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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Apr 07, 1908
Page
8
New York April 6 The Erie financial plan failed to move stocks as the market stayed eerily quiet after the plan was announced. Traders awaited Wednesday maturity of old notes while copper and London gold demand influenced prices.
American stocks in London trade firm with gains of a few percent. Washington expects a Democratic float next week to push action on the President's recommendations. Bank statement favorable with Good Anthracite April orders noted. Union Bag and Paper annual report next week expected to show substantial profit increase. Wheat acreage in the Canadian Northwest rises as seeding begins with good outlook. National Lead shows a 1907 year surplus of $255,382 after preferred dividends, 5.98 percent on common stock remains.
A dull traders market with little news, quotes held firm and modest gains possible if crops report meets expectations. Analysts advise caution with few opportunities for stocks, noting a narrow near term range and potential profit from weak spots.
Trade center reports remain unsatisfactory with markets described as a scalping driven scene by traders at distant hubs. The assessment blames lack of features and overall weak performance across centers.
London investors welcomed easing in first class securities as the City Council loan of 13.75 million dollars loomed and American stocks rallied on the Erie Railroad’s financial needs. Prices drifted dull by day’s end. Paris and Berlin also reported quiet or firm trading with limited activity and a wobbling tone in early exchange.
Investors favored traction stocks on the first trading day of the week with Street Railway strong in demand. Cincinnati Newport & Covington Light traction active at last week’s closing prices while Cincinnati Gas and Electric weakened with the day’s last sale at year’s low. Bond market quiet but firm as Cincinnati issues trade in the open market.
A dense market snippet listing bonds and stocks including traction bonds from Big Four railroads and regional banks. It notes ex-dividends and various pref and common shares such as Cov Trust First Nat Cov, Norw First, Prov & T, and U S Lith, with prices and percentages for several issues.
New York reports steady money market with call loans at 1 to 2 percent and time loans near 3 percent, Sterling exchange stable at 486.45 bankers’ bills, 2486.50 for demand. Government bonds easy, railroad bonds uneven. Boston shows varied bond quotes, rails and utilities with multiple issues trading, including American Sugar and General Electric amid steady to firm activity.
In New Orleans on April 6 the market shows Prime grade cotton seed oil at 40 cents per unit.
W E Hutton & Co reports bond sales in New York with varied yields and prices. Several issues show high premiums while others trade below par, reflecting mixed demand across railroad and utility securities.
Eastbound returnees J. G. Schmidlapp Jank H Ballman and Thomas J. Davis arrive from Hot Springs New York and Chicago. The Clearing House Association holds its annual meeting at the Fourth National Bank with Amended Aldrich bill discussion and a parade plan tied to the Cincinnati pure food show April 20 to May 10 led by the Retail Grocers' Boosters Club.
In Chicago butter and eggs hold steady with varied creamery and dairy classifications. New York reports irregular butter and higher cheese, eggs with large receipts. Elgin and Philadelphia note firm butter and steady eggs. Kansas City records firm fresh eggs at 18c.
Toledo notes North Lima at 1.04 and South Lima Indiana at 0.99 with seven tenths omitted. Charleston shows turpentine and rosin quots omitted. Oil City reports April activity with balances and shipment totals. Wilmington lists turpentine and rosin activity, crude prices and receipts. Savannah records firm turpentine and rosins with multiple grade prices and stock.
Cincinnati markets report mixed grain and feed prices with Minneapolis wheat futures easing. No. 2 mixed corn and No. 2 mixed oats show varied bids while flour and whisky offer steady to dull activity. hay timothy and clover prices rise with several tonnages noted and large cargoes in stock.
A fragment lists prices for beef by cut and weight, hides, wool types, poultry, gouse and goose related items, beans, feathers, and general merchandise. Prices range from per unit amounts to bulk figures with notes on condition and preparation.
New Orleans fluctuates as prices hold steady for middling with 700 spot and 400 arriving. Liverpool drop drags futures down before closing steady. Barcelona weakness echoes. New York sees sharp daily decline on lower cables and Germany trade worries, with 150,000 bales traded and futures steady at day end.
Prices across apples bananas beets cranberries cabbage lemons oranges onions potatoes rutabagas squash and sweet potatoes are shown with per unit and per container rates. Several entries include regional varieties and price ranges such as Messina Palermo Florida and Southern Queens.
Treasury balances in the general fund show available cash of 261,201,494 dollars exclusive of the 150,009,000 dollar gold reserve. Gold coin and bullion amount to 26,224,745 dollars and gold certificates total 26,992,880 dollars.
The visible grain supply on Saturday April 4 reported by the New York Produce Exchange shows wheat at 38,798,000 bushels up 716,000, corn 5,747,000 down 242,000, oats 10,643,000 up 637,000, rye 558,000 down 56,000, and barley 3,179,000 down 187,000.
The London tin market slips with spot around 144 pounds and futures near 143 pounds. Copper prices rise in London while U S copper varies locally amid steady to flat readings across lead spelter iron and foundry steel prices in both markets.
Boston market notes list prices for mining shares including Allone Amalgamated 58 percent, Isle Royale 18, Quincy 81, Centennial Le Range 65, Daly West 8, Mohawk TM 48, United Copper 6, Victoria 20, Winona 10, Newade and Commercial 18, Greene Cananea among others. Market commentary references several firms and commodities in early 20th century mining sector trades.
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