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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 13, 1902
Page
10
A cautious Philadelphia market saw modest price moves across stocks and bonds. Reading common Union Traction United Gas and Electric Storage Battery led activity while profits, consolidation talks, and a pending deal with other electric concerns influenced prices.
June 12 Boston market was dull and narrow with unchanged prices. Moderate interest appeared in medium priced bonds while active stock prices stayed near yesterday's final values.
Baltimore June 12 The local market shows improving sentiment with better buying in volume and quality. Attention centers on United Railways issues with income bonds and common stock while profits from Light and Power holdings and higher net earnings are anticipated.
Chicago today saw a moderate volume of trading with generally firm prices. The New York exchange premium was 20039 cents, loan rates around 4 to 5 percent, and Streets Stable Car remained in good demand with its quotation advancing this morning while Union Oil common traded with some strength.
The New York money market opened at 3 percent with highs of 3 and lows of 2 1/2 percent and closed at 3 8. The day saw good demand and fair time money, with 4 and 5 percent rates for terms up to six months. Mercantile paper sold moderately while local buyers lacked funds. Sterling demand was scarce with practically no business, and Continental bills showed slight declines in francs and reichsmark values. Auction notes from M. Thomas & Sons listed West 100 shares, War ton Copper bonds, and Telephe cards among items.
Irregular activity described across bonds and money markets with figures for year to date and prior year. Notable figures include bond transactions and collateral loan rates with brief mentions of stock changes and several company references.
New York Times reports market inactivity with Sugar Trust shares dipping briefly while total trading never exceeds a few thousand shares. Anthracite stocks show little movement and Brooklyn wires plan fails to excite Rapid Transit. Iron trade remains profitable, crop news stays favorable, and money markets stay steady as Morgan’s European return looms. Railroad earnings rise with traffic echoing general business strength.
Ambiguous report notes New York bond sales activity with unclear figures and dates. Market observers hint at renewed investor demand but provide few concrete details or outcomes.
The Times notes a dull outside market with firm prices and few standout moves. Tennessee Copper led activity, rising to 16 percent on about 15 000 shares, while other copper shares stayed flat with limited trading. Syracuse Lighting moved 5300 shares to 2 as prices softened, and Borden's Condensed Milk preferred traded at 107 percent, a record.
Missouri Pacific was the day’s most active stock and rose at the close aided by sustained buying from brokers aligned with President Gould. Texas Pacific and Wabash also strengthened in sympathy as Wabash earnings rise spurred further independent buying.
The Chicago and Eastern Illinois advance near a record price coincided with rumors of a private sale to H. H. Porter and allies. No solid basis for a deal exists, with today’s upturn attributed to strong earnings rather than imminent ownership change.
Morris interests bought over five points in Northwest preferred after executing a 700 share buy order. Four hundred shares of International Power traded in Saaing, advancing to 90 intraday and closing near 85 for a net gain of two points. Market chatter labeled the action as manipulative to set a loan base, amid a 1 percent quarterly dividend on International Pumps and expectations of strong earnings from today’s activity.
Chicago June 12 The Imperial Glucose and Starch Company will build a 3 million dollar plant near Chicago to rival the Glucose Trust. Charles M. Warner of Syracuse leads the venture. The facility aims to be the world’s largest with a daily capacity of 25000 bushels of corn and will span 35 acres of buildings.
Westinghouse Air Brake Company announced a regular quarterly dividend of 2 percent and an extra dividend of percent, both payable July 10. Some streets believed the dividend applied to Westinghouse Electric and Manufacturing stock, but that is not the case. The earning cabin is described as gratifyingly large.
The American Alkali Company plans a rescue involving 1 000 shares of new par value five stock to settle 600 000 old shares. Preferred stockholders who missed a second ten dollar call may pay 1.25 per share to cover three years since subscription. If approved, they win relief from further installments and receive common stock. Claims against the company have mounted amid heavy deductions.
Special Cable reports dull stock activity in London on June 13 with strong money demand and steady discount. Betted by heavy mining securities, the settlement faced trouble as homes were not passed and selling pressured shares. a late afternoon recovery followed.
International securities show steadiness while local shares stay dull in quiet trading. Home funds in Berlin report limited activity as observers note a cautious mood amid the day’s headlines.
Paris reports notes in circulation up by 49.45 million francs while the treasury account rises 30.8 million and held in hand falls 4.65 million. London notes reserve up 926 thousand pounds, total reserve up 71 thousand, and the discount rate remains at 3 percent with reserve ratio around 52 percent.
The Bank of Bengal lowers its discount rate from 5 to 4 percent. Paris shows 3 percent rentes and 101 francs 85 centimes. London exchange at Irene 2214 centimes. Berlin notes London exchange at 20 marks 48 pfennigs. short bills at 1 percent and three months at 2.4 percent. May new securities issues in London reach 64.128 million dollars, mostly public loans. May capital issues exceed 85 million, with a year’s total down by 21 million.
The outside market saw a dramatic on paper rise in the New Jersey and Staten Island Junction Railway stock. A single broker bid the price from 120 to 205 on ten shares, claiming 40,000 shares and a plan linked to Erastus Wiman. He estimated a paper profit of 3.4 million dollars, enough to celebrate with drinks.
Chicago reports indicate St Paul stockholders who refused an 8 percent guaranty are pressing for a higher dividend. Controlling interests have assured shareholders that with reasonably good crops, the September dividend should rise.
United Gas Improvement Company and others announce quarterly or semi annual dividend payments. Recorded payables include 2 percent on common or preferred stock by United Gas, American Iron and Steel, United Shoe Machinery, Rome Locomotive, Denver and Rio Grande, and Westinghouse Air Brake. Other firms listed include Girard Trust, The American Surety Company, Union Switch and Signal, and Westinghouse.
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