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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 26, 1901
Page
9
Quiet trading in Boston with Adventure Mining up 1 percent to 21 percent before sliding to 20 percent. London shares weakened as Consols and Canadian Pacific fell while German market unrest weighed on activity and Paris experienced a mixed session amid Leipziger Bank troubles.
Chicago on June 25 reports a dull market with little price movement and light demand. Fifteen cents premium for New York exchange and 44605 per cent for call and time loans were noted but no new local stock features emerged. Leaders are well held with no selling pressure, and commission houses report few outside orders.
Baltimore traders observed steadiness as Seaboard group limited selling pressure and allowed a modest net gain close. Money on call ranged 4 4 to 5 per cent. Daily totals show 10,252 shares traded and $167,000 in bonds changed hands in this June 25 market report.
Sixteen national and nine state banks in New York City reported reserves under 25 percent of deposits last week while only one local bank did so this week. The Comptroller of the Currency approved dividends to creditors of several insolvent national banks ranging from 2 percent to 25 percent. Philadelphia banks show a slight fall in reserve ratios versus the prior week with figures partially listed.
In Toledo on June 26 cloverseed trading dull and lower with cash price at 0.50 and October futures at 524.
Berlin reports a suspension of Leipziger Bank weighs on shares with industrials falling sharply. American and Canadian Pacific stocks ease while late trading shows a slightly more reassuring tone.
London on June 25 quotes gold premiums for Buenos Ayres at 134.30 unchanged, Madrid at 80.50 against 39.562, Lisbon 309.50 unchanged, and Rome at 4.50 against 4.75.
The Leipziger Bank directors announced a temporary suspension of payments due to the Dresden Credit Anstalt failure and difficulties in discounting bills. Total capital is 48 million marks with liabilities estimated at 85 to 90 million against assets of 48 million. The failure is linked to ties with Cassel Treber-Trackning and to the street railway ventures.
The weekly report from Berlin shows cash in hand up 13.22 million marks, treasury notes down 0.42 million, other securities up 16.64 million, and notes in circulation up 21 marks.
Berlin reports exchange on London at 20 marke 41% pfennigs for checks with discount rates for short and three month bills. Paris notes three cent. rentes at 100 francs 27% centimes on account and London exchange at 25 francs 21 centimes for checks.
Market report shows London silver bars steady at 27 pence per ounce while New York commercial bars marked higher at 50.20 percent above base. Government assay bars registered a slight increase, and Mexican dollars remained unchanged at 4.74 half percent.
Washington reports Consul Kebij at Stettin notes German exports to the Transvaal declined by about 2.5 million dollars in 1900 from 1899. Exports to the Philippines rose from six thousand to around four hundred thousand dollars, while trade with China also edged up in 1900.
The article details yesterday's foreign exchange activity with prices for sixty days demand and cable trades around 4.85 to 4.88 percent. It lists continental currencies including francs reichsmarks and guilders with scattered quotes and mentions a moderate supply of grass and cotton bills.
Market shows lower cables and favorable crop prospects prompting free selling in home grain centers. Bradstreet's reports a 4.5 million bushel drop in world visible supply while futures hold firm with June to July calls around 70 to 71 cents and various No. 2 red wheat prices listed for car lots and steamers.
Receipts total 189 411 bushels with shipments 80 578 bushels and stock at 743 468 bushels. The market ruled steady with moderate offerings and no trading in options. Exporters showed little interest while local car lots remained quiet yet steady amid small supplies.
Receipts total 3 597 bushels with shipments and stock figures of 70 438 bushels and 790 bushels. Local car lot business at former rates shows ample offerings. Sold 4 cars No 2 white clipped on track at 83 1 2 cents and 2 cars No 1 white clipped at 84 cents.
Receipts total 425 barrels and 2 215 720 pounds in sacks. The market was weak and unsettled with slow demand and pressure to sell. Winter super sold at 2.10 to 2.25 dollars. extras 2.40 to 2.65. Pennsylvania roller clear 2.90 to 3.15. straight 3.20 to 3.30. Western winter clear 3.00 to 3.20. straight 3.25 to 3.45. patent 3.50 to 3.75. Kansas straights in sacks 3.30 to 3.45. patents 3.50 to 3.60. Spring clear 2.00 to 3.15. straight 0.85 to 0.95. patent 3.80. City Mills extra 2.40 to 2.65. clear 3.00 to 3.25. straight 3.25 to 3.40. patent 3.65 to 4.0.
The market showed healthy demand for fine goods with prices held. moderate offerings. Medium grades plentiful and dull. Western creamery extra at 19b, firsts 18a19c, prints extra wholesale 20c, jobbing 22a24c.
Cheese offerings were light and market prices remained firm though quiet. New York full cream cheese in small boxes priced 9 ½ to 9 ¾ cents, with other grades ranging from fair to good and quality described as Ga 7 to 4 percent.
