June 8, 1901: Quotation Supplement, Vol. 72, No. 1876
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The Quotation SUPPLEMENT OF THE Commercial & Financial ChroniciE CONTENTS. NEW YORK FINANCIAL MARKETS FOR MAY ... 19 NEW YORK STOCK EXCHANGE 2l_g2 Monthly and Yearly Record of Bonds, . 21-29 Monthly and Yearly Record op Stocks, . BOSTON <«i_ji2 STOCK EXCHANGE PRICES 33I33 GENERAL QUOTATIONS OF BONDS AND STOCKS, . 84-40 Railroad Securities, - STREET RAILWAY 84_4 SECURITIES, .... 40_42 STATE AND MUNICIPAL BONDS, .... 42-43 Foreign Government Bonds, ... 4a MISCELLANEOUS SECURITIES, .... 48.5a Miscellaneous Bonds, ----.. 43.49 Gas Bonds, -----.. 49 Gas Stocks, - - . .49 Mining Stocks, ....... 49_50 Telephone and Telegraph, . • - - 50 Electric Stocks, ----... jq Insurance Stocks, -•-.... 50 Manufacturing, ....... 50-51 Miscellaneous Stocks, - - . - bank and 51 52 trust company stocks, - . 62_60 ®"We have no extra copies of this Supplement. CPu-iCLe 8, 1901 WILLIAM B. DANA COMPANY, PUBLISHERS, PINE STREET, corner PEARL STREET, NEW YORK. [Entered aooordlngto Act of Congress In the year!900,by William B. DahaOohpakt, InOffloeof Librarian of Congress, Washington, D. C] AUGUST BELMONT & CO., BANKERS, No. 23 NASSAU STREET, NEW YORK, AGENTS AND CORRESPONDENTS OF THE Messrs. ROTHSCHILD, LONDON .'. PARIS .-. FRANKFORT .-. VIENNA. Issue Letters of Credit for Travelers, available in all parts of the world. Draw Bills ol Exchange and make Telegraphic Transfers to EUROPE, Cuba, the other West Indies, Mexico and California. Execute Orders for the Purchase and Sale of Investment Securities. LEE, HIGGINSON & CO., 44 State Street, Boston. Investment Securities. BONDS AND STOCKS BOUGHT AND SOLD ON COMMISSION. MEMBERS OF NEW YORK BOSTON AND CHICAGO STOCK EXCHANGES. '- — The Quotation SUPPLEMENT OF THE ommercial & inancial hronicle. (C F £| [Entered according to Act of Congress in the year 1900, by Willi ajh B. DanaCompany, in Office of Librarian of Congress, Washington, D. C. 1 NEW YORK, JUNE 8, 1901. INDEX TO ADVERTISEMENTS. August Belmont & Co., New York Front Cover Inside REVIEW OF MAT. Lee, Higginson & Co., Boston Front Cover Inside Back Cover Outside J. P. Morgan & Co., New York In a review of May, all other events and incidents P. J. Goodhart & Co., New York Back Cover Inside Edward C. Jones & Co., New York Back Cover Inside sink into insignificance beside the panic in the stock Moore, Baker & Co., Boston Back Cover Inside Mutual Life Insurance Co., New York Page i market which occurred on the 9th, and which proved E. H. Rollins & Sons, Boston Page 17 N. W. Harris & Co., New York Page 17 so disastrous to many holders of stocks. We have F. J. Lisman & Co.. New York Page 18 Clinton Gilbert, New York : Page 17 previously given our opinion as to the cause of that BANKS AND TRUST COMPANIES. remarkable upheaval, and shall not endeavor to cover ALBANY. PAGE. MONTGOMERY, ALA. PAGE. itself Albany City National Bank.. 4 Merch. & Planters' Nat. Bk.. 11 the same ground again here. The panic will ATLANTA. NASHVILLE. always remain one of the most noteworthy occurences Atlanta National Bank 10 Fourth National Bank 10 in the history of Wall Street and the Stock Exchange. AUGUSTA, QA. NEWARK, N. J. Nat. Newark Banking Co Georgia Railroad Bank 10 5 Ia the violence and extent of the decline—in the Newark City National Bank. 5 BALTIMORE. NEW ORLEANS. reckless slaughter of prices—the collapse was un- Merchants' National Bank... 6 Canal Bank 12 Nat. Union Bank of Maryland 7 Hibernia National Bank 12 doubtedly the worst experienced since the panic o BIRMINGHAM, ALA. NEW YORK. in 11 1873, when prices tumbled such a way that the First National Bank Bank of the Manhattan Co... 4 BOSTON. Central National Bank 3 Stock Exchange authorities found it necessary to American Loan & Trust Co... Chemical National Bank 3 3 Farmers' Loan & Trust Co... 18 Massachusetts Nat. Bank 6 close the Exchange for a period of 10 days. Many Gallatin National Bank 2 Third National Bank 6 Hanover National Bank a of the breaks in prices the present year were decidedly BUFFALO. Irving National Bank 4 City National Bank 7 Leather Manuf. National Bk. 3 worse than on that occasion. In one particular this Marine Bank 5 Liberty National Bank a Mechanics' National Bank... 5 year's disturbance will always remain unique. Panics CHARLESTON. Merchants' National Bank... 13 People's National Bank 11 Merchants' Trust Co 4 in the stock market usually come after long-continued Nat. Bank of North America. CHICAGO. 