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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 12, 1901
Page
9
Yesterday's closing quotations for government bonds were reported in comparison with Monday's levels. The brief notes indicate shifts in yields and prices across several maturities, reflecting market reactions to recent economic data and policy signals.
A Union Traction Company director expects the surplus for 1900 1901 to be about the same as the prior year or around 050, 000, noting reasons for a smaller relative rise including the 1899 G A R convention and Export Exposition receipts and wage increases. The piece also covers Rock Island Road stock issues, planned construction, and market prospects after Focht and Emery bills. It cites London Financial Times interest in U S urban transit properties and lists several American traction securities likely to attract attention.
The International Steam Pump Company declares 4 percent on common stock for the year ending March 31, payable 1 percent quarterly. Manhattan Railway, Northern Central Railroad, and other firms announce 1 percent quarterly on preferred stock or notes payable in July and June. Several companies list per share or per stock dividends, including Frankford and Southwark Passenger Railway, Union Bag and Paper, Royal Baking Powder, Wena Sone Elevator, Sheffield Steel, Mergenthaler Linotype, American Beet Sugar, and Crucible Steel. Most payments target July or June dates, with several on an 8 percent basis comparison to prior years.
Pig iron trade shows calm with light new business and a price drop of about one dollar per ton for Bessemer iron. Despite soft selling, overall consumption remains active with buyers pushing for prompt deliveries, and Archer Brown of Rogers on Company notes the normal quiet after a period of heavy buying.
In London on June 11 Consols closed 5-16 higher at 93% for money and 937-16 for the account amid abundant money. Canadian Pacific and Anaconda held steady. Grand Trunk’s fell. Spanish 4s declined. Foreign shares weak while American securities opened above parity and closed firm. Trading centered on arbitrage with Southern Pacific and Union Pacific notable. Rhodesian stocks weak on new issue rumors.
Berlin reports firmer prices on the Boerse with traders encouraged by hopeful South African peace proposals and a possible modification of the Boerse law. The market closed quiet as sessions ended.
In Paris on June 11 French 3 per cent rentes fell 7% centimes to 101 ft 12½c. Spanish 4s stood at 71.60, up from 71.42% yesterday. Prices opened firm on the Bourse but Parquet stocks grew heavy as Brussels trades were offered freely amid reports of new difficulties. The close was dull and international shares eased. Spanish 4s held. Kaffirs rose on London advice following Senor Sagasta’s declaration.
The Imperial Bank of Germany reports changes since June 3 with increases in gold and silver coin and bullion by 6 180 000 marks and declines in notes in circulation by 24 900 000 marks. Treasury notes held rise 260 000 marks and other securities fall 25 180 000 marks. Compare holdings with prior years showing gold and silver totals and circulation figures across 1901 to 1894.
bullion taken into Bank of England totals six thousand pounds The Paris exchange decline tied to remittance of Russian funds from Paris to London movement has ceased A further Bank of England rate cut likely next week Berlin exchange London at 44 pfennigs and rates show 3 percent for short bills Paris rentes at 101 francs 12 1 2 centimes Managua exchange on New York improves from 300 percent to 210 percent premium with few buyers remain active
Intimations yesterday that the Consolidated Tobacco Company was formed to prevent a rupture with Continental and American Tobacco. Continental and American own 85 percent of American Cigar stock, so control could shift otherwise. The plan locks in peace, with 4 percent bonds trading around 73 and speculation about further absorptions like the Hayana American Company.
Bar sliver in London at 37746 pence per ounce shows 116 peony lower. Yesterday's New York bar price fell by percent to 504e60 percent. Government assay bars also down by a cent to S%e61 percent. Mexican del las unchanged at 48050.
Receipts total 74,429 bushels with 40,800 shipments and stock at 410,681. Speculation in other home grain centres bearish due to a favorable crop report, but local offerings remain light and prices little changed. Bradstreet estimates a 3,599,000 bushel drop in world visible supply. June contracts quoted on call with varied prices for No 2 and steamer red wheat in car lots and elevator trades.
Receipts totaling 65 165 bushels and shipments 146 600 bushels, stock at 401 880 bushels. Market declined slightly in sympathy with the West and closed quiet. Export inquiry fair, but foreign limits generally below workable basis. Local car lots dull and lower with ample offerings. Sales included 50 000 bushels No 2 mixed for export on private terms and 1 car No 2 yellow on track at 47 1 2 c. No 2 mixed quoted on call by location June 46 4 6 1 4 c. Car lots in export elevator No 2 mixed 46 4 6 1 4 c steamer 44 4 4 4 t c No 3 43 4 0 3 9 e.
The market was very quiet with weak prices and ample offerings as oats receipts reached 15 954 bushels and stock 186 860 bushels while shipments stood at 9 874 bushels. Sales included 9 cars of No 2 white oats clipped at B4yad4hc.
