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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 16, 1902
Page
9
Financial figures show NY stocks gaining vs the previous year with totals for shares and bonds. The week ended June 14 saw higher activity in stocks and bonds compared with last year, with collateral loans on call around 2%–3% and commercial paper near 4%–4.5%.
Net changes show stocks advancing by at least 1 percent for the week with names such as Am. Ice pref, Gen. Electric, Int. Silver pref, and West El. & Mfg. Also listed are numerous bonds advancing including Mex. Cent 1st ine, Mor. & Es. gtd, and N. C. & St. L Col. Mid. 3 48. details appear in a compact market update.
The New York Times notes a notable entry of Standard Oil affiliated interests into the market. Purchases in St Paul Missouri Pacific and related stocks drive renewed activity while reports hint at broader gains and improved economic signals amid cautious optimism.
The New York Stock Exchange saw slight business gains last week with broad price strength across sectors. Total volume reached 1,574,775 shares and $12,306,500 in bonds as Missouri Pacific St Paul and Reading led activity with over 100,000 shares traded each.
The money market remained without major feature as call money stayed easy around 2 percent. Banks anticipate July disbursements near 150 million dollars, plus possible loan calls, while markets expect only brief flurries and easing ahead of the payments. European markets gain relief from South African wine output increases.
Edward B. Smith & Co reports stock market dullness with scarce supply yet firm undertone and rising prices on demand. Coal strike, currency reform debates, and potential recovery cues from leaders and major stocks are analyzed by Hambleton, Clews, Chandler, and other Philadelphia figures.
The piece discusses improving affairs at the Philadelphia Electric Company and Electric Company of America with new board interests promising better management and dividends. It notes low prices for steel stocks like Susquehanna and Tidewater and calls for patient holders to buy. It cites Readin, Lehigh Valley, and other railroads as poised for higher prices and details company finances including investments, surplus, and bond redemption.
Dun s Review shows U S railroads reporting May gross earnings of 50 051 713 up 8 7 percent from last year and 1 cent from 1900. Southern and Pacific lines lead in percentage gains as coal and western roads show notable increases. Dominion Coal Company reports fiscal year end gains with overall higher gross earnings.
A New York report cites a senior investor praising Mexican Central for strong value. He notes the roadbed and equipment are first class and expects the upcoming season to be the most successful ever. Plans to extend routes aim to boost profits per mile across the system.
The Union Traction Company Board will meet in the Land Title Building offices of President John B. Parsons to close the fiscal year ending June 31 and finalize the lease to the Philadelphia Rapid Transit Company effective July 1. Absences anticipated include Peter A. B. Widener and William L. Elkins, who are abroad in Europe.
The Norfolk, Portsmouth and Newport News Company, formed from Tidewater Virginia electric lighting railway and ferry properties, elected Lancaster Williams as president. The group consolidates major regional utilities and transport assets in Norfolk Portsmouth and Newport News.
London trading shows flatness after peace. dull activity, scarce money, and reduced accounts. Berlin markets remain inactive with cautious Germans selling Kaffirs while others buy. US uncertainty and coal strike loom. Manchester reports dull cloth market, idle looms, and cautious buyers amid weak yarns and rising labor-saving interest.
The Bank of Spain weekly report indicates gold holdings increased by 184,000 tas, silver in hand rose by 2,513, notes in circulation fell by 1,624,000, and gold was quoted at 36.42 yesterday.
A Chestnut Street banker criticizes Mr. Mitchell for West Virginia miners striking amid weak organization. His view links a possible broader impact on anthracite and bituminous sectors, suggesting a developing but fragile labor shift. A Philadelphia Stock Exchange veteran discusses Electric Storage Battery bullishness yet doubt about sustained gains, while Wall Street eyes Standard Oil as bearish but influential.
The piece notes bull interest in railroad stocks led by St Paul Missouri Pacific and Union Pacific as Western operators buy large blocks amid coal strike anxieties. It predicts active mining stock trading this summer fueled by Tonopah’s surge from under 3 cents to around 10 dollars and warns investors to be cautious and discriminate in new mining ventures.
The Philadelphia market reports weekly receipts from West and North Philadelphia yards totalling 2,108 cattle and 674 weans with 2,787 sheep and lambs sold. Cattle prices ranged from common to good with milch cows at 400 to 500 dollars. steers and bulls showed moderate demand. Sheep and lambs opened steady then softened, with Western sizes varying and strong turnouts closing firm on prices.
A June Washington note previews a Treasury Bureau of Statistics monograph on Alaska’s wealth, commerce, and prospects. It explains Alaska’s shift from distant territory to accessible market, outlines industries, travel routes, and the need for new trade statistics across non-contiguous U.S. territories.
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