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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 25, 1902
Page
10
Dullness curbs activity on the Philadelphia market as stocks show limited declines and bonds mostly advance. Local issues drift, arbitrage stocks track New York moves amid concerns over King Edward VII’s ill health and a forthcoming reorganization plan for issue securities.
The Philadelphia Consolidated Stock Exchange listed securities sold yesterday include listed stock.
The Chicago market report shows dull conditions with local stocks easing. A new company reorganization is planned and shareholder and bondholder committees will be named next month to craft a plan, likely requiring new money from stockholders while bondholders resist heavy burdens.
A hectic City update covers New York capitalists buying Virginia traction concerns for 4 million dollars. NY Coffee Exchange votes to close Saturday July 5. Lake Shore shows a 1.8 million surplus after dividends for six months ending June. NY Central posts year end earnings around 23.15 million. Empire Steel and Iron expects six months ending June 30 income near 224,502 dollars. Also notes tax receipts, gold reserves, and a Philadelphia Rapid Transit stock premium compared to 1885 Union Traction as electrical traction expands.
H M Chance the Weepah Gold Mining Company consultant reports active development after Longcope orders a new superintendent to push three deep shafts and vein openings. Leasers find ore in previously overlooked areas, with potential profits if milling costs stay around 5 to 6 dollars per ton. Weepah town grows fast with tents and early facilities expanding. Supplies to come from Candalina rail line. stage line and telephony anticipated.
Wabash shares rose to new high records in early trading as Gould stocks showed strength overall. Late in the session a broad market pullback reduced gains, Ice Trust preferred stock advanced over three points on favorable dividend chatter, while Corn Products remained stalled amid manipulative rumors.
Harrisburg June 24 charters issued by the State Department list the following firms: Maple Manufacturing Company of Philadelphia with capital of $10,000 and Berlin Land Company with unspecified capital. Berwick Gas Company of Berwick capital $1,000 and a related loan agency notes.
Market activity opened irregular with bond totals showing 856,301 this year and 3,379,500 for the period to date. Rates for collateral loans ranged from 2 3/8 to 4 1/4 percent, while commercial paper spanned 60 to 90 days at 4 4/40 to 4 1/2 percent. Net stock changes exceeded 1 percent with many names advancing including American See, Consolidated Gas, General Electric, Missouri Pacific, and New York Central. bonds declined on several issues such as Pacific Costlet and Stand R, & T Inc.
The New York Times notes a setback at opening trading as news of King Edward s illness weighs on London and New York. Early losses abate after a rally boosts hopes, while bears spread a death rumor and short selling dominates. Attention shifts to New Jersey Court of Errors and Appeals hearing on United States Steel Corp retirement plan.
Trading in the outside market showed breadth with many issues traded, yet most moves were moderate. United Railways of San Francisco led gains amid corner-like conditions in bonds, while Northern Securities declined as litigation news cooled sentiment. San Francisco Street Railways saw heavy cross sales of bonds, and United Railways preferrer bid rose briefly before selling pressure trimmed gains. No major activity in common stock or certain utilities.
Lee, Higginson & Co and Old Colony Trust Co act as syndicate managers in a Boston led arrangement. The joint role involves coordination of underwriting and distribution for the issue.
The plan envisions a new company issuing 16,000 of twenty five year five percent convertible gold bonds secured by the present company assets. Bonds redeemable after six years and convertible into stock within ten years. Bond distribution includes exchanges for collateral trusts and accumulated preferred dividends, with the remainder sold for cash to fund working capital for the new entity.
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