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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 21, 1908
Page
12
New York stock activity stayed dull after yesterday’s decline with few new moves. Union Pacific supported the market while Rock Island shares fell and bank deposits rose with a new clearing house member affecting the statement.
The Associated Banks of New York City report a weekly surge with loans up $26 million, deposits up $32 million, and cash up $13.25 million. The rise is linked to National Copper Bank joining the Clearing House, with net deposits up about $15 million after adjustment. Cash gains reflect interior fund movements and Subtreasury losses. Surplus reserves stand at $58.7 million on all deposits, $63.5 million excluding Government deposits. State banks not reporting show $4 million more loans and $4.75 million more deposits, with cash down $1 million.
The London Stock Exchange faced a hesitating week due to fears of Emperor William’s bellicose speech and adverse US railroad developments. Despite limited investment due to new capital issues, gilt edged securities showed resilience led by consols as markets closed with a firmer tone.
New York state Clearing House banks report reserves 30.4 percent with surplus of 58.7 million dollars. The week shows loans at 1.239 billion, deposits 1.321 billion, circulation 57.6 million, legal tenders 76.9 million, and reserves 369.0 million, up from last week. Nonmember Greater New York banks total deposits 959.1 million with 73.2 million on hand and 896.5 million in loans.
In Manchester the cloth market remained quiet but the outlook improved with firmer prices. Indian inquiries rose yet offered prices were too low. manufacturers kept machines idle. Yarns demand was small and American descriptions turnover disappointed. Cop production overhang prompts suggested further curtailment. export demand stayed below average.
A Boston market update lists closing percentages for mining and related shares including Adventure 2% and 21 for Amalgamated 67% alongside Calumet and Hecla 660 and United States Oil 24. Other notable quotes include Butte Coalition 22% Nevada 11% and Greene Cananea 10%.
New York market opens quiet with prices unchanged to five points higher. Trading totals include 7,750 bags with July at 5.85 cents, September 5.85, December 5.85, and May 5.95. Spot markets show Rio No 7 6 percent, Santos No 4 8 percent, Cordova 9 to 12 percent, with mild dull activity.
The dry goods market remains steady as buying is quiet in some directions. Cotton cloths and yarns stay firm while large burlap purchases are made for July shipments. Linens are firmer and fine cottons are in better demand. Retail trade for the day is very good.
New York on June 20 lists a range of mining stock quotes with prices for Alice 3.20, Breece 08, Brunswick Con 0.06, Comstock Tunnel Bonds 0.20, Con. Cal. and Va 0.60, Horn Silver 0, Iron Silver 0.80, Leadville Con 0.05, Little Chief 0.05, Mexican 0.34, Ontario 5.05, Ophir 2.30, Small Hopes 0.18, Standard 1.85, Yellow Jacket 0.35.
The piece notes the transfer of a publishing business to Walter Gabernish by Démodore Stephenson after twenty five years. It lists attendees at the Business Men's Club and the National Prosperity Association executive committee meeting. It records a tax stamp order for liquor packages from Collector Bettmann and details delegates and alternates from the Cincinnati Credit Men's Association bound for Denver for the June convention.
Memphis Tennessee June 20 The Illinois Central will not exercise its July option to retain a controlling interest in the Tennessee Central and will relinquish operation on that date. Ownership reverts to the former owners, mainly St Louis interests, as the line had operated at a loss. The Tennessee Central runs from the Kentucky line to Nashville linking with the Southern Railway branch to Knoxville and the Cincinnati Southern as part of the Queen & Crescent system.
Cincinnati reports clearings of 3 865 450 with New York exchange 40 cent premium and 4% to 5% loan rates. Municipal bonds prominent, Water Works 4s, Street and Sewer 4s active. Cincinnati Gas and Electric issues quoted. Railroad bonds strong. Industrials quiet. Week totals show marked improvement in clearings. New York exchange strong.
A garbled list of bond sales and stocks from New York markets includes American National Bank at 125, City Hall 40, Cit. Nat. 1Cov 160, Cosmopolitan 160, Trust 1.190, Fifth-Third 200, Norw. First 7, Nor. Nat. 125, Prov. S. & op 168, 180 ngs Stockyards 120, Unity 8 & Theene, Traction bonds at 137, Eagle 90 100, and several industrials and traction bond notes. Listing also notes Niles Bee and Niles T.W. pr 125 130.
Glews predicts Taft will win the presidency after the Chicago convention with a stable stock market outlook. Confidence rises as crops look promising and the economy shifts away from political influence, though analysts warn of a potential Denver radical wave and lingering crisis effects on rails and industry.
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