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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Aug 03, 1908
Page
6
Reading led the market to high price levels amid a continued advance with room traders citing sources of information on the property. Net earnings prospects for the coming annual report appeared better than hoped, and rumors of a favorable Hepburn law test stirred thoughts of coal property dispossessions.
Reading & Co reports fully 14 percent return on common stock for the fiscal year ending June 30. Blair & Co and Kuhn Loeb & Co will settle Wheeling notes in cash. Trade reports show moderate improvement while the London Stock Exchange remains closed until Tuesday. Financial Chronicle notes a $5,800,000 weekly bank gain in cash.
Quotes from Beazell Hutton Roberts Hall Criss and Page Hill indicate a firm near term tone with expected August money rate hardening and higher prices ahead. Analysts urge caution and suggest staying near shore on new commitments while anticipating mild setbacks and continued market strength.
New York reports money on call nominal and time loans firm with sixty days at 2 1 2 percent and ninety days at 2 percent. Sterling exchange steady with bankers bills near 486.80 to 486.85 for demand and 485.25 to 485.35 for sixty days. Government and railroad bonds steady to firm. Boston lists call loans 2 to 2 1 2 percent and assorted bonds and equities such as Atchison 4s near 89 4 4 percent and United States Steel around 45 percent with various preferreds and utilities trading mixed.
New York reports the Clearing House banks hold 59 083 575 above required reserves, up 2 567 325 from last week. Loans total 1 273 230 900, deposits 1 365 401 300, circulation 56 149 900, specie 321 313 400, reserve 400 433 900, surplus 59 083 575, ex United States deposits 61 393 950. Nonmember banks and trust firms in Greater New York total 1 006 379 400 in deposits with cash on hand 97 826 500 and loans 907 476 800.
The July 1908 government statement shows total receipts of 52.17 million dollars and expenditures of 77.04 million, a deficit of 24.87 million, larger than July 1907. Central Pacific debt payments of about 5.5 million reduced the deficit. Exports and war payments shifted, customs and internal revenue were down, while civil items rose. Public works dropped by over 1 million.
Washington August 1 The monthly circulation of National bank notes stands at 692 088 991 dollars up 88 693 105 for the year but down 6 244 926 for the month. Bond secured circulation totals 625 360 982 up 70 337 695 for the year and up 2 110 465 for the month. Lawful money secured circulation amounts to 66 728 009 up 18 355 412 for the year and down 8 355 391 for the month. Bonds on deposit to secure circulation notes total 629 432 420 and deposits 145 869 372.
A dense financial scan lists bond offerings and prices from W. B. Hutton Co and First National Bank Building. It records Mex Cen con bonds, American Tobacco 4s, Atchison cv 4s, Interboro 4s, and various stamps with percentages, yields, and totals. overall sales reported near 154,000.
Financial activity remained muted as investors reacted to Taft’s speech and anticipated earnings from U S Steel. Gains followed by profit taking reflected expected actions while copper demand improved and railroad rate talks faced regulatory pushback.
Conditions at the Hopkinsville tobacco market remained unchanged with steady prices despite dull weekly sales. Lugs and leaf ranged from seven to eighteen dollars, with cigar wrappers and fillers showing notable figures. Planters Protective Association reports 47 birds sold this week and 431 builds for the month amid widespread association participation and near county book closure.
Cincinnati market report notes wheat up slightly with firmer tone while corn and oats soften. Prices in sales include No 2 red winter wheat 92 1 2 cents and oats 50 cents per bushel, with whisky at 1 35 per gallon and various hay and timothy prices listed. Receipts and shipments data cover apples lumber butter oats cattle oranges cheese petroleum coal potatoes and more.
A wide column of market prices lists apples per barrel to watermelons per hundred, with bananas, cantaloupes, cucumbers, citrus, onions, potatoes, peaches, peas, squash and tomatoes. Meat, general merchandise, feeds, lards, and hides follow with assorted by the unit, bushel, or box prices and terms.
Developments in the coal trade hint at a near term improvement as more mines resume and Illinois Indiana and Iowa production restarts. Car shortages loom with western railroads and box cars scarce while Pennsylvanian output and anthracite demand remain uneven. The Pittsburg Coal Company reports a drop in six month tonnage and a large earnings decline, signaling a cautious industry rebound.
Preliminary report shows total internal revenue receipts of 251,665,950 for year ended July 31 1908 with expenses estimated at 4,833,400. Tax figures include spirits from fruit and other sources, imitation champagne, fermented liquors, cigars, cigarettes, snuff, tobacco, oleogarine, and various processed dairy products.
Cincinnati market report shows light cattle receipts and mixed price moves with cattle, hogs, and sheep varying across grades. Cattle prices advance early in the week but slide with midweek supplies. hogs reach near year highs before easing. sheep and lambs rise modestly as receipts stay moderate.
In St Louis regions metal prices show Lead at 4.45 to 4.55, Spelter 4.65, and iron holding steady. New York reports no change due to cable shortages. Copper remains firm with lake quoted 13.12% to 13.37, electrolytic 18 to 18.25, costing 12.75 to 13. Lead and Spelter show small variances, with slight firming in Lead and quiet Spelter at 4.70 to 4.75.
Special Dispatch notes filings with the Secretary of State across Ohio. Companies include The Stack Company of Cleveland with 10000, the John P Kestner and Arthur L Vaightlander Amusement and Decorating Co of Cincinnati with 1000, The Wessling Brothers Foundry Co of Cincinnati with 50000, National Agency Co of Cincinnati with 10000, Dixie Oil and Gas Co of Vernon MI with 30000, Wickens Co of Lorain with 50000, Euclid Paint Co of Cleveland with 130000, Tiffin Edison Electric Co increasing capital from 50000 to 150000, and Columbus Light Heat and Power Co formed by merging multiple utilities with 2000000. President Edwin B Smith signs notice.
Imports of merchandise and dry goods at the port of New York for the week ending July 25 valued at 10 482 764 dollars. Imports of specie for the port of New York for the week ending today were 33 866 silver and 155 264 gold. Exports of specie from the port of New York for the week ending today were 481 123 silver and 200 gold.
Daily market notes show bids for several mining stocks in New York on Aug 1. Alice 8.00, Breece 0.05, Brunswick Consolidated 0.04, Comstock Tunnel 0.25, Comstock Tunnel bonds 0.17, Con. Cal and Va 0.92, Horn Silver 0.50, Iron Silver 0.95, Leadville Con 0.03, Little Chief 0.05, Mexican 0.80, Ontario 4.00, Ophir 2.00, Small Hopes 1.13, Standard 1.80, Yellow Jacket 0.33.
The New York goods market closes very quiet with little new business for primary or secondary distributors. Initial fall orders from jobbers arrive. Calcutta burlaps have risen 6d per 100 yards. auction dress goods sale expected to draw buyers. white goods for spring remain quiet.
Butter steady in Chicago with cheese and poultry prices noted. Eggs steady in Kansas City at 20c for extras and 14 4c current receipts. New York reports weak butter and unchanged cheese with notable receipts and exports in late July.
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