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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 15, 1906
Page
8
A special dispatch outlines the June 14 stock market decline as a result of disappointing crop data and renewed bear campaigns. It notes weak news, technical factors, and heavy pool unloading, with mixed results for rail and steel stocks and looming reserve requirements.
London market steadiness shows pockets of strength in B and O while Bank of England keeps rate unchanged. Wabash surplus expected near 6 percent debentures. Canada anticipates wheat crop similar to last year. Pennsylvania loan talks in Paris progress slowly but positively. Grand Trunk Pacific plans 15 million debenture stock in London and Paris. Trade authorities note overall firmness.
The note discusses speculative buying in the B and O stock to support Pennsylvania, doubting a 6 percent dividend rise, and citing cautious gold shipments and money market conditions as factors. Analysts from Roberts Hall Criss, A O Brown Co, Foster Co, Gallmann, and Hutton Co weigh potential rallies and continued demand ahead of the bank statement.
Boston June 14 report lists mining equities with bid percentages for numerous firms including Amalgamated American Zinc Isle Royale Massachusetts Mining Michigan Old Dominion Parrot Quincy United Copper United States Mining United States Oil Utah Victoria Wolverine Winona and others. Quotations shown as percentages.
On June 14 in New York prices for Adams .20 Alice 2.20 Breece .30 Brunswick Con. .19 Comstock Tunnel .17 Gen Cal and Va. .75 Horn Silver 2.00 Iron Silver 5.50 Leadville Con. .05 Little Chief .05 Ontario 2.85 Ophir 3.50 Phoenix .02 Potosi .08 Savage .75 Sierra Nevada .18 Small Hopes -30 Standara 1.75.
Washington June 14 Treasury reports the general fund balances with available cash of 165,354,847 dollars, gold coin and bullion at 85,783,019 dollars, and gold certificates totaling 43,355,110 dollars, excluding the $150 million gold reserve.
Wool prices hold steady in St Louis with medium combing and clothing at 24a29c per unit, light fine 2a72c, heavy fine 16a18c, tub washed 33a39c. Market remains stable across grades as buyers show cautious demand.
Flag Day celebrations at the Chamber of Commerce feature two large flags and a banner. Delegates from the Imperial Council of the Mystic Shrine return to the city. J W Stoll visits the Third National Bank. Captain Benson Foraker tours traction lines in Ohio and Indiana. E P Wilson suggests Cincinnati lure a New York paint factory. Charles A Hinsch attends a Georgia Bankers convention. A bumper cotton crop is anticipated. 80 shares of John Steptoe Shaper stock sell for 125 dollars each at a local bank’s loan security sale. Cincinnati Associated Organizations calls for removing public utilities from politics in a letter signed by W E Hutton.
The Bank of England kept its rate of discount at 4 percent amid £136,000 bullion inflow and £49,000 shipment to South America. Markets showed mixed activity with dampened investment, easing Consols, and a firmer late on strong bank returns. Foreign sentiment waned on continental news while US stocks opened weakly and Japanese imperials closed at 102.
June 14 reports show money on call firmer at 3 1 4 percent in New York with time loans at 4 percent for 60 to 90 days and prime commercial paper at 5 percent. Sterling exchange around 485.90 to 485.95 for demand and 482.80 to 482.85 for 60 day bills. government bonds steady. various railroad and industrials quoted across Boston listings with prices and asks noted.
The New York coffee market opened near steady, with closing prices lower for all months. Daily turnover hit 37,250 bags as June through May contracts moved from bids around 5.95 to 6.85 cents, with deliveries listed for New York and Baltimore.
London report shows total reserve up 1.56 million pounds while circulation falls 356 thousand and deposits rise 472 thousand. Bullion gains 1.20 million, other securities drop 2.92 million, hotel reserve up 1.45 million, government securities unchanged. France’s Bank statement notes notes in circulation down 36.38 million francs and treasury deposits up 22.48 million, general deposits up 6.93 million, gold holdings fall 3.88 million, silver up 1.60 million, bills reduced 5.83 million, advances down 50 thousand.
The New York dry goods market was quiet overall with active jobbing houses. Converters buy for July ahead with prompt delivery, wash goods and white goods show steady demand among jobbers, and yarns remain steady.
Cincinnati and New York markets show dull trading with a single Procter & Gamble sale and small movements in Toledo Railways and Light and Cincinnati Gas. Bond activity is light, money in good demand, collateral loans around 4 percent, and various securities quote modest changes across exchanges.
Market observers report mixed Carolina cotton conditions with an overall below government estimates. Prices remain irregular with local scalping and large bear blocks noted to prompt liquidation. Receipts run moderate with 8 000 bales expected at ports versus 16 000 year ago. boll weevil damage and replanting loom in Texas. weather remains the key driver as drought and heavy rainfall affect the outlook.
Liverpool spot prices show decline with American middling around 6.52d to 6.28d and receipts of 8,000 bales. Futures open steady. New York closes very steady with futures around 10.6c to 10.68c and spot middling uplands at 11.5d to 11.45c.
Special Dispatch to Commercial Tribune from Louisville on June 14 details Burley offerings at Central Warehouse and Farmers' Warehouse with 105 hhds Burley selling from 6.20 to 14.75 and 6 rejections. Dark logs sold at 4.45, while Burley totals reach 357 hhds and dark 53 hhds amid a strong, active market.
Lead in New York and London shows little change while copper edges lower in London and weaker locally. Tin remains firm in London with slight rally but reverses in New York. spelter holds firm locally, iron prices slip in London, with assorted foundry and lake metal quotes unchanged locally.
In Chicago on June 14 butter steady with creamery 14 to 19 1 2 cents and eggs 14 1 3 cent, cheese easy with various grades mentioned. New York reports firmer butter, steady eggs, and Western dairy prices. Philadelphia notes firm butter and steady cheese and eggs. Kansas City lists steady eggs with No 2 white and case counts.
Trading mixed as Turpentine and Rosin show little movement in Charleston and Savannah with firm prices for turpentine at 67 1 2 cents and various rosin grades listed. Oil market reports credit balances at 1 64 with shipment and run tallies, while Lima and North Lima oils quoted at multiple prices and Wilmington notes firm spirits turpentine at 56 1 2 cents and tar at 1 90.
Rogers Brown & Co report distinct improvement in demand across all grades of pig iron with firmer prices and some slight advances. Steelmakers lead buyers while foundry demand rises in the East. Labor shortages in the South threaten progress though the New South remains optimistic about a large cotton crop and six month business. Coke remains in good demand with contracts and midyear market entries shaping the last half.
The week’s business centers on basic and Bessemer irons with an estimated 300000 tons contracted recently. A severe shortage of Bessemer ore and prompt shipment drives buyers to seek spot metal at higher prices. Southern furnaces show strong demand while many plants stay idle awaiting materials.
Producers say curtailed output and thin forward contracts keep firms firm. An inquiry exists for Ohio iron, with prices holding steady despite weak near term demand.
The Bankers' Outfitting Company Toledo capital at 10000 managers include W E Dittenhower O W Kirchenbauer Arthur J Darton M J Shay and O M Drury. The Urbana Egg Case Company increases capital stock from 10000 to 50000. The Davis Duffy Company East Liverpool raises capital from 10000 to 25000. The Home Savings and Loan Company Youngstown increases capital from 2000000 to 3000000. The Duffy Hardware Company Greenville adds 20000 with J P Duffy M Duffy Bee Duffy George S Werner and W F Werner.
On June 14 Clover seed trades at cash 6.75 with October 6.85. Timothy R amiable prime 2. Alsike prime 7.60.
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