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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 18, 1901
Page
9
Special to The Philadelphia Times from Baltimore reports an active day in trading with broad participation and a generally strong tone. Sea board issues and the Cotton Duck group led the upswing, most issues advancing. The market saw 8,588 shares traded and bonds totaling $258,000, with money on call at 4 1/4 to 4 1/2 percent.
Chicago June 17 Ten cents premium charged for New York exchange to play. Call and time loan rates at 4 5 percent. American Can common led with a fractional advance on good demand. Diamond Match steady near 148 and Biscuit common around 45. Lake Street active with a small gain. General list dull. The table shows prices today.
Pittsburg June 17 reports the Pittsburg Stock Exchange table of daily price movements. Prices across listed stocks moved with notable shifts in several sectors as traders reacted to market news.
Vice President Richard H. Rushton accompanies Philadelphians on a trip to the Golden Gate as Philadelphia National Bank becomes reserve agent for First National Riverside. Fourth Street National adds four reserve accounts including Piedmont West Virginia and Cape May New Jersey. Corn Exchange and Girard National take on reserve duties for Portland Maine and Charlotte North Carolina entities. Loans to New York rise to new highs with gains noted through 1901, reflecting weekly increases since January and a strong Sub-Treasury position.
June 17 London stock scene shows Consols closing 5-16 lower at 93 11 16. Canadian Pacific slips to 106 after a small rise to 107 and Anaconda rises to £10. Grand Trunk and Rio Tinto move weaker as American markets open slightly above parity and rise in St Paul supports sentiment. Closing prices mirror New York.
Paris June 17 French 3 per cent rentes closed 100 francs 10 centimes ex 75 centimes. Net decline 7% centimes. Spanish 4s at 72.6714 from 72.25. Foreign securities firm, especially Spanish 4s Italian and Brazilian shares, routes down. Rio Tinto dips on copper stats showing a bigger visible supply. Thompson-Houston offered, ends steady.
Berlin stock market reports weak bank equities due to Schuckert Electrical Works’ unsatisfactory balance sheet. Funds held steady, American securities steady, mines showing bear covering. Transvaal rails fluctuated as trading progressed.
Paris reports say rentes dropped 22 centimes amid grave unease over the government anti religious policy and income tax laws. Count Larochelle told the Philadelphia Times that about 3,000,000 francs had left France in the last two months due to fear among moneyed classes for France’s future.
London report from Mark Lane Express notes a week of cold weather harmed English wheat. Agricultural prospects show general retrogression and yields are likely to fall.
London records show firmer money as investors await today’s third marked instalment on the new British Consols and a 6 million pound payment. Gold premiums are listed for Buenos Ayres Madrid Lisbon Rome and Paris, with Paris exchange slipping and Berlin and Vienna modestly down.
An outward gold movement for Germany launched with $4,000,000 in engagements. National City Bank took $2,500,000 in coin from Sub-Treasury vaults, exporting $1,750,000 immediately while keeping $750,000 on hand. Heidelbach Ickelheimer & Company took $1,500,000 in gold bars from the Assay Office.
Yesterday's foreign exchange scene showed a softer sterling amid Europe gold engagements by today's steamers. Cables fell four cents as actual business closed with state days at 4.85 percent and demand and cables at 4.88 percent. Commercial bills quoted at 4.8504.86. Grain and cotton bill supply remained scarce. Continental rates listed Frances around 5.16 percent to 5.17, reichsmarks near 8-16 to 9-16, and guilders about 40 to 40 1/2 percent.
The weekly statement for Philadelphia banks shows increases in loans to 172 025 000 deposits to 141 010 000 and circulation to 9 849 000. Due from banks rose to 20 071 000 while due to banks grew to 72 568 000 and the reserve position improved.
A brief note reports bank clearings for yesterday compared with the same day a year earlier. Details on totals and shifts are limited.
Market remained quiet yet steady amid moderate offerings as cables firmed and export inquiry stayed light. The American visible supply declined by 162000 bushels with various carlot and track quotations for No 2 Pennsylvania red, No 2 Delaware red, and mixed wheats, amid ample local car lots and higher imports offset by a late decline in prices.
Flour receipts reach 1 716 barrels and 1 300 416 pounds. demand is light as jobbers lack confidence. Prices show weakness across grades from Winter super to premium patent. Quoted ranges include Winter super 2.10 to 2.25, Pennsylvania roller 3.00 to 3.40, Western winter 3.15 to 3.55, Kansas patent 3.55 to 4.65, spring 3.00 to 3.90, and favorite brands 5.95 to 6.10 per barrel or sack.
Receipts were moderate and there was a good demand for fine grades, with prices firm. Western creamery quotes extra at 19 a cent, firsts at 18 19 cents, prints extra at 20 cents, wholesale 20 cents, and jobbing at 21 to 24 cents.
