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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Aug 27, 1908
Page
6
New York August 26 trading was dull with minimal volume as Southern Pacific climbed to a fresh high of 101 1/2 while the market faced caution amid unsettled conditions. Rock Island Frisco and other rail earnings showed declines and bond activity was limited with a large Union Pacific block sale.
What brokers say other notes indicate stocks may be bought on reactions as market stays firm for the present. Harriman issues are seen as strong and attractive for purchase during temporary declines, with firms urging cautious buying on dips.
The monthly internal revenue statement shows July 1908 total collections at 22,029,316, down 2,899,508 from July 1907. The largest drop comes from retail liquor dealers, down 21,149, signaling 8,646 dealers went out of business in July largely due to state prohibition laws.
New York reports easy money on call at 1 percent with dull time spans and steady government bonds. Sterling exchange firm with bankers' bills around 484.25 to 484.35 for sixty days and 485.96 for demand. Boston shows call loans 2 to 3 percent, time loans 3 to 4.5 percent, and various railroad and industrial bonds and stocks trading with mixed results.
Available cash balance stands at 191 887 135 dollars exclusive of the 150 million gold reserve. Gold coin and bullion total 37 717 052 dollars and gold certificates amount to 28 480 050 dollars.
In New York on August 26 the cotton goods market shows activity in the primary division as higher cotton costs push buyers to silk piece goods auction. Four thousand five hundred pieces sold within four hours with prices reported low. Recovery appears slow in cotton yarns and knit goods.
London markets were quiet with lower exchanges softening yet the Stock Exchange kept up a cheer. Consols rose on fair support as foreign and American securities wavered. Paris demand steadied the low priced issues while professionals backed values in early trading. Berlin and Paris bourses closed firm with limited turnover and favorable exchange rates.
Maritime commodity report notes turpentine steady around 36 at Charleston Savannah and Wilmington with varied rosin prices across grades A to M plus window glass and water white values. Oil City and Toledo figures follow, including crude turpentine and tar and supply metrics.
The New York market rose slightly on European cables and a new valorization bill promising consolidation of obligations into a single loan and higher surtax. Near to late months traded in light preparations for September notices, with overall demand from shorts and long buyers keeping prices firm. August settled up 5 points while other months gained up to 10 points. Spot readings showed No 7 Rio at 6c, No 4 Santos at 8 1 2c, and mild coffee around Cordova.
London tin climbs with spot at £132 10s and futures at £133 5s amid a sharp move. Copper and lead advance in London while U.S. prices show mixed, metals markets dull locally with slight rises in related ore and foundry prices.
A comprehensive list of bond offerings and trades led by A. T. and T. co and United States issuers. Numerous issues from Am. Tob. to Union Pacific show varied prices and yields, with totals around several hundred thousand dollars and many at or near par.
Regional market bulletins show eggs firm with fresh extras at 21 cents in Kansas City and steady prices in New York. Butter and cheese hold near unchanged levels across Chicago and New York, with varied receipts. Poultry values stay steady for live birds in several regions while dressed poultry soften in Chicago and New York markets.
Boston notes list daily price quotes for numerous mining stocks and coal firms with varied gains and losses. Stocks include Amalgamated 77 percent, Calumet and Hecla 670, Old Dominion 39, United Copper 11, IsLe Royale 23, Granby 102, and many others reflecting broad activity in the mining sector.
New York mining values listed for Aug 26 show prices for Alice, Brunswick Con, Comstock Tunnel stock and bonds, Con. Cal. and Va, Horn Silver, Iron Silver, Leadville Con, Ontario, Ophir, Mexican, Ontario, Standard, Yellow Jacket and others with fractional changes noted. The report records market activity across multiple mining interests in a single dispatch.
A. H. Thomas president of the New York Stock Exchange appointed a five member committee to probe heavy Saturday sales. Ernest Groesbeck chairs the panel with Albert E. Goodhart H. K. Pomroy C. W. Maury and R. P. Doremus. The committee began work today.
New Orleans August 26 prime cotton seed oil price 34 cents per pound.
In Cincinnati investors favored municipal bonds with gains in local issues while overall trading remained subdued. Bond activity centered on Cincinnati Gas and Electric and C N O T P notes as call money and discounts held steady amid a quiet money market and mixed New York stock quotes.
Cincinnati August 26 1908 Wheat firm Corn fair and quiet Oats light receipts steady Rye fair demand steady Flour dull no price change Hay steady Whisky firm Millfeed taxed with price ranges Reported sales include No 2 white oats 50c No 3 white 50c and No 4 white 49c Wheat sample red winter 96c and various corn entries Listings show numerous receipts and shipments across apples lumber malt butter molasses oats cattle and other commodities with mixed totals and prices.
Toledo report lists seed prices as of August 26 with October at 6.15, December 6.20, March 6.44 per unit. Alsike seed cash price 3.66.
Ernst Von Bargen sworn statement for The Queen City Savings Bank and Trust Company of Cincinnati Ohio as of Tuesday August 18 1908 shows total resources 2 140 016 66 and total liabilities 3 140 710 00. The oath affirms accuracy to best knowledge before August 26 1908 in Hamilton County Ohio.
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