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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 22, 1912
Page
8
Wall Street held a cautious tone as profit taking cooled gains after an advancing trend. Traders awaited a Chicago lead amid Republican nominating convention uncertainty while copper and chemical stocks climbed on positive prospects in electrical manufacturing and broader market sentiment.
Allouez 49 Amalgamated Copper 32 American Zinc Lead and Smelting 32 Izona. Commercial 6 Boston and Torch Copper and Silver Mining 4 Calumet and Arizona 76 Calumet and Hecla 531 Centennial 26 Copper Range Consolidated 59 Franklin 13 Granby Consolidated 46 Greene Cananea 1 Lake Copper 40 La Salle Copper 7 Miami Copper 28 Mohawk 69 Nevada Consolidated 22 Nipissing Mines 7 North Butte 31 North Lake 6 Old Dominion 58 Osceola 128 Quincy 93 Shannon 15 Superior 44 Tamarack 45 United States Smelting Refining and Mining 43 defep 50 Utah Consolidated 11 Utah Copper Company 64 Winona 6 Wolverine 113
Banks held steady as Cincinnati and New York markets showed light demand and modest gains. Clearings reached 4 351 850 with limited stock sales. bond listings included C D T 5s and N C first 5s while several industrials and utilities moved within narrow ranges.
London June 4 money in good demand and discount rates firm. A stock market was inactive and irregular with consols improving on belief of a forthcoming government budget surplus for redemption. Copper and silver prices noted while American securities remained steady. Open market discount rates were 2 1/4 to 3 1/2 for short bills and 2 1/4 to 1/6 for three months' bills.
Lead quiet at 4.37. Spelter strong near 6.85 to 6.90. Copper firm with spot 17.00 to 17.50 and electrolytic 17.75. Tin 46 to 49. Spelter 7 to 7.15. Iron steady. London copper spot 79 38 64 pence, futures 79 17 6d. London tin spot 206 pounds, futures 196 15 8. London lead 18 pounds.
Money on call remained steady at 1 percent in New York with the ruling rate. short term loans held at 3, 60, and 90 day maturities. mercantile paper issued at around 6 percent. exchange rates eased with bank rates shown as firm, while demand and other money market items remained largely unchanged.
R G Dun weekly review notes widespread satisfactory trade reports with rising demand and active fall prospects. Iron and steel demand grows with limited prompt billets. labor shortages affect operations. Cotton goods and woolens show firm prices. shoe factories near closure for seasonal rest. Bank exchanges show irregularity vs last year, with mixed regional gains.
Paris prices were firm with three percent rentes at 92f 67, exchange to London at 20f 24ci, and private discount at 2 percent. Berlin trading was dull with London exchange at 20m ci, settlement money at 6 percent, and private discount at 4 percent.
The Cincinnati market in Burley tobacco showed little change from Thursday with prices steady. Buckeye Warehouse reported 55 hhds sold from 5 to 13.50 dollars, Farmers and Shippers' Warehouse 6 hhds from 3.35 to 16, Bodmann Warehouse 59 hhds from 4 to 19.50 dollars.
The United States treasury reports a working balance of 68 77 994 in treasury offices and 36 119 656 in banks and Philippine treasury. The general fund totals 135 613 847. Ordinary receipts yesterday reached 2 760 437 with 646 085 discharges. Fiscal year surplus stands at 3 640 208 versus 11 989 768 last year. Figures exclude Panama canal and public debt transactions.
Ohio secretary of state issues articles of incorporation for several firms including Farmers Exchange Milling Co in Logan with eight mills and 100 acres, American Employer Publishing Co in Cleveland, George M. Dingledy Lumihee Co in Youngstown, Crown Paper Box Co from Crew Box Co Cleveland, and Oakland Club Akron among others.
The Casey-Hedges board in Chattanooga approved a regular quarterly dividend on preferred stock payable July 1. July disbursements of dividends and interest are projected at 256 310 564, higher than last year. Cincinnati firms announced July dividends and city finances discussed railways banks and power plants in Toledo and Kentucky meetings.
Leading selling agencies quoted electrolytic copper at 17 1 2 cents per pound yesterday the highest price since 1907. For the week ended Thursday New York port exports totaled 6 347 tons, down 431 from a year earlier. Over twenty days the shipments were 17 815 tons, down 4 303 from June 1911. Since Jan 1 exports abroad reached 163 187 tons, up 12 488 from last year.