Demand for strictly choice eggs remains good while prices stay dull. Quoted ranges include Pennsylvania and nearby markets at loss off for choice at 14 to 14.5 cents and Western choice at 14 to 14.5 cents, fair to good at 12 to 18 cents.
In fair supply and demand at steady prices, quotes for fowls and hens vary by quality. Roosters remain similar, spring chickens priced by pair weights, with values listed for pairs weighing 8 to 14 pounds and 1 to 2 pounds, in the cited currency.
Receipts were light and the market ruled firm with good demand. Fresh killed fowls ranged from 9 to 10 percent allowances, eld roosters 6 to 6 1/2 cents, broilers by size up to 28 cents. Western dry picked and scalded birds sold between 13 and 28 cents per pound, frozen chickens around 11 cents.
A ledger of meat goods with quoted prices for city beef and Western beef in sets and knuckles, hams and shoulders, bacon and lard. Items include smoked and air dried varieties, brand and average prices, with tierces and tubs pricing and ranges from 8 to 20 cents per unit.
Supplies were liberal but demand fair with quotas on various fruit items. California oranges listed per box auto size at 2 750 4.00. navels 2 253.25. Mediteranean sweets 2 003.25. strawberries per quart 4a8c. huckleberries per quart Salic. gooseberries per quart 2a8e. blackberries per quart 8a10c. raspberries red per pint Ga10c. black per pint 4a6¢. cherries sweet per pound date. sour per pound Babe. watermelons Florida prime per 100 30a35. cantaloupes Florida per crate Thc.a 1.50. peaches Florida carrier 1.50a2.00 4o. Georgia a81.25. North Carolina 1.2501.75. plums Ey per crate 1,002.50. per 100 large 812. small 496. Florida per crate 2.75a38.
Describes liberal supply ranges and quotation levels for potatoes and various vegetables. Includes Southern Rose potatoes per barrel at 202.25 dollars for prime and 141.50 for medium, Norfolk crates and wax beans by basket, and tomatoes by carrier with multiple regional quotes.
Refiners urged a 15 cent per 100 rebate at the end of 90 days amid market notes. Prices cited include Domigoes 5.06 cents, cut loaf 5.06, confectioners lozenge 6.55, confectioners A 6.25, and standard No. 1 down to No. 16 grades from 5.10 to 4.4 cents.
Receipts totaled 260 tons of hay and 6 cars of straw with light demand and supply meeting requirements. Hay prices ranged from No 1 at 16.50 to No 3 at 12.50 per unit and mixed lots around 12.50. straw offered No 1 around 18.60 and No 2 around 12.60 to 18.50. Wheat prices noted at 7.50 and 9.00 per unit.
Met with limited demand and ruled weak with ample offerings. Quotations were: Winter.
Bran prices quoted per ton in sacks at 15.50 to 16.00 dollars with ad sizing. Cotton prices held firm yet quiet around 9 1/16 cents per pound for middling uplands.
Chicago market reports lower wheat and corn prices amid light trade and strong new crop signals. Sept wheat opened lower then firmed to 66 1/2 cents, with exports light and primary receipts near 455,848 bushels. Corn slid at opening on weak cables but closed modestly higher. oats gained slightly as July and September spreads narrowed. Provisions eased after brief gains on thin trading. hogs, pork, lard, and ribs showed down closes.
Grain receipts and exports reported with mixed futures. wheat futures opened weak before closing easy with declines in July and September. Corn and oats follow steady to easy trends as demand fluctuates. rye, barley, and other commodities show soft to steady patterns amid market nerves and weather signals.
June 25 New York cotton futures surged in forenoon trading as July option jumped to 8.85 amid rumors of market manipulation by a short clique. Reports of August shorts in New Orleans worsened sentiment while futures fluctuated, with July hitting 6.85 and August 8.81 before noon selloff and renewed volatility.
There was a rush among cotton brokers on the Cotton Exchange this morning with contracts for July delivery on the edge of a possible squeeze. Rumors circulated of tighter financing and potential price moves as traders watched the market closely in New York.
Trading opened with prices 2 points lower but eager demand lifted quotes, with July contracts rising 3 to 5 points per move and a net advance of 27 points or $1.35 per bale. Short positions grew nervous as a sustained hot wave in Texas followed three weeks of drought, government crop data sparked profit-taking, then market steadied. Outstandings show 200,000 to 250,000 bales long held by cliques and commission houses versus 83,000 bales of available certificated or contract cotton ready for delivery.
Reported negotiations indicate control of the Southern Cotton Oil Company may shift to the United Cotton Oil Company of Trenton New Jersey which was incorporated last Monday with a 12 million dollar capital. The Virginia Carolina Chemical Company is said to hold the option on the stock at sixty dollars per share and has already deposited half of the total stock.
