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Newspaper
Philadelphia Times
Location
Philadelphia, Pennsylvania, United States of America
Date
Jun 27, 1902
Page
10
Dull trading characterized the Philadelphia market with weak stock activity and limited price movement. The article notes declines and advances among key stocks, a quiet bond market, and expectations of no improvement until after Independence Day holidays, with United Gas and Indianapolis Street Railway among notable moves.
Trading on local stocks was dull with little change. Swift & Co stock traded around 124 amid curb demand tied to a report of a takeover of Anglo American. Fourth Street National Bank stock rose to 255 on bid but had no sellers, while Weepah Gold Mining moved 75 to 80 cents on the curb. News also covered Pennsylvania and Choctaw rail issues, treasury balances, and dividend expectations.
Baltimore market wrap from the Philadelphia Times notes quotes from Chicago and New York exchanges. It reports a headline premium and a DB cent perception, reflecting early day trading sentiment and market activity.
The Philadelphia Consolidated Stock Exchange reported yesterday that listed stock was shipped. The brief notice notes securities were traded on the exchange in Philadelphia with no additional details provided.
Boston stock market improved in tone with a modest rally on light dealings. The report lists the highest, lowest, and closing prices of active stocks for today, comparing them with yesterday's final prices.
The Money Market in New York opened at 3 percent on call, with a high of 3 and a low of 2 1/2 percent, closing at 3. Time money found liberal terms with fair demand for 60 to 90 days and four to six months. Mercantile paper activity was steady, with some attractive offerings and rates around 4 1/4 percent for 60 to 90 days. Philadelphia call money was 1/2 percent lower. Continental markets and London quotations noted but details are incomplete.
Foreign exchange markets show little activity as London holidays curb business across all bill classes. Demand for 60 day and demand bills trades muted with slim supply of cotton bills. Continental bills weakened and gold rates stabilize while bank clearings lag year over year amid thin turnover.
Market activity in New York shows firm trends with to date figures: 86,838,758 this year versus 175,043,577 for the corresponding date last year in the Mong Bs wai pie ks section and 481,967 this year compared to 632,953,100 last year in the To date thie year data.
New York bond sales continued with several issues listed as inactive. Officials reported ongoing market activity and noted liquidity concerns affecting multiple series. Investors watched for clarity on final pricing and potential reopenings in coming sessions.
A fragment notes bond sales involving U S entities and major rail lines including Santa Fe. Mentions ratings or issues labeled 4s and references names such as Koch and others in a terse financial bulletin style.
Collateral loans on call at 2 to 3 percent with three months at 4 4 percent and six months at 4 4 4 percent. Commercial paper sixty to ninety days at 4 4 4 percent. Net changes in stock quotations show declines of 1 percent or more for several lines including M. & Chic. & N Cc and Western Union. Bond changes of one percent or more list New York exchanges and various debentures with 3 1/2 to 6 percent ranges.
New York Times review notes a quiet session with about 200000 shares traded. St Paul was the standout with nearly 75000 shares, Missouri Pacific advanced over a point on about 27000 shares, while Union Pacific saw 15000 shares with little price movement. Southern Pacific relations to Union Pacific plans were hinted but unconfirmed. Brokers report empty offices and few decisive trades as professionals ride for small profits and avoid broad liquidation.
The outside market saw modest volume with many prices irregular and little notable movement. United Railways of San Francisco bonds fell eight points amid weak demand, copper shares showed slight life, American Hide and Leather preferred slipped to 40 percent as dividend talks faded, and San Francisco tours plus related bonds traded poorly with bids collapsing to 90. Mount Morris Bank stock rose to 248 while Trust of the Republic traded at 245 in thin sessions.
Comptroller Grout opened proposals for 4,667,000 dollars of 3 1/4 percent city bonds. Of this, 3,000,000 funds rapid transit construction, 1,000,000 for street repaving, 167,000 for Brooklyn main sewers, and 500,000 for a new aqueduct. Maturities span 1922 to 1951 with twenty bids received.
A petition on the Philadelphia Stock Exchange floor seeks a holiday closure from July 3 to 7 with Friday and Saturday off. Half of members have signed, a special meeting will review the plan, and boards may approve. New York Boston and Chicago exchanges already closed those days.
The London Stock Exchange shut for the coronation holiday, remaining closed until Monday while the money market also paused. Across Paris and Berlin, markets showed dull to steady activity with French and Spanish bonds and shares moving modestly, and Kaffirs firm on King Edward reports.
Formal announce ment of the organization of the American Steel Foundries under a New Jersey charter with an authorized capital of 40 000 000. The new company acquires several plants including American Steel Castings New Jersey Kellance Pittsburg Leighton Howard Franklin Sargent and American Steel Foundry. It will issue 15 000 000 in stock for working capital and hold the balance for future cash or property value. Control aimed by July 15. Schwab and Gary secure guarantees. no cash payments to sellers. Officers and directors to be announced.
Paris on June 26 reports a fall in notes in circulation by 9 3M francs and increases in Treasury accounts current by 37 725 000 francs. Gold in hand rises 425 000 francs, bills discounted up 108 275 000 francs, and silver in hand up 1 650 000 francs. Berlin notes gains cash in hand 17 020 000 marks, Treasury notes up 180 000 marks, other securities down 3 640 000 marks, and notes in circulation up 16 980 000 marks.
Foreign rates show three per cent at 101 francs 72% for accounts and London checks at 25 francs 17% cen times. Berlin reports 20 marks 47 pfennigs for checks with short bills at 1 and three months at 24 percent. Credit Lyonnais annual statement cites profits of 5.5 million dollars after charges with 10 dollar per share dividends and a $500,000 surplus. bank discounting bills totaling 2.35 billion signals vast activity.
New York June 26 Wall Street reacts to Erie and Ontario and Western May reports showing declines in gross revenue for both lines due to the coal strike. Ontario and Western falls by 122,760 in gross and 78,407 in net, while Erie drops 820,240 in gross but gains 6,400 in net thanks to lower operating costs. Erie shows eleven months of net gains totaling 1,844,330. Coal stocks move irregularly with generally firmer buying.
In New York on June 26 the St Paul directors met as rumored for an afternoon session and an "important statement" was anticipated. The stock rose nearly two points, then fell back after the meeting adjourned with no statement forthcoming. Earnings of the system remain gratifying.
Jacob Rubino and Robert E Tod elected directors of the American Grass Twine Company at the annual meeting replacing Herbert Myrick of Springfield Mass The fiscal year end was changed to December 31 and future annual meetings will be held on the first Tuesday in March The company reported quick assets exceeding liabilities by 1 000 000 dollars
New York stocks eyed Missouri Pacific as a day tip promising gains in late trading. Despite an early rally and heavy long stock activity, the final quote showed a net advance of about 1 1/2 points as the day closed.
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