Market report shows subdued cheese turnover and ample supplies. Quoted: New York full cream small boxes choice 91c per 8, 9 per 1 lb equivalents, similar pricing for standard assortments with varied quality grades.
Fresh stock met fair demand with light receipts. Quoted prices include Pennsylvania and nearby regions at 14 cents for choice loss off, Western at 13.5 to 14 cents for good to choice loss off, and 12 to 13 cents for fair to good loss off.
In limited supply and steady demand, the notice lists prices for fowls and poultry. Hens of good quality run 11 3/4 cents, old roosters unspecified, spring chickens weighing 3 1/4 to 4 pounds per pair priced at 22 1/2 to 25 cents, and spring chickens weighing 12 1/2 pounds per pair at 16 1/2 to 20 cents.
A firm’s quotation list shows fresh-kilted fowls described as choice and fair to good with older roosters at 64c, broilers weighing 3 1 4 pounds per pair at 25c per pair, near-by smaller birds 208 22c, Western dry-picked 3 cc, Western scalded 18 818¢, and frozen chickens in Louisiana markets.
A listing shows liberal and fairly conducted sales of various foods with price ranges. Items include strawberries per quart at around 8 cents, huckleberries and gooseberries per quart, cherries per pound, Florida prime melons per 100 at about 2.65, cantaloupes per crate 1.50 to 2.50, peaches from Florida about 1.50 to 2.25, Georgia peaches per carrier, and Havana pineapples per crate 1.50 to 2.50, plus other crate and per-100 figures across regions.
Receipts of potatoes and vegetables were ample with steady demand. Prices shown include Southern choice potatoes per barrel 30 to 32.75 dollars and prime 2.50 to 2.75, medium 1.50 to 2.00, culls 1.00 to 1.25. Cabbage Norfolk per barrel crate 1.25, eggplant Southern per barrel box 2.43, cucumbers Southern per basket 1.00 to 1.50, North Carolina green beans per basket 1.00 to 1.25, wax beans 0.80 to 1.10, Florida tomatoes per carrier 0.75 to 1.50, Mississippi tomatoes per 4-basket carrier 7 to 8 cents, beets Southern per bunch 1 to 2 cents.
Quotations show refiners at little changed with concessions in list prices across several sugar grades. End of month prices under debate include Ihc per 100 pounds, with Dominoes at 6.05c, cut leaf 6.06c, confectioners lozenge 5.70c, granulated varieties around 5.55c to 5.80c, and cost grades from No 1 at 5.20c to No 16 at 4.55c.
A condensed price sheet lists city and Western beef varieties including l4al c. smoked and air dried knuckles and tenders and hams at 18 al 18c. Pork family hams and 8 P cured items show at 10a10%c. Bacon and lard prices appear as 9%a10%e and 94c respectively with loose butchers’ weights.
Receipts totaled 300 tons of hay and 13 cars of straw with ample hay supply yet weak demand. Rye straw shows moderate supply and quiet at prior rates. Prices listed include Timothy hay No 1 large bales 16.00, No 2 small bales 12.50 to 13.00, straw rye No 1 straight 18.60 to 19.00, No 1 oat 8.60 to 9.00, wheat No 1 8.00, No 2 7.00 to 7.50.
Feed was in moderate supply and limited demand at listed rates. Winter bran sold at 16216.50 dollars per ton and spring wheat bran at 16016.50 dollars per ton in sacks. Shelf price notes reflect modest activity amid steady demand.
Cotton prices held steady amid fair demand with shade higher values based on the market rate of middling uplands. The market noted ongoing activity and a cautious tone among buyers and sellers.
New York price and supply details for flour cornmeal rye barley and wheat. Receipts total 225 400 bushels of wheat with significant inventories in various grades and locations. Prices show quiet or steady tones with slight declines in certain commodities. May include export figures and freight terms f o b afloat and car lot notes.
Wheat futures closed steady after initial strength on better crop news and cover trading. July to October contracts quoted around 40 to 48 cents, oats receipts and exports listed, spot oats dull, various feeds and meats steady. Copper, coal, coffee and sugar quoted steady with minor shifts, petroleum dull and rosin steady.
The New York cotton market opened firm and rose 4 to 7 points, then 6 to 8, with a mid day firming as New Orleans and Southern buying supported gains. Shorts covered, weather and crop reports were discouraging, while Liverpool and New Orleans pressures pushed July to 8.33, August 7.77, October 7.41, and January 7.43 before a slight late decline.
The New York Produce Exchange reports for Saturday June 15 that wheat holdings stand at 35,139,000 bushels with a decrease of 153,000. corn at 17,271,000 bushels up 1,222,000. oats at 10,882,000 up 244,000. rye at 616,000 down 82,000. and barley at 540,000 down 149,000 bushels.
