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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 26, 1920
Page
8
Transactions were dull with the New York Stock Exchange recording the lightest activity in eighteen months at 287,400 shares. Liberty Bonds saw lighter selling while local markets showed slow bond trading and a large shift of money to foreign exchange and cash.
The Chumegold Corporation re elected Andrew Rohan as President and Howard Rohan as Vice President. Board members include Henry Finke Henry Vogel J A Harps George A Sawyer and Joseph Lackner. An initial dividend of 2 cents a share monthly was declared payable July 15 to holders of record July 10, with stock on an annual basis valued at 30 dollars per share. Earnings before taxes are reported at 50 percent annually. The dividend will be paid monthly on the 15th to stock of record on the Wth day.
New York report to stockholders details final adoption of the organization plan and approval of absorbing the Lawrenceville Refining Company. Trading showed common stock bid at 28 with offerings 22, preferred at 10 with offerings 16. gains for common stockholders and a conversion option for preferred shareholders noted.
Government reports show gasoline stocks up and crude oil stocks down at quarter’s end. Gasoline totals reach 578 million gallons with a year’s rise. fuel oil sits 170 million gallons lower than last year. Increased refinery capacity to 1560.34 barrels daily drives the shifts and cuts oil stock pressure.
Last official quotations show bonds including Procter & Gamble, American Rolling Mill, and Cincinnati abstracts with bid and ask levels. Stocks list numerous issuers such as Goodyear Tire, Gruen Sons, Kroger, Union Stockyards, U S Play Card, and Ohio Municipal names with various pref or common shares and ex-dividend note for Cincinnati Street mains.
Domestic consumption for the first quarter totaled 200,060,000 gallons, up 33 1 3 percent from the same period last year, while fuel oil use increased 245,000,000 gallons or 13 percent.
Several companies announced dividends yesterday including Consolidated Cigar Corporation with 31.75 on common stock to holders of record July 6 and issue July 15. Corn Products Refining Company declared regular 1% on common and customary 1.0 dollar plus extra 0.08 on July 15 to holders July 6. H Kress & Company posted 1% on common with August 1 record date. National Leather Company issued semiannual 0.40 on August 15 to holders July 17. Albert Pick announced regular 1% on preferred with July 1 record date. United Alloy Steel Corporation and United States Smelting and Refining Company reported various quarterly payments including 1 dollar and 0.71 on preferred, July 15 to holders July 6. Western Power Corporation issued 1% on preferred with July 15 record. A petition on the Chicago Stock Exchange circulated yesterday seeking adjournment of the Board of Trade from July 2 to July 6.
Information from the Stutz Motor Car Company of America states it issues certificates overtyped with a silver bond showing an authorized stock of 200000 shares without nominal value. The Listing Committee of the New York Curb Association rules these certificates, dated to be the only good delivery after July 28, 1920.
The Producers and Refiners Corporation reports its first Hawkins lease well in the Beggs field should yield about 600 barrels daily and add 2250 dollars in company income.
Ohio Cities Gas Company refined 4.8 million barrels of oil in five plants in the fiscal year ending March 31. The Heath refinery adds 4 000 barrels daily, boosting total capacity to 25 000 barrels. Gross business surpassed 54 million dollars, up from 6 million in 1917 before entering the oil business. The company owns 3 000 acres?
A report notes Wells furnishing an income of 38000 dollars per day. The detail highlights extraordinary earnings and implications for the enterprise involved.
The Cleveland Federal Reserve Bank informs Cincinnati Branch of new collateral rules for Liberty and Victory issues. Effective July 10 advances and rediscounts will be based on market value of collateral. Liberty Bonds at 5, Victory Notes at par, and Treasury Certificates at par remain acceptable. Banks must follow for renewals and new offerings.
Bank clearings for the day totaled 11 341 547 in Cincinnati with 7 to 8 percent call loans to brokers. Industrial loans near 7 percent with some at 7 1 2 percent. Stock Exchange transactions showed 204 shares traded today, led by American Rolling Mill and Procter & Gamble. In St Louis the next day clearings reached 21 898 025 with 7 to 7 ½ percent time loan discounts and no New York market listed.
Special Dispatch to The Commercial Tribune reports clearings at 96 million 961 thousand 245 and balances at 8 million 459 thousand 241. Commercial paper yields 7 to 8 percent while bank loans run at 7 percent. New York exchange at par.
The report lists several company performance figures with Armour and Libby leading across different sectors. It notes percentages for Armour Preferred, Armour Leather, Carbide, Lindsay, Stewart-Warner, Swift International, Swift & Co, and Western Knitting, implying varied market strength.
