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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jan 23, 1908
Page
8
New York traders dominated price action as professional operations carried the day with little change from the prior session. Liquidation pressure eased, while insiders and financial interests shape moves amid cautious sentiment and uneven demand for secured bonds.
The Iron Trade Review notes a post boost in pig iron demand from cast iron pipe makers, but markets remain extremely quiet in most centers. Steel: US Steel boosted capacity by blowing in two furnaces at Ohio works and blowing out one at South Chicago. Prices show mixed moves with $12 to $12.50 for No. 2 foundry in Birmingham and $13 in larger South markets, while valleys bid $17 Bessemer, $16 basic, $15 forge, $16 foundry. Light rails down $2 and cast iron pipe down $1. No ore price action reported.
On January 22, London stocks showed abundant money and easy discounts ahead of a planned Bank of England rate cut. Gilt-edged bonds rose while home rails fell on weak dividends. Foreign and Japanese issues firm, Grand Trunk up, American securities steady to higher despite Wall Street nerves. Berlin and Paris markets opened weak then recovered. Paris anticipated a potential rate cut by central banks.
Savannah reports spirits turpentine at 11 1/2 to 11 3/4 cents with 201 barrels traded, rosin steady with varied quotes up to 5.80 a barrel, Charleston and Wilmington show little activity, tar and crude turpentine steady in places, and Oil City and Toledo markets list different price ranges and production figures.
The December 1907 monthly statement shows a $2,418,277 drop in internal revenue receipts from December 1906. For six months, the year’s total decline is $300,510. Losses include $1,717,502 from spirits and $761,017 from tobacco, with smaller decreases from butter and miscellaneous sources. The six month total is $135,151,264.
Toledo notes show cloverseed with cash and January at 10.60, March 10.65, April 10.45. timothy prime 2.25. alsike prime 10.2 for the day.
A dense list of bond issues trades in New York includes Canadian Southern, Green Bay & Western, Central Leased Lines, Japanese and American tobaccos, and various railroads. Prices range from about 60% to 120% with many notes maturing in 1950s and 1940s, highlighting active municipal and corporate debt issuance in a mixed market.
Visitors registered in the Business Men's Club include WebB Postle and George M. Nash among others. The Employers' Association dinner will hear James A. Emery speak on the Labor Problem. About 300 members will attend. Other items cover canal plans, a closed pipe manufacturers’ meeting, Bakers Association dinner, and upcoming conventions and dances.
Cincinnati and Suburban Telephone led activity with strong open market sales. Cincinnati Gas and Electric and other utilities showed evidence, while bonds mostly steady. traders expect money rates to ease before week’s end as New York exchange remains at par.
New York money on call easy at 1 to 2 percent with closing offers at 2 percent. time loans 4 percent to 5 percent, prime mercantile paper 6 to 7 percent. Sterling exchange steady with bankers' bills around 486.90 to 486.95 for demand and 483.20 to 483.25 for sixty day bills. Boston reports call loans 5 to 6 percent and time loans 4 1/2 to 7 percent. stocks and bonds listed with varied prices including Atchison 4s at 85, Union Pacific at 123, Edison Electric Ill at 205, General Electric 119 1/2, Massachusetts Electric 12, and United Fruit 116 1/2.
Weather delays and shipping problems kept sales modest yet steady with a strong tone. Total 1147 hhds sold including Burley 11.7 percent and 72 hhds dark as various dealers like Main Street House Home State Pickett and th Street reported Burley and dark lots at multiple price ranges.
The D. kl. Melick Pottery Company in Zanesville with 10000 dollars. The Enterprise Plumbing Company in Cleveland with 5000 dollars. The Tanglewood Mutual Aid Company in Cincinnati. The Norwood Carriage Company in McConnelsville with 5000 dollars. The Jones Lumber Company in McConnelsville with 15000 dollars. The Kenton Glass Sign and Novelty Company in Kenton with 10000 dollars. The Akron China Company increases capital stock from 150000 to 250000 dollars.
Tin and copper prices eased in London with spot tin at £123 17s 6d and copper at £62 12s 6d. Locally tin traded around $27.30 to $27.60, copper $63 in futures, and lead near $3.70 to $3.75. Iron market showed declines in London. local prices were steady. ST. LOUIS reported Lead at $3.65 and Spelter at $4.50.
The report lists stock percentages and bids for many miners including Adventure 2 Allouez 3014 Amalgamated 608 Atlantic 124 percent Bingham 5 percent Calumet and Hecla 650 Centennial 26 percent Copper age 624 Daly West 8 percent Franklin 8 percent Granby 90 asked Isle Royale 22 percent Massachusetts Mining 4 percent Michigan 12 percent Mohawk 55 percent Montana Coal and Coke 1 percent Old Dominion 35 percent Osceola 87 percent Parrot 13 percent Quincy 90 asked Shannon 134 Tamarack 65 Trinity 16 United Copper 7 percent United States Mining 34 percent United States Oil 10 percent Utah 36 percent Victoria 5 percent Winona 56 percent Wolverine 120 percent North Butte 50 percent Butte Coalition 18 percent Nevada 10 percent Calumet and Arizona 112 percent Arizona Commercial 17 percent.
On January 22 the dry goods market is steadier with cautious buyers. Gray cottons for converters firm, heavy cotons firmer, yarns in better demand, and revisions in many piece goods. Standard silk taffetas down. Primary agents busier than jobbers, hosiery and underwear more active.
Treasury reports available cash of 264,555,309 dollars in the general fund excluding the 150 million dollar gold reserve. Gold coin estimates total 30,762,882 dollars and gold certificates amount to 43 dollars.
Liverpool reports spot cotton in fair demand with prices down 12 points led by American middling at 7.13d and various grades. Daily sales reach 10,000 bales with 9,700 American. receipts total 9,000 bales. New Orleans and New York show firmer spot prices, with futures mixed as markets react to strike developments and local labor news.
The tobacco market showed strong demand with light rejections. Prices ranged from $5.50 to $21.75 per hundred pounds across multiple shippers and lots, with notable activity at Farmers and Shippers and Globe, Buckeye, Bodmann, Planters, and others for new and old hogsheads and hhd equivalents.
New York market reports show butter receipts 6 679 hogs and 32 to 41 4 cent creamery specials. Eggs steady with 11 066 cases. poultry alive and dressed prices vary across Western and local markets with turkeys at 12 to 12 1 2 cents and chickens around 12 cents. Chicago notes butter steady 21 to 30 cents, eggs at mark 19 to 19 1 2 cents, cheese steady with multiple varieties, poultry alive firm with turkeys 10 cents and chickens 10 cents.
Minneapolis wheat No 1 Northern closes at 1.09. Wheat and flour markets steady to firm with varied demand. Corn and oats steady with moderate offerings. rye firm. Whisky firm with reported sales. Receipts and shipments list extensive grain and farm product movements across multiple grades and containers.
Prices for fruits and vegetables include apples per barrel 3.50 to 3.75, bananas 1.25 to 2 per bunch, cranberries 2 per box, cabbage 1.15 per barrel, onions 60 to 65 cents a bushel, and oranges Florida 2.50 to 3 per box. Poultry and meats listed with various per dozen or per pound rates. beef, ham, and timothy prices shown for store arrivals and delivery options.
New Orleans news briefs report cotton seed oil pricing with Prime at 40 cents per unit on January 22. The short item notes market activity and price level without further context.
New York coffee futures closed steady with gains up to five points. Sales reached 23 250 bags with March at 6.05 cents, May 6. J a c, July 6.25 cents, September 6 114, October 6.40 to 6.45 cents, and December 6.50 to 6.55 cents. Spot held at 6.4 cents for No 7 Rio and No 4 Santos at 5v. Mild coffee held firm, Cordova 4alle.
A superior wool sale on January 22 saw 2 554 bales offered with strong competition from French and German buyers for fine merinos while Americans purchased light greys at full rates. Withdrawals were common due to firm seller positions as New South Wales Queensland Victoria South Australia West Australia New Zealand Cape of Good Hope Natal Buenos Aires regions contributed further lots with varied scoured and greasy prices. Wool values held steady in St Louis with mid grade combing and clothing around 21 23 cents and light fine at 19 20 cents per pound.
A New York market summary from January 22 shows prices for a range of mining stocks and con like Adams Con and Ontario offered with values such as Alice 4.50 Comstock Tunnel 2.35 Ontario 3.50 Ophir 1.30 Leadville 6.00 Sierra Nevada 42 and others. The list includes Brunswick Com. and California and Virginia at 0.59 and 0.50 respectively alongside several small caps.
Police Chief Millikin told Mayor Markbreit about gambling risks tied to ping pong in saloons and drug stores. The Mayor ordered all games stopped immediately and directed enforcement of the ban citywide.
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