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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 12, 1902
Page
10
Philadelphia market shows a quiet session with mixed stock moves and minor gains in Consolidated Lake Superior and Pennsylvania Railroad while United Gas declines. Traders note a long miners strike and a wait‑and‑see mood as headlines about consolidation plans and higher debt for steel companies circulate.
Boston market today showed little movement with firmer prices in some mining stocks. The report lists highest, lowest and closing prices for active stocks, comparing current values with yesterday's final figures.
The column notes bank, rail and telegraph company activity including First National Bank of Philadelphia extensions to June 10 1903 profits and dividends from Insurance Company of North America. It cites Rock Island capital rise to 75 million, rail stock auctions and varied earnings from Jersey Central Western Union Tidewater Steel and regional lines with monthly comparisons and surplus figures.
New York exchange opened with a 25 cent premium as trading began in Chicago markets on a calm June 11 session. Prices for key stocks and bonds showed modest early gains amid quiet trading with investors awaiting broader market cues.
The Philadelphia Consolidated Stock Exchange reported transactions yesterday with listings of securities sold. Details include securities names and quantities exchanged between members and brokers.
The Baltimore market remains steady with ample money for speculation. Seaboard issues attract attention if earnings rise further, and Cotton Duck bonds gain as buyers expect higher prices. Call money sits around 4 to 5 percent amid cautious but optimistic trading.
The Money Market in New York shows call money at 3 percent with highs of 3 percent and closes at 3. Time money remains in fair demand with rates around 4.4 to 5 percent for various terms. Chicago and London markets edge lower or mixed, while sterling trading remains dull but firmer. Bank of England notes £26,000 added today. shipments to South America draw £20,000. Continental currencies hold steady with several bid rates listed for francs, reichsmarks, and guilders.
The Pennsylvania Steel Company calls a special stockholders meeting for Tuesday August 12 to consider increasing indebtedness from seven million to fourteen and a half million dollars. New bonds with five percent interest have been issued and sold to banks and trust companies as the firm plans to buy ore mines and furnaces at Cornwall.
Market bulletin shows strong New York activity with bond transactions totaling 1,996,000 year to date and year over year contrasts. Interest rates for collateral loans on call and short to mid term commercial paper sit around 4 percent, while net stock and bond quotation changes exceed one percent in select listings.
The New York Times reports a broad market advance with 380000 shares traded and gains across railways, lower-priced issues, and industrials. Strength stems from coal operators versus miners, favorable crop outlook, steady railway earnings, and big bank buying, with steel demand seen rising into 908.
New York stocks show mixed trading with a 1 percent drop in key indices as traders weigh corporate results and market volatility. Analysts note cautious sentiment and continued demand for safe assets amid economic uncertainty.
The outside market saw higher total transactions driven by heavy Tennessee Copper activity, with around 24 000 shares traded within a narrow 134 to 131 3/4 range. Other issues barely exceeded 1000 shares, while Union and Hall Signal Company moves reflected dividend news and renewed interest amid mixed sector activity.
The London Stock Exchange showed depressed prices as peace expectations faded and many investors sold. Trade was thin across sectors with American railway shares steady on New York support, while a 10 percent tax on net profits in South African mining briefly weighed on markets. Gold inflows kept money scarce despite perceived liquidity.
Prices on the Boerse opened dull and later recovered as local shares improved. International securities stayed quiet. Canadian Pacifics eased on New York advices.
The Toronto and Montreal pools blame each other for selling out as Canadian Pacific declines. In early June net earnings rose by 110000 dollars. Coal stocks gain on operators miners talks, boosting market sentiment. Pittsburgh interests led steel stock purchases.
June 11 St Paul stock rose strongly with Missouri Pacific as the only weaker entry. Purchases centered on the Moore Brothers and allied interests who control Rock Island and H C Frick, transferring about 30 000 shares to their account with plans to gain representation on the St Paul board.
Missouri Pacific stock led today’s gains, rising over two points to a day high on 49 000 shares. Gould brokers reportedly bought most of the stock following Missouri crop reports, with some buying for John W Gates interests. Directors to consider the 2 percent semi annual dividend next week.
A mix of dividends payable from several firms including Tradesmen Trust and Saving Fund Company and Union Ferry Company in New York. Payments cover preferred and common stock with percentages and July 1 or July 15 pay dates. Also notes Western Union Tele Company Kaj quarterly dividends and other sector firms with various rates and dates.
On June 11 London reports bullion on balance at 26,000 pounds with 20,000 pounds withdrawn for shipment to South America. Berlin quotes exchange on London at 20 marks 48% pfennigs and short bill discounts at 1 percent. Paris notes three percent rentes and London exchange at 251.23 for checks. The Kaffr mine article hints Continental holders reduced South African shares during war era. Bank of Italy gold reserve shows excess vs year ago. Buenos Aires gold premium at 182.90 with Lisbon unchanged at 26.
Toledo Railway and Light Company, with a 12 million capital, transfers control to Keen Van Cortlandt. Everett Moore syndicate loses a major system as Toledo's 102 miles of track and electric plant shift hands, affecting Northern Ohio and Southern Michigan rail interests. Western Union reports rising earnings and surplus for the year.
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