Minneapolis market brief lists cash wheat at July 62 1/2 cents and September 64 1/2 cents with No. 1 hard at 66 1/4 cents, No. 1 Northern 64 1/2, No. 2 Northern 62 1/2. Flour first patents at 3.70, second patents 3.50 to 3.90, first clears 2.70, second clears 2. Bran sold in bulk at 10.50.
The Boston wool market remains quiet but shows a firmer tone as the season progresses. Territory, fine medium and fine wools hold on the scoured basis at 40 to 42e, staple lots at 44 to 45c, fleece and washed lots largely nominal, Australian wools firm with few offerings.
Cattle receipts 2 000 head with Texans 800. prices steady to higher for good to prime steers. Hogs receipts 14 000 with estimates 30 000. top $6.80, mixed and heavy classes reaching 6 0 plus. Sheep and lambs uneven with steadier native and Western offerings. regional markets show volatility across beef, pork, and lamb sections.
The report notes favorable temperatures overall for the week ending June 24, with improvements in the South Atlantic and Pacific coast regions and ongoing need for rain in the Central and Western states. Corn and oats show varied conditions across Missouri, Nebraska, Dakota, Iowa, and Texas, with some areas needing cultivation and others progressing. The text contains damaged or garbled segments.
Weather notes in the Ohio Valley and Middle Atlantic report favorable oat growth while upper river valleys show improvements. Hay outlook is unsatisfactory overall, with some better results in Ohio and central Mississippi regions. Haying progresses in northern areas as crops head into spring.
Special Bradstreets cables report changes in grain supplies with United States and Canada wheat down 4 426 000 bushels, Europe shipments down 1 4 million, corn up 315 000, oats down 461 000. Notable drops include Chicago private elevators 462 000 and Manitoba 215 000. Increases include Portland Maine 67 000 and Fort Worth 50 000 bushels.
Congress passes a rail safety update limiting reports to collisions and derailments while still mandating full casualty reports for passengers and employees. The measure excludes city road, highway, and tramp injuries and adds a 15 hour duty status clause for employer responsibility.
The board will elect a successor to Arthur Hale as superintendent of telegraph with Charles M. Keaffer a leading candidate. Rumors place M. Trump as a potential assistant to General Manager Hutchinson, with George N. Creighton to replace him if promoted. The East River tunnel project will be reviewed by Vice President Rea alongside other major items on the agenda.
Pennsylvania officials deny any plan to run Baltimore and Ohio trains into Broad Street Station. They say focus is on easing jams at the Filbert street viaduct. Real estate department denies purchase of Market street gas works. Engineers say an inclined road from Twenty second and Chestnut to the viaduct is infeasible and gas holders on city property cannot be condemned.
A syndicate of Kuhn, Loeb & Co and the Mercantile Trust Co plans funding for the North River bridge at Twenty third Street for the Pennsylvania Railroad. The Evening Post cites trustworthy authority that construction will start this fall and that War Department approval of plans has been granted.
The Pennsylvania Railroad YMCA camp at Ocean Grove will run July 8 to July 20 for fifty junior boys under 14 from the Junior Department, then July 22 to August 8 for fifty senior boys over 14. All campers are sons of Pennsylvania employees. The camps are run by the junior committee led by 43 N Purviance as chairman and George Bartlett as secretary, followed by a senior camp under the Religious Work Department.
Vice President John P. Green and family departed for New York and will sail for Europe on the St. Paul this morning. President Cassatt plans the trip on July 10, with Vice President Prevost also considering a European journey. Vice President Rea remains tied to East River tunnel work, and President Baer of the Reading is set to sail July 7 though a railway strike could delay him.
The Woodberry and Nashville Railroad seeks a charter of incorporation at Woodberry Tennessee. Boston and Albany Railroad offices will stay in Boston rather than move to Grand Central Station. Elkins-Widener interests join Chicago federal case against Chicago city over Union Traction Company and the ninety-nine year franchise act. Pennsylvania Railroad and the Y M C A claim honors at Worlds Jubilee in Boston. Michigan Central president signals retirement after term. Industry notes: trunk lines press for rate cuts westbound while overall freight volume remains down from last year.
Executor and administrator for estates transfers assets and valuables to safe vaults and safe deposit services. Names listed include ARLES B and others with estate duties and officers.
Delaware authorities note the incorporation of several firms including Development Company of New York and The American Lightening Car and Coach Company of Denver with capital totals. The German Medicine and Chemical Company of Flagg with 200,000. Madra Mining Company of Boston with 916,000. and in New Jersey the Young Repeating Arms Company under Dr. Micky Gabuinbos with unspecified capital.
Leo Oberly of 1907 Kater Street was held in 1000 bail by Magistrate Cunningham at Central Station for court on charges of assaulting William Jones during a quarrel. Jones was removed for medical treatment after the incident.
During the 61st week of public bathing the houses reported heavy patronage by refined women and a total count of 3,500 visitors.
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