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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 13, 1907
Page
8
The day’s market showed a very narrow drift with few active stocks and stag nant periods. Reading weakness due to antitrust suit, copper price drop, and a cautious mood from traders weighed on overall sentiment while some firms showed isolated strength.
American stocks in London show gains while money market conditions delay the Western Maryland and Wabash link forming an Eastern outlet for Gould roads. English stockholders oppose a $100,000,000 Union Pacific common stock increase. Westinghouse Air Brake pays 2 percent quarterly and 2 percent extra on July 10. United States Steel to abandon the Bessemer process transforming mills to open hearth at a $100,000,000 loss. Homestead leads the shift as government actions are defended and reports of a Russian loan are denied. The tin market edges down while other metals hold.
Traders report strong technicals and limited stock supply with big short interest. They note potential rapid rallies as heavies buy and shorts cover, advising cautious, well margined purchases and profits on rebounds. Several houses predict a rally today or near term, with mixed views on current basis and liquidity.
The note reports that the Supporting Orders were in evidence on the decline and the losses were unim portant. The statement attributes the trend to W. R. Todd & Co.
Lead and spelter hold steady while copper and tin slip and rise. London market shows mixed moves with spot copper lower and tin futures down, while New York quotes reflect a dull but steady tone for zinc and lead with minor advances in London.
A committee boosting a memorial for Andrew Erkenbrecher met in the Business Men's Club and ordered a printed booklet of the committee's ideas. Subscriptions will be accepted at several stations as part of the fund drive.
London demand for money remained steady while equities showed weakness on the exchange. Underground rails surged on fare prospects, Japanese remained heavy amid US controversy, and American stocks advanced at midday before a dull close. Paris and Berlin opened weak but trimmed losses with bullion gains supporting Paris equities.
The Iron Trade Review predicts a new record in blast furnace production for May with 2,291,030 tons, up 64,322 from April. Daily output at 73,904 tons reflects a short April. last day May furnaces hint at continued heavy production amid strong coke market and active rail service affecting the Cleveland district and Cincinnati.
W E Hutton and Co and First National Bank report bond sales across multiple issues. totals show high grade rails and utilities including Atchison conv 4s and Reading gen 4s with varied yields. total market activity reaches 989000 across many series and maturities.
Wilmington prices steady to dull with turpentine at 57c and 56%c for new receipts. Rosin at 4 dollars with 157 barrels received. Tar steady at 2.90 with 57 barrels. Crude turpentine mixed bids. hard 3.50, dip 4.76, virgin 5.25 with 12 barrels. Oil city balances and shipments given. Savannah shows firm turpentine at 7 1/4 to 7 3/4 cents with 921 barrels sold and 2,042 barrels rosin sold. price ranges listed for standard grades. Charleston reports no activity in turpentine or rosin.
New York June 12 futures for coffee held steady after rumors of valorization and welfare reversals were dismissed by traders. Quiet activity with 9,500 bags sold and prices listed for June 5.50, August 5.45, September 5.30, December 5.35, March 5.49. Rio No 7 6c, Santos No 47c. Cordova 9 to 12c.
In St Louis on June 12 buyers report wool lots with medium grade combing and clothing at 24a2ic, light fine at 21a2l%c, heavy fine at lbal?c, and tub washed at 30a37c, reflecting current market levels for distinct qualities.
Cincinnati and St. Louis financial desks report light local investment demand with gas and utility shares showing limited activity. Clearing figures reach 4 839 700, with New York exchange par and premiums. bonds steady with muted trading and unaltered monetary stance.
Excerpt shows bond and stock listings with bank and railway names such as Nor. Sav. Bank Provident Trust and Union Bank, along with traction bonds. Ex dividend note appears, listing percentages and price points for several financial instruments.
Commodity letters show a weak moment with selling pressure pushing the cotton market to day’s low. Several firms forecast lower prices, while others anticipate a rebound and higher values after September 1 as the crop remains late and boll weevil reports circulate. Risk traders weigh declines for potential buying opportunities.
The New York cotton market ended steady after a day of lower sentiment and a loss of 10 to 20 points on active months. Transactions reached about 250000 bales with futures in various months trading amid reports of possible Liverpool deliveries and favorable weather for the Southern crop.
Irregular activity in Burley tobacco yesterday with a steady start fading to a wide bid range. Sales were spread across Farmers and Shippers Buckeye Planters Bodmann Globe warehouses, with many lots cataloged from new and old stock and prices spanning from around $5.50 to $23.75 per hundred.
The Kentucky Warehouse offered 70 hhds of tobacco on June 12 with 50 hhds Burley and 20 hhds dark priced from 4.50 to 7.00 for dark and 6.00 to 13.50 for Burley. The Ninth Street Warehouse listed 64 hhds, 40 dark, with dark at 5.55 to 10.75 and Burley at 6.30 to 15.00. Market was firm to strong with 341 Burley and 234 dark remaining as offerings.
Washington announces a July 10 deadline for the return to the Treasury of about 50 million dollars in special deposits held by banks. The move accompanies the redemption of the 4 percent funded loan of 1907 maturing July 2 and affects about 36 million in bonds and 50 million in prior deposits.
Cattle receipts 3,969 week to date with 672 today's. hogs 12,067 this week. sheep and lambs 7,490 this week. Prices vary: heavy cattle steady to firm, grass cattle weak. hogs lower across markets. spring lambs active with mixed trends. regional notes from Herr’s Island Chicago Omaha St Louis Kansas City and other centers.
On June 12 the dry goods market is steady with strong buying in negligees and underwear for spring 1903. Men's wear lines open steadily but overall booking volume is light. Reordering of silks and dresses is light while domestic cotton goods remain very strong.
Treasury statement from Washington on June 12 lists available cash in the general fund at 260,842,986 dollars excluding the gold reserve of 156 million. Gold coin and bullion amount 36,242,497 dollars and gold certificates 61,298,420 dollars.
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