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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 16, 1906
Page
8
A Special Dispatch from New York reports continued speculative liquidation in the stock market with prices lower across the board. Bears organized to drive declines while traders cover positions, Reading leading the downside as money markets firmed on large dividend disbursements and rising seven to eight month loan rates.
The report lists numerous bond offerings and prices from major U. S. issues, including U.S. 4s, 5s, and rail and utility bonds. Included are totals, percentages, and quotation figures across multiple issuers such as Erie, Union Pacific, Atchison Topeka, and Mexican lines, with a final note of total sales.
Markets firm with rising activity in stocks and bonds. Cincinnati Street Railway and Cleveland bonds strong on curb. block sales and hefty clearings noted. Cincinnati Gas and Electric, Fleischmann, and Northern Ohio traction issues quoted with steady demand. multiple bond quotations and exchange figures cited.
Americans in London traded irregularly as active issues stayed below parity. Russian bonds remained very weak in London and Paris amid international disturbances. May exports exceeded imports by 25.6 million, down 5.513 million from 1905, and crop reports were generally favorable. Smelting and refining earned about 11 percent on common, with no dividend expected this year. Northern Pacific May gross rose 716,144 and Western Union reported 5.9 percent earnings for the year.
Treasury balances in the general fund released from Washington list total assets at 166,479,112 with gold coin and bullion at 96,789,345 and gold certificates at 41,000,000 plus remaining components. The June statement outlines reserve exclusions and overall funding status.
Analysts from W E Hutton A Co A O Brown Co H M Beazell John W Ballmann Roberts Hall Criss Bultman Co Foster Co Buddeke Co and Goodhart Co assess the market. They note no current alarm in crops, suggest vigilance, and expect possible rallies after any low mood with banks and liquidity in focus.
Boston market summary lists numerous mining stocks with varied quotes. Companies include Amalgamated, Calumet and Hecla, Copper Range, Isle Royale, Michigan, Quincey, Tamarack, United Copper, Utah, Victoria, Winona, Wolverine, North Butte and others with bids and asks noted as percentage figures.
New York on June 15 reports prices for Adams Con .25 Alice 2.40 meet 80 Brunswick Con .19 Comstock Tunnel Con Cal and Va .65 Horn Silver 2.00 Iron Mailver 5.00 ready tie Con .05 Little Chief .05 Ontario 2.35 Ophir 8.40 Phoenix .02 Potosi .05 Savage on Sierra Nevada .17 Small Hopes .30 Standard 1.75.
Major festival plans will be discussed at a Fall Festival Directors meeting Monday evening. The Consumers Bottling Company of Cincinnati is incorporated with 10000 capital, with Raymond Ratliff J F Hyatt Charles F Dolle M Simonton and Fred Guethlein among principals. Harry L Linch named representative of the Ohio State Board of Commerce for the Southern District. A new commission house district near the city center gains attention from merchants led by Glen Brown who has options on properties. Martin Leiser in electroplating filed bankruptcy with liabilities 1195 and assets 805.
London reports bullion 15000 pounds taken into the Bank of England and gold 4 7250 000 released. Stock market dull with Consols weak. Americans slide then steady. Paris bourse heavy with Russian bonds slipping. St Petersburg markets panic. Berlin quiet with modest discount rates.
In New York on June 15 money on call rose to 3 4 to 5 percent with the ruling rate at 4 4 percent and close bids at 4 percent. Time loans ranged up to 5 percent for sixty to ninety days and 4 5 percent for six months while mercantile paper held at 5 5 percent. Sterling exchange firm with demand near 485 95 to 486 and sixty day bills around 0 06. Government and railroad bonds showed strength in some areas and weakness in others as a broad market readied for session activity.
New York trading opened steady to +5 points on light supply and intermarket support. July to May futures rose, closing with July 6.10c, September 6.20c, December 6.45c, March 6.70c, and May around 6.80c as total daily volume reached 22 250 bags.
The dry goods market in New York on June 15 saw fair trading with coarser lines easing slightly and more activity at new quotations. Cotton yarns were easier and wide print sold at 4% on contracts with 89 revisions in tickings and sheetings prices.
R G Dun and Co reports a strong outlook with omitted summer shut downs, railways earning 11.8 percent more in June, and exports rising by 1 841 071 while imports fall by 671 000 from last year. Factories stay busy as textiles and footwear see demand and overall trade improves in cities like Cincinnati Philadelphia Baltimore and Dallas.
The cotton market shows a steady opening with light trading as shorts sell. Analysts note ongoing crop uncertainty and potential rains in moist regions while anticipating a big harvest needed to meet demand.
The cotton market moved in a narrow range with prices drifting down about 10 points on fresh selling. Crop prospects look favorable, but labor scarcity is repeatedly noted across the South as port receipts reach about 8,000 bales versus 11,000 last year. English markets showed little change.
The New York cotton market opened steady but turned lower after a quiet morning as rains in the Eastern belt restrained buying while drought and insects press from the Southwest. Sales were about 150000 bales with futures closing largely steady and prices down 5 to 10 points from earlier highs.
New Orleans notices show June at 11.10 cents, July 10.66, with various contracts around 10.3 to 10.5 cents and steady to quiet trading. Liverpool market reports fair demand with American middling around 6.07 to 6.83 pence and daily sales about 10,000 bales.
Cincinnati market notes 1906 report shows cattle receipts 1,019 with about a third billed through and not offered for sale. Prices weak to a shade lower for heavy steers and milch cows. stockers and feeders largely dead. Hogs at 4,099 receipts end strong close. packers and butcher grades steady to higher. Sheep and lambs mixed with demand fair to good. regional markets vary by city as of June 15.
Texas and Omaha cattle, hogs, and sheep markets report steady prices. Receipts include 400 Texans and 7,500 hogs. cattle mostly $4.25 to $5.50, hogs $5.50 to $6.65, lambs $4 to $7, with stockers and feeders aiding supply.
Copper closed firm at 84 17s 6d in London with 600 tons sold. Tin irregular at 175 15s with 900 tons traded. In New York the London tin market held, with spot around 38.50, and lead steady near 5.75 to 5.95. Spelter rose to 27s in London and remained firm locally at 6.15 to 6.25. Iron and foundry grades showed minor shifts with prices near 49s lid to 50c 1494.
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