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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 22, 1916
Page
8
Chicago wheat futures closed mixed with declines as London’s failure news unsettled nerves. July and September prices fell while corn and oats eased. provisions rose on higher hog values and export demand, despite rain forecasts and harvest hopes in Kansas and Oklahoma.
A June 21 market dispatch reports wholesale wheat, corn, oats, rye, and hay prices across Toledo Minneapolis Kansas City Indianapolis St. Louis New York. See figures for cash and futures bids, milling varieties, and shipment data. Strong notes on wheat and corn pricing in several hubs with varying bid ranges and grade listings.
New York calm faded as Mexican prospects again unsettled the market. Early gains in motors and metals reversed, with Rock Island leading a general drift lower and overall volume around 593,000 shares. Bond activity was irregular, with United States bonds steady on call but lower on actual sales.
Market notes show prune outputs steady apricots and peaches, raisins quiet. Duluth reports wheat prices for various grades with cents per bushel, Milwaukee lists ranges for spring and winter wheat and corn pricing, while Liverpool records spot quotes for Manitoba and American mixed corn.
June 21 New York coffee market shows a softer tone with December contracts at 8.26c, down 28 points from Monday’s high. Reports of seized Brazilian cargoes and Brazilian Santos supplies sold to France bolster expectations of weaker European demand during the new crop movement. Spot Rio and Santos prices edge lower. port receipts show 28,000 bags, with 18,000 Santos cleared for New York.
In New York on June 21 wool goods were irregular and cotton goods remained quiet. Laces showed a bit of improvement while embroideries were dull.
Ohio Stocks report from Columbus lists New and old Ohio Cities Gas at 604a61 percent, Cities Service common 304 2306, and Cities Service preferred at 85%a86 percent, reflecting mixed trading for local utilities and energy firms.
Increased activity boosts raw sugar along with price gains elsewhere but futures close lower. A New York refiner moved 40 000 bags of Cubas at 50 cents cost and freight, drawing down offers. Britain reportedly bought 50 000 tons fob. New Orleans refiners bought 20 000 bags Porto Ricos for early July shipment. centrifugal 6 1/4 cents, molasses 6 1/2 cents. Refined sugar steady with granulated at 7 1/4 to 7 3/4 cents locally. Futures opened dull then rose before Wall Street selling pressured markets, ending easy with a 7 point decline.
Mercantile paper 3 to 3 1 2 percent. Sterling sixty day bills 4 72, demand 4 75 11 16, cables 4 76 7 16. Francs demand 5 91 1 2, cables 5 91. Marks demand 7 5 16, cables 7 5 16. Kronen demand 13, cables 13. Gilders demand 4 15 16, cables 4 19 16. Live s demand 6 38, cables 6 37. Rubles demand 3 1, cables 3 1. Bar silver 64 and Mexican dollars 49. Government bonds steady. Railroad bonds irregular. Time leans steady 3 3 4 to 3 4 for 6 months. Call money steady high 3, low 2 percent. Last bid 2 and offered 3 percent. London bar silver 30 11 16 per ounce. Money 4 percent. Short bills 5 percent, three months 5 percent. Paris bourse prices steady. Rentes 62 25, exchange on London 28 18, Five per cent loan 88 80.
The United States Treasury reports today the general fund net balance of 14,265,981 dollars and total receipts of 4,177,205 dollars with payments at 2,451,012 dollars. The current fiscal year deficit is 29,331,258 dollars, down from 103,093,739 dollars last year, excluding Panama Canal and public debt transactions.
A dense listing from W. E. Hutton & Co and First National Bank details various bonds and prices. Includes Cc. & O. 4% Anglo-French issues, Japanese and American bonds, Canadian and Cuban securities, and domestic railroad and utility issues with quoted yields and denominations. The volume totals 4.6 million dollars in securities traded or listed.
Daily clearings topped 6 million with yesterday at 6 267 150, Tuesday 6 510 200, and last week 6 073 200. Heavy drafts, bond payments, and large commercial transfers drove the volume while New York exchange remained in demand at par. Foreign exchange in drachms francs and sterling stayed strong, kro nen activity noted, loans scarce, surplus funds larger, rates steady.
Public demand for investment securities remains subdued as brokers and bond dealers report a seasonally dull market. Many believe government bond issues will be heavy and attract higher rates than municipal issues, with investors awaiting developments in the Mexican embroglio to gauge treasury bond movements or potential new issues at improved bases.
Bond dealers are laying by a supply of municipals for anticipated demand in the July market. Trading was light in New York issues. On the local stock exchange C. N. & C. second mortgage bonds dropped percent to 95 bid at par. Detroit United first consolidated 4s appeared at 82, bidding 78. Cincinnati Gas Transportation double guaranteed 5s offered at par, bid 96. Market moved 1 point higher.