4 declines in values, daring which accounts have become Trust Bank. Seaboard National Bank 3 American & Sav. 14 Western National Bank Chicago National Bank 14 3 weakened and confidence been undermined, and they Continental National Bank... 14 NORFOLK. VA. Hibernian Banking Associa'n. 15 Citizens' Bank of Norfolk II also as a rule are the product of periods of trade de- Nat. Bank of the Republic 14 Norfolk National Bank 11 pression or financial derangements, when the outlook is CINCINNATI. PATERSON, N. J. First National Bank 15 First National Bank 5 poor or dubious. None of these concomitants were PHILADELPHIA. CLEVELAND. present on this occasion. The trade outlook has been Euclid Ave. National Bank... 15 Bank of North America 9 Corn Exchange Nat. Bank 8 COLUMBUS, OHIO. Farmers' & Mech. Nat. Bank. 8 and continues favorable in the extreme, and instead New First National Bank 15 Fourth Street National Bank 9 of receding prices with attendant heavy losses to DALLAS. Franklin National Bank 9 Girard National Bank 8 12 stocks, the situation been just the re- American National Bank Girard Trust Company 8 holders of had DENVER, COL. Mechanics National Bank. 9 verse, a distiuctive feature iadeed beiug that for a First National Bank 16 Philadelphia National Bank. a DETROIT. PITTSBURG. period of six mouths— ever since the re-election of State Savings Bank 15 Merchants' & Manuf. Nat. Bk. Pitts. Nat. Bank of Commerce President McKinley last November—prices had HARTFORD. Pittsburg Trust Company *tna National Bank 6 Union Trust Company 7 been almost continuously rising, enriching holders HOUSTON. PORTLAND, ME. and producing a feeling of speculative confidence South Texas National Bank.. 12 Portland Trust Co 6 JERSEY CITY. RICHMOND. having few, if any, parallels in the annals of the Stock Commercial Trust Co. of N. J. 5 First National Bank 9 N. Title Guar. & Trust .3d Exchange. In a word, it was a panic without justi- J. Cover ROCHESTER. KANSAS CITY, MO. Traders' National Bank 4 fication or warrant. United States Trust Co 13 ST. JOSEPH, MO. KNOXVILLE. National Bank of St. Joseph.. 13 In the quick recovery which eusued—so quick that City National Bank 10 ST. LOUIS, MO. it was impossible to execute buyiug orders of auy LOUISVILLE. American Exchange Bank 13 Union National Bank 12 Mechanics' National Bank. 13 magnitude at anywhere near the extreme low figures Mississippi Valley Trust Co.. 13 MACON. the present year's collapse manifested another distin- American National Bank SAN ANTONIO, TEX. 10 Lockwood National Bank ia guishing characteristic. In this we have reference MEMPHIS. SPRINGFIELD, MASS. First National Bank 10 Chapin National Bank 6 more particularly to the quick rebound which occurred MILWAUKEE. TOLEDO. First National Bank x6 National Bank of Commerce. 15 almost immediately; but it may be added that the re- MOBILE, ALA. WASHINGTON. cuperative powers of the market were also shown in Peoples Bank 11 Riggs National Bank 9 TERMS: the sustained advance in prices which developed after For terms of subscription to The COMMERCIAL & FINANCIAL the panic had passed and dealers and investors had CHRONICLE, see the current number of The CHRONICLE. For advertising rates for " Quotation Supplement " address, had time to consider its bearing and meaning. This WILLIAM B. Publishers, DANA COMPANY, advance brought prices in many instances back by the Pine St., corner of Pearl St., New York. iiO QUOTATION SUPPLEMENT. [V«l. LXXII close of the month to very near the high figures moralization. Later, settlements were allowed to be reached before the break. This recovery is the made by these houses at 150. The London market, best evidence that there was no real grouud it soon appeared, was similarly involved, and a like for the collapse in the inherent conditions which de- course was pursued there, deliveries not being en- termine values. It is a remarkable fact that there forced, and finally settlements allowed at the London was no failure of a Stock Exchange house, notwith equivalent of 150. standing the phenomenal collapse. There were a few The money market was deeply disturbed during the disasters on the Consolidated Exchange, but these are panic, and is generally looked upon as having been not worthy of mention. This favorable outcome re the cause of the same. For several days before that fleeted, of course, strength and conservatiim on the event, and indeed during April, there were develop- part of the members of the Stock Exchange, but it ments—premonitory symptoms they might be called was also in a measure due to the quick rebound re- — which were not altogether assuring. The panic ferred to in values. occurred on the 9th. On the 1st and 2d of the The story of the decline in prices is told in our month the call loan rato at the Stock Exchange detailed Stock Exchange record for the month given touched 6 per cent and on the 3d loans as high as on succeeding pages. We shall name here only a few 8 per cent were made. On Monday the 6th the rate typical illustrations. Atchison common on the day went up to 10 per cent, the bulk of the business being of the panic dropped from 78£ to 43, Chesapeake & at 7 per cent, and it was then stated that large Ohio from 47 to 29, Milwaukee & St. Paul common amounts had been loaned at the higher figures. from 165 to 134, Rock Island from 158 to 125, Dela- On Tuesday the range was from 5 to 10 per cent, with ware & Hudson from 165 to 105, Louisville & the majority again at 7 per cent.