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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 02, 1908
Page
8
The New York stock market showed unusual strength with broad gains led by brokerage houses after last week’s selling. Hill and Harriman stocks, St. Paul, Reading, United States Steel, and Amalgamated Copper were active while expectations centered on emergency currency measures and congressional adjournment driving sentiment.
American stocks in London rise above parity with gains near 1 percent. Pittsburgh rumors swirl over a Pittsburg Terminal sale to Grand Trunk of Canada. Banks report tighter reserves, Republic Steel exports expected for three months, and Louisville & Nashville projected to earn above its dividend. Southwest railroad officials cautious on crop outlook.
Brokers say demand for stocks appeared good and offerings were not large. Short covering featured as actives rose easily amid market manipulation. The session opened strong and closed at the top as the bull party seemed to return to power.
Traders describe a buoyant session with gains across favorites. Union Pacific leads with a seven point rise amid rumors of a $50 million bond sale, while insiders suggest limited upside due to crop and political uncertainties.
New York on June 1 reports money on call easy at 14% with rates near 1% for the ruling. Sterling exchange steady with bankers bills around 487.06 to 487.20 for demand. Government and railroad bonds steady to firm. Boston notes show Cal loans 2-3% and time loans 3-4%. Several rail, utility and industrial stocks listed with mixed bids and asks.
The May coinage from U S mints totaled 20 491 275 dollars with 19 182 120 dollars in gold 1 085 000 in silver and 225 155 in minor coins. An additional 2 951 110 pieces were produced for the Philippine Government.
W B Hutton & Co reports New York bond sales with totals across diverse issues including Japanese securities, U S rail and utility bonds, and Cuban notes. Highlights show multiple 4s and 6s with varied yields and a grand total of 2 357 000 in sales.
The Industrial Bureau directors will meet Thursday night at its Union Trust Building office. Frank Wiborge will speak at the Associated Organizations quarterly meeting tonight at the Zoological Garden on Sunshine Clubs and efforts to establish one here.
The Adveritisers' Club will sell one dollar lapel buttons bearing Cincinnati's sign motto to raise ten to twenty five thousand dollars for a city promotion. Manufacturers and business men are urged to buy for themselves and workers to support the campaign.
The York Street Building Company and the Quick Withdrawal Building Association merged last night to form a new group under the charter company name. Capital stock stands at 1,000,000 dollars and Quick Withdrawal shareholders elect Frank Woodward and A E Georgi as directors. A meeting to reorganize is set for Friday June 13.
London money and discount ease ahead of India gold release with Paris securing bulk of $4,000,000. Markets closed firm in New York while American securities rose on emergency currency law passage. Paris and Berlin show varied weakness and late recovery in European bourses.
The Dondon tin market slipped to £127 1s spot and £126 15s futures with dull local quotes from $28.20 to $28.30. Copper rose in London to £57 158 spot and £58 7s 6d, while local copper trade was dull. Lead held £12 1s in London and eased locally, and spelter advanced in London to £19 15s with a weak local market at $4.50–$4.60. iron up in London, and No. 1 foundry Northern quoted at $16.75–$17.50 with others around $16–$17.25. See also Lead $4.22% and Spelter 40 in Louis report.
The Imperial Bank of Germany reports cash in hand down 48.399 million marks, loans up 29.632 million marks, discounts up 43.68 million marks, Treasury bills down 25.149 million marks, notes in circulation up 1.708 million marks, and deposits down 61.702 million marks.
In Cincinnati a press summary shows bank clearings at 4 304 000 with New York exchange 25 cent premium and collateral loans at 4 1 4 percent. Chicago reports clearings 47 933 505 and New York exchange 50 cent premium while St Louis sees 11 087 037 clearings and loans at 4 1 4 percent. Municipal bonds, including Street and Sewer 4s and Water Works 4s, were active with Edison Electric 5s trading. money markets stabilized as call loans held at 4 5 percent and time loans at 5 percent.
New Orleans reports quiet steady spot prices with middling 11.75 cents and 875 bales sold while 1,930 bales arrive. July futures drop 23 points. Liverpool and New York futures slide amid mixed signals from weather, demand, and upcoming bureau report. The New York close shows a net decline before a late rally in spots and futures.
Oil market summaries from Toledo and Oil City show North Limit at 1.04 and strong shipment totals. Wilmington notes mixed spirits turpentine activity and rosin at 2.45, with crude turpentine firm. Charleston reports quiet turpentine and rosin, with varied resin prices. Savannah records firm turpentine and rosins with multiple grade prices and window glass and water white figures.
Boston trading in June shows varied moves among miners and metals. Amalgamated leads gains at 67, Calumet and Hecla at 672, United States Mining 374s, Mohawk 58, Nevada 11, Isle Royale 20 percent, with multiple others advancing or slipping in a broad market snapshot.
A surge of orders for printed goods including ginghams denims tickings and gather cottons came in with jobbers active in the same lines. Cotton lonsdale cambrics rose to 10c per yard and wide sheetings to 7 26c for 10 4 pequots. Dress fabrics show fair demand, raw silk little activity, markets firm both locally and abroad.
The coffee market begins trading steady with a 5 point decline as European markets ease. Activity is modest with scattered liquidation and no strong bids, closing 5 to 10 points lower. Trading shows 11,750 bags, names June 6.10, September and December 6.05, spots quiet with Rio No 7 at 6 1/2 cents and Santos at 4 1/2 cents.
Visible supply of grain as of Saturday May 30 shows Wheat 22,818,000 bushels, down 1,254,000. Corn 4,796,000 bushels, up 1,158,000. Oats 8,385,000 bushels, up 476,000. Rye 261,000 bushels, up 11,000. Barley 1,455,000 bushels, down 74,000.
The Cincinnati market report shows Wheat and Whisky firm and higher. Corn and Flour softer with ample offerings. Reported sales include varied No 2 red winter and No 3 red winter wheat, mixed corn, white oats, winter flour, Timothy hay, and whisky barrels priced per gallon.
Apples per barrel 282.50 dollars. Asparagus Zip a per dozen. Bananas choice to fancy 1.75 42 per bunch. Beets 320a35c per dozen bunches. Carrots 15a20c per dozen bunches. Cantaloupes 2.75 to 3.25 per crate. Cabbage new 1 to 1.25 per bbl. Cucumbers hothouse 40c per dot. Lemons Messina 3 to 3.50 per box. Oranges Florida 8 to 4 per box. Onions home grown 1 to 1.25 a bush. Potatoes 2.50 to 2.60 per bbl. New potatoes 3 to 3.25 per bbl. Strawberries 2 to 2.75 per crate. String beans 1 to 1.35 per ham per. Tomato es 1.50 to 1.60 per crate. Cotton seed refined .45 to .47 crude.
The monthly debt report cites a total debt of 936 million, up 11.17 million in May. It breaks down interest bearing, matured noninterest, and noninterest debts, with cash in Treasury totaling 1.818 billion and a 390.93 million cash balance after 10.66 million month decline.
The Treasury Department reports May 29 circulation of National bank notes at 698,449,517 up 96,508,967 for the year and 803,819 for the month. Bond based circulation stands at 624,714,147 up 71,099,573 for the year and down 711,228 for the month. Lawful money secured notes total 75,735,370 up 25,409,394 for the year.
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