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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 17, 1902
Page
10
Philadelphia stocks held firm with coal shares driving activity as 39,860 shares traded led by anthracite issues. Reading and Lehigh Valley edged higher while Union Traction and United Gas saw mixed moves. Insiders and strikers influenced sentiment, with cautious optimism in a light, featureless overall market.
Philadelphia Consolidated bid, 40000 shares sold to a New York syndicate at 2214. Philadelphia Electric dividend of 15 cents per share arrives with a certified surplus statement showing 446,677 as of December 31, 1901. Mergenthaler Lunery annual earnings top 2,083,000 for 1901. St Paul crop notes praise wheat prospects while corn and oats loom. William Whitney buys Woodside Tonopah stock for 1,250,000. Hoskins Co officers elected. Treasury reports show cash and metal reserves with 538,70,243 receipts this year and 458,981,797 expenditures.
Today's session centered on Telephone shares led by American Telegraph rising 24 points to 145 with rights 8. United Fruit remained strong while New Raglan telephone rights gained. Overall market was narrow and uninteresting.
The Baltimore market today centered on International Trust, hitting its highest price this year due to improved business prospects and expected profits from securities. Lexington Railways 5s remained firm as money on call stood at 4 1/2 to 5 percent. several day’s transactions followed.
The New York banks have gained 307000 since Friday. Warwick Iron and Steel Co. booked orders for 125000 tons. Bay State Gas Company ownership denied by J Edward Addicks. Petroleum exports show a 28000000 gallon rise from last year. National bank notes redeemed 740876. internal revenue 1533. customs 554519. miscellaneous expenditures 1850000. Phone Company directors authorized new stock at par. five for one share. Rock Island Road outlook for corn season remains hopeful.
Money on call opened at 3 per cent on the Stock Exchange and moved to 2 4 as the day progressed. Rates for sixty days to six months showed 4 1 4 to 5 per cent. London call money stood at 2 2 per cent with short bills down. Paris and Berlin rates rose modestly while Sterling remained light. Silver strengthened as American smelting stocks support investment demand and shipments to Mexico increase coinage supply.
Missouri Pacific was the most active stock on the New York list except St. Paul. It closed at the highest price in months as traders anticipated a 24 percent semi annual dividend to be declared next week. Brokers linked to Gould and Rockefeller interests bought large blocks and kept the issue strong amid speculative selling.
St Paul stock again top trader with 51 000 shares changing hands and up to 1 percent intraday. Standard of interests maintained heavy buying amid concerns Moore and Gates controls may shift, with dividend prospects tied to crop results and a favorable outlook for large yields.
New York reports June 16 notes further gains in American Car and Foundry on dividend hike hopes. The firm is said to produce about 300 cars daily. Canadian pool activity lifted Canadian Pacific, while Moore and Gates bought Chicago Northwest stock, lifting both common and preferred shares.
Brokers active in Readings purchases reported a full point rise and fractionally higher preferred shares. They stated the movements have no relation to any anticipated early sale of coal, noting that the buyers include several interests previously holding stocks.
Market tone remained firm with notable gains in several stocks led by Correlated listings. Bonds and collateral loans carried modest rates while commercial paper persisted within a narrow 60 to 90 day window. Net stock increases appeared around 1 percent or more for multiple issuers including New York Dock and Pressed Steel Car.
The Times reports yesterday’s stock market showed widespread advances led by high class stocks. Investment interests fueling demand ahead of about 150 million dollars to be disbursed around July 1 kept money easy, with copper shares improving despite heavy trading.
The Times reports a dull outside market with slight activity in Northern Securities, which rose about 14 points after trading nearly 7,000 shares. Steel Trust injunction news had little effect on new bonds. Copper stocks showed quiet trading with Tennessee Copper slipping to 15% and Union Copper edging higher. Montreal and Boston activity remained animated amid mixed bond and stock movements.
The Trust Company of the Republic New York offers first mortgage 30 year 5% sinking fund gold bonds of the United States Shipbuilding Company at 97 1/2. Subscriptions open June 18 in New York and Paris, with detailed capital structure, contracts on hand, and capital needs.
New York June 16 Tomorrow is the meeting of the directors of the Corn Products Company to act on the first guaranteed dividend on the preferred stock. The 13 4 percent dividend will be regular as the stock is 7 percent. No dividend on the common until after full charter dividend on preferred is paid. Officials report earnings are satisfactory.
In New York on June 16 Max Pam was announced to join the directory of the United States Shipbuilding Company. Pam serves as counsel for United States Steel Corporation, signaling strengthened ties that could speed deliveries. A separate note confirms soft coal prices rising by fifty cents per ton in New York to 5.00 for steam users and 5.50 for other users, reflecting upstream wholesale increases.
Chicago and Alton Railroad declares regular semi annual 2 percent dividends on preferred stock payable July 1. New England Cotton Yarn Company of New York declares a preferred dividend of 0.00 percent.
In Paris on June 16 investors saw French 3 per cent rents close 37% centimes higher at 102 fr 50c, while Spanish 4s traded around 82.25. Early trading was irregular but firmed later as foreign securities led gains. Tight money for settlement weighed on the list, but rumors of a conversion lifted rents and Turkish securities. Rio Tinto and Kaffir shares remained quiet as De Beers advanced.
On the Berlin Boerse, home funds held steady while foreign securities firmed. Spanish 4s attracted demand on Paris account and Chinese securities on London account. Local shares remained listless.
London and Liverpool note closures on June 26 to 28 due to coronation festivities. Reports from Berlin Paris and Madrid show exchange rates and gold prices, with Germany’s April imports down 4 percent and exports up 10 percent from 1901.
Weekly returns show nonmember banks with Loans Inc and Specie deposits, Clearing House agent deposits, and net deposits. The Boston Clearing House report lists circulation deposits legal tenders and excess reserves, with year ago comparisons for 1902.
The percentage of reserve to liability for Philadelphia national banks stands at 30.0 percent, down from 30.9 percent last week. Banks remain below legal reserve. Southwark National and Consolidation National report surplus reserves of 9,673,250 dollars, up from last week, with a year ago total of 15,280,000 dollars. The Franklin National Bank is reserve agent for the National of Avondale Pennsylvania. Corn Fixeria and Second National of Utica have received approvals for similar capacity changes. The Market Street institution may need to adjust after continued actions by Union of Philadelphia and Omaha National. The Merchants’ and Clement National banks are noted in these developments.
The week in London saw tin prices above and futures firm while local tin declined about 25 points on weak abroad demand. Spot tin ranged around 28 to 30.25, copper remained quiet with London markets unchanged, and iron and silver markers showed marginal activity in New York.
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