Receipts totaled 2 375 barrels and 2 765 728 pounds in sacks as demand from jobbers remained cautious. Market tone remained firm with moderate offerings from mills. Prices cited include Winter super 2.10 to 2.25, extras 2.40 to 2.65, Pennsylvania roller clear 3.25 to 3.40, western winter clear 3.25 to 3.40, patent 3.65 to 3.00, Kansas straight 3.40 to 3.55, patent 3.60 to 3.75, spring clear 3.23 to 3.35, straight 3.60 to 3.85, patent 3.85 to 4.00, favorite brands 4.10 to 4.25, City Mills extras 2.40 to 2.65, clear 3.25 to 3.40, straight 3.40 to 8.60, patent 8.80 to 4.25.
The report notes rye flour remained in light demand while a quote of 2,7522.90 per barrel was recorded as to quality.
Demand was fair for desirable grades while medium and low grades remained dull and weak. Quotations show Western creamery extra at 19 cents, firsts 18 18 1/2 cents, prints extra wholesale 19 cents, and jobbing 20 to 23 cents.
The market was quiet with ample offerings at former rates. Quotes include New York full cream small boxes choice at 400% ee, New York full cream fair to good at Si a%c, part skims as to quality.
Demand for fine fresh stock remains good and the market holds firm with light offerings. Quotations cite Pennsylvania and nearby losses of 14 cents and Western region losses of 14 cents, fair to good quality fresh eggs selling 12 to 14 cents a dozen.
Fowls were in moderate supply and firm, with a fair demand. Hens commanded 1l. per pair for quality. Old roosters brought Tc. per pair. Spring chickens weighing three pounds per pair ranged from 22a25c. Spring chickens weighed one and a half to two and a half pence per pair fetched 16 a2de.
Sold fairly and supplies were kept well cleaned up at steady prices. Fresh-killed fowls, choice ten cents. Hedge old roosters Gigc. broilers near-by four to four and a half pounds to the pair 25a 80c. Broilers near-by three to three and a half pounds to the pair 22a25c. Broilers Western dry-picked 22a25c. Do. do. scalded in 20 cents. Chickens frozen hadel.
Market report notes scarce apples while other items show wide availability. Prices listed include choice red apples per barrel at 4.50, oranges from 3.50 to 4.50, strawberries per quart 4 to 8 cents, watermelons Florida 60 to 65 per 100, cantaloupes Florida crate 1.50 to 3, peaches Florida carrier 2.60 to 4, and pineapples Havana crate 2.50 to 3.00 with varied quality notes.
Market notes show old potatoes dull, prices steady with fair demand. Southern vegetables in fair supply with revised prices for potatoes, cabbage, egg plant, cucumbers, North Carolina beans, wax beans, tomatoes and bananas.
Limited request notes price stability with McCahan still granting five point concessions from quoted rates. Refiners' prices after a 15 cent per 100 pounds end of thirty days rebate are given for Dominoes, cut leaf, confectioners' grades, powdered sugars, crystals, cubes, and various granulated and soft grades with a range from 4.55c to 6.70c.
A sequence of meat quotas and prices lists city beef in sets smoked and air dried 14a16c Western beef in sets smoked WalSc city beef knuckles and tenders smoked and air dried 16a18c Western beef knuckles and tenders 14a15c beef hams 19.50 020.50 pork family 17a17.50 hama 8 P cured fm tlerees 10010c hams smoked as to brand r 4 iMalde shoulders pickle cured smoked S4a8Kec pic ble hams 8 P cured TyaT&%c do do smoked 84a84c bellies in pickle according to average loose 694010%c breakfast bacon as to brand sod average 10 gall %cc lard pure city refined in tierces Gadiyc do do do in tubs 420%c lard butchers loose 8c
Receipts total 280 tons of hay and 4 cars of straw as hay prices remain dull. Straw prices show varied small bale lots from 12.50 to 14.50 and rye prices top near 19.50 for No 1 straight rye. Wheat No 1 runs 8.50 to 9.00, No 2 at 7.00 to 8.00, oats No 1 at 5.50, No 2 at 7.50 to 7.50.
Receipts were not large and demand slow with prices unchanged. Winter brew in balk per ton brings $16.50 to $16.51 and spring bran in sacks sized to $16.50 to $16.51.
The market reported cotton as inactive and barely steady on a basis of 9 to 10 cents per pound for middling uplands, reflecting limited price movement and subdued trading activity.
New York price report shows flour receipts 27,208 barrels and exports 15,421 barrels. Wheat supplies 225,400 bushels with exports 183,184 bushels. Prices for Minnesota patent and bakers’ flour vary, with winter patents and rye offerings steady to dull. Barley dull, cornmeal quiet, rye steady. overall market softness influenced by wheat.
