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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 08, 1916
Page
8
Market summary shows tax dividend at 1144 percent with mixed moves. Open 81 percent high 2 percent low 2 percent close 3 percent. Previous close 2 percent and bid 2.5 percent ask 3 percent. Total daily sales 427100 shares.
Chicago June 7 Reports of German reverses sparked selling in the wheat market. July futures at 1.045 and September at 1.06. Corn steady with yesterday, oats down 4 cents, provisions up 20 to 57 1/2. Bearish sentiment grew late as war news suggested French and Russian gains while rains and crop reports influenced prices.
Market notes show steady grain and provisions with mixed futures. Spot wheat and corn hold near steady levels, oats and hay firm, pork unsettled, lard strong, tallow soft, and various regional price quotes listed for grains and byproducts.
Markets showed subdued trading as political developments and Chicago convention news dominated attention. Rail shares led gains with Norfolk & Western advancing to 137.5, United Fruit hit 166.5, while autos sank on liquidation. Total volume 945000 shares and bond activity firm.
The dispatch reports wheat and corn fluctuating across markets in Indianapolis Toledo Kansas City Milwaukee St. Louis and Duluth with wheat steady to mixed and corn generally firm. Oats and other grains show varying strength and cash bids in multiple classes and months.
New York mercantile rates show 3 percent paper with demand around 475, cables 476 1 3, francs 590 6, marks 76 3, rubles 30 31, silver 66 3. Government and railroad bonds steady, time loans firm, call money strong near 3 percent. London prices list bar silver at 31 18 164 per ounce with funds rates near 8 1 2 percent. Paris stock market shows steady prices with rente at 62 9, exchange London at 28 18 0, five percent loan at 105 0.
New York June 7 cotton futures rally as October climbs to 13c and closes near 12.96c amid war chatter and improving export hopes. London and New Orleans trade stabilize after late gains on Verdun rumor, with spot steady at 12.69c and daily sales under 1,000 bales.
New York reports a renewed liquidation in coffee futures with prices slipping to September 8.18 cents and December 8.35 cents, down about 67 to 71 points from last month’s highs. Private Brazil crop estimates and arrivals curb buying, while spot Rio Santos markets ease and a large delivery volume is seen across exchanges.
London buyers readily absorbed 7000 bales at the sale with crossbreds and merino futures in demand. Slipes fetched 2s 3 14 4 and West Australian treys merino 2s 24d.
Chicago traders reported mixed quotes with Chicago Pneumatic Tool up 73 percent and Diamond Match up 11014 percent while Lindsay Light rose 21 and Sears Roebuck advanced 183. Stewart Warner gained 103 and Switt and Co stood at 137 percent.
Transactions in stocks considered excellent as bank clearings rose to 6 277 400 with large over the counter exchanges. Heavy cash movement toward New York, calls for commercial money, and some loans placed signal possible rate hikes. Local bonds and industrials show mixed activity with American Rolling Mill and Cincinnati Tobacco Warehouse among active listings.
Fay & Egan preferred showed unusual strength and drew conjecture on cause. Regular blocks traded at 4 with offerings at 4214, while fractional lots at 42 attracted strong demand at 41. Fenton United Dry Cleaning and Dyeing offerings rose to 77 for common and 98 for preferred, each 1 point higher, with no new demand. Kroger Grocery & Baking common fell to 260 bid with offerings at 224. Fractional demand remained strong at 2021/4. Owens Bottle Machine stayed in demand at 173 with offerings at 76 fading. Cincinnati & Suburban Telephone two shares sold at 10814, prior quotes unchanged. Cincinnati Gas and Electric sold at 76% with 2 shares traded, market closed at previous quotes. fractional demand arose at 7614 for offerin gs at 77.
The day’s quotes show mixed activity with Cities Service commonl steady. a fractional block of the preferred traded at 87%, 50 Columbia Gas and Filectric at 54%. Ohio Titles common waned to 65 and 64% on the descents. Ohio State Telephone common touched 48% with 10 shares traded and offerings fading. Cincinnati Street Railway demand rose to 53 bid regular and 64 for fractional. Toledo Traction, Light and Power common sought at 6 with no offers. banks remained quiet.
The Wellston Steel and Iron Company properties at Wellston were sold at a receiver sale in Jackson Tuesday. The double furnace was bought by S. A. and M. J. Stern berger, relatives of E. J. Stern berger of Cincinnati, and the single furnace was purchased by H. S. Willard of Wellston. The plants are well known to Cincinnati iron and steel men.
Oil news from Cincinnati shows Carter Oil Company starting a gasoline plant in Oklahoma costing 200000 dollars. Standard Oil of New Jersey increases gasoline stills at Bayway New Jersey as major firms boost output. A 400 barrel well was drilled near New Lexington Perry County Ohio by Ralph Brothers of Pittsburg amid lease speculation in the region.
Regular and special stock dividends set by firms include American Snuff Company and Continental Can. Procter & Gamble common rises as bids top 7.95. Lawrence Manufacturing of Lowell to double capital after a 100 percent stock dividend, awaiting stockholder approval. Chicago Stock Exchange results favor Ford Carter and David R. Lewis.
Cincinnati traders report mixed cattle demand with steady to higher prices for good dry fed cattle, while hogs weaken from Monday levels as packers remain largely out due to labor disruptions. Sheep and lambs show steady to higher tone on spring lambs, with total weekly arrivals tracked against prior weeks and rivals in Indianapolis and St. Louis reporting varied results.
Special Dispatch reports articles of incorporation filed in Columbus on June 7 for multiple firms across Ohio. Companies include Pleasant Hill Oil and Gas of Cowhocton with 20000, Schoedinger Company of Columbus with 20000, Kunkel Company of Akron with 10000, Stroodtbeck Baking of Cleveland with 10000, Harris Carburetor of Cleveland with 10000, Reehl Maddux of Cincinnati with 50000, PP T McCourt of Akron with 10000, F H Lawson of Cincinnati with increase to 100000, Andrew Belt Company of Columbus increase to 3000000, Thomas Armstrong of London increase to 150000, and Tronton Crossit of Ironton increase to 5000.
An immense call loan to the English Government in New York, bankers reluctant to back heavy motor truck loans after a boom, and arrangements for United Motors Company financing push call money to 4 percent the highest since January 195. The day also features another $4,000,000 gold shipment from Canada, bringing total gold movement to about $36,000,000. Banks in Cincinnati note continued gold influx affects surpluses and deposits, an item to monitor.
Heavy dividend announcements across sectors like oils, industrials, and mining were reported for Cincinnati. Companies listed include Savoy Oil, Mexican Petroleum, Estern Steel, American Cigar, Home stake Mining, and others with dates and rate changes for preferred and common shares.
Cincinnati reports show daily clearings of 6 277 400 with prior 5 181 900 and 5 624 500. Stock exchange sales total 219 shares. notable issues include Ohio Cities Gas and American Rolling Mill. Chicago and St Louis clearings cited. government bonds quoted amid active foreign exchange demand.
The U S Treasury shows a net balance of 18 742 695 in the general fund and today’s receipts totaling 4 050 021 with payments of 3 068 598 The current fiscal year deficit stands at 40 647 924 and the year’s overall deficit reaches 102 000 486 excluding Panama Canal and public debt transactions.
New York on June 7 reports cotton good and generally quiet trading. Yarn demand steady and knit goods for spring show activity as converters begin to clear their stock of wash woods and white goods.
The London market firmed with rising prices and active trading. Home funds foreign rails and shipping shares led gains as American securities grew more active under the mobilization scheme and demand for shipments to America remained strong. Money and discount rates stayed quiet.
Columbus June 7 this year's wheat crop will be 10 000 000 bushels less than last year the State Board of Agriculture reports the wheat prospect is 68 percent of normal versus 99 percent a year ago oats 83 percent rye 79 spring barley 86 clover 89 timothy 92 and fruit 82 percent outcomes support the weaker harvest outlook across several crops and fruits
New York metal markets show lead at 7 dollars asked, copper firm with September at 28 and 29.25, tin steady near 44 spot, London quotes lead at 42 pounds, spot copper at 124 pounds, London futures 120 and electrolytic 142. Spottin 184 pounds 10s, futures 184 pounds.
New York June 7 sugar trading shows a subdued local market with spot prices nominal for Cuba cost and freight around 6.27 cents for centrifugal and 5.30 cents for molasses. Prices were barely higher for near by shipments at 53 16 cents cost and freight while buyers stayed cautious awaiting developments.
Market report notes Credit balances for Oils at 2.60 with 122 678 barrels traded. Savannah turpentine sales 602 barrels with stock 57 693 barrels. rosin sales 678 barrels with stock 12 784 barrels. Prices for various rosin grades listed up to 5.50 dollars. Duluth linseed bids at 1.82 to 1.88 percent for July and September.
New York reports firmer butter with varied creamery and firsts prices, eggs receipts at 28,192 cases, and steady cheese. Cleveland notes live chickens at 18 to 19 cents, and Chicago confirms butter and eggs unchanged with poultry down for live birds. Indianapolis lists country stock prices and jobbers’ creamery extra prints and tub rates.
Columbus reports weak bidding and unclear price signals as Ohio Cities Gas shows limited demand with quotations from 275 to 279 and a preferred rate around 87 percent, reflecting friction in market for gas service.
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