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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 27, 1901
Page
9
European markets eased after New York's dip with limited selling and cautious holders. London Consols fell to 98.4, Canadian Pacific slid to 106 and American shares followed the New York decline as traders awaited semiannual settlements.
Boston reports a quiet narrow session with general steadiness. The list shows the day’s highest and lowest prices and closing values for active stocks, excluding New York Stock Exchange listings from today’s comparison with yesterday’s final prices.
Chicago June 26 traders report irregular gains with Newsag Reecagun premium at fifteen cents. Can stocks lead activity yet remain weak as Diamond Match Shelvy Tube and Central Union slip while Biscuits and traction names hold firm.
On July 1 the city must discharge 1,132,028.08 from the treasury for a maturing loan and semi annual interest on outstanding loans. City Treasurer Moore sent a check to Farmers and Mechanics National Bank, fiscal agents. The maturing loan is loan No 46 issued July 8 1871 for 2,222,000 with 1,361,100 in sinking fund. Interest payments amount to 331,425 from sinking fund and 266,486.50 to secretary.
Banking data shows yesterday’s clearings versus the corresponding day last year with notes on pork and related market signals. Details are unclear but indicate activity levels and potential commodity links in the financial press.
Paris stock prices fell as German selling pushed bonds and shares lower. French rentes closed down while Spanish bonds slipped amid weak bourse activity. Industrials such as Thompson Houston and Metropolitan Underground declined. International stocks moderated earlier gains as market sentiment soured on expectations of a German economic downturn. De Beers and Kaffirs weakened alongside Rio Tinto offerings amid risk concerns.
Berlin reports firm home funds and improved local share demand. Bank facilities to carry over trades boosted sentiment though Leipziger Bank shares were not quoted. Boerse rumors claim Saechsische Bank holds sixteen million marks of Leipziger Bank acceptances. Cassel Treber Trocknung Company shares offered at twenty percent discount.
Gold premiums in London on June 26 show Buenos Ayres at 135.70 and Madrid at 30.75, both higher than the previous day. Lisbon remains unchanged at 39.50.
Paris reports 3 per cent rates at 100f 20c for account. Berlin notes London exchange at 20 marks 41 pfennigs for checks. Imperial Bank of Russia reports a $1,390,000 gold decrease. Bank of England balance shows £206,000. Bulgarian loan talks at Paris proceed for $25,000,000.
The Atlantic Coast Line Company 1 percent semi annual. Consolidated Coal Company 1 percent July 1. Cleveland Electric Railway 1 percent July 5. American Type Founders 1 percent July. Virginia Carolina Chemical 2 percent preferred July 15. American Woolen 1 percent preferred July 15. Pittsburg Cincinnati Chicago and St Louis 2 percent preferred July 15 and 1 percent common August 15, first on common. Brooklyn Rapid Transit 2 percent on Brooklyn Union Elevated preferred, 1 percent on Brooklyn Queens and Sea Beach June 20, first on these stocks. National Bank of North America increases semi annual dividend. Rubber Goods Company fifth 1 percent on common July 15.
Special to The Philadelphia New York reports a week of coal market developments as J Pierpont Morgan returns. An advance of ten cents a ton in coal price is expected along with readjustment of second preferred stock and retirement maneuvers to coal companies.
Wheat receipts 22 041 bushels with firm market and 4 cent advance on stronger cables. New Maryland 100 bushels inspected and sold at 1.00 per bushel, poor lot rejected at 0.60. Contract quotes June 70 percent bid, July 704ec bid 7 lc. Car lots with varying grades and prices across No 2 red, No 2 mixed, steamer No 2 red, No 3 red. Receipts total 1 863 barrels and 2 235 260 pounds sacks. Flour prices range from Winter super 2.10 2.25 to patent 3.45 3.65 with western and Pennsylvania and city mills notes. Demand weak and exports limited.
Market notes show rye flour steady, prices quoted $2.65 to $2.80 per barrel depending on quality and location, with quieter trading activity but firmer mood.
Moderate supply with limited demand noted for winter bran in bulk and spring bran in sacks. Prices stated as per ton at $15.50 to $16.00 for both formats, reflecting stable but constrained market activity.
Receipt volumes of 350 tons hay and 4 cars straw with dull trade and barely steady prices. Quoted hay prices span Timothy No 1 large bales 15.50 16, No 1 small 14.50 15, No 2 small 13.50 14, No 38 small 12 12.50, No 1 mixed small 12.50 13, No 2 mixed small 11.50 12. Straw prices listed for rye and oat grades and wheat. overall solid-packed activity quiet with no major price shifts. Prints of creamery butter show steady demand at 19.0c for extra, 18.5c 19c for firsts, 20c wholesale, 24c jobbing.