Chicago price action shows wheat sliding to finish level near 60%c after early gains from European crop worries. Corn and oats also weakened with July corn easing to about 43 to 44c, while July oats improved slightly and provisions eased. Local receipts and export demand mixed as buyers and elevators battled for position amid volatile moves.
Cattle receipts at Chicago totaled 23 000 head including 1 000 Texans with bid levels mixed. Demand for butchers stock remains slow while good to prime steers range 5 40 to 6 20. Cows sold from 2 70 to 4 90. calves to 5 0 and bulls to 4 50.
Financial notes from New York May 28 1901 show Seligman & Co syndicate managers cautioning on exchange terms. Livestock prices steady to higher for lambs sheep and wethers with various regional quotes. June 17 brief reports cattle, calves, sheep and hogs prices across New York and Buffalo markets with mixed gains and declines.
Elgin Illinois June 17 The Board of Trade offered 13 200 pounds of butter at 19 cents bid but manufacturers declined and the call closed with no sale. The name announced.
Rogers Brown & Co, a leading trade authority, say pig iron movement has not begun and is not expected before July 1. Furnaces are shipping at capacity and iron is entering immediate consumption. Industry sources forecast demand and output rising as consumption strengthens across key shippers.
Missouri Pacific directors consider converting 12 million debentures into stock raising capital to about 62 percent. A dividend of 1.56 million would be due, with six month surplus projected at 2.48 million after charges. Four months to April 31 show gross earnings up 1.52 million and net up 1.35 million, supporting the latest 15 percent stock increase. The exact use of proceeds remains undisclosed.
The Pennsylvania Railroad Company announces delivery dates for new capital stock certificates tied to the March 1901 allotment. Unassigned treasurer’s receipts dated June 8 1901 or earlier surrendered by July 10 1901 will have certificates delivered after July 10 1901. Receipts dated June 10–13 1901 surrendered by July 20 1901 will be delivered after July 20 1901. Receipts dated June 14–15 1901 surrendered by July 30 1901 will be delivered after August 1 1901. Assigned receipts must be sent to the Philadelphia general office after July 1 1901 and will be certificate-delivery fourteen days after surrender.
Street reports show organized opposition to the Electric Company of America American Railway consolidation. Dissatisfied holders plan a counter offer to replace the directors plan. Affected leaders include several houses and individuals representing about 40 000 to 50 000 shares.
The new steel ferryboat Cape 2 will sail from Cape May to Camden Lee at 1 30 P M today, departing from the city shore in the morning and arriving in Camden later with expected service ready around July 12. Former Mayor James Hildreth will present a stand of colors for the vessel.
At a Missouri Pacific Railway directors meeting the board authorized a semiannual dividend of 244 per cent and resolved to issue new stock valued at 15 per share. The decision follows prior payments this year and reflects the company strategy to strengthen capital while rewarding shareholders.
Heavy buying of Saint Paul shares in New York stirred talk of a Union Pacific deal. The New York Mail and Express noted Wall Street's belief in impending changes, with financiers close to Saint Paul, Northwestern, and Union Pacific said to be accumulating stock in a possible pool led by Harriman associates.
A brief item records a train leaving at 4 10 P M and returning at 7 A M with reference to President Neth and a timetable note. The readable text is fragmentary but suggests local railroad schedule details and remarks from an official.
A partial OCR fragment lists addresses and names tied to a Philadelphia bank vaults case. Names include Richard H N Bear, Howard B. Youn, and G. Assistant Treasurer, with references to vaults, trust officers, a carpenter and superintendents. The text is incomplete but suggests internal vault and officer roles.
Special notice for stockholders and holders of Treasurer's receipts regarding the allotment and delivery of March 1901 capital stock certificates. Unassigned receipts dated June 5 1901 or earlier must surrender July 1 to 10 with certificates delivered July 10 or later. Receipts dated June 10–13 1901 surrender July 10–14 with delivery after July 14. Those dated June 14–th must surrender between June and July with delivery after July. Pick up at No 85 Street New York. Philadelphia office to receive surrender and delivery fourteen days after surrender. Date June 2 1901.
The text reports moves on company HQ relocating to Chicago after terminal completion. President Newman of New York Central announces P B Blodgett as new head, succeeding B Van Etten. Blodgett, formerly Lake Shore Railroad general superintendent, will be followed by his assistant as successor.
Several companies announce dividends with varied rates: Singer Manufacturing 1 percent payable June 19 with a close June 19 reopening July 1. Westinghouse Air Brake 2 4 percent, 3 percent quarterly. Missouri Pacific Railway semiannual 24 percent. Cincinnati Union Stock Yards Company quarterly 14 percent with an extra distribution.
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