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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Apr 01, 1908
Page
8
Dull depressed trading left Wall Street near a crash as investors weighed Erie Railroad uncertainties and looming payments. Notes and bonds weakened with heavy selling, and prospects for railroad finance looked dim amid dividend worries at Atchison and Anaconda.
American issues in London show irregular movement with no major shifts. Market mood remains heavy with selling pressure, moderate loan demand, and Erie financing due Thursday. Iron trade officials say activity stays very quiet as railroads doubt coal mine shutdowns will endure.
Brokers warn bear activity may worsen conditions while a rally could come soon. They advise selling on sharp upward moves and avoiding purchases until developments unfold. Factors depressing securities include coal layoffs, Erie notes renewal, Atchison dividend cuts, and weak steel trade.
Markets in London Paris and Berlin opened mixed with gains later in the day as cheaper money expectations weighed. Gilt edged securities held support while copper shares faltered and American stocks declined on Wall Street dividend fears. Bond prices and exchange rates moved with the broader downturn across major exchanges.
Money on call steady at 14 1/2 to 14 3/4 percent with bids at 11 4/4. time loans easy sixty days 3 percent ninety days 3 1/2 percent six months 4 percent. Sterling exchange steady with bankers bills demand 486.40 to 486.45 and sixty day 484.20 to 484.25. Government bonds steady. railroad bonds heavy. Silver and Mexican dollar prices noted.
A detailed bond list from New York depicts diverse securities including Ists 4s, 5s and 6s from major railroads and utilities, with prices ranging around 90 to 107 and totals approaching 19000. The compilation notes issues from U. S. Steel, Erie, Reading, and others, highlighting investor activity and interest across multiple maturities and credits.
The Financial and Personal Notes column reports Dr. Waldbott's talk on food adulteration to the German Literary Society, a Oberlin College Glee Club concert, Tulsa's Commercial Club delegation to Cincinnati en route to New York, and multiple meetings of associations and committees. It notes Norwood backers urging the LL railroad bill, the Industrial League directors meeting, and L&N crossing protests. It also covers power exhibition space pledges, a new Big Four passenger agent, and potential 1909 conventions in Cincinnati attracting about 2,000 visitors.
Judge Samuel O Bayless states the Legislature may fix trustees tenure without Tennessee and Kentucky consent and that Ohio law alone cannot validate the railway franchise in Kentucky and Tennessee. The opinion is circulated by the Receivers and Shippers Association.
Call loans 2 to 4 percent, time loans 4 to 6 percent. Bonds include Atchison adjustable 4s at 85 and Atchison 4s at 9644. Railroads list various quotings led by Atchison 72 and Union Pacific 123. Miscellaneous prices cover American Argentine Chemical 17 percent, Edison Electric Illum 204, General Electric 124, United Fruit 125, United Shoe Mach 46 percent, and related prefs.
Oil prices and trade activity show limited movement in North Lima Charleston and Savannah with receipts and shipments listed. Turpentine firms with scarce activity and varying rosin prices appear in Savannah and Wilmington amid modest inventories and stable tar and crude tonnage figures.
The following incorporations were filed today in Columbus Ohio including The Mayfair Company Cleveland with 10000 dollars The Peebles Fair Company 1000 dollars The Elyria Reading Company 30000 dollars The Buckeye Club Cleveland The Cen Ohio Horse Owners Vigilance Protective Association Bass The A R Witham Insurance Agency Company Cincinnati The Goodyear Incorporation Cleveland 5000 dollars The Valley Steamship Company Inter 1700000 dollars The Bronson Walton Company at land The G E Howell Provision Company Newark increases in capital stock from 100000 to 150000 dollars and more.
In New York on March 30 the dry goods market shows strength in cost line items while jobbing houses stay hard and metropolitan retailers lack strong average business. Cotton yarns weaken with lower tendency, export trade remains dull and exports in iron goods keep shrinking for the fiscal year. Agents sell full dress goods but report slow business in most cases.
Cincinnati gas and electric and other utilities show weak prices with a 90 low in trading while bonds rotate in the open market. New York exchange remains steady as clears reach $3.78 million in Cincinnati and $37.0 million in Chicago with municipal and Oklahoma issues noted.
Cotton trading mixed across markets with steady to firmer tones. New Orleans notes 1,900 to 1,600 bales spot and arrivals, Liverpool shows 5,000 bales with American intake, New York records 175,000 bales with futures near 9.55 to 9.67 cents for nearby months. Receipts large, demand cautious, and end-of-day closes firm.
Bradstreet reports mixed changes in grain supplies worldwide. United States and Canada fall by 1 721 000 bushels overall while U S and Canada corn rise 29 000 bushels and oats increase 894 000 bushels. Notable decreases include Deere Manitoba 296 000 and Port Lang 113 000.
London reports 31 215 bales offered with firmer prices and strong demand from Europe and America. Crossbreds sold well with volumes up to 5 percent above season lows. Americans bought coarse and fine crossbreds and some West Australian greasy merinos. Regional results list New South Wales 1 600 bales scoured 81%dals greasy 3 dals 144, Victoria 300 greasy 4%dals, South Australia 200 scoured 1s 3dals 6d, West Australia 1 800 scoured 8da 1s 1%d greasy 5%ald, New Zealand 5 100 scoured 7%alligd greasy 41%4a10%d, Punta Arenas 3 000 greasy 6a10%4d.
The London tin market fell with spot at £144 5s and futures at £143. Local prices ranged 31.75 to 32 dollars for tin. Copper declined in London to spot £59 17s 6d and futures £60 7s 6d. locally dull with laments at 13.25 to 13.37. Lead and spelter steady or dull. iron market eased with standard foundry at 50s 4d and Cleveland warrants 51s 7d. local prices for various foundry grades listed.
Boston market data shows numerous mining stocks with wide moves. Adventure 1% and Calumet and Arizona 99% lead gains, while others such as Amalgamated 59% and Atlantic 9% post smaller changes amid scattered listings for North Butte and Isle Royale.
New York market notes closing prices for several mining stocks listed, including Adames Con .66 Alice 2.00 Breece .10 Brunswick Con. .10 Comstock Tunnel .20 Conal and Va. 43 Iron Silver 1.00 Leadville Con. .06 Kittle Chief 6.55 Ontario 2.50 Ophir 2.25 Potosi .04 Savage .20 Sierra Nevada .25 Small Hopes 18 Standard 18.
Trade in Cincinnati shows lighter cattle receipts with a generally easier tone and subdued demand. Prices slide across many classes while stockers and feeders hold steady. hogs and sheep also show modest movement amid a broad regional report from March 31.
Louisville March 31. Opening sales showed 32 hhds Burley and 224 hhds dark. Burley prices firm near last week, with mixed red and non descriptive grades. Air cured dark offerings, quality fairly good, competition brisk. New Burley sold from 8.90 to 13.00, dark from 8.85 to 12.25.
The report notes small stock of all new Burley tobacco with medium grades dominant. Rejections run below average as three warehouses list 38 hogsheads new. Farmers and Shippers and Bodmann reported multiple lots across price bands from $4.90 to $17.75, with recapitulation totaling 2 at $4.90 to $5.20 and extending to 13 at $12.50 to $14.50.
Boston reports firmer sentiment in the wool market with rising sales and heavier shipments. Prices have not yet fully followed sentiment, but holders expect a bottom is near and demand will lift values. Domestic quotations vary by fiber and origin including Ohio, Pennsylvania, Kentucky, Indiana, Missouri, and Texas grades.
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