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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 19, 1920
Page
8
The New York market began to regain life amid tax payments and upcoming July 1 and July 15 obligations. Brokers expect brief gains between money stringencies, with a potential future bull move possible. Bank clearings fell, money rates rose to 9 percent, and trading reached 608,300 shares as conditions remained mixed.
The report surveys trading on the local stock exchange with widespread activity in American Koling Mil common, Paragon Refining, Procter & Gamble, and Cincinnati Gas and Electric among others. It notes declines in demand for Superior Oil Company after takeover rumors and lists ex dividend movements across several issues along with scheduled quarterly and monthly distributions.
Emerson Engineers publish The Railroad Situation by Harrington Homerson. The work analyzes why a 3 percent rate hike fails to sustain railway efficiency and capacity growth, offering clear explanations and remedies for the transportation system's present inefficiencies.
The June Knauth Nachod Kuhne note highlights a rise to 3.15 per 10 marks on May 2, then a drop to 2.10 amid speculative demand. It cites better German industrial prospects and mentions rallies to 2.58 by June 10, with ongoing improvement since then to around 2.6.
The Federal Reserve Bank of Cleveland announced that subscriptions to new Treasury certificates A 1921 dated June 15 1920 payable January 3 1921 and T J 1921 dated June 15 1920 payable June 15 1921 closed at end of business Wednesday. Combined issue totals reportedly exceed 400 million dollars.
Stockholders holding Class A shares receive the full dividend for the first quarter without pro rating. Directors credit the full flotation success and unusually strong quarterly earnings for the payment.
Yesterday dividends were paid with the Alvarado Mining and M Co yielding 2 percent. The notice lists payments made to shareholders and the rates applied, reflecting the company’s distribution for the period.
It was announced that 20 million dollars in gold will arrive in New York within two to three days via Ottawa. The metal is to come in installments, the final delivery due Monday, a factor in the recent strength of sterling and francs.
The J. S. Case Plow Works securities were admitted to trading on the New York Stock Exchange under the tape name C P W. The nine months ending March 31 show net earnings of 707,850 with gross earnings of 7,094,000, compared to 6,500,000 for the full year 1919.
The Board of Trustees of the Equitable Trust Company of New York declared a quarterly dividend of 4 percent on its capital stock payable June 30 to holders of record on June 22.
The Guaranty Trust Company notes improved European production and export prospects, predicting stronger French exchange due to a forthcoming wheat policy. City Service Company reports higher May earnings and a strong five month period, with detailed figures for gross earnings, reserves, and surplus.
The Commercial Bulletin reports a largely nominal wool market with little business in Boston and the West. Manufacturing activity is uncertain as mills run three to four days per week and sometimes less, with western consignments noted and prices steady on a lower London basis.
Cincinnati reports daily clearings of 12.6 million with money tightness easing modestly and stock exchange volume at 7,244 shares led by Procter and Gamble and American Rolling Mill. Chicago shows clearings near 112 million with low discount rates and steady bank loans while St. Louis and New York note mixed rates and exchange signals.
The New York Stock Exchange sees sustained foreign currency strength and rumors of mid year remittances. Bulls and rails show limited gains while Crucible Steel Mexican and Pan American Petroleum lead advances. Bond activity includes a large Anglo French block sale and Liberty issues hold irregular.
New York reports irregular exchange with sterling sixty day bills at 392, demand 397, and various cables. Paris markets show easy prices with three per cent rentes at 57.12, exchange on London 48f rc, and bar silver at 49.5 per ounce. Money and discount rates noted across markets.
The Italia-American Line reports the Duca d Aosta sailing July 16 from Philadelphia and July 17 from New York to Naples and Genoa. Trans-Atlantica Italiana Line lists Dante Alighieri sailing July 10 to Naples Palermo Messina and Trieste. China Mail Steamship Company announces Nile sailing July 24 to Yokohama Nagasaki Shanghai and Hongkong.
The Paris release notes rises in gold 148000f and silver 169000f while currency in circulation falls 214402000f. Treasury and general deposits drop 8625000f and 30287000f respectively. Bills discounted decline 52111000f, advances shrink 2252000f, but fresh state advances total 300000000f.
New York June 18 reports quiet cotton goods with more trading in nut cloths at low prices for distant belting. Yarns ease, hosiery softens, silks steady with firmer raw silk, and wool goods remain quiet.
Bullish crop reports for oats and wheat push corn higher in Chicago trading on June 18. July corn at 1.79 and September near 1.69, with oats up 1 to 2 percent and provisions firmer. Reports from Iowa Illinois and the Southwest heighten crop scare fears, while cash corn demand returns as futures broaden.
Minneapolis reports unchanged flour shipments at 67540 barrels with wheat at 2.90 to 3.83 for various grades and flax at 3.78 to 3.83. New York shows firm spot corn at 2.08, oats steady near 1.06 to 1.08, lard around 20.65, with firm other articles. Kansas City lists mixed wheat and corn movements. St Louis, Milwaukee provide additional bids and price ranges.
The Cincinnati grain market on June 18 1920 showed quiet trading with fair receipts and few inquiries. Wheat bids were absent for cash with a steady tone, corn and oats varied by grade and quality while futures rose. hay and poultry markets moved unevenly as seasonal weather cooled demand.
Raw sugar in New York is unchanged at 184c for Cuban cost and freights, 19.16c for centrifugal. Sales include 10,000 bags Cuban July shipment to New Orleans and 18,000 bags Porto Rican late June shipment at 19.56 for centrifugal. France signals no next season native crop takeover. refined sugar steady at 22c to 24c.
A column of Ohio business incorporations shows Tailor Made Girl Corset Sameera in Toledo at 10000 with K. MacMahn and M. V. Johnson. New York Laundry Company items in Cincinnati at 75000 by L. P. Kuhn Jr. and S. Gatter. Trombley Motor Company in Cincinnati at 10000 by D. M. Trombley and J. Hagen. Gould Engineering and Surveying Company in Toledo at 25000 by W. H. Gould and J. P Christie. Mead Research Company in Dayton at 250000 by R. G. Corwin and P. H. Worman. Stotter-Griswold Company in Cleveland at 00 by J. P. Stotter and J. B. Keenan. New Center Investment Company in Cleveland at 50000 by F. T. Cullitan and A. M. Franklin. Hysell Run Coal Company in Zanesville increased from 25000 to 60000 by unknown.”
In Columbus today June 18 Cities Service common 325a330 pref 64%4a65% and Ohio Gas 88% are noted on the daily market table. The figures reflect prices in a busy trading session with mixed results across utility stocks.
The Young Men’s Christian Association of Cincinnati calls a regular meeting at the new Elm and Canal streets building on Tuesday July 6 1920 at 8 o’clock. Action includes selling or leasing the old Seventh and Walnut street property and conveying its title to a purchaser or purchasers. The meeting aims to authorize sale and related corporate actions and to handle any other necessary business. By order of the Board of Directors June 19 1920. Daniel B. Meacham President Harry W. Hutchins Secretary
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