Wheat options opened steady then weakened on improved weather and crop report expectations. Corn and oats follow weak tones with receipts and exports cited. Prices for flour, hogs, lard, pork, and various commodities listed with modest declines and steadys across grains and byproducts.
Near month shorts and August buying push New York cotton higher amid bullish government crop data. Liverpool and New Orleans follow, prices jump with July to 8.22, August 7.63, October 7.19 as traders cover and Wall Street buying grows. Market ends firm with steady tone and late gains.
NEW YORK, June 11. There was another advance in cottonseed oil prices. Spot oil sold today at 38 for prime summer yellow, closing range 39a 40c, with higher prices expected. Unsold oil is scarce and holders are firm, while in the South stocks are nearly cleared. Linseed oil remains firm, unchanged, with American oil quoted at 61c to 63c depending on quantity.
Weakness dominated the Chicago wheat market with July contracts down, corn and oats also lower, and provisions mixed. Rainy conditions and ample receipts weighed on prices while export demand offered limited support. leading futures showed notable declines and market sentiment split between bulls and bears.
Minneapolis market report shows cash wheat for July at 6 1/2 to 7 1/2 cents, September 6 2/3 to 6 6/8. No 1 hard 7 1/2. No 1 Northern 6 1/2 to 6 3/4. No 2 Northern 6 1/2 to 7. flour lower with first patents at 3 80 88.00, second patents 3 00 3 70, fret clears 2 05 2 75, second clears 2 00 2 10, bran bulk 11 50 to 11 75.
In Boston on June 11 demand for wool stays quiet with no speculative tilt. Territory wools lead activity with Vine medium and fine at 40 to 42 1/2 cents on a scoured basis and 44 to 45 cents for strictly scoured. Fleece wools move slowly with nominal prices. Australian wools stay steady as sales remain moderate. Quoted descriptions include Pennsylvanian and Delaware combing wools and various blood grades.
A compact catalog of fiber prices across states and territories for combing and scoured bases. Includes Wisconsin to Michigan rates for coarse to fine Delaine and Delaine equivalents, Kentucky Indiana and Missouri blood grades, Montana territory scoured and staple ranges, and Western states Utah Wyoming Idaho prices with Australian scoured basis spot prices for combing and super fine to good grades.
The May bulletin from the Bureau of Statistics reports U S exports of breadstuffs at 25,723,185 dollars, cattle and hogs at 3,505,253, provisions at 16,168,064, cotton at 17,120,436, and mineral oils at 6,464,235. Breadstuffs, cattle and hogs, provisions, and cotton rise versus May 1900 while mineral oils fall by 300,000. Over eleven months total exports reach 810,816,168 dollars, up from 714,227,315 dollars.
Toledo market notes show cloverseed priced with a cash prime at 6.50 for October delivery and a spot quote of 5.32. The brief reflects a commodity trading snippet with limited details and no additional context.
Chicago reports 25 000 cattle with choice cows firm and steers 4.00 to 5.75, hogs 18 000 today with tops near 6.20, calves firm at 6.00 to 6.25, Texas fed steers 4.35 to 5.60, cattle and sheep in Cincinnati and New York similar weak to steady tone. East Liberty notes higher hogs and steady cattle with prime prices around 6.17 for heavy hogs and lambs steady to higher.
The Sub Treasury report notes losses to New York banks totaling 3000000 dollars since Friday as Pennsylvania Railroad stock sales draw millions into Philadelphia. Four Philadelphia banks fall below 25 percent reserves while eighteen New York Clearing House banks are under reserve. The national banking system reports record loans and deposits, with loans at 2911526276 dollars and deposits at 2803665449, up since 1900 and 1901. Specie holdings total 386773602 dollars, largely in gold, up versus last year but down from February. Total national bank resources reach 5680704367 dollars, above February 1901 and well above April 1900.
New York banks moved 22,714,133 dollars in cash to the clearinghouse to adjust exchanges. It ties the second largest balance on record after the 24,170,338 high on March 5, with last Saturday’s 21,406,011 near-record. The National Bank of Commerce carried the heaviest individual debit at 14,467,000, while the City stood as the heaviest creditor with 7,536,000.
Bank clearings yesterday fell compared with the same day a year earlier. The report notes reduced activity in several districts and highlights lower total of checks, cash, and credits processed by banks.
Sterling remained firm with limited bill supply as 60 day rates showed ease due to London discount rate cuts. Banks reported posted 60 day bills stronger while actual business closed around 4 as cotton bills stayed scarce and francs and other currencies traded unevenly.
