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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 02, 1920
Page
9
Market movements show renewed selling pressure with a broad decline in prices across issue types. Liberty bonds and Victory issues fluctuated as the session saw heavy transactions, large bank movements, and broad bond and stock activity amid postwar rate shifts and political developments.
The annual meeting of the stockholders of the Cincinnati Gas Transport Company was held yesterday. Directors elected include W. W. Free, W. Lothmann, M. Fef Moch, Taft, and Charles F. Winther.
The Anglo United Oilfields Company Ltd drilled a new well named No 3 in the Dallas field recently after acquiring control of part of the field where Wyoming's first well was drilled. Murphy No. 1 dates to 1884 with over thirty wells sunk, many without casing, and the property has been tied up by litigation.
In Fergus County the Frantz Corporation struck a Dakota sand well in Cat Creek reaching 1,000 feet with a 350 barrel flow then 600 barrels. The eighties feet Dakota sand layer caused a surface spout forcing diking until larger tanks could be built.
Bank officials supervise relocation of most safety deposit cases from street floor to basement quarters in relays. Heavy cases weighing up to four tons are lowered through the first floor as the eight to safe platform will be used when the remaining quarters are ready. The new department aims to be the city’s most complete and modern.
President William Fortune writes to M. E. Moch & Co. that the Indianapolis Telephone Company, now liquidating after its sale to Union Telephone Company, has reduced outstanding indebtedness to less than ten percent. This marks a major step in winding up the company’s affairs.
Shaffer Oil and Refining Com reported a new well, identified as No., with an initial production rate of 1,200 barrels per day. The announcement adds to the company’s ongoing output expansion efforts.
The annual meeting is set for June 2 at the office of W. E. Mullen in Cheyenne Wyoming. Eleven directors will be elected for the ensuing year as part of the meeting’s duties.
The regular quarterly 1 percent preferred of the Hotel Gibson Company has been announced and is payable July 1 to hold.
At a special meeting Sears & Roebuck Company stockholders approved raising common stock from 750,000 shares par 100 to 1,050,000 shares par 100, with capital increasing from 75 million to 105 million.
The National City Company reports a new Belgian loan of 50 million dollars is well received by the public and by Cincinnati region underwriters. The 7 percent bonds mature in 1945 and go on sale at 97 percent for a better income basis than 8 percent, redeemable at 115. A sinking fund redeems 2 million dollars of bonds annually by lot.
List of Empire Gas and Electric Company oil well completions in Butler County Kansas during May. Entries include well numbers such as No 18 Adsit with 40 barrels, No 29 Stoke with a given but incomplete barrels, No 65 Pire Pont 45 barrels, No 18 Ralston 100 barrels, No 22 Hamilton 90 barrels, No 19 Barnhill 123 barrels, No 22 Hull Higgins 50 barrels, No 19 Anderson 101 barrels, No 18 Batham 76 barrels, No 62 Koogler 60 barrels, No 67 Koogler 12 barrels, several with 2% barrels, and No 66 Koogier 59 barrels.
New York Mercantile paper 7 percent. Sterling sixty day bills 336, demand 390, cables 391. Francs demand 1288, cables 12336. Guilders demand 36, cables 365. Lire demand 1689, cables 1687. Marks demand 261, cables 262. Time spans strong sixty ninety six months 814 percent. Call money strong 8 percent high, 6 percent low, ruling 6 percent, last loan 8 percent, bank acceptances 6 percent. After close Sterling quotes rise: sixty day bills 387, commercial sixty day bills 386 1/2, demand 391, cables 292. London silver 57 3/4 per ounce. Money 5 percent, short bills 6 percent, three months 6 1/2 percent.
Trading opened with losses in most sectors led by steels, motors, and oils as higher discount rates and weak credit conditions weighed on sentiment. Rails showed some support while Liberty bonds remained under pressure. total activity totaled 565000 shares with par value of 12.375 million.
Fifth Third National Bank’s commercial department reports telegrams about ship movements. Patria now sails June 19 from New York to Palermo Naples and Marseilles. Giuseppe Verdi departure moved from June 5. Kaiserin Auguste Victoria sails June 12 instead of May 29. Coronia schedule changes listed with several June to November sailings.
Columbus stocks overview shows Ohio Gas at 38 percent last sale while closing figures for service common 3364335 and city preferred 644a65 remain variant. No clear date or full company names available in readable text.
Cincinnati reports clearings of 13 262 344 with holiday prior, rates for brokerage loans around 6 to 7 percent. Trades on the Cincinnati Stock Exchange show limited activity with Procter & Gamble and American Rolling Mill among the day’s items. Chicago and St Louis note clearings and loan rates, with New York exchange unchanged.
Cincinnati livestock markets show light cattle receipts 157 with 200 carried over from Monday and prices broadly steady to weak. Hogs at Cincinnati lower with heavy buyers at 14.75 to 14.25. pigs 9 to 12.50. sows 11.50. Sheep and lambs mixed with light grades steady and heavier offerings bid lower. total receipts 536 plus 310 carryover. Cleveland and Chicago summaries follow with upstream price movements for cattle hogs and sheep, including calves top at 18 and beef steers near 12 to 14 dollars.
Light receipts and holiday demand lift futures and cash prices for corn and wheat. Wheat No 2 red winter track 2.98 3.00, corn No 2 white 2.06 2.08, oats 1.14 1.14, hay down on timothy 50c a ton, butter and eggs steady to higher with mixed grain and flour prices listed along with receipts and market activity from Cincinnati.
Chicago traders saw corn and oats rise as delays in rural supply shipments limited arrivals to the market. July corn traded at 1.72 to 1.73 and September at 1.53 to 1.58, oats up 2 to 3 cents, while provisions mixed with some declines and a late sell off after a Supreme Court prohibition decision.
Multiple Ohio firms filed articles of incorporation in Columbus on June 1. Notable entries include The Ashtabula Bulletin Company $105,000, The Alexander Automobile Company $200,000, The C A R Realty Company $100,000, and The Chain Products Company increasing from $250,000 to $450,000. Several other firms across Cleveland Akron Canton and Cincinnati listed initial capitalization and principals.
The New York Cotton Exchange halted trading due to contract status uncertainty amid pending federal action. Prolonged closure aimed to secure legal standing through enacted legislation or by bylaw amendment. prospects for reopening tomorrow remained unclear.
New York June 1 The coffee futures market fell as cost and freight conditions eased over three days and broker sales to European importers spurred liquidation. Active months slipped 16 to 29 points, with July at 14.38c and September 41.45c, closing 17 to 19 points lower. Spot coffee dull at 0.5c to 4s 2 3/4d Santos.
The New York sugar market on June 1 showed quiet activity while the undertone remained firm. Buyers were willing to pay up to 19.34 to 20 cents for Cubas CFR, with no offers or guidance on Cuba’s acceptable price. Prices for Cubas were nominal at 19 1/2 cents CFR, equal to 57 1/2 cents for centrifugal, last paid by refiners.
Kansas City reports mixed wheat and corn moves with No. 1 hard at 2.92 to 3.00 dollars and No. 2 red at 2.90 to 2.93. Minneapolis notes flour shipments and grains with No. 1 Northern wheat at 2.95 to 3.10. Toledo lists clover seeds and cereals with varied cash bids. St Louis shows wheat in the 2.91 to 2.96 range and corn around 2.06 to 2.07 for No. 2 white, with oats near 1.09 to 1.10. Milwaukee covers corn and oats prices, while Indianapolis records stronger corn and hay values with No. 3 white corn at about 2.01 to 2.02 and timothy hay around 41 dollars.
Copper dull in New York with spot at 19.0 to 19.2 cents led by electrolytic, No 1 Northern copper at 49 cents. Tin steady around 52.50 with June at 52.25 and July 52.25. Lead, zinc, and antimony quoted with varied bids and futures in both New York and London markets.
Chicago sees butter steady at 41 to 52 percent creamery, eggs down with receipts 34 to 4 percent, various firsts and storage lots noted. Kansas City reports butter down 1 percent, creamery 3 cents, eggs inch lower, hens and broilers eased. St Louis lists poultry prices with hens 31 to 33 cents, springs 42 cents, turkeys 44 cents, ducks 27 cents, geese 11 cents. butter 83 cents, eggs 36 cents.
Cincinnati Board of Rapid Transit invites sealed proposals by June 16 for Section 3 of the rapid transit system laid along Plum Street from Oliver Street to 250 feet west of Mohawk Place. Bid bond required and contract bonds of 50 percent. Plans at Chief Engineer. right to reject bids reserved.
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