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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 08, 1900
Page
9
Heavy report from June 7 1900 trade pages notes mixed steel rail pricing with producers facing lower costs while jobbers push higher prices. Financial commentary covers Bank of England rates stability, easy money, sluggish business, and modest local securities activity. Cincinnati rail and street railway shares show firming demand. bankers observe cautious market with steady bond activity and global exchange rates.
Quotations across railroad stocks miscellaneous stocks bank stocks and bonds listed for Cincinnati area and Covington Newport Hamilton. Prices show bids and asks for rail lines gas utilities insurance and several unlisted securities with several ex-dividend notes and near-term maturities.
The report notes mixed crop prospects with rainfall improving conditions in the Empire’s fields but signaling possible deficits in the Northwest. Wheat prices firm on speculative demand. corn and oats show strength. Kentucky drought relief boosts crops in most areas, though Hessian fly injures some winter wheat. Futures show modest gains with July wheat around 68–69 cents and cash quotes reflecting steady demand.
St Louis and San Francisco directors declare a regular 2 percent dividend. City Bank issues a 2 percent dividend payable July 10 with books closed June 20. Northwest surplus for the year reaches 5.5 million before the dividend and 1.59 million after. Sugar market outlook remains firm with no expected advance. Atchison plans up to 8 million in bonds this year for improvements, less than 4 million new bonds for all purposes.
Absolute stagnation marked the session as bears overextended on the short side yesterday. London started a moderate stock sale this morning, but demand from shorts kept prices near yesterday’s levels while the bulls tried to lift coalers with talk of traffic agreements. New York Airbrake rose on absorption talk by Westinghouse, offsetting a small gain.
Brokers and dealers report cheerfully furnished price data submitted by wire at our expense.
The Columbus Gas Light and Heating Company announces a 3 percent dividend on the Preferred Stock payable June 15 to stockholders of record at close of business June 1 1900. W B Findley secretary. Thomas & Post transfer agents 71 Broadway New York.
Traders reluctant to extend short positions as selling in commission houses backs off. Declining security values noted, with iron stocks firmer on the prospect of renewed buying. Widespread concerns over the Northwestern wheat crop and weak foreign markets influence prices, while London transfers edge up on stock sales. Bank of England and Bank of France tighten liquidity. Berlin shows retrenchment with mining shares. In New York money remains light with ample supply and a quiet, irregular bond market. US issues fall 4 percent in bid prices except 2s.
Money on call eases to 1 2 percent with last loan 1 1 2 percent and mercantile paper at 3 4 percent. Sterling firm with bankers' bills at 4 87 5 for demand and 4 84 5 for sixty days. Government bonds weak and railroad bonds irregular. Boston stock list includes American Sugar 115, Bell Telephone 300, General Electric 133 5, Union Pacific 54, Old Dominion 16, Rubber 25. Bond listings show various 4s and 5s with mixed progress across issuers.
Paris shares fall as Bank of France signals adverse changes and copper and Chilean copper stock pressures rise. Spanish bonds weaken on exchange rates, Rio Tinto offerings rise, Kafirs dampened. Berlin trading slumps with mines and iron coal shares panicked, foreigners and Americans cautious while London tips aid gains.
London report shows reserve down 1 034 000 pounds while circulation rises 218 000. Bullion falls 816 000 and government securities unchanged as public deposits drop 1 639 000. Note reserve slides to 43.22 percent from 44.87 amid unchanged discount rate. Paris notes Boston and Calumet & Hecla figures amid franc totals and gold movements.
London market rounding shows Consols at 101 percent, Atchison 26 percent, Canadian Pacific say %%, St Paul 119, Illinois Central 116, Louisville 80, Union Pacific preferred 76, New York Central 133, Erie 12, Pennsylvania 66, Reading 8, Erie first preferred 35, Northern Pacific preferred 77, Grand Trunk 7, Anaconda 8, Rands 40. Bar silver steady at 27 and a half pence per ounce. Money rate 1 percent. Open market discount for short bills 2 to 2 and a half percent, three months bills 2 percent.
A despatch from COLORADO SPRINGS summarizes varied metal and mining quotes including Consolidated at 13 percent and Portland 305, with New York prices for tin, spelter, lead and copper showing weakness. Trading in metals remains slow with subdued demand and unsettled quotes across markets in New York Boston and St. Louis.
Toledo reports North Lime at 95 cents and South Lima Indiana at 90. Oil City notes credit balances 125 dollars with limited bids and large shipments. Wilmington lists spirits turpentine 44 44 1 2 cents rosins and crudes with varied prices. Charleston and Savannah show turpentine quiet or firm with rosins rising to 215 250 dollars for various grades.
D. H. Baldwin & Co announces Baldivin pianos at 142 144 West Fourth Street as a test for musicians.
New Orleans market steady with 1,200 bales sold and receipts at 885. Prices range from 7 16 to 9 16 cents for various cotton grades while stock sits at 9,178 bales. Futures show slight gains with June at 0.69 cents bid and July around 8.69 to 8.7 cents. New York spot quiet with middling uplands 8 1 2 cents and gulf 9 1 2 cents. futures closed steady with multiple month prices listed.
Market reports from New York Philadelphia Chicago Kansas City and St Louis show steady to firm butter cheese and eggs with varying price ranges. Receipts listed include 9939 butter packages in New York 6019 cheese packages and 11362 eggs, while Kansas City notes steady dogs and eyes markets.
Chicago grain pit surges as Northwest crop fears, rain hopes, and export demand lift July wheat 1 1/2 to 2 cents. Corn and oats climb modestly while pork and rib provisions gain, with mixed reports on crop damage and weather outlook shaping prices.
Prices show firm markets for lard dry salted meats and bacon with modest activity. Flour and grain futures rise on strength in wheat and corn with steady to firm prices in oats rye and sugar. Regional quotes span butter beans rice coal and produce with steady hay hides and potatoes noted across markets.
Address all orders for stock or requests for information to W E Hutton & Co at 15 East Third Street Cincinnati Ohio. The president and treasurer is CHAS PRIOR vice president ANSAe secretary isAac D SME general manager and constructing a oer general counsel FORAKER OUTCAST GRANGER PRIOR Cincinnati Ohio patent attorneys W Dodge & Sons Washington DC.
Market reports show mixed cattle demand with steers stronger in Chicago and western cities. Hogs remain active with top prices around 5.20, while sheep and lambs show modest gains and steady demand. several regional quotes include Texas and Pittsburg cattle, hog, and lamb figures with varied weights and grades.
New York reports business remaining very quiet across departments. A few houses note slight demand improvement but no sizable orders. Prices hold steady and sellers meet buyers at current quotes for cotton, woolen goods, with print cloths and regulars remaining inactive.
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