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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Apr 23, 1908
Page
8
New York April 22 The Pennsylvania bond issue dominated trading as the top market influence marking a first long term rail bond sale in months. The deal, bearing 4 percent and sold at a discount, sparked interest abroad and hinted at revived railroad credit and foreign capital flow.
London market dull with a heavy tone of consols and gilt edge issues. Chesapeake & Ohio aims for about $5 060 000 in new notes and bonds financing. Armours to build a $500 000 packing plant at Fort Worth Texas. Light loan crowd demand. Four railroad officials work on freight rate increases where possible. EE St Paul likely to earn about 1 percent above its dividend in the current fiscal year.
Analysts note potential higher figures if bankers push securities reform but warn the outlook remains weak for trade and railroad earnings. Optimism persists for a broader market, with some recommending buying good stocks near current levels amid easy money.
The market showed satisfaction among banking interests as railroad financing progressed. Price movements were modest with stocks closing nearly unchanged according to W R Todd & Company.
New York mining prices for April 22 show Adams Con 05, Alice 2.25, Breece .10, Brunswick Con .10, Comstock Tunnel .39, Con. Cal. and Va. .49, Iron Silver 1.25, Leadville Con .05, Little Chief 05.5, Ontario 4.00, Ophir 2.40, Potosi .16, Savage .35, Sierra Nevada .36, Small Hopes .18, Standard 1.65.
A condensed report lists bond offerings and prices from New York firms led by W. E. Hutton & Co and First National Bank Building. Notable entries include US Treasury and corporate issues such as Gen. Elec and Chesapeake & Ohio, with varied prices and yields, totaling around 1,000,664 dollars across multiple issues.
J R Purchase of the National Laundrymen's Journal was in town gathering material for an August convention write up. Visitors at the Business Men's Club included H M McCally Pittsburg C W Metcalf Pineville Ky R D Carvin Birmingham Ala T M Moni Cleveland O and J M Carmichael McDonough Ga Edward Renau commercial traveler returns home from New York to recuperate then goes to Arizona Judge Judson Harmon railway receiver leaves for New York to join arbitration over C H D and Pere Marquette separation United States Printing Company of Ohio annual meeting reelects officers and board. company holds rights via lease to United States Printing Company of New Jersey.
The Miami and Erie Canal Association met in the Business Men's Club and adopted a constitution and by laws. It aims to create a barge canal from the lake to the Ohio River and will notify sunken canal boats owners to remove impediments or face sale to the highest bidders after ten days.
The Iron Age reports no improvement in iron and steel markets with widespread disappointment. Prices hold weak in many sectors, bolts nuts and shafting show little gain, Central West and South markets soften, No. 2 iron at furnace around 15 in the West and 11.50 in Birmingham. 8,000 tons of girder rails and 500 tons guard rails ordered for Chicago roads. Pittsburg export 2,200 tons. Copper at 12.70.
Spot tin and copper prices eased in London with slight shifts locally in New York trade. Lead and spelter held or edged higher. iron and foundry prices showed mixed firmness and softness across Southern and Northern grades. Speiter noted at $4.55 in St Louis with lead around $3.92.
New York April 22 The coffee futures market opened steady and closed unchanged to 5 points higher after slight early irregularities from liquidation. Trading showed 64,750 bags with April 5.65c May 7.60c July 5.70c September 5.80c December 5.90c March 6c. Spot Rio 76c Santos 48% to 48% c. Mild Cordova 2% to 12c.
The New York dry goods market stays quiet as drills and sheetings touch a 5c per yard basis for four yard goods, the lowest in years. Silk pieces move slowly, hosiery and underwear trades are subdued, while some firms book fair fall business on printed goods and side band patterns. Dress goods remain quiet.
Charleston reports little movement while Savannah lists mixed rosin and spirits turpentine figures with steady prices and sizable receipts. Wilmington notes steady spirits turpentine and rosin with tar and crude turpentine prices. Oil City shows balances and shipment averages. Toledo lists oil prices for North Lima and Indiana markets.
Special Dispatch reports totals of 447 hogshead offerings with Burley and dark lots across Louisville and neighboring buyers. Prices span from about 5.75 to 19 per hundredweight, with named firms Pickett United Kentucky and People’s handling Burley and dark grades.
Butter and eggs levels across cities show steady markets with varying receipts. Cheese remains weak in some reports while poultry prices drift. live meats and eggs show modest gains and regional price contrasts.
Cincinnati markets report clearings of 3 445 800 with New York exchange 25 cent premium. Cincinnati School 4s 1948 strong in open market. Cincinnati Traction, Gas, Water Works issues active or steady. money market firm with loans at 4 to 5 percent and forecasts of 4 percent straight rate by week end.
A dense list shows various railway and industrial bonds and stocks with prices and ex-dividend notes. Highlights include C R and F W, Miami bonds, City Bank, Cosmopolitan, First National Coventry, Norwest, Prov and Trust, Unity, Traction, and U S Lith primers among others.
The trade remains pessimistic with no sign of a lasting market rebound until demand improves. There was no liquidation and declines were only partly recovered as spot buyers and December position interest influenced trading. New Orleans selling pressured prices toward the close.
New Orleans reports steady spot prices before a subsequent decline driven by lack of supporting measures. Liverpool and New York futures show initial strength fading, with overall down closes and mixed regional receipts totaling thousands of bales as markets react to cables and selling pressure.
The day saw a weak market as buyers avoided risk on new tobacco. Four warehouses reported mixed receipts with Buckeye Bodmann and others posting various ranges from five to eighteen dollars per hundredweight, outlining a broad spread between low and high grades.
London shares moved within narrow bounds as new issues weighed on securities. Consols slipped while copper shares firmed. American stocks steadier in morning trading but eased late. Paris dull with 3 percent rentes little changed. Berlin bourse edged stronger before turning weaker on London reports.
The Treasury balance statement lists available cash of 252 million 214 thousand 510 dollars in the general fund excluding the 150 million gold reserve, along with gold coin and bullion totaling 22 million 104 thousand 581 dollars and gold certificates at 20 million 168 thousand 440 dollars.
Cincinnati markets report firm wheat and corn despite light receipts. Prices for oats and rye ease slightly while flour and hay hold steady. Grain inspections list varied grades. receipts and shipments show totals for apples, hogs, lumber, butter, molasses, cattle and more with whisky, cheese, potatoes and other staples.
Prices listed for apples per barrel two to three dollars, bananas 1.75 to 2 per bunch, beets 1.50 per barrel, carrots 1.50 per barrel, cabbage 1.75 per crate, lemons Messina and Palermo 3.25 per box, oranges Florida 2.50 to 3 per bushel, onions 0.90 a bush, potatoes 2.60 to 2.75 per barrel, strawberries 1.25 per quart, squash 2 to 2.25, sweet potatoes 4 per crate, tomatoes 1.50 to 2 per crate.
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