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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 25, 1901
Page
8
In a quiet session in Philadelphia stocks showed selective strength led by Electric Storage Battery, common rising from 69% to 73% and preferred from 70 to 75 as limited buying occurred by a few firms. Rumors of General Electric control were unfounded amid syndicate ownership, while Southern Cotton Oil fluctuated and rail stocks remained quiet with Readings labor trouble weighing on mood.
The Cuban Steel Ore Company plans to issue 750000 dollars in 6 percent bonds. May gross earnings of the Chicago and North Western rose by 204974 dollars. Refined sugar prices drop ten points as expected. Edwards Manufacturing declares a 4 percent regular semi annual dividend payable July 1. Boston and Montana and Butte and Boston shares removed from Boston Exchange. Illinois Central and Iowa Central preferred strength renews talk of a merger. American Can Company securities may list on NYSE by end of June. Diamond State Steel director says no known option on property. Huntingdon and Broad Top Railroad coal tonnage up 46544 last week, up 31262 from prior week. 180836 ton increase for 1901 to date. Boston Electric Light stockholders approve consolidation with Edison Electric Illuminating. Secretary Gage buys government bonds: 300 of 3s 1908, 28200 of 4s 1907, 30000 of 7s 1904. Denial issued of New York Electric Vehicle Transportation taking over Boston Business from N E Electric Vehicle. National bank notes redeemed totaled 701675. internal revenue receipts 1275370. customs 514485. expenditures 1265000. Call loans in city at 4 percent, time loans 4 ½ percent and higher. Commercial paper quoted 4 to 4 ½ percent with some business ceasing. People’s Gas management notes action on city agreement not yet taken but expected favorable. Southern Cotton Oil stockholders told of a 6 dollar per share offer with sixty day acceptance window and 50 percent of the stock outstanding.
Gossip of the Street reports mixed mood as Norfolk and Western stumbles after West Virginia flood then recovers while Boston stocks lead sugar gains. International Silver climbs amid pool talk linked to Joseph Leiter. several names hit new highs including Chicago Great Western General Electric and Minneapolis. Traders anticipate accumulation before another bull run. Loan demand tight in New York with rates at four percent. Rumors link Mitchell to Gates-Lambert control in Colorado Fuel and Iron. Amalgamated Copper dividends apply to new stock record dated July 12. Foreign trades were light. settlement starts Wednesday. National Salt Company gains in talks for an international trust. London report notes U S steel rumor but no hostile move seen. New York Cotton Exchange votes against a four day Fourth of July holiday alignment.
Members of the New York Stock Exchange voted to close the exchange from Wednesday July 3 to Monday July 8, disrupting trading activity and prompting market year.
The city’s 9 million dollar water supply loan failed to attract buyers due to the 3 percent interest rate. Bond houses cite low yields and market competition from other municipal and railroad issues, noting prior underwriting profits and investor reluctance to lock funds for long.
Special to Tue Philadelphia Times reports Albany June 24 certificated filing forms Americas Locomotive capitalized at 80 million dollars. The new corporation emerges from a consolidation of major locomotive builders with substantial capital and long established rail and manufacturing ties.
The New York stock market held a waiting mood with little activity as large operators expect a pause to end of month. St Paul and Union Pacific fell amid speculation while New York Central and Illinois Central saw selective buying. Market closed semistagnant with total sales about 2.19 million dollars and bonds moving narrowly.
New York bond sales are reported amid market activity with investors watching yields and pricing trends. The piece notes treasury and municipal offerings, seeking to gauge demand and liquidity in ongoing debt issuance.
Closing bids and asked prices from New York yesterday and Saturday show slight shifts across key stocks. Traders noted modest activity as market sentiment remained cautious amid mixed economic signals and ongoing corporate updates.
Special to The Philadelphia Times reports closing quotations of unlisted securities compiled by the New York Times. Includes miscellaneous notes and a quoted value of five dollars per share.
The Sun reports today that New York stocks show subdued, largely professional activity with irregular price movements as July 1 payments approach. Thousands of dollars in new money will be available in the Sub Treas ury for banking, while crop prospects improve with ideal weather and an expected 700000 bushel wheat harvest increase in the Northwest.
The Outside Market in New York notes higher volume and irregular price moves. Detroit Southern stock led gains with preferred up to 41½ and common to 17, while bonds traded for the first time around 84. Louis Transit preferred rose near 79, common to 24. New York Transportation firmed, old stock at 3⅔ and 4 for assessment paid with 18½ for trading. American Locomotive fluctuated, Otis Elevator advanced to 36, Seaboard Air Line activity modest with cars up.
From 28 percent to 28 percent and the preferred from 76 percent to 76 percent. Standard Os fell 3 percentage points to T704 percent. Other items included 100 National Enamelling at 27 percent United States Cotton Duck at 35 percent 50,000 Consolidated Tobacco 4s at 60 to 68 percent 100 British Columbia Copper at 16 percent and 100 Pipe common at 36 percent.
Boston June 24 The market was narrow with limited interest in special ties. The power boom showed no progress and a few stocks were active. Quiet after opening Montana and Butte removed from the list due to merger with Amalga Mated Company whose temporary receipts replace them in unlisted.
Chicago reports on New York exchange activity dated June 24 with market moves and financial notes affecting stocks and trading trends.
Local exchange today was light yet prices held firm. Tin Can opened strong with common at 28 and preferred at 76. Diamond Match Biscuit and traction stocks stayed near Saturday close. Bond list dull with Union Loop 5s trading at 114.
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