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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 08, 1910
Page
8
New York traders react to government railroad rate dispute settlement with a sharp intraday rally and later partial recovery. Short-sellers cover amid hopes the railroads will delay increases, while bonds show irregular activity and total U S bonds stay unchanged on call.
American stocks in London rise 1 to 4 points above parity amid a firmer London Central market. Western railroad presidents agree to withdraw rate increases and the dissolution suit is dropped. Southern Pacific sells 25 million in Germany via Kuhn Loeb. Amalgamated Copper shows 3.87 percent net. Louisville May earnings rise 261401. Southern Pacific fiscal year expected to show 11.2 percent on common.
Money on call eased to 2 percent with rates for 60 90 and 180 day terms listed. Prime mercantile paper quoted around 4 1/2 to 5 percent. Sterling exchange held firm with bankers bills at 463.55 to 483.65 for sixty days and 486.50 for demand. Bar silver and Mexican dollars noted. Government and railroad bonds steady.
The Treasury report dated June 7 lists Trust Funds and General Fund balances. Gold and silver holdings amount to $857,721,869 and $489,782,000 in silver dollars, with $489,782,000 in silver certificates outstanding. General Fund shows standard silver dollars, current liabilities of $343,575,891, working balance of $19,742,214, bank credits of $38,836,722, subsidiary silver coin $21,247,892, minor coin $1,182.52, totaling $83,441,669 in the general fund.
Money in moderate supply with easy discounts and firmer American stocks. Rubber shares fell keeping settlement in view while British securities posted late gains. New York cabbies boosted appetite as parties in Washington eased negative effects from continental liquidation. Trading closed steady with U S Steel and De Beers among movers amid mixed futures.
The Board of Trade May report shows imports up 52.073 million dollars and exports up 20.498 million. Increases in imports include 20 million for food supplies and grain and 25 million for raw materials with rubber contributing 10 million. Exports rose due to manufactured products.
Commerce group hosts Henry J. Powell of Louisville and others at a luncheon. A new constitution is adopted as committees report. Merger sentiment eyed for a noon tomorrow meeting. Car and terminal plans advance for Newark and Dayton projects.
Boston late trading showed gains and declines across copper and mining shares led by Amalgamated Copper at 67 percent and Calumet and Arizona at 60 while several others including United States Smelt Ref and Min 41 percent and Nevada Consolidated 193 percent posted large movements.
In Berlin on June 7 domestic securities moved dull and lower while American shares rose. Exchange on London quoted 20m 504% for checks with money at 3% and private discounts at 3%. In Paris better New York news supported a firm tone with three percent rentes at 9 and 2% for the account. Exchange on London at 25f 284¢ for checks.
The report lists closing figures for several mining stocks and bonds including Alice 2.25, Brunswick Con. .07, Comstock Tunnel stock .25 and bonds .18, Horn Silver .50, Leadville Con. offered 56.05, Ontario 2.2 percent, Ophir .75, Standard .85, Yellow Jacket .6, among others note.
Louisville market activity was light with small dark tobacco sales at a few houses. Quality deemed fair and no quotable changes observed. Dark tobacco sold 25 polls at 10 to 11 cents, with no rejections.
Bradstreet's reports a weekly drop in grain stocks with United States and Canada wheat down 2,468,000 bushels while corn rises 112,000 bushels. notable decreases include Chicago private elevators 171,000 and Louisville 111,000 bushels. Manitoba 62,000 and Goderich 60,000 bushels.
Butter and cheese hold near steady in Chicago New York and Kansas City markets with varied receipts. Butter eases in Chicago and Kansas City while New York shows mixed dairy pricing and steady eggs. Poultry prices soft for fowls and turkeys, with regional differences noted in St Louis and Kansas City.
Toledo reports North Lima 4S4c over South Lima and Indiana 79c. OL CITY Pennsylvania lists credit balances 1.35 with runs 21 951 bbls and averages 105 414 bbls shipments 171 772 bbls average 202 528 bbls. New Orleans notes receipts 192 barrels rosin and 128 barrels turpentine with exports to New York 687 bbls rosin.
Traction stocks show strength with Cincinnati Gas leading gains and Bleck a steady second as the local stock exchange sees active trading in traction issues. Cincinnati Gas nears 89% mid session then slips, while Cincinnati Street Railway peaks at 129% in the day’s activity.
Wheat heavy milling grades firm with light receipts and higher quotations. Corn shelled steady. ear corn in demand but light receipts. Oats dull with light demand. rye quiet. Flour quiet with liberal offerings. hay steady with demand for good timothy and clover. Cabbage, apples, bananas, citrus and vegetables listed. butter and eggs steady. beef and pork prices shown. Cotton futures closed steady with mixed domestic and Liverpool activity.
The New York coffee market advanced with active covering by local and European shorts and trade demand. Prices opened steady to up, closed steady to 6 points higher, with 25 000 bags sold and June at 6.20c through May at 6.97c. Rio, Santos, and Havre prices shown. Brazilian port receipts totaled 14 000 bags, warehouse deliveries 11 929 bags in New York.
New Orleans reports Prime refined cotton seed oil at 7.90 cents per pound in barrels. New York market shows irregular crude and Southeast summer yellow prices ranging from 8.02 to 8.20 cents, with futures for July at 7.95 to 7.96 and December near 6.46 to 6.49 cents.
In Toledo on June 7 cash and future prices are listed for Clover seed at $6.50 for June October December and $6.57% for March. Timothy Prime prices show $215 and similar figures for Alike at $7.0 and August $7.45.
Lead and copper rates edged through June with spot copper around 12.40 to 12.55 in New York and 12.75 to 13.00 for local jake and electrolytic. Tin held near 32.70 to 33.12. spainished and English iron prices steady, while London futures rose modestly and exports totaled 2,792 tons this month. Local copper and iron grades quoted from 16.00 to 17.75 for foundry steels as markets stayed largely quiet.
The dry goods market in New York June 7 shows steady prices with light demand. Yarns stay firm for contract delivery while spots hold fairly steady. Export markets are quiet and some men’s wear agents begin taking a few at value orders for spring 1911 goods with expected initial prices 60 percent below last spring’s levels.
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