Procter & Gamble common shows weakness after a small lot sale causes a 6 point drop. quarter dividend up 0.1 percent and a 4 percent stock dividend at par disappoint some investors. Other issues move variedly with small advances and declines as the market closes mixed.
Trading in Cincinnati area utilities showed active demand and varied prices. Cincinnati Gas Transportation moved to 112 percent bids, Cincinnati Gas and Electric held 76 on the bid with 77 offerings, and Cities Service common rose to 310 in response to 300 bids. Ohio Cities Gas common remained in demand near 61 to 62, while Ohio State Telephone sold at 42 and bedding rose to 42 with offerings at 43.
In the market, Erlanger preferred at 109 percent remained in demand, while Little Miami special preferred entered at 4944 with no offers. Cincinnati Street Railway slipped to 50 percent bid, Northern Ohio Traction common rose to 84 with 90 asked, Toledo Traction common up to 46 with preferred at 83, and banks showed no activity with two bids idle due to lack of offerings.
H. Ellwood Cree, former manager of Stacy & Braun Cincinnati offices, resigns to lead the sales department at Field, Richards & Co. B. K. Blanchet succeeds Cree at Stacy & Braun, taking charge of the local offices.
The Procter & Gamble Company announced a 5 percent regular quarterly dividend on common stock for August 15 payable July 22 with a 4 percent extra dividend in new common stock on the same dates. New stock will bear dividends starting November 15 in full shares. Regular 2 percent quarterly dividend on preferred stock remains payable July 15 to June 30 holders.
The Dixie Culvert and Metal Company and the American Rolling Mill Company establish a joint branch headquarters in Atlanta Georgia to handle southern operations and distribution.
The Cincinnati and Suburban Bell Telephone Company announced its regular quarterly dividend of 2 4 percent. Payment is set for July 1 to holders at the close of business Friday.
The report covers retirement of a Chicago company's preferred stock and outside dividend declarations from Westinghouse, Thompson, Ohio Fuel, People's Gas, Lehigh Valley, Osceola, and Anglo-American Oil. It notes Louisville & Nashville earnings rise, July maturities, and Rock Island Railroad reorganization prospects with a $40 per share assessment and new preferred stock issuance.
Market updates for cattle hogs and sheep with receipts and shipments across major cities. Cincinnati notes light cattle arrivals and cautious butcher demand while hogs show strong demand and steady to higher prices. New York Chicago Kansas City St Louis and other centers report mixed receipts and price moves.
The market opened above 13c for all months but heavy selling followed. July and October prices dipped from intraday highs, closing near the day’s low as exporters and hedge buyers returned. Reports cite good spot demand, favorable freight rates, and wet cool weather weighing on prices in the belt.
The Imperial Bank of Germany’s weekly report to June 15 shows gold reserves at 2.465 billion marks, commercial paper and treasury bonds at 5.784 billion marks, up 146 million. Circulation and banking notes stand at 6.636 billion marks, down 60 million. Deposits total 1.828 billion, up 72 million. War loan installments paid reach 9.653 billion marks, 89 percent of the total. Loan banks’ fourth war loan total slips to 395 million marks, down 10 million.
A fragmented report from Chicago on the stock activity of firms including Chicago Pneumatic Tool, Diamond Match, Warner-O O, Sears Roebuck, Swift & Co, and others with varied percentages noted, indicating trading movements and performance signals in a midyear session.
Special Dispatch notes a limited stock of well assorted rice, with prices rising on Honduras and Blue Rose grades. Demand remains light but steady, with mills in New Orleans and the Southwest holding firm on remaining stock while some accept small price concessions on medium grades. New crop reports favorable with rains aiding recovery.
Articles of incorporation filed include The Ashtabula Leather Products Company in Ashtabula with 50000 dollars by M C Amidon and The J W Wilson Company in Cleveland for 75000 by J W Wilson. Others cover Lane Oil and Gas in Otsego 20000 by Richard Boyce and more with name changes and capital adjustments across Cleveland Toledo Dayton Cincinnati Barnesville and Millersburg.
London reports last week receipts totaling £28 million with £16 million from treasury bills and £17 million from exchequer bonds. Market sentiment remains quietly cheerful with moderate turnover in war loan consols and foreign bonds. Shipping copper shares ease while Mexican rails and American securities hold steady. money supply tight and discount rates flat. The Stock Exchange will close on July 1.
The American Laundry Machinery Company declares a 1 percent dividend on its Preferred Stock payable July 15, 1916, to stockholders of record July 5, 1918. Books of transfer close July 6 to July 15, 1916, inclusive. B. Stanley, Secretary.
Cincinnati reports daily clearings of 6,267,150 with loans to brokers around 3 to 4 percent and commercial loans at 4 to 5 percent. Cincinnati Stock Exchange shows 449 shares traded today. Chicago clears 65,894,779 with balances 3,332,632 while St Louis clears 16,334,303 with time loans 4 to 6 percent. New York exchange held at par.
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