H Stratemeyer and P Bergman operate in the New York market this week purchasing millinery for H Stratemeyer and Co of Cincinnati. They seek fashionable hats and accessories for the firm’s Cincinnati clientele.
Dividends announced yesterday in Cincinnati benefit stockholders of Westinghouse Electric and Manufacturing Company 1 percent regular and preferred, payable July 15 to stock of record June 29. Osceola Consolidated Mining Company declares semi annual five dollars per share, payable July 25 to stock of record June 29, compared with three dollars and forty cents per share six months ago.
Iron men learned yesterday that La Belle Iron Works stockholders in Wheeling West Virginia approved raising capital from 10 million to 20 million dollars. Of the new issue 35 million is to be common and 5 million to be 8 percent preferred stock.
At the upcoming Ohio Bankers Association meeting at Cedarc Point on July 2 a move will seek endorsement of the central reserve plan recommended by the National Monetary Commission as a panic preventive. A National Citizens' League representative will urge the plan and few Cincinnati bankers oppose it.
President C A Hinsch of the Fifth Third National Bank was at his desk yesterday after spending two or three days at the convention in Chicago.
John Schwaab William Vollard and Theodore Amnsperger depart Cincinnati for Bre men Germany to commence a European tour and visit places of personal interest aboard the Prinz Friedrich Wilhelm.
President W. H. Hutton returned from New York to find many directors absent as the board meeting was moved to Monday night. Guests at the club included C. J. Rixey Washington L. Arnstein Cleveland D. C. Measure Milwaukee Nathan Lazarus New York H. B. Noyes Chicago B. M. Bracke Columbus F. H. Reilly Buffalo CC. G. Reeker Chicago N. B. Underwood Pittsburg Pennsylvania.
Visitors admitted to the Chamber of Commerce floor yesterday included F C Hooge and Charles Baird of Kansas City Missouri L P Krets of Marion Ohio and A S Stubbs of Indianapolis Indiana.
A report from Chicago states that George F. Stone Secretary of the Chicago Board of Trade died yesterday afternoon. The news notes his leadership role and the impact on the exchange community.
New York imports of merchandise and dry goods valued at 1608.53 for the week ending June 15. Specie imports for the week include 61647 in silver and 84084 in gold. Exports total 882319 in silver and 302600 in gold.
In Toledo Ohio on June 21 market notes show Clover seed quotes for October at 10.02 to 11.20, December 9.92. Alsike August 10. Timothy August 4.00 and September 3.07 and October 3.95 and December 3.90.
Reservations for a one day Commercial Association trip are strong. The train departs Grand Central at 7 25 a m on Tuesday June 23 stopping at Fal mouth Cynthiana Winchester and Paris with luncheon at the Brown Proctoria hotel. return to Cincinnati 6 55 p m. Five companies are colored red white blue white and white with captains Jones Smith Taylor Bartles and Lawson in command.
Justice Hughes reiterates determination not to accept nomination as Democratic leaders prepare to fight Bryan at the Baltimore convention. Six powers vote to lend China 300 million dollars, Russia abandons plan and joins group. 8 billion worth worthington resigns as receiver for Wheeling and Lake Erie. Kansas wheat crop estimated at 100 million bushels. American stocks in London show irregularities.
In Louisville Kentucky on June 21 tobacco offerings included Old Burley 199 hhds new light 2 hhds new dark 27 hhds total 228 hhds original inspections 210 hhds reviews 18 hhds rejections 91 hhds Burley 18 hhds dark First sale set for Monday at the Kentucky warehouse The Pickett warehouse sold 60 hhds of old Burley at 5 to 16 75 and 17 hhds of dark at 4 50 to 8
New York mining prices list stocks and bonds with values for Alice 1.75 Com stock Tunnel 10 offered Con. California and Virginia 53 Tran Silver 1.50 Leadville Consolidated .10 offered Little Chief .65 offered Mexican 2.6 Ontario 1.75 Ophir 1.10 Standard 0 Yellow Jacket .40.
New York reports steady cotton goods markets with a tilt toward higher levels. Weave markets firmer and worsted yarns see broader demand as jobbers run moderate house trade and made up goods stay active in retail stores this week.
In New York on June 21 crude prime crude oil and summer yellow spot ranged 6.70 to 8.84 cents per unit with several months cited from June to October. In New Orleans on June 21 refined oil prices were reported though text is incomplete.
London June 1 N Bullion amounting to 35000 pounds was received by the Bank of England on balance today.
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