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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 23, 1920
Page
8
The market opened low and rose to a high as traders watched New York activity. Liberty issues fell while American Rolling Mill led industrials with modest gains amid cautious local buying and down moves in bonds and preferreds.
Figures submitted to The Oil City Derrick show receipts of oil line pipe lines in Kansas and Oklahoma for May totaling 11,668,880 barrels, up 417,587 barrels from April.
Deliveries during the month totaled 10 million 479 thousand 823 barrels, up 120 thousand 810 from April. Oklahoma Natural Gas declares a 2 percent regular quarterly dividend payable July 15 to record holders on June 2. Island Oil and Transport reports a new well completed last week with an estimated flow of 60 thousand barrels daily, routed through an eight inch pipe to a ten inch line en route to the Palo Blanco sea-loading terminal.
Central Leather announces ordinary quarterly dividend of 1.25 dollars per common share for August 2 record date to holders July 10. Cosden sets 6.24 cents per common share with no par value for August 2 record date to holders June 30. Normal Oil declares 4 percent quarterly dividend for July 24 with record June 30. Shaffer Oil and Refining approves 1 percent preferred dividend for July 24 to holders June 3.
New York trading on June 22 reflected tight monetary conditions with demand bills on London near 4 dollars the highest since April. French Italian remittances rose as the German mark gained. rates for Eastern European capitals were steady. Money loans opened at 8 percent climbed to 11 percent by close with bids up to 9 percent for time funds.
Cincinnati reports bank clearings for the day at 10 604 313, below yesterday and last Tuesday. Stock Exchange sales total 582 shares with bonds and multiple issues listed, including Amer Roll Mill pref and Goodyear Tire and Cincinnati Gas and Electric.
New York and Chicago market notes show butter steady at New York with receipts of 12 658 pkgs and creamery prices 58 59c for extras. Eggs rise in Chicago with 29 798 cases and firsts at 94c and storage packed at 41c, while poultry remains higher for alive stock.
Cincinnati reports slow cattle trade with small supply and steady prices, while hogs rise with steady average, and sheep and lambs show mixed gains. East St Louis and Kansas City offer higher hogs and lambs, Chicago notes overall light beef and rising hogs, with varied regional shifts in cattle and calf pricing.
Market reports from Minneapolis St Louis Indianapolis and New York show mixed grain prices. Wheat No 1 northern 2.80 to 2.90 in Minneapolis futures. Corn No 2 white about 1.98 to 2.06 in several cities. Oats and flaxvary by grade with small shifts in futures and cash prices.
Embargoes in the East and the strike spread among switchmen weighed on grain and hay markets. Corn and oats softened with lower bids while butter and fowls showed strength. receipts rose for dairy and poultry as prices moved on export orders and local demand. Wheat and rye quoted mixed. hay and eggs fluctuated with overall weaker tone in futures and cash markets.
New York on June 22 Mercantile paper 7% exchange strong. Sterling sixty-day bills 3 9 8 percent with cables 3 9 9 percent. Francs demand 4 4, cables 8 4 7. Belgian francs demand 8 8 4, cables 8%. Time loans strong. Call money high 11 percent, low 8 percent. Government bonds easy, railroad bonds irregular. Bank accepts 6 percent.
The Hague arbitration tribunal will not be abolished if a High Court of Nations is formed, and may help select its judges. Root and other leaders see a future plan merging ideas with Baron Descamps. The first postwar Hague arbitration begins September with Root as chairman.
Ohio Supreme Court ruling declares the O'Brien law unconstitutional pausing improvements on all streets except Pastern Freeman Central and Hamilton avenues. Mayors says without funds from Cincinnati Traction Company rail laying may wait years. Four avenues will start immediately as Traction agrees to bear rail costs.
Dealers informed Charles E. Tudor Safety Director they cannot bid on city coal specifications after July 1 due to lack of delivery guarantees from mines. They request permission to submit bids under their own specs post date. Tudor to confer with City Solicitor Saul Zielonka on the request.
Dennis J. Ryan and Max M. Schiff defend Cincinnati's more daylight ordinance. The Ohio Supreme Court upholds its validity following the April primaries, with Ryan expressing full satisfaction after the ruling.
Chicago grain markets slide as corn prices weaken after reports receipts stay higher than expected. July and September corn fall to around 1.79 and 1.60 a bushel with oats and provisions also retreat. bearish weather and crop reports accompany heavy selling by large commission houses and packers.
The Procter & Gamble Company in Cincinnati declares a regular quarterly dividend of two percent on its Eight Per Cent Preferred Stock. The dividend is payable after July 15, 1920 to holders of record at the close of business June 2, 1920. Transfer books remain open.
The Interstate Commerce Commission directs railroads east of the Mississippi to provide miners with open top coal cars for thirty days starting June 21. Cars must be returned along a near route, and railroads must stop transporting non coal goods while coal mines are served and car deliveries to connecting carriers are due.
In Dayton Ohio on June 22 officials refused a six-cent fare offer of nine tickets for fifty cents from the City Commission. Valentine Winters for the car companies said the proposal fails to cover wage hikes and demanded a straight seven-cent fare eight tickets for fifty cents with transfers.
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