Directors of the International Steam Pump Company announce a 4 percent dividend on common stock for the year ended March 31, 1901, payable quarterly. This marks the first dividend on the stock issued in March 1900. Preferred shares receive 6 percent annually.
In Boston during a Supreme Court trial Clarence H Venner seeks to restrain Amalgamated Company from absorbing Boston and Montana and the Butte and Boston holdings. The court heard plans to appoint a receiver for Anaconda Mining and annul its charter to curb consolidation. Venner alleges Butte and Boston profits lag could be worsened by a $20 million Amalgamated stock issue. A master will value Butte and Boston, while Kidder Peabody & Co. faces stock exchange restraints until the report.
Marsden Company announces its purchase of the American Milling Company of Chicago with capital stock of 100000 dollars. The former American Milling plant at Riverdale, Chicago, will now operate as Marsden's feed department as part of the company’s expanded business.
Texas Pacific shares, after earlier declines to around 49 percent, rallied to 48 percent as buyers stepped in. Floyd Jones Robinson and H R Bissell moved blocks totaling about 29 000 shares to J J Manning and other buyers at 48 percent, amid theories of exchange delays with Missouri Pacific and insider pool activity.
The conversion provision inserted in the 15 million Missouri Pacific debenture bonds has been utilized by nearly all holders of the outstanding 12 million debentures. The debentures, bearing 5 percent interest and issued to cover gold funding notes to directors in 1893, will be replaced by the company’s shares. Most debentures are held by management and are not listed on the Stock Exchange.
The Northern Central Railroad directors met yesterday and declared a semi annual dividend of four percent, producing an annual eight percent payout. This marks the first time since 1893 the dividend reached this level, with a usual pattern of four percent in January and three percent in June totaling seven percent. Samuel Rea, fourth vice president of the Pennsylvania Railroad, was elected a director replacing the late B F Newcomer.
Rail circles report rapid Gould project progress with an imminent official plan reveal. In New York it is said Gould intends outlets at New York and Baltimore. Gould brokers have bought Lackawanna and Ontario and Western stock, hinting at potential traffic deals. Control of Lackawanna is believed to rest with Gould allies.
The Northern Central Railway directors at Broad Street Station declare a 4 percent dividend payable July 15 to stockholders of record June 29. The rate matches payouts in 1889 1892 and 1893. The board notes the death of B F Newcombe of Baltimore. Samuel Rea of Pennsylvania is elected director to succeed Newcombe.
The Philadelphia and Erie Railroad Company reports a comparison of earnings and expenses for April 1901 and for four months ending April 20, 1901 with the same periods in 1900. The table shows gross earnings and expenses for the month and for the four months, indicating changes from the prior year.
General passenger agents of the trunk lines met in New York to discuss the Pan American Exposition managers request for lower rates to Buffalo and back. They decided no further reduction was warranted. The current lowest Buffalo fare equals a four day round trip.
New York June 11 The Mall and Express reports capitalists plan to control Nova Scotia’s commerce and industry through a vast Snanda scheme linked to the Dominion Securities Company with capitalization of 1.5 million dollars. The push is led by Vanderbilt interests directing permanent benefit arrangements.
Between this city and the seaport towns of Nova Scotia the firm charts a course. Dr William Seward Woodle is named president of the company with directors John Jaton Astor R Callaway Edgar Van Etten and Percy Clemson guiding the venture.
Traction interests in New Jersey plan appeals after the Supreme Court ruled trolley roads are realty, enabling taxation of road-beds as property. North Jersey Street Railway Company’s David Young says the decision may grant property rights and boost state revenue, with further appeals likely to the Court of Errors and Appeals.
Regular Pennsylvania Railroad board meeting at Broad Street Station is noted. Foreclosure sale set for July 23 of the Northern Connecting Railroad with an upset price of 800000. Delta of new appointments and promotions ripple through the Pennsylvanian and Lake Shore networks with multiple leadership shifts and rumored Central era upgrades.
Dover reports several corporations filing articles of incorporation with the Secretary of State. The Lactic Company of Wilmington capital 250000. Globe Finance Company of Philadelphia capital 100000. Rutherford Company of Washington capital 100000. George Dinsley and Sons Company of Baltimore capital 25000.
In Trenton today June 11 two new corporations were chartered Newport Manufacturing Company with capital of 3 6 Lake Torpedo Boat Company authorized to build steamboats with capital of 1000 FS.
Articles of incorporation were filed with Camden County Clerk. The John D Moll Bedding Company shows capital stock of 20000, paid in 1000. The Girard Dry Extract Company lists capital stock 150000, paid in 1000.
A list of individuals appears including Erringer, Jas Wits, breign tman, Big Steie N Parker, Shortridge, William W Frasier. The fragmented OCR reads as a financial or committee notice with multiple names tied to unspecified roles or transactions.
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