Cotton goods and dress fabrics showed quiet trading in New York on June 3 with prices easing slightly. Yarns moved lower while wool markets remained dull and hur-laps held steady amid subdued activity.
New York June 25 trading on the Stock Exchange showed near dull seasonality with about 275000 shares changing hands. Prices were firm to strong but overall activity remained quiet as metals and low priced oils wobbled. rails and certain industrials attracted modest buying while calls and imports influenced market mood.
The Fifth-Third National Bank Commercial Department reports telegrams about upcoming sailings: Fabre Line Providence to Constantinople Varna Constanza via Naples on July 1. Munson Line Huron on July 14 Dallas on July 2 toRio de Janeiro Montevideo Buenos Aires. Munson Line Manamar to Antigua on July 3. Anchor Line raises rates to Glasgow London Derry via Mobile.
Copper dull in New York with June and July at 18.75 to 19. Iron stable. Tin at 48.50 for spot and June, 48 for July. Antimony at 8. Zinc quiet at East St. Louis 7.20 to 7.%. London copper spot at 8 7s 6d with futures 86 29 6d. Tin spot 245 5s, futures 248. Lead spot 01, futures 32 1s. Zinc spot 39s, futures 41 5s.
The snippet reports Ohio Gas closing near last bid with unclear details. No other market items are readable.
July corn weakness weighed on the market while September and December held firm. News of liberal receipts and light shipping demand pressured July, with a unsettled close at 1.74 to 1.75 for July and 1.67 for September. Oats were steady to down, provisions lower, and the first wheat futures trading appeared in Baltimore at 2.83 for September.
Wheat cash prices steady to higher across Kansas City and Toledo reports. Corn mixed and trends vary with location. oats steady to higher in Chicago and Indianapolis. Regional notes include rye, flax, and seed prices with assorted futures and cash quotes across markets.
New York closing reports show 7 percent mercantile paper and steady exchange. Sterling bills and francs show mixed demand with cables trading. government and railroad bonds described as easy or irregular. Paris and London markets note irregular bourse moves, dollar and pound quotes, and discount rates across short and three month bills.
New York reports an early cotton rally followed by selling that pushed October to 32.70c and closed 32.98c. July touched 36.20c amid strong near month demand, with notices estimated at 5,000 to 8,000 bales. In late trading, prices eased as weather and trade signals weighed, with December at 31.61c and port stocks at 937,620.
Embargo talk lifted in the East but a large farm reserve weighs on futures and cash markets. Prices for wheat fall slightly while oats stay steady and hay buys rise as shipments improve. Timber timely quotes show winter wheat around 2.82, corn near 1.97, and various oats and barley figures. eggs and fowls hold steady with calves and butter firm. Market activity includes strong demand from mills and elevators and rising shipping orders.
The article notes that the close of the first half of the year shows reduced business volume due to transportation problems labor disputes monetary constraints and price uncertainty. It cites weekly bank clearings at 7 984 805 409 and suggests the downturn may be more than temporary.
Cincinnati market data show receipts and shipments over 24 hours with cattle, hogs, and sheep results. Prices edge up for best cattle while plains stay slow. veal and stockers mix gains. hogs dip slightly. Comparative city reports from Cleveland New York Kansas City Pittsburg Chicago noted with varied demand and steady to higher prices for select categories.
The twenty first regular dividend of 1 percent on Harvey Crude Oil Company stock is declared for June. Stockholders of record as of June 29 will receive payment on July 15. The company will pay further dividends quarterly as earned. R L Butcher secretary Republic Building Kansas City Missouri.
At East St Louis on June 25 cattle receipts reach 2,500 with native steers up to 16 top. Hogs 9,000 with prices from 15.40 to 15.60 for heavies and 15.50 top for bulk light hogs. Sheep 3,000 steady with lambs at 16.30 and bulk 15.46. Western feeder lambs also noted with firm to rising bids.
New York June 2. A firmer tone developed in coffee futures as about 10,000 bags were reported halted by trade interests for interior shipment. July opened higher and near 14.20 cents, with other months up 8 to 23 points. Spot Rio and Santos markets showed dull activity and Brazil ports reported mixed receipts.
The New York market shows a modest dip in Cuban raw sugar to 11 1/2 cents a pound CIF 18 3k for centrifugal. Sales of 60 000 bags to New Orleans for August at 17 cents CIF. Local buying includes 25 000 bags for mid July and prompt Cubas at the same price. Refined sugar holds 22 to 24 cents. Futures quiet but with firming under tone 75 to 9 points net higher.
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