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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 25, 1902
Page
11
London trading closed with falls across securities as anxiety over the King's health and the coronation postponement weighed on sentiment. Consols eased, copper prices pressured Rio Tinto, and foreign markets showed mixed, uneven moves while Baghdad-driven holidays approached.
The report lists Berlin exchange at 20 marks 46% pfennigs for checks with short bill discount at 1% and three months at 24%. Paris quotes 3 percent rentes at 101 francs 62% centimes with London checks at 25 francs 18 centimes. Spanish rate at 81.40. London gold premiums show Buenos Aires at 131.10, Madrid 36.92, Lisbon 26.0.
Money on call in New York opened at 3 percent and closed at 2 percent with most loans at 3 percent. Time money remained in fair demand with rates 4 4 percent for sixty to ninety days and 4 4 percent for four to six months. Mercantile paper demand light with rates 4 4 to 5 percent for four to six months. London call money at 2 1 2 percent. short bills 2 9 18 percent. three months 2 4 2 percent. Bank of England current balance 110000 pounds. withdrawals 10000 pounds for South America. Paris market advanced 1 16 percent. European money markets steady. Bills against sterling loans supplied exchange market. rates closed unchanged. Sixty days 4 percent. demand 4 87 percent. cables 4 percent. commercial bills 4 4.55 percent. Continental bills: francs and pesetas varied. marks and guilders noted. Leading drawers exchange rates posted.
In early trading Colorado Fuel fell more than two points to a new low for the current period. The decline is attributed to market factors and investor sentiment as the company prepares for a directors meeting tomorrow to decide on the dividend.
In St Paul on June 24 Judge Amidon presided over Minnesota's suit against the Northern Securities Company and James J. Hill. The case was set aside after verdicts and the jury was discharged. Attorney General B Douglas will move to transfer the matter to Ramsey County District Court where it originated. Defendants' attorneys will seek service motions.
Details reveal a plan of reorganization for The New England Gas and Coke Company creating the Massachusetts Gas Companies. Preferred shares will pay four percent semi annually starting December 1, 1902, with liquidation rights to par plus accrued dividends before common shares. The transfer includes assets and liens, with Kidder, Peabody and J. W. Seligman involved in exchange terms for bondholders and stockholders, and provisions to preserve control and enable capitalization for property acquisitions. Boston date June 18, 1902.
A damaged OCR segment offers partial readable facts about an event with likely names and places obscured. The readable text hints at a local news item but lacks clear actions or outcomes to establish a full report.
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