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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 01, 1910
Page
8
May 31 report shows stock activity up then down on news that the Department of Justice would seek an injunction against proposed Western railroad freight rate increases due to pressure from Western shippers. Markets closed near day’s low as speculation, bond sales in Paris, and banking tensions colored the scene.
American stocks in London firm advancing while the general market stays steady and featureless. United States Steel plans direct consumer dealings, suppressing jobbers. Supreme Court anticipated decision on corporation tax law. St Paul to earn full dividends this year. Louisville and Nashville gains near 20 percent for the year. Western Maryland paid year’s dividend in four months. Bond negotiations in Europe continue with great success. Illinois Central to be investigated by the Department of Justice. Western traffic groups urge Attorney General to halt railroads from boosting freight rates. Republican regulars delay vote on railway bill. Bank statement shows surplus decline of 1,295,650 dollars while banks gain four million on currency movement.
The dry goods market in New York remained quiet as speculative markets broke. Yarns showed firmness while spinners cut orders citing losses. men's wear remained generally quiet.
May 31 reports show crude cotton seed oil easing with Southeast norms and summer yellow 7 Ma8c. Futures quoted July at 7.80 to 7.89 cents per pound and October at 7.32 to 7.36 cents. December 6.50 to 6.51 cents. New Orleans May 6 refined in barrels at 7.90 cents.
At a special meeting the Cincinnati Chamber of Commerce denied T. E. McNamara’s appeal over purged whisky sales by the trust. Board members, including President James J. Heekin, ruled the spirit business would be better served by denial. McNamara, calling the decision unjust, planned to seek Europe this afternoon.
Paris trading was dull with three per cent rentes at 98f 2c for the account and London exchange at 25f 27c for checks. Berlin markets were active with prices rising and London exchange at 26m 50p pigs for checks. Money and discount rates noted.
Louisville report notes no tobacco sales on local breaks today as restrictions limit sales to certain hours. Officials said the pause is temporary with no disruptions to other services.
Bond sales in New York show activity across several issues as investors digest new offerings. American Telephone and Telegraph remains a focal point with modest demand shaping prices, while smaller corporate issues trend mixed as traders weigh near term rates and liquidity.
The day’s bank clearings totaled 4 019 200 dollars with May at 100 164 400, down 2 517 450 from last May. Stock exchange activity was light as visitors from Hillsboro Georgetown and New Richmond were noted. Officers and directors were elected for the Ohio Corrugated Culvert Co with Goldman Iseminger Clark and Shell in key roles. A public hearing on a union passenger station is set for this afternoon at city hall with Business Men's Club involvement. Executive committee of the Cincinnati Convention League met to report renewed subscription support for the convention guarantee fund. New face introductions at the Chamber of Commerce included Trautman Holmes Work and Talley. Articles of incorporation were amended lowering capital stock for Ohio Bremen Oil Runey Zarro and French Benz0 Dry Cleaning. Trial trips and travel plans included T J McNamara heading to Ireland.
London traders report money in moderate supply with easy discount on Bank of England gold purchases. Stocks show dull turnover with downward bias except Grand Trunk and Peruvians, while American securities edge lower on light selling. conso ls down and bond rates steady amid quiet domestic markets in Cincinnati and Chicago.
Market notes show mixed demand for crops with heavy milling wheat in demand and light receipts while corn and oats stay steady with quality varying. Sales listed include multiple car lots of red winter wheat and mixed corn, with hay and whisky figures and broad receipts and shipments data across Apples Butter Eggs Cheese and other commodities.
Boston figures detail a broad range of mining and metal stocks with percentages in parentheses. Several companies report gains such as Calumet and Arizona at 63 and 575 asked respectively, while others list declines or modest moves.
Treasury report for Washington on May 31 shows Trust Funds with gold coin 856,803,869 dollars and silver dollars 492,? million, silver certificates 489,317,000. General Fund displays current liabilities 100,159,553 dollars, working balances 19,294,115, bank credits 38,440,924, subsidiary silver 21,294,290, minor coin 1,236,956, totaling 82,433,480 in the general fund.
Copper eased to 12.50 to 12.60 in New York with August deliveries. London closed quiet at 56 15s spot and 57 18s 9d futures. Tin held around 33.12 to 33.30. Lead and zinc quoted lower and higher in spots, with English and New York markets showing mixed futures. Iron prices fell in London and local foundry ranges were listed for Northern and Southern grades.
New York May 31 The coffee futures market opened steady and declined up to 5 points amid indifferent cables and local liquidation. By close losses widened to 3a6 points with 21 750 bags sold. Closing bids ranged from 6.15c to 6.53c with Brazil port receipts up year over year.
Money on call at 3 3/4 percent to 4 percent. Prime mercantile paper at 4 1/4 to 4 1/2 percent. Sterling steady with bankers bills at 4.84 to 4.85 for sixty days and 4.87 demand. Government bonds steady, railroad bonds easy. Silver 58. Mexican dollars 44.
The May 28 grain supply report lists Wheat 26,133,000 bu. down 1,570,000. Corn 5,490,000 bu. Oats 6,905,000 bu. down 511,000. Rye 518,900 bu. down 55,000. Barley 1,661,900 bu. down 491,000. Canadian wheat 6,358,000 bu. down 1,525,000.
The report shows Boston's wool market steady with recessions triggering mill bidding and arrivals of Oregon and Wyoming wools on consignment. Domestic quotations feature Ohio washed fleeces at 36 to 37 cents, Delaine 35 to 36, XX 33 to 34, with various blood grades and scoured 12 month fine at 60 to 61 cents per pound.
New York market notes list closing figures for several mining shares and commodities. Prices shown include Alice 2.37 Brunswick Con .08 Comstock Tunnel Stock .25 Comstock Tunnel Bonds -16 Con. Cal ang Va .90 Hern Silver .64 Iron Silver 1.65 Leadville Con .05 Little Chief .06 Mexican 1.00 Ontario -2.25 Ophir .95 Standard -70 Yellow Jacket .65.
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