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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 27, 1906
Page
8
The unsettled trading day extended yesterday’s stock slide with bears pushing short sales. A sharp recovery followed as shorts were covered, aided by mixed bank loan calls and strong time loan rates amid overseas unease, copper weakness, and a firmer bond market.
American stocks in London showed little movement and barely above parity as market interest cooled. Chicago’s provision tonnage on Eastward lines dropped about one third.
Week shows mixed demand with gains for St Paul B & O Steel and Amalgamated Copper preferred in loan lists. Pig iron stocks are tight in Pittsburgh prompting anticipated shipments. Treasury deposits of 10 million dollars in San Francisco expected to move to New York. Denver earnings for the third week of June up by 60 100 while copper demand remains steady despite price drop.
Brokers note limited stock appetite with two sided moves offering more possibilities. Early pressure targets copper and rail stocks with recoveries threaded through. sentiment stabilizes only modestly as trading remains cautious and list dips from Monday lows.
The sheet lists bond sales across multiple issues including First National Bank, Third Avenue and U S bonds. Totals show varied prices with 20 000 and 23 000 par entries and notes on 4s 2ds and 4a series.
Insiders reportedly withdrew selling orders and sentiment turned bullish as prices rebounded from relow levels. Money market remains encouraging with strong accumulation by major interests signaling potential gains through the week. Brokers like Gates viewed as fair buyers anticipating outside demand ahead of July interest and dividends. A brief liquidation wave emerged at open from poor and individual sources with limited support beyond short covering.
The Globe-Wernick Company boosted its common stock from 1.5 million to 2.5 million dollars by stockholders vote in line with directors plans. Half of the increase, 500000 dollars in 6 per cent stock, will be distributed as a stock dividend. the other 500000 remains subject to future director action. Old officers and directors were reelected, including President H C Yeiser and Vice President W B Carpenter. The slate also covers J E Blaine and E C Goshorn among others. The Cincinnati Industrial Bureau is in talks with a large Eastern lumber concern for a new location. The Champion Ice Company of Covington will transfer to the Cincinnati Ice Company on Saturday, with Kentucky plant capacity at 115 tons daily. Negotiations have been ongoing. The L E Hays tailoring employees will hold an outing at Beechwood Grove, Silverton, on Saturday. Herman J Nippert has received invites from Mayor Dempsey and the Cincinnati League for the Epworth League of Ohio to hold its next annual convention in the city. Attorney James J Muir plans to sail for Europe with his sister, aiming to spend time in Scotland.
In Cincinnati Chicago St Louis and New York areas strike activity leaves trading dull with only 60 floor shares and 20 curb shares changing hands. Bonds stay steady with $26 000 in daily sales while money demand remains irregular but rates hold. Exchange totals show mixed results and various local securities list modest activity.
Bullion totalling £47,000 entered the Bank of England with £11.00 sent to South America as money supplies remained ample. Stock market opened cheerful but soon slipped on broad liquidation, with Consols and foreign shares falling. US Wall Street weakness weighed on prices. European bourses were steadier in St Petersburg and Paris while Berlin reported stagnant trading.
On June 26 New York money on call ease at 2% to 3% with the ruling 2% and close bids at 2%. Time loans held firm with sixty days 4% ninety days 4 1 4% six months 5% prime mercantile paper 5%. Sterling at 484.95 to 485 for demand and 482.20 to 482.25 for sixty day bills. Bar silver 65 cents, Mexican dollars 50 16 cents. Government bonds firm rail bonds easy. Boston notes show call loans 4 5% with various bond quotes and diverse equities including American Sugar 130 1 2 percent and U S Steel 36 percent with pref 103 percent.
A dense list of mining stocks and percentages appears, including Amalgamated Daly-West Isle Royale Old Dominion Osceola Tamarack United Copper United States Mining Tamarack and others with bid and price figures.
On June 26 in New York prices for Adams Com stock Adams Con Alice 2 Breece .30 Brunswick Con .30 Comstock Tunnel 17 Con Cal Va .68 Horn Silver 1.85 Iron Silver 6.00 Leadville Con .04 Little Chief .05 Ontario 2.25 Ophir 3.40 Phoenix .02 Potosi .06 Savage .8 Sierra Nevada 12 Small Hopes .30 Standard 2.00 were listed with varied values across multiple mining shares.
Treasury reports general fund balances on June 2 with available cash of 170.54 million dollars excluding a 150 million gold reserve. Gold coin bullion and certificates show 89.16 million and 40.68 thousand respectively.
A dense list of bank stocks with assorted prices and notes, plus traction bonds and industrials. References include First National Bank of Covington, Cosmopolitan, Ger. with Norw., Unity Saw, Third Nat, Union, and various pref shares. Also listed are industrials such as Am.Oak L, Fay & Egan, Niles B.P., and U.S. Card with a final line of Pay & E. 6s bonds.
Price reports indicate 10 060 additional bales sold with a June 29 delivery target of 38 000 bales, subject to further reductions. Texas rains were noted but largely dismissed by the weather bureau. Receipts remained fair, ports under 8 000 versus 17 000 last year, while bullish spinners and favorable consumption data supported a continued bullish market.
New York reports a nervous volatile session with over 250000 bales traded and futures closing steady. July futures dipped early on liquidation but recovered as rains spread across the belt. Spot prices held, New Orleans and London reports cite mixed gains and losses amid favorable crop weather.
Special Dispatch reports a reactionary tendency at the opening with a five point drop in most options and a further decline by close. Quotations show active months with steady to mixed moves, total daily sales 84 750 bags, and inventories for the United States including 3 353 691 bags visible.
Rhode Island announces a wage advance for most cotton mill operatives to be disclosed July 9. Colonel Robert Goddard, head of the Goddard Mills, confirms the plan but cannot yet confirm full Rhode Island effects. About 25,000 cotton mill employees live in the state, with three-fifths in Goddard-controlled mills.
The week began with strong demand as all color types and fine red fillers commanded high prices. Offerings were tabulated by warehouse: Farmers and Shippers 27 hogsheads, Planters 3 hhds, Buckeye 38 hhds, Bodmann 59 hhds, Globe 45 hhds, totaling 170 hhds with a wide range from scrap at 2.10 to top bids above 18.00.
The June 26 report from Kerlin notes cash in hand down 3 7 percent to 000m. Treasury notes fall by 460 000m while other securities rise 41 620 000m. Notes in circulation increase 30 820 000m.
The Ay House offered 15 tobacco birds with 10 Burley and 5 dark. Burley priced $6.10 to $14.25 and ark $4.25 to $5.76. No rejections and market unchanged. Report covers Burley 13 hhds and dark 82 hhds across all warehouses.
Lead low at 5.80 locally while spelter weak at 5.97 4. Copper drops in London to 71 5s and 900 tons sold. Tin falls with London close at 175 11s 650 tons sold. New York shows further tin declines with spot 175 15s and futures 174 15s. Copper softer with London spot 81 5s and futures 80. Local copper quotes around 18 to 18.62 while lead 5.75 to 5.90 and elter about 6.05 to 6.15. Iron steady with foundry rates near 49s 8d to 49s 10d locally. Multiple foundry quotes listed for Northern and Southern runs.
In New York on