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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 20, 1901
Page
8
The Philadelphia market mirrored New York with fractional declines and a late hour recovery. Trading was light under 50,000 shares as Cambria Steel led the drop. United States Steel and other majors held tentative, while Electric Company of America faced consolidation tensions and Readings remained steadier.
Treasury buys 12800 four per cent bonds at 113.8704. First dividend on first preferred stock expected on J. P. Morgan's return from Europe. About 8000000 in Klondike gold due to Pacific Coast within ten days. Amalgamated Copper stock ready for delivery Saturday or Monday. Provident Trust stock sells 58 shares at 700 a share. Negotiations between Cincinnati Newport and Covington Railway and Elkins Widener syndicate for leasing property said off. E H Gary of United States Steel says no monopoly. Alexander Cochrane resigns as AT T president pro tem. Frederick P Fish to become president. Government receipts and expenditures totaled. Exchange hours discussed to move to 11 A M in July and August. Money market listless. call rates 4 percent, time 4to4.5 percent. Continental Tobacco buys Venable Tobacco plant in Petersburg. $7.5 million improvements planned. Several rail stocks reach high prices on record amid rights issue to shareholders. United States Steel sees dividend plans and possible quarterly adjustments debated by directors.
Directors of Texas Pacific met with no action amid rumors of decisions. June earnings rose by 26022 dollars, loans adjusted with 3 to 3.5 percent increases and new 4 percent loans led by trust companies. London prices slipped as brokers sold about 25000 shares, with Union Pacific Southern Pacific and United States Steel under pressure. Missouri Pacific saw fresh selling from commission houses. June weekly earnings rose 60000 dollars, year to date gains reach 2046213 dollars. Buying orders appeared, but West and Newark traders sold amid expectations of higher rates and gold exports. Colorado Fuel and Tennessee Coal weak from liquidating sales by heavy buyers earlier. United States Steel did not participate in outside-control rumors.
Trenton New Jersey June 19 The Amalgamated Copper Company filed a certificate increasing its capital stock from 75 million to 155 million The certificate is signed by Anson S Flower president and William G Rockefeller secretary of the company.
Reported plans from United States Steel directors point to a possible dividend on common stock at the July 2 meeting, with the amount undecided. Officers say dividend declaration follows preferred stock, and a trusted source hints at a four cent per annum rate payable in July, with staggered payments across months.
The Comptroller of the Currency released a full compilation of national bank returns as of April 24 1901 showing a record local surplus of 15380250 and deposits totaling 141910000. New national banks approved include West Alexander National Bank Purcellville National Bank Northfield National Bank and more. The report notes regional growth with the West and South expanding most and a shift toward country banks in the trans Mississippi district.
Bank clearings for youth day show growth over last year with gains noted in New York and Philadelphia. Baltimore reports a sizable increase, while figures for other cities indicate a positive trend in overall banking activity.
The New York market showed reduced activity with widespread fluctuations as traders tested conditions. A late rally emerged on light volume, led by bulls covering shorts while bears faced limited stock supply and rumors surrounding St Paul complicated sentiment.
The New York Sun notes lighter trading with aggressive moves aimed at lowering prices. Union Pacific dominates activity, advancing then dropping and finishing near the prior close, amid talks of an alliance with the St Paul system without issuing new bonds.
Trading on the curb today showed activity mainly in American Can Seaboard Air Line and United States Duck. American Can common edged higher on 1,000 shares around 27 to 28. Prefers 77 unchanged. Seaboard preferred held at 28 with about 500 shares traded. United States Duck and other issues saw limited action.
A snapshot of stock activity lists numerous issues with prices and changes including Consol Gas, Detroit Gas, Southern Pac, Union Pacific, American Cotton Oil, B&O preferred, Broadway & Seventh Ave, Brooklynn Rap Tr, General Electric, and Textile shares. The note records net changes and totals, indicating broad market fluctuations and daily volume around 734,300 shares.
A crowded bond list from New York shows numerous issue names and series values across many issuers including Cleveland, Chicago, St. Louis, Louisville, Mexican Cent, Mo and Tex lines, and utility and railroad bonds. The report aggregates par values and yields with multiple 5s 4s and 6s notes, offering a snapshot of market activity and investor interest.
Closing bid and asked prices on yesterday's stock market with those of today listed. Lis 110 percent Sidi 119 7 Lion 116 167 169 23814 202 230 Ex dividend.
The New York Times provides a terse list of closing quotations for unlisted securities. This compilation captures market activity and price levels reported at the session end. It serves as a reference for investors tracking private or non‑listed security trades.
Trading in Consolidated Tobacco bonds was moderate while five hundred shares changed hands with no preferred activity. Amsterdam Gas Company bonds sold around 108% to 1064, Standard Oil certificates fell about five points, British Columbia copper stock moved lightly, and Sterling Copper offered at 9% with Aberdeen Copper at 234. Cast Iron Pipe declined to 7% and The pre- See sold at 38% amid a generally featureless, inactive session with Neumogen & Co. unchanged in role as sellers.
Local brokers weigh risks and potential gains of another bull campaign. Percy N. Chandler predicts Morgan’s return and Western railway progress will boost values, despite July dividend payments and gold exports causing temporary money rates. He believes the market will not face real stringency or a collapse.
Investors weigh prospects for a bull market this season amid unclear railway plans and the money market. John W. Grange cautions cautious optimism tied to crops and steel demand, while William H. Percy Jr. expects no sustained bull move, citing high rates and new bond supply.
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