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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 08, 1905
Page
8
The Cincinnati Interterminal Railroad Company links the Chesapeake & Ohio Railway with the L. & N. Railway and provides facilities for through traffic with the C. & O. and L. N. railroads.
The Interterminal Company issues stock guaranteed by the Chesapeake and Ohio and Louisville and Nashville Railroads through the C O Bridge Co. The Ohio Corporation stock is nontaxable in Ohio. C O and L N Railroads report eight months ending February 28 1905 surplus earnings of 6952000 beyond fixed charges. Offered at 103 percent with accrued dividend 3.87 percent. Suitable for estates trusts and conservative private investors seeking safe nontaxable securities.
New York June 7 The stock market showed virtually no motive power with listless trading and narrow price ranges. Traders blamed the stock transfer tax for the partial suspension of operations and awaited its constitutionality ruling. Amalgamated Copper moved with the market while Interborough Dividends stirred a few pools.
Brokers Roberts Hall and Criss state crop developments will shape the outlook, with conditions likely to persist a while longer. They expect clearer information within about two weeks as the season progresses, impacting the market outlook.
The money market remained easy with routine reports on railroad earnings, business advices, and industrial developments meeting expectations. The late market was firm, though trading activity stayed limited as of the period.
A June 7 trade sheet from Boston shows numerous mining and metal stocks with prices or percentages for Adventure 314 Allouez Amalgamated American Zinc Atlantic Bingham Calumet Hecla Centennial Copper Range Dominion Coal Franklin Granite Isle Royale Massachusetts Mining Michigan Mo hawk Montana Coal & Coke Ola Dominion Osceola Parrot Quincy Shannon Tamarack Trinity United Copper United States Mini United States Oil Utah Victoria Winona Wolverine Daly West and more.
Washington June 7 report of the general fund balances lists available cash free 132 409 462 gold 70 338 891 and silver 28 564 452 exclusive of the 150000000 gold reserve in the division of redemption.
Banks gained from the Subtreasury since Friday totaling 3 312 000 dollars. American stocks in London stood above parity. The money market remains steady despite cash transfers to San Francisco. No dividends are expected on American Car and Foundry preferred in July. An average gross increase of 12.98 percent is shown for the fourth week in May by seventeen railways. Jersey Central dividends are not expected to rise. Amalgamated Copper Company reports 20 000 000 dollars in cash and copper assets across controlled companies. New York Life Insurance shows gains despite Equitable troubles. Atchison Topeka and Santa Fe Railway declares a semi annual dividend of 2 1 2 percent on preferred stock.
Market notes from several firms describe mixed signals in cotton trading. Bears press on declines amid favorable weather, while spots hold strong and long positions attract support. Reports from Texas Indian Territory and Oklahoma suggest bearish bias despite bullish railroad outlooks and improving crop reports.
Cotton markets show irregular but firm close with minor gains. futures end higher by a few points as dry weather and firm spot demand support buying. In New Orleans, steady prices and moderate gains amid sales of about 2 1/2 thousand bales and visible stock at 114,888 bales.
On June 7 money on call eased to 2 1 2 percent with bids at 2 percent. Time loans quoted 60 days at 9 percent and 9 days at 8 percent. Sterling exchange steady with bankers bills near 487.05 for demand and 485.10 to 488.15 for 60 day bills. Boston bonds mixed with Atchison issues firming and rail bonds easing. Numerous equities show varied bids and asks including American Telephone, General Electric, United Fruit and Westinghouse among others.
New York June 7. The Interborough Rapid Transit Company announces a 2 percent quarterly dividend on its shares, marking an increase of percent. The firm runs the Manhattan Island Subway and elevated lines.
Sugar quiet in New Orleans with kettle 8% as ec in open kettle and centrifugal priced at 4 16-16c. Centrifugal whites 5c and yellows 4 15-16c with seconds at 8 1/2 to 9 1/2c. Molasses nominal with open kettle 13 1/4 to 26c and centrifugal 6 1/2 to 7c. Sirup steady around 30c.
London report states that on balance today the Bank of England received bullion totaling £183000. The update notes the scale of gold movement into the central bank with emphasis on the day’s activity.
Sluggish money market and quiet bonds gave way to a brisk stock session led by Cincinnati light and traction issues. Cincinnati Gas and Electric and Globe-Wernicke common attracted buying interest as Toledo Railways and Light posted modest gains. Overman Schrader and other issues showed varied moves amid a broad, active curb and exchange trading day.
The Corn Exchange in Liverpool will close June 10 12 and 13. Paris and Berlin bourses show weakness then steadiness with Russian imperials at 86.60 and 1904 bonds at 498. London May trade stats show higher imports and exports led by food stuffs cotton fabrics while stock trading is quiet amid continental politics. Americans open lower then recover slightly on support. Consols firm on cheap money. Imperial Japanese bonds at 103.%
Stocks including Chesapeake and Ohio Chicago Great Western Reading Southern Railway Union Pacific and United States Steel show gains while Bar silver sits at 26 and a half to the ounce. Money rates steady around 1 percent.
The report shows London tin steady at £136 7s 6d spot and higher futures while copper and lead trade lower or flat abroad. Local quotes list copper at $14.75 for ensuing, lead around $4.50 to $4.60, and spelter near $5.30. Iron closes in Glasgow and Middlesboro, while various North and South foundry irons range from $16.25 to $17.50.
New York market opened unchanged with steady demand from trade interests. Brazilian receipts were slightly down as liquidation persisted, leaving prices near steady before late session slips. November futures rose five points while most other contracts drifted, with ranges cited for July through May deliveries.
Cincinnati markets report dull wheat with limited demand and light offerings. Corn and oats steady with light supply. hay declines under excess supply. Includes prices for wheat, corn, oats, rye, flour, whiskey and fruits and vegetables like apples, lemons, oranges, cherries, watermelons, peaches, onions, cabbage, beets, tomatoes, cucumbers and greens.
Wool prices remain steady for medium combing and clothing grades with mixed activity in St Louis as buyers show caution and sellers hold firm on fleece values. Weather and market tone weigh on trading, with no dramatic shifts in the staple market.
In New York on June 7, buyers in the dry goods market show fair activity among those who have stock to move, while operators with no current orders doubt the market and anticipate a possible decline. Stronger traders forecast steadier prices as demand shifts.
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