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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jan 14, 1908
Page
8
New York January perspective shows stocks moving on reserve figures and bank clearings. Outside orders surged early with prices bid higher, then trimmed as profit taking emerged. United States Steel led a late rally while bonds stayed irregular amid shrinking money use and freight declines.
A reduced German bank discount rate boosts overseas sentiment with Americans in London showing modest gains. Traders expect a rate cut in England on Thursday as copper in London firm and steel shares prompt heavy short coverings amid a firmer market.
Traders note broad demand supporting equities with frequent small gains. Some brokers urge buying on dips while awaiting a stronger break, others warn profits on rallies and recommend patience. Short interest remains heavy as bulls push but careful handling continues.
New York money on call holds at 4 1 2 percent with day rates at 4 percent and bids at 4 percent. Time loans ease to 6 percent for sixty to ninety days and near 5 1 2 to 6 percent for six months. Sterling soft with bankers' bills around 485.46 to 485.60. Bar silver sixteenths with Mexican dollars at 4i. Boston reports varied bonds and railroad issues with several As and Bs trading irregularly amid fluctuating prices.
New York reports steady butter eggs and cheese with firm receipts. Philadelphia shows firm butter and steady eggs, New York cheese quoted high. Chicago notes steady butter and eggs at mark. Kansas City lists butter creamery stock and eggs extras.
Cotton opened 15 points higher with heavy selling later. Local traders leaned to short for a reaction as a prominent operator drove prices down. Nationwide business shows slow but steady improvement with Southern mills paying high basis to obtain cotton.
Cotton prices firmed in New Orleans with spot sales of 4 450 bales and futures opening firm in New York. Liverpool and New Orleans sent bullish cues while late-session selling in New York tempered gains, with spot middling around 11 1 16 cents and nearby contracts about 11 27 to 11 35 cents.
Cincinnati Gas and Electric the real feature of day clearings fair. Bank clearings at Cincinnati reach 4 500 850 with New York exchange near par bid and 35c discount asked. Chicago and St Louis report strong day activity with bonds and Traction stocks at top yearly prices. Money market shows easy collateral rates at 6 percent with some 7 percent loans. call loans around 6 percent.
New Orleans markets report notes cotton seed oil prices and trading activity as of January 13 with brief quotations from local brokers on supply, demand, and price directions.
Oil City reports credit balances and production figures for turpentine and bibis with shipments totals. Savannah notes firm splits for turpentine and rosin with sales receipts and stock figures plus various grade prices. Charleston shows turpentine and resin markets as quiet with quotations omitted.
The article notes a return to normal in financial matters with reduced use of bank checks for licenses and stamps and expected cash settlements via cashier checks. It lists upcoming meetings: Cincinnati Retail Grocers Association at 1117 Walnut. Manufacturers' Club board meeting with dinner plans for January 20. Cincinnati Industries Bureau annual meeting and dinner on January 22 with officer reports and new directors. It also covers bank elections with few expected changes, possible resignations, and amendments to the Schmidlapp elevated road bill regarding L. & N. trestle project across the Public Building.
London and Paris face firmer tones as Bank of England discount rate expectations lift stocks and gold supply steadies. American stocks show cheer, while Turks and foreigns ease. Morocco tensions weigh Berlin trade though Americans stay firm amid discount rate chatter.
Today's Treasury report lists the general fund available cash at 265,243,929 with gold coin and bullion at 43,231,226 and gold certificates at 51,454,600, excluding the 150 million gold reserve.
Wool prices in St Louis show steady ranges for combing and clothing, fine and tub-washed types. London reports first series auction data with Australasian bales totaling 287 etc. (Note: the source lists regional totals and forwardings, totaling 187 825 bales net available for sale.)
Tin gains in London to 125 10s spot 126 10s futures with £3 5s rise, copper higher at lid London 62 spot 63 19s futures while local prices hold. Lead up London 78 6d, locally 3 65 to 3 70. spelter firm 4 45 to 4 55, Tron steady with standard 47s and Cleveland warrants 48s 3d. foundry and Southern bars quoted near 18 to 18 50.
The Contractors' Stone and Gravel Company in Cincinnati with $10,000 was filed by E. G. Nave HE. F. Gray T. F. McClure Theo. Connell and C. E. Holley. The Quartz Creek Mineral Company in Cleveland with $100,000 was filed by C. W. Hunt M. A. Sheehan Fred F. Klingman R. E. Hyde and C. J. Neal. The Ironton Construction Company in Ironton with $10,000 was filed by M. M. Mountain Matt A. Mulligan Mary Mulligan R. W. Mountain and W. A. Murdock. The Fairview Oil and Gas Company in Mansfield with $100,000 was filed by Arliss F. Porter Thomas H. Patterson Michael Schneider Charles A. Bangert and M. W. Gatch.
Wheat on the Chicago market slid nearly 2 cents amid heavy selling by longs. May delivery opened around unchanged to slightly higher, then dropped to as low as 1.03 dollars before a late rally. Corn and oats weakened modestly while provisions fell as hog receipts dampened the market.
Cincinnati dated January 13 1908 reports Wheat at 1.11a1.12 with various No 2 red winter prices and multiple car and lot quotes for Corn Oats Rye and Hay. Whisky at 1.35 per gallon with grain inspections and extensive warehouse and shipment figures across commodities.
Sharp declines in wheat futures as poor wire service limits trade. No. 2 red wheat in New York futures near $1.06 to $1.12 per bushel with nearby months slipping. Spot corn and oats mixed with dull trade, while western markets hold steady for some grains and rice and sugar show little change. Readouts cover New York Chicago Baltimore Toledo Duluth St Louis Kansas City Milwaukee Minneapolis.
A partial OCR readout shows varied commodity prices and mine names including Adams Con .05, Alice offered 4.00, Breece .10, Brunswick Con .15, a Tunnel percentage, Con. California and Vi -60, Horn Silver .50, ce Silver .75, Leaville Con .06, Little Chief Ontario 2.00, Ophir 1.25, Peell, Savage-Sierra Nevada .46, Small Hopes .19, Stan. Vv.
The listing shows fruit and vegetable pricing by unit or box, including apples per barrel at 3.50, bananas 1.25 to 2 per bunch, cranberries 2 per box, lemons Messina 3.50, oranges Florida 2.50 to 3 per box, onions 60 to 65 cents per bushel, pumpkins 1 per barrel, squash 1.50 per barrel, and potatoes 2 to 2.25 per barrel. Meats include poultry prices per dozen for turkeys and rabbits, beef by barrel with plate and extra plate rates, and graded timothy hay on arrival with store prices 1.75 to 2.15.
Receipts and shipments for the past day across Cincinnati and other markets show cattle, hogs, sheep, and veals moving at mixed prices. Heavy cattle held steady to lower, hogs bore bearish tone locally then firmed, lambs and sheep showing varied gains, with notable prices listed for yearlings and calves. Special notes include large hog run and regional price contrasts.
New York trading opened with coffee futures unchanged to up modestly as foreign markets stayed firm and demand supports. Activity was light with prices near day highs, February at 5.85 cents and March 5.95 to 6.05 cents, while spot Rio No 7 6 16 cents and Santos at 48 cents remain firm.
The list from January 13 records numerous mining firms with mixed results including American holdings such as Amalgamated, Atlas, Calumet and Hecla, Copper Range, Daly West, Old Dominion, United Copper, United States Mining, and Nevada with percentages indicating fluctuating values across companies.
New York reports a quiet day in primary and secondary dry goods markets yet a brighter mood. Collections improve and merchants expect banks to extend usual accommodations. fall worsted dress goods advance 5 percent.
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