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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 27, 1901
Page
8
Street action was cautious with Cambria Steel leading declines though late rallies pared losses. Pennsylvanian Railroad influence sparked belief in broader controlled-company policy as dividends on Pan Handle and North Central revived optimism. Reading firm but PRR weakened on Long Island funding fears.
Call money yielded to one per cent in New York while sterling exchange rates eased. Gardner named receiver of Flemington Coal and Coke, Loree appointed Pennsylvania Company director. Sub Treasury shows New York banks lost 2.24 million since Friday. American Sugar Refining raised all refiners by 5 points. United States Steel stock faced early selling with some buying on decline. American Tobacco meeting postponed for lack of quorum. U S Steel directors to meet next Tuesday to outline dividend policy. Missouri Pacific Railway votes to raise capital by 30 million. Minneapolis and St. Louis may be leased by Illinois Central with stated yields. National and government receipts reported. Brooklyn Heights and Kings County bonds guaranteed to London. Arbitrage light. call loans pushed to 7 percent by noon, some 8 percent at close. U S Steel first-quarter profits estimated at 26 million. Hudson Trust handles dividend orders for stocks and bonds.
The column notes Readings on strike talk and a 5 point sugar price rise as Klondike cleanups estimate at 15 to 20 million. It reports Wisconsin Central denied Harriman interests seek control and Amalgamated Copper stock eased before a rebound. It also covers Union Pacific trading, Metropolitan Street Railway bid rumors, and a NY bank dividend milestone.
Free drawing of bankers bills, driven by high local money rates, caused yesterday’s decline in demand bills by a half cent and cables by a quarter to three eighths cent. Sixty day bills held steady then fell, grain bills for July and August deliveries showed more supply, and bankers lowered posted rates for both bill classes. Continental rates shifted with francs around 5.18 percent and 5.164 percent, reichs marks near 0.5 to 0.69, guilders about 403-16 to 407-16.
The sale lists multiple stocks and bonds from Pennsylvanian and regional firms. Holdings include National Bank of Johnstown notes, Union Pacific and Pennsylvania companies, Continental Trust and Equitable Trust shs, Penn Salt and Germantown realty related issues, Philadelphia Electric par values, and West Chester, Delaware, and Passaic lines. Details show par values, coupon rates, and due dates as recorded.
Yesterday's closing notations for government bonds show the day’s mixed results with some issues firming while others slipped. Market activity reflected modest gains in notes and little change in longer maturities across typical treasury baskets.
The New York market shows marked price changes amid light volume and lingering bank fears. Gains were met by selling as money rates hit 8 percent. St Paul Union Pacific Manhattan suffered declines while most stocks later recovered. Bond activity remained dull with prices easing in sympathy.
The New York Sun reports the foreign exchange market eased on grain bill offerings. It cites improving crop conditions and harvest progress for winter wheat, plus relief from a dry spell in Texas cotton belts, aiding cotton. Sugar and coffee sectors expected rebate withdrawals July 1, while Wall Street described sugar and coffee trades as prosperous. Local stocks were thinner due to expected bank statement weakness after a $2,688,000 loss to the Sub-Treasury. Dividend declared on P. C. C. and St. Louis common stock. Railway leaders included Union Pacific, Southern Pacific, and Atchison, with mixed moves among New York Central and others.
The report lists trading totals and price changes from yesterday across multiple issues with volumes, highlighting leaders and laggards. It captures the day’s highest and lowest prices and compares current close to prior close with total sales figures.
Yesterday and Tuesday figures show closing bids and asks for multiple stocks across industries. Notable entries include Consolidated Gas, Erie, Gen Electric, Interlake Power, and Intermediates with varied percentages and prices amid a broad market roundup.
A clipped New York bond sale note mentions Southwest region securities including Wisconsin Central and associated issues. The brief item lists underwriter interests with references to advertisers and Baltic markets.
On June 26 The Outside Market in New York showed little overall activity with mixed price action. United Street Railway led gains with common at 25% and preferred near 79% while Otis Elevator slipped to 35 from 36. Seaboard Air Line and Universal Tobacco showed uneven moves amid thin volume.
The Times previews tomorrow's issue noting the Seventh National Bank crisis caused unsettling stock market moves. It cites developments rooted in fact and rumor linked to the bank affair and their broader economic impact.
Forced suspension of a Stock Exchange house and a rush in call money to 8 percent spurred liquidation and short selling. Banks renewed loans at 4 1/2 percent while optimism grew from rising railway earnings and dividend news. London markets offered limited relief as energy remained cautious.
New York June 26 Wall Street debates whether United States Steel will pay a dividend Reports say Hudson Trust Company the steel corp transfer agent mailed dividend order terms to common and preferred shareholders fueling talk of a Steel common dividend with uncertainty over a preferred stock dividend.
Closing quotations of unlisted securities compiled by the New York Times. The item outlines prices and movements for various securities not listed on major exchanges, reflecting market activity and investor interest.
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