Cheese was in small supply and firm with prices mixed. Full cream was steady in New York markets with small boxes and choice quality, while fair to good and part skim offerings showed differing values across grade and condition.
Prices for choice fresh stock showed good demand and firm activity, but overall offerings fell as hot weather reduced supplies. Quoted ranges included Pennsylvania and nearby choice down 14 percent, Western choice down 13 1/2 percent, and fair to good stock down 12 1/2 percent.
In a fair request and steady market, supplies were only moderate. Quotations noted fowls and hens with roosters and spring chickens priced per pair. The listing included weights around eight to sixteen pounds per pair and prices near twenty cents.
A fragmented trading notice lists poultry items and grades such as Fyresh killed fowls Wigalle Pigalde and various sizes. It mentions near-by weights 8 to 4 pounds per pair and prices around 20 to 25 cents, including Western dry picked and scalded chickens and frozen stock.
A frank listing of meat prices and product forms runs in the city market: city beef sets and knuckles and tenders, Western beef sets and knuckles, hams of various cures, pork family and hams in tierces, breakfast bacon, lard in tierces and loose packs. Prices shown per unit, with brand and average notes.
A listing shows plentiful California oranges and various fruits with per box or per quart prices. Items include navels and Mediterranean sweets, berries, cherries, watermelons, cantaloupes, peaches, pineapples, and pineapples from Havana with prices ranging broadly by fruit type and origin.
Supplies were liberal and demand fair for stock at quoted rates. Potatoes Southern Rose prime per barrel 202.25 dollars. medium 101.50. No 2 1.25. Southern peachblows and reds per barrel 1 752. cabbage Norfolk per barrel crate 50c 1.00. eggplant Southern per half barrel box 2 002.75. cucumbers Southern per basket 1.00 1.50. wax beans North Carolina per basket 1.10. tomatoes Florida per carrier 1.50. Mississippi per 4-basket carrier 1.25.
Moderate request lists Hefiners prices across grades with a 15 cent per 100 pounds rebate after 30 days. Items include dominoes, cut loaf, confectioners lozenge, powdered forms, crown A, erythro steel A, granulated, cuber, standard granulated, extra fine granulated, confectioners A, and soft grades. Prices range from around 4.50 to 6.60 cents depending on grade.
The market showed modest activity as prices edged down slightly on a basis of pic per pound for middling uplands with buyers remaining cautious and limited turnover noted in the trading room.
New York June 26 report shows flour receipts 27 315 barrels with exports 19 285 barrels. Rye flour weak. rye firming. No 2 Western rye f o b afloat. Wheat receipts 79 800 bushels with exports 56 853 bushels. No 2 red f o b afloat and on elevator. northern Duluth No 1 hard Duluth quoted. Options:
Wheat futures firm on initial strength then slipped with favorable crop news, final rally and close on firmer footing at Wake. Oats receipts at 197 800 bushels with exports 6 800. spot market steadiness across No 2 No 3 and white variants. cotton seed oil and sugar futures show broad firmness with various grades quoted and prices listed.
The New York cotton market sold lower amid heavy New Orleans selling pressure and a damp outlook for the Southwest. Prices declined through the day with August at 7.56c, October 7.49c, and January 7.40c, ending 14 to 25 points lower after a wave of room liquidation and trading activity.
Chicago reports higher cables and export demand lifting wheat with September up to 66%. corn closes firmer as selling eases. oats hold steady and provisions fall. Primary receipts vary by grain while exports claim boatloads. hogs and ribs slide with a dull pork market.
Cattle receipts 2000 with Texas stock. steer prices steady to strong. Hogs receipts 20000 with open weak close firm. top 6.25. Sheep and lambs 15000. spring lambs stronger, wethers and ewes mixed. Cincinnati hogs and cattle steady, sheep steady, lambs active. New York beef and calves: receipts 2766 cattle steady, calves 6214. market opened lower, closed fairly steady.
Receipts include 26 cattle cars 8 sheep cars and 10 hog cars with shipments of 121 cattle 5 sheep 6 hogs. Calves meet fair demand with choice to extra around 5.75 to 6.06. spring lambs 85.75 to 86.25. winter lambs 5 to 6.25. sheep wethers 4.10 to 4.25. Hogs heavy 6.35 pigs 6.20. cattle and sheep prices vary by grade and weight.
The American Wool and Cotton Reporter notes a slow but steady market upturn. Weekly Boston sales reach 3.375 million pounds total with rises in both domestic and foreign demand, while overall shipments and year totals show growth against the prior periods.
London bar quotes fall to 275 16 pence per ounce with the 1 16 penny drop. New York commercial bars drop 4 percent to about 50 to 60 cents. Government bars down 4 cents to around 59 61 cents. Mexican dollars ease 4 percent to about 47 percent.
Norfolk June 26 The special cotton crop statement for Virginia North and South Carolina notes a about 5 percent increase in acreage over last year The June weather has been favorable for cultivation though much of the crop remains in the grass Labor is scarce and high The crop shows vitality and improvement and with good weather may yield similar to last year
About 10 o'clock yesterday morning the American Sugar Refining Company and the National Refinery raised all refined sugar prices. Granulated sugar moved to 5.50 after being cut to that level last Monday. Brokers were given a chance to place orders on the old basis, prompting a rush of buys before the rise. Arbuckle Brothers kept their list at 5.45 for granulated sugar.
The Pittsburg Cincinnati Chicago and St Louis Railway Company declares a 1 percent dividend, the first since reorganization. Atlantic Coast Line raises its rate from 1 percent to 1.44 percent. Brooklyn Rapid Transit pays 2 percent on Brooklyn Union Elevated preferred and 1 percent on Brooklyn Queens County Suburban and Sea Reach Road.
The United States Construction Company of Columbus Ohio with capital of 100000 dollars and The Frings Brothers' Company of Philadelphia capitalized at 10000 dollars were chartered in Dover Delaware this afternoon for manufacturing and sale activities including tobacco and snuff.
The American Plow Company with capital $100,000 was incorporated today in Trenton. Its primary aim is to absorb most plow manufacturers in the United States. Expectation of substantial capital increase noted. Incorporators are James B. Young William R. Clements and A J Ross of Jersey City.
Columbus June 26 The Pitts burg Wheeling and Lake Erie Coal Company was incorporated by the Secretary of State with a capital stock of 1,250,000.
Indianapolis June 26 The Secretary of State acts against United States Steel Corporation requiring incorporation under Indiana law for foreign companies doing business in the state. He obtained New Jersey information enabling action and will pursue other New Jersey incorporations doing business in Indiana without formal incorporation.
Large Western merchants prepare a formal complaint to the Inter State Commerce Commission alleging that recent railroad combinations have driven freight rates higher. They claim rate increases of 30 to 50 percent through quiet classification changes while traffic managers deny any meaningful rise.
Hundreds of Pennsylvania Railroad workers from across the state gather for an open air rally in Harrisburg. Speakers include Chief Arthur of the Brotherhood of Locomotive Engineers and Chief Morrissey of the bridge and line men. Families receive free transportation. expected attendance runs into the thousands.
Reading Companies report favorable May results with all three firms increasing gross and net earnings. Aggregate gain reaches 470,444 dollars as charges and taxes show a slight rise.
The directors of the Pennsylvania Railroad Company and the Pennsylvania Company met at Broad Street Station. The Pan Handle dividend was approved. Effingham B. Morris resigned from the Pennsylvania Company board to make way for Loree of the Baltimore and Ohio, who was elected. Morris remains a director of the Pennsylvania Railroad. Charles W. Shaeffer, Pittsburg division telegraph operator, was elected superintendent of telegraph succeeding Arthur Hale. Loree and Woolford attended. Shaeffer was born in Pittsburg March 4, 1858 and joined the service in 1877. he rose through roles to division operator prior to his promotion yesterday.
Pennsylvania Railroad officials confirm backing for the North River bridge project and say funds will be provided. They deny plans are advanced enough to start this year or that Kuhn, Loeb & Co. and Mercantile Trust Co have been asked to form a stock buying syndicate. Mercantile Trust is likely to handle finances for both North River bridge and East River tunnel.
At the Master Car Builders Association annual session in Saratoga New York on June 26 reports covered chemical composition of steel car axles by E P D Nelson Williamsport Pennsylvania draft gear by B D Brenner Detroit revision of rules for loading long materials by J D Casanave Altoona Pennsylvania an index of proceedings by F A Delano Chicago establishment of a library with the American Railway Master Mechanics Association by J T Chamberlain Boston and on side bearings centre plates by B Haskell Fast Saginaw Michigan.
Official denial that RE B Thomas was elected chairman of the Lehigh Valley Board. Thomas remains chairman of the executive committee. No confirmation of stock disposal by J P Morgan & Co. There has been no change in Lehigh Valley’s status since early year reorganization when Packer estate holdings moved to J P Morgan & Co.
Rail industry notes report potential top leadership changes at Southern Pacific with E. H. Fitzhugh slated as general manager and J. A. Herbert as general superintendent. Annual car totals for 2000 rise to 17 744 123 units, up 126 816 from the prior year.
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