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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 05, 1908
Page
8
New York June 4 heavy uncertain stock market driven by questions about Union Pacific financing and its future influence. Steel liquidation and wage- price anxieties cloud outlook as investors weigh potential rail and freight rate shifts amid a weaker close and heavy bond activity.
American stocks in London hover below parity as Berlin Bank cuts to 4 percent while the Bank of England holds steady. London market shows inactivity and irregularity. Union Pacific bond issue financing abroad noted. Bituminous coal trade improves with renewed New England industrial activity. American Woolen operates at about 55 percent of capacity.
Brokers Roberts Hall Criss note most large bond issues are settled and political talk heats up. They expect a cautious market yet still contain favorable trading opportunities as the Union Pacific era moves forward.
Traders weigh a potential rail market upswing as Union Pacific bond sale news eases uncertainty. Analysts advise buying on dips with market sentiment turning upward, though some firms note limited Standard Oil and Harriman support and a weak close.
London markets show abundant money and easy discounts with a cheerful tone despite holiday proximity. American securities steady in forenoon then sag. Union Pacific bonds placed. New York values fall late. Paris and Berlin bourses firm or heavy with minor exchange rates cited.
Prices listed for multiple mining stocks in New York on June 4 include Alice 3.00, Breece 0.10, Brunswick Con 0.08, Com stock Tunnel 0.34, Comstock Tunnel bonds 0.18, Con Cal and Va 0.07, Horn Silver 0.50, Leadville Con 0.06, Little Chief 0.05, Mexican 0.60, Ontario 5.25, Ophir 2.70, Small Hopes 0.18, Standard 1.60, Yellow Jacket 0.65.
Bond market roundup shows Japanese and Canadian issues mixed with U.S. corporate and railroad securities. Series include Erie convertible bonds, C B Q and Atch adj 4s, Seaboard Air Line, Delaware issues, and various government and utility bonds. total sales reach 1,831,000 dollars with varied prices and yields.
The John Shillito Company's Mutual Aid Association plans its annual outing in Highland Grove tomorrow. City Hall Bank declares a 2 percent quarterly dividend payable July 1 to stockholders of record June 2, with transfer books closing that date and reopening July 1. Rudolph Kleybolte & Co. is newly incorporated with offices in New York Chicago and Cincinnati. Rudolph Kleybolte serves as President with George Koehler as Vice President and Ernst Ullinger as Secretary. Visitors to the Business Men's Club included C A Forster S Palmer Detroit Frank Hahn Dayton F W Eldon Columbus H S Snelling New York City W J Neville Springfield Charles H Roth and W J Wilder of Chicago. A life size portrait of William McKinley with autograph has been bought by the Chamber of Commerce. with only thirty autographed portraits remaining, the McKinley Memorial Fund committee sells them to support the Canton monument.
L. L. Sadler, president of the Associated Organizations, named a Sunshine Committee to work with the Optimist Club to press Cincinnati factories to open with a task force on July 1. Members named were George A. Shives, E. H. Hargrave, A. G. Brunsman, T. J. Moffett, and J. M. Blair.
The C. W. Wagner Company, brokers, of Dayton Ohio, will relocate to Cincinnati next week after being incorporated yesterday in Columbus with capital stock of 100000 by R N Brum Baugh Carl F Shuber C J Mattern William O McCord and C W Wagner. The W J Quarry Finishing Company was incorporated in Columbus yesterday with capital stock of 10000 by Fred Sippel Anna Sippel Carrie Sippel Anna G Sippel and F A Hoover. The concern mounts and finishes maps posters and show cards.
The County Auditors acting as Board of Appraisers set values for railroad property including the Cincinnati, Milford & Loveland Railway with main track 2500, second track 2000, rolling stock 500, and money and credits 500 per mile. The Cincinnati Interurban Railway was assessed at main line 2750, branches 2500, rolling stock 400, and tools money and credits 300.
The Ohio Department of Agriculture reports June 1 crop and livestock conditions. Wheat prospects are 94 percent of average, oats 89 percent, rye 92 percent, barley 90 percent, timothy 95 percent with grub worm damage noted. Hog feeding for summer markets runs 42 percent, hog condition at 90 percent.
Financial wires from New York report money on call at 1 percent with the ruling and closing bid also 1 percent. Time loans quoted at 2 to 3 percent, 60 to 180 days. Sterling exchange eases with bankers bills around 486 for demand and 485.35 to 485.50 for sixty day bills. Boston money markets show call loans 2 to 3 percent and various bond prices and stock quotes across several railroads and utilities.
The Bank of France weekly report shows notes in circulation up 168.3 million francs and gold on hand up 34.9 million francs, with deposits and discounts shifting. The Bank of England weekly report notes reserves down 175 thousand pounds while circulation rises 699 thousand, bullion up 523,704, other securities and deposits up, with public deposits down and the reserve ratio at 50.82 percent.
Industrials and tractions show predominate small lot sales with few price changes. Cincinnati Newport Covington light and traction stock remains firm. Water Works 4s gain interest. call loans range 4 to 5 percent while discounts stay at 5 percent. New York exchange trades ease slightly with 30 to 35 cent premium.
Fragmentary bond list shows U L H P bonds with 48 listings and percent ranges. Notes include C L N 48 92 91 percent and Dayton and Miami readings with 58 102, plus Kentucky Central 4s and related items in brief OCR form.
The New York market closed very steady with a net rise of 2 1/3 points as selling pressure eased. Traders cited rain in the Central and Western belt and flood fears on the Red River and Mississippi as bullish factors. July and new crop months led gains while spot markets stayed firm in New Orleans and Liverpool.
Kansas City reports steady eggs at 16c and current receipts. New York shows butter steady, cheese firm with State full cream at 12c, and eggs at 19 193 cases. poultry varied with live birds steady and fowls around 12 to 14c. Chicago notes butter steady, eggs steady firsts at 4c, and poultry pricing for turkeys and chickens with assorted dozen prices.
Wool firm for medium to heavy grades in St. Louis with prices quoted for various staples. New York agents note demand for fall fabrics ahead of worsteds and overall strength in men's wools, while cotton goods stay quiet with sales of prints and ginghams. Tickings sell well and raw silk remains firm, dress goods quiet.
The New York market opened steady to down five points due to weak European cables and finished dull. Only 3,700 bags traded with bids around 6 cents for various contracts and spot cocoa and Cordova details noted amid quiet activity.
Boston firms and mines across major lists show mixed moves with United Copper and Butte plays among notable gains. Counts include North Butte at 6544 and Calumet and Hecla at 675 while several others hover in modest shifts.
Cincinnati markets report quiet trading across grains with Minneapolis wheat at 1.09. The corn and oats show firmness and slight unsettledness while hay and flour soften. Receipts and sales include wheat 2 red winter 97 3 red winter 95 4 percent, corn 75 to 74 cents, oats 52 cents, timothy hay priced at 12.50 to 10.50, winter flour 3.80 to 3.75, and whiskey 1.35 per gallon. Grain inspections list numerous No 2 and No 3 grades across wheat corn and oats.
Apples per barrel two ninety to two dollars and fifty cents. Asparagus one ten to one, per dozen. Bananas choice to fancy one seventy five to two per bunch, seconds seventy five cents to one. Beets per dozen bunches twenty five to thirty cents. Carrots per dozen bunches fifteen to twenty cents. Cantaloupes two seventy five to eight twenty five per crate. Cabbage Alabama one per crate. Cucumbers hothouse thirty to thirty five cents per dozen. Lemons Messina three to three fifty per box. Palermo five to three twenty six. Oranges Florida three to four per box. Onions green ten to fifteen cents per dozen. Potatoes two sixty to two seventy five per barrel. New potatoes three to three twenty five per barrel. Strawberries two fifty to two seventy five per crate. String beans one to one twenty five per hamper. Squash red one twenty five per crate. Tomatoes choice one forty to one fifty per crate.
In New Orleans on June 4 cotton seed oil traded at Prime 47c per pound as market activity showed modest gains amid steady demand from processors and refiners.
A dividend of percent has been declared on the preferred stock of the Columbus Gas and Fuel Company payable July 1, 1908 to stockholders of record at the close of business June 15, 1908. G. C. Scott, Secretary.
The Industrial Bureau directors met last night due to high school commencements. President S P Egan led as they endorsed creating a Sunshine and Prosperity Club in Cincinnati and pledged hearty cooperation. A Baltimore conference report praised keeping the M E Book Concern in Cincinnati and delegates were congratulated for voting to retain it. The group discussed industrial propositions and invited an Eastern manufacturer to locate a plant here.
The May report from the U S Subtreasury shows a $1,250,000 gain from May last year driven by demand for new currency. Shipments from Washington to the city totaled $1,250,000 with unfit currency returning $1,870,000. Gold coin redeemed reached $315,000 and national bank circulation retired at $35,500. Coin shipments to banks included $115,450 in silver dollars and $113,420 in fractional silver coins. Total monthly business volume stood at $13,871,447.36 with $314.50 counterfeit detected in silver dollars and quarters.
June 4 update shows London tin lower at £129 10s, copper higher with spot £58 1s 6d, London lead £12 1d, and local markets mixed with copper and iron weakness. Lead quotes around $4.30 in New York, with electrolytic and other grades varying amid dull trading.
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