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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 26, 1902
Page
10
The Philadelphia market showed dull activity but firm tone with readings and Union Traction among movers. Advancing bonds and rails led reactions as London and New York buoyed sentiment while U S Steel and Reading stock advanced though overall turnover was subdued.
Chicago Board of Trade closed on July 4 and 5 while London Stock Exchange actions share closure days. Reports show crops in good condition from Rock Island on June 15 and a push to close Philadelphia markets on July 4 and 5. Cramps Shipbuilding fell five points without buyers amid bank and treasury figures, with national totals in treasury and tax receipts detailed.
Securities traded yesterday include Brook Ferry at 100, Buffalo Gas at 12, Gen Car at 5, Otis Elev at 32 and half, Tenn Cop at 40, M Ak na Bar at 600, Gold Ten at 30. Prices shown reflect 100 and 3000 share lots with various odd lot adjustments and percentages.
Boston, June 25. Today's quiet session showed a tentative rally but the overall mood remained heavy. Copper conditions sparked disappointment with copper Range and Mohawk supported while other copper shares softened.
Special to the Philadelphia Times from Baltimore reports a dull, lifeless market with mostly steady prices and no tape changes. Money on call stood at 4 percent as complete transactions for the day are listed for the stocks.
The Chicago stock scene shows New York exchange at a 3 cent premium. Lake Street Elevated slips to 10 amid selling. Debenture bondholders exchange holdings for first mortgage issues, with about a quarter of the issue exchanged. Action on reorganization expected early next month.
New York money markets show call money opening at 3 percent with highs and lows around 3 percent and 2 1/2 percent respectively. Time money unchanged with moderate business. mercantile paper quiet ahead of July 1. London call money 2 to 2 1/2 percent. gold enters Bank of England at £42,000 today, £948,000 since Thursday. Berlin lower and Vienna higher.
Subscriptions for the Metropolitan Street Railways Company 4 percent refunding bonds opened at 10 o clock and were oversubscribed several times Kuhn Loeb & Co. manages the $11 million issue part of a $65 million recapitalization with $54 million for refunding and improvements.
Market breadth showed firmer tones in New York with earnings tallies and bond movements. Reports cite varying changes in stock quotations, notable gains in some blue chips, declines in others, and detailed figures for collateral loans and commercial paper.
New York Times report notes a quiet Wall Street with under 300000 shares traded and little price movement. Reading and Colorado Fuel and Iron lead activity as speculation swirls over coal strike arbitration and possible settlement, amid a surge of aggressive pool schemes and rising doubts about dividend policy.
Unusual activity in United Railways of San Francisco bonds faded yesterday as overall trading slowed. Copper shares saw light business while Northern Pacific advanced on a 2,000 share purchase. San Francisco 4s gained 14 points, and Vulcan Detain common traded around 1,000 shares with little change. First dividends were announced for Houston Oil Co for eleven months.
June 25 London markets show demand for money and steady trading as holidays quiet activity. Kings condition looms, coronation postponement expectations affect sentiment. consols and rails steady, Americans above parity, and major stocks close with firm to mixed yields. Paris opens higher on King Edward news, but activity fades with scarce deals yet tone remains firm. Kaffirs repurchased amid cautious guidance as dealers watch private rate.
Directors after two years decide to make the company's stock full paid. The capital of 500000 is fully subscribed but only 250000 paid at 12.50 per share. Balance calls of 2.50 per share due in five installments on September 15 November 15 January 15 1908 March 15 and May 15. This move aims to boost business by presenting a stronger financial showing with 500000 capital 50000 surplus and 43000 in profits.
Advance of more than a point in St Paul New York on heavy buying by Clark Dodge Co took the greater part of 16 000 shares dealt in. The move, unexplained, appears accumulative for unknown interests, with Moore Brothers rumored but unverified as possible movers. Some talk of an extra dividend ring to crop prospects but not verified.
Ice Trust preferred stock jumped in early dealings after a Tuesday advance to test shorts. Investors anticipated a dividend cut on To- page, but the session closed with a net loss.
Berlin June 25 reports Home Funds alternations quiet while locals hesitate. Chinese markets showed ease but Boerset activity remained subdued. Iron shares hardened amid cautious trading and mixed signals across sectors.
Financial notices from London Paris Berlin Madrid and Rome record coupon changes and exchange rates. The Cotto change closes June 26 and 28 in Liverpool while Pro Exchange opens June 28. Bank of England cash draw noted at £42000 with gold premia varying by city.
Total issues traded under 2750000 with six names Copper Trust St Paul Colorado Union Pacific and Missouri Pacific pushing 10000 or more. Strength centered on Copper Trust with Boston buyers while favorable crop news aided buying across steel and coal stocks as earnings optimism and strike dynamics influenced demand.
The third annual Moody s Wal of Corporation Securities has been issued with over 1200 pages. It offers up to date data through April 1902 on 20,000 and trust companies in the United States Canada and Mexico. It includes detailed stats on operations property debt capitalization earnings bonds and officers plus membership lists from twenty stock exchanges.
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