways.
Edward D. Adams retires from the Northern Pacific at J Pierpont Morgan’s urging to make way for W K Vanderbilt. John H Junker takes Pittsburg office duties, John Munrock rotates back to Philadelphia, and James A McCrea rises to Cincinnati division superintendent. Joseph L Taggart becomes New England passenger agent with Boston offices. C D Gladding and William Backey advance in Pittsburgh. New York Central orders 52 locomotives from American Locomotive Company, signaling Vanderbilt’s backing of ex NY Central president S R Callaway as plants prepare weekly engine production.
A $500000 contract in Chattanooga Tennessee covers 10000 tons of wrought iron castings. The deal was closed with a local stern roofing firm and the bulk of the supplies are set for use in roofing projects.
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