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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 02, 1906
Page
8
The New York stock market opened nominally, with trading at a year low and prices lacking significance. Banks gained $8 to $10 million for the week as currency movements favored New York, while wheat and cotton prospects improved. Bond activity was irregular and overall market dull as speculation receded.
Americans in London hold firm and gain while London markets close until Tuesday. Canadian Pacific earns 12 percent on common shares. United States Steel’s first half 1906 results are set to hit a new high. Harriman railroads buy steel rails as money returns from San Francisco with an additional 20 million expected. Dun’s wheat crop outlook improves. Southern Railway may sell 2.5 million in bonds overseas. St Paul financing to mix 4 percent bonds with common stock to protect stockholders.
Boston financial report lists percent changes and prices for mining and metals firms including Amalgamated American Zinc Atlantic Bingham Calumet and Hecla Centennial Copper Range Daly West Franklin Granby Isle Royale Massachusetts Mining Michigan Mohawk Montana Coal and Coke Old Dominion Osceola Parrot Shannon United Copper United Mining United States Utah Victoria Winona Wolverine North Butte Trinity with varied daily changes.
New York market notes list itemized quotation figures for Adams Con .30 Alice 2.45 Breece .30 Brunswick Con .50 Comstock Tunnel .20 Con. Cal. Va. 1.15 Horn Silver 2.00 Iron Silver 6.58 Leadville Con. .05 Little Chief .05 Ontario 2.25 Ophir Phoenix coin Potosi .13 Savage 1.05 Nevada .24 Small Hopes .30 Standard 2.05.
A compilation of market sentiment from prominent brokerage houses notes a Gates bullishness, growing bond demand, improving general conditions, and anticipation of value gains. Observers report a dull but steady market with limited loan demand and some short interest, yet signs of strengthening prices and possible near-term improvement.
It is advisable to be conservative and to give attention only to the best properties. The strength of the various Southern stocks is encouraging to the market.
New York reports money on call at 3 percent with rates near 4 percent on time loans and modest declines in short maturities. Sterling exchange holds around 485.25 for sight and 482.10 for sixty days, with government and railroad bonds showing mixed movement. Boston listings show call loans at 4 to 5 percent and varied bond quotes across railroads and utilities, alongside numerous corporate issues and preferred stock activity.
Market notes indicate several bond issues traded with varied percentages of par. Totals show mixed demand across issues including Jap and Ore railway bonds, with several listings around 80 to 105 percent of par and notable volumes.
In Cincinnati trading, a brisk move in C N & C common stock led to a decline, with prices dipping to 73 1/2 after earlier activity. Cincinnati Gas and Street Railway showed limited price change while Globe Soap preferred traded at 109 and American Rolling Mill at 112. Bond and money markets remained steady with flat rates and unchanged demand.
A dense list of traction bonds and unlisted bank stocks, with prices and yields for numerous entities. Includes rail lines such as Indiana Ohio West Coast and Ohio lines, several city and regional banks, and various industrials with bid prices and ex-dividend notes.
The Executive Council of the Associated Organizations of Cincinnati calls a Thursday meeting at the Business Men's Club to discuss important matters. Hutton & Co. arranges cotton acreage reports with Miss Giles, noting a 7.6 percent rise and a condition index of 85.9. Distillers will send a delegation to Louisville for the National Distillers Association convention starting Monday. Rumor surrounds a Pennsylvania Railroad building purchase at Third and Main from Liverpool and London and Globe. Cochran Lumber Company owner James B. Cochran files for bankruptcy with liabilities of 20331 and assets of 1966, with 9476 secured. Wm. B. Binkley of Springfield seeks bankruptcy for a small debt and no assets.
R G Dun & Co Weekly Review notes heavy distribution across sectors amid wage rises and improving rail earnings. May railway revenues up 11.1 percent. imports and exports at San Francisco port rise. Textile machinery active. shoe makers busy. cash money flowing. bank clearings up 2.5 percent year over year.
Global markets show currency and stock activity as $15 million in month end dividends boosts liquidity. United States rails and copper shares rise while Kaffirs stagnate and New York advices pull prices lower. Paris foreign demand steadies, with stamps on British and Russian markets reflecting policy cues and unsettled bourse tone.
The Boston Commercial Bulletin previews a dull wool market with mills well supplied and prices held steady. Dealers ready to take the 1906 clip at lower levels, while Michigan prices run 29 to 30 cents plus a Michigan premium, and European buyers anticipate a peak before easing. Shipments and receipts compare to last year’s figures.
The Pickett House sold 16 tobacco birds with 13 Burley and 3 dark. Prices on Burley ranged from 6.70 to 12.00 dollars, dark from 5.80 to 6.80 dollars. The Farmers TM House sold 34 birds 15 Burley 19 dark, prices 5.25 to 7.00 for rk and 6.00 to 11.75 for Burley. The report covers offerings today on the Louisville market including all warehouses: Burley 68 hhds dark 72 hhds.
Eighteen hogsheads of tobacco closed the week with sales posted from Globe Warehouse and Farmers and Shippers' Warehouse. Globe shows eight hogsheads with new lots at seven to eleven and three older hogsheads at eleven to eleven seventy-five. Farmers and Shippers records nine hogsheads with new lots clustered around six sixty to seven seventy and five at eight thirty to nine fifty. One further lot at Globe and another at on one warehouse incomplete in text.
OVD QO OOD VOVOTOOOS A O. OVD QO OOD VOVOTOOOS A O.
Liverpool demand outpaced expectations with 10 000 bales sold while yarns held firm. Market opened steady, then liquidation pushed prices to day’s low. Miss Giles acreage report dampened sentiment as Boston notes strong cotton yarns. Cables dull, foreign business slow, May option ended low, July contracts saw heavy selling.
June 1 Cotton trading stayed unsettled as prices fell to near session lows. Estimated 350,000 bales were sold with July and October futures retreating to about 10.5 and 10.25 cents respectively amid bearish crop reports and favorable weather. Southern markets followed lower and traders anticipated acreage rises.
Cotton futures and spot prices show mixed movement as New Orleans closes steady to weaker in spot and futures. Liverpool reports fair demand with American middlings around 6.0p to 6.7p, daily sales at 10,000 bales and various futures quotes across the month.
Cincinnati reports 24 hour receipts and ship- ments for cattle hogs sheep with a large holdover. Cattle run liberal with light demand and steady to lower prices. hogs lower on big runs. sheep and lambs steady to firm. prices vary by grade and region with notable activity in Dayton East Buffalo Pittsburg and other markets.
Treasury balances in the general fund are shown with available cash of 160,000,000 and gold coin and bullion totaling 294,627, except for an indicated 75,894 and 43 remaining figures. The document summarizes available cash balances and related assets.
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