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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 23, 1902
Page
9
Trading volume reached 165 450 shares with six stocks driving about half the week’s sales. Twelve active issues showed varied price moves as Union Pacific and Atchison led gains while coal traffic weakness weighed on earnings. Overall market edges higher for the week with mixed results across regions and lines.
The Times notes stronger market action with key rail equities such as Northwest, St Paul, Pennsylvania, Illinois Central, New York Central, Rock Island, Union Pacific, and Missouri Pacific trading well. It highlights Harriman's influence on Illinois Central and Union Pacific dividend expectations, while oil and steel stocks show varied strength amid favorable crop weather and anticipated reports.
The week saw stock prices fluctuating amid bear rumors and cautious demand for bonds. Prospects included crop outlooks, potential rail gains, and hints from the Mine Workers' convention, raising expectations about policy moves in Indianapolis.
Scattered lines show U nited States railroad earnings totaling 10 680 534 dollars and ongoing rates reporting. The fragment hints at growth across multiple railroads and highlights financial scale within the sector.
New York June 22 A settlement over the three million dollar Gilman estate was agreed today. William Hamilton counsel for several heirs said an agreement was signed by all heirs of full shares and half shares. George Francis Gilman died at Black Rock Connecticut some time ago.
London stock markets showed little activity with declines in local issues while American shares mostly rose except United States Steel. The coronation and the short settlement period kept business to a minimum, though dividend money and railroad gains hint at better times after the coronation.
Berlin trading activity dwindles as operators push for shorter hours and selective closures in July and August. Russian four percents lead foreign bonds while Turkish and Hungarian routes show activity. Canadian Pacifics gain favor. Hamburg American and North German Lloyd shares fall amid a weaker freight market. Iron shares weaken amid dull rails and a German iron downturn. Traders debate coal strike impact on German iron and American buying, with money markets remaining easy and unsettled for the semi-annual settlement.
The New York Times notes likely further ease in money markets ahead of July disbursements totaling about 150 million. Call money remains cheap, but banks will hoard funds for a few days, possibly pushing rates up if stock speculation rises. If markets stay quiet, rates may hold and then fall after disbursements. Sterling gains and French exchange dip raise attention, but no gold export occurs. Bank of England and Bank of France show strong positions, with rising gold holdings and lower note issues. Overall, finances are encouraging and point to easy rates.
Brokers from Chandler Bros. & Co and J. Bache & Co reflect a capricious week with limited new business. They cite stubborn weakness in some stocks and a generally steady tone driven by favorable crops, broad business conditions, lower war tax fees, and optimism that prosperity will endure, though coal and steel sectors show headwinds.
The outlook remains for a flourishing trading market with railroad shares rising in price. Desirable shares are well held with good earnings and promising deals ahead, though industrials are neglected and offer few speculative inducements. Caution advised as prices stay high and insiders may act on upcoming opportunities.
European financiers expect America to import gold soon while others doubt the flow. A Weepah Gold Mining Company stock debut in Philadelphia is anticipated with ore values from $16 to $817 and profitable prospects for 36 leases.
Receipts for the week ending Saturday evening include Beeves and Sheep from West and North Philadelphia yards with totals of 2,870 cattle 9,048 sheep and 2,903 other stock. Export cattle to London included 300 steers and 656 sheep from the North Pennsylvania yards. Stock on the market from Lancaster county led demand, with Ohio Virginia and Kentucky supplies averaging fair. Prices varied by class with best steer rates around 6 to 7 cents and veal calves at 5 to 6 cents. Sheep and lamb values eased slightly as offerings were ample and market slow but absorption was steady for advancing rates.
The Kentucky horseman Sam Bryant aged and famed for fifty years was carried to the track in Chicago for the Derby. He told reporters I have seen the Derby and now I am ready to die before boarding a train home to Louisville. He rested at Press West stables and was then held up to view the final race before leaving for the train.
Morgan controlled corporations supply the entire annual corporation tax burden for New Jersey. Clerk John F. Brooks notes state department expenses are met from Morgan group fees. Total annual tax cited is 150,788 dollars with United States Steel eight consolidated firms paying 54,660 dollars and Federal Steel yielding 8,737 dollars.
Exports to Asia surge in ten months ending April, led by China Japan and Hong Kong with rising totals. 1892 to 1902 figures show China near 25 million and Oceania total around 55 million, including Hawaiian trade. 1902 totals for Asia and Oceania exceed 120 million, a sharp rise from 35 million in 1892.
Bids for the Dan Baker shoal dredging project on the Delaware river will be opened at noon today in the office of Captain Spencer Cosby. The contract sets the work resume date within 20 days and complete by July 1 1908 with a 25 per cent bonus for material removed before January 1 1908. If antiquities are found the government takes custody of valuables.
Leslie's Weekly notes the twice defeated Democratic candidate for the Presidency wrote to President Roosevelt urging action on alleged derelictions of duty. The piece argues he seeks public attention to bolster himself, claiming publicity is the only path to prosperity and implying manipulation of the press.
A large well known Consolidated Exchange Brokerage firm seeks an A No 1 manager for its Philadelphia office. Requires intimate knowledge not essential, but social standing honesty ability to manage and a desire to learn. Good salary and possible stake for the right man. Address Opportunity P O Box 138 New York City.
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