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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 20, 1909
Page
13
New York reports a lackluster stock market with scarce trading and cautious prices. Circulating Paris reports dampened sentiment on United States Steel listing while rails show rising idle freight cars and improving earnings, aided by foreign borrowing and new credit sources.
Railroads remain major buyers while subway bid from Bradley Gaffney Steers targets Bronx to Coney Island via Lexington Avenue. Pacific coast crops rebound. US and British talks slow on Chinese railroad loan. Banks gain on currency shifts and industrials rise. Tax debate grows in Senate as exchange groups adapt to inquiry commission.
In Manchester, business on the cloth market remained small last week. Higher prices for cotton and yarn prompted manufacturers to seek firmer quotations, yet buyers hesitated to place large contracts. Bombay bought minor lines while China, the Mediterranean, South America and domestic centers supplied most activity at occasionally firmer rates. Yarns faced expected reductions with raw material costs rising, but sales stayed disappointing and below average.
On June 19 the general fund treasury balance excludes the $150 million gold reserve. Gold coin and bullion amount to $47,547,889 and gold certificates to $23,951,460. Available cash balance stands at $120,124,085.
The Financier reports the New York clearing house banks posted a net surplus rise to 28,431,225 after heavy loan reductions and a $4.679 million deposit increase. Cash gains came from interior remittances despite a $2 million gold export to Japan. Loans fell by 35,277,500, lifting reserve requirements and delaying rate hikes as European syndicate borrowings mature next fall.
Boston reports call loans at 3 percent and time loans around 2 to 5 percent with various bond quotes. Notable prices include Atchison 4s at 98 and 10044, Union Pacific 191, Edison Electric Illum. 248, General Electric 160, and United States Steel 66 with prefs nearby. New York money on call nominal. sixty days 2 1/2 percent, ninety days 2 3/4 percent, six months 3 percent. Sterling strong. bankers' bills at 486.30 to 488.40 for sixty-day bills and 487.95 to 488 for demand. Bar silver 62 1/2 cents, Mexican dollars 44 cents. Government and railroad bonds steady.
New York June 19 Ali ce 1.90 Brunswick Con offered at .06 Comstock Tunnel Stock 2.85 Cock Tunnel Bonds .20 Con al.
Bond market totals show sales of about 1.846 million dollars with diverse issues including Pacific pr 4s Atch cv 4s and additional government and railroad bonds trading near par. Investors moved through 8,000 units of 102.55 for Pac pr 4s while Atch cv 4s and 3s varied around mid to high 90s.
Visitors at the Business Men's club include F A Linck Chicago and Russell L McLean Newport. Police chiefs Millikin and Casey return from Buffalo after a lively International Association of Chiefs of Police meeting. Union delegates depart for Syracuse and Detroit conventions. Brewers, plumbers and metal workers participate in national gatherings as licensing and headquarters issues surface.
Trading on the London stock exchange softened over the past week due to heavy liquidation in Kaffir and American sectors, pulling final rates lower than Saturday. Consols and British securities held a steady tone amid improving bank returns and cheap money, while Kaffirs showed weakness from South Africa and Paris sources. American securities faced selling pressure tied to United States Steel negotiations and copper declines, leaving overall market subdued with net declines of 1 to 3 points. Money remained plentiful, discounts easy, and gilt-edged securities steady as foreigns wavered and home rails fell. Closing quotes include Consols 84 4/5, New York Central 1 9/16, United States Steel 68 1/2, and copper at 83 1/2.
The weekly statement shows banks hold 19 268 700 above the required 25 percent reserve, up 1 453 600 from last week. Details include loans 1 872 884 900 deposits 1 443 046 000 circulation 49 188 500 legal tenders 78 791 100 specie 301 239 100 reserve required 860 761 500 surplus 19 268 700 ex United States deposits 19 900 825.
Oil region notes North Lima S4c and Indiana 8c while South Lima shows 8.c. Ohio markets report diverse runs and shipments. Charleston rosin and turpentine quotes vary by grade. Savannah and Wilmington rounds show firm to steady prices with limited receipts and moderate stock levels.
Berlin reports a quiet trading day with unsteady prices and weaker American railroad shares. London exchange quoted at 20m 430fgs for checks, money at 8 percent, private discount rate 3 percent. Faris notes firm bourse with three percent rentes at 97f 274%4ci for the account and London exchange at 25f 19%ci for checks.
A June report from Massachusetts notes varied percent changes and prices for numerous mining and copper stocks. Companies including Calumet and Arizona, United Copper, Arizona Commercial, Amalgamated, and Isle Royale appear among others with percentage shifts and per-share figures.
The New York market opened steady to down as a French market slide triggered liquidations. Prices finished near unchanged to slightly down with 13,600 bags traded and May at 5.85 cents. Rio No 7 and Santos No 4 remained steady, while spot values stayed quiet.
The New York market shows overall quiet trading with cotton holding strength. Cotton yarns are in demand for late delivery, linings are active, and large burlap sales were made for future delivery.
The market ended the week with strong stock activity led by Columbia Gas and Cincinnati Gas and Electric gains. Bank clearings rose across Cincinnati St Louis and Chicago with money rates easy. Trade in bonds and rails remained steady as open market sales and Procter & Gamble activity drew attention.
United States railroads report for the first week of June total gross earnings of 6 527 308 dollars, up 11.2 percent from a year ago, with a drop of 8 percent vs June 1907. May figures show strong gains across the industry and notable improvements for Southwestern systems and the Baltimore and Ohio line.
A fragmented OCR text lists various bonds and securities from railroads, utilities, and banks. Mentions include Dayton & M. It, Erie, Edison, Crosstn, Norw First, Covington, First Nat Cov, and stockyard interests. Values and coupons appear, with ex-dividend notes and miscellaneous columns.
The secretary of state on Saturday approved articles of incorporation for multiple firms including The United German Savings and Loan Association in Cincinnati with $500,000 capital led by Wa lis W. Yeatman and others, The Christopher Columbus Italian Mutual Benefit Society in Alliance, The Stark Adjustment Company in Canton with stock increased from $25,000 to $50,000, and The McCaskey Register Company in Alliance raising capital from $500,000 to $1,000,000.
June telegram from Toledo reports Clover receipts and tea shortages amid local shortages.
The Black Diamond notes anthracite output holds, shipments rise on Chesapeake & Ohio and the lake trade shows strength, while rail movement to markets speeds up. Retail demand stalls, prices slump, yet expectations point to a price rebound within months as independent coke ovens merger nears in Pittsburgh.
Market notes from Kansas City and Chicago report butter classes and cream prices with midweek movements. Chicago entries show butter, eggs, cheese and poultry quotes amid unsettled receipts and market chatter, while St. Louis offers local poultry price data and supply signals.
In New York on June 19 the report discusses metal prices with no fresh market activity. The absence of new shipments and limited demand are highlighted as factors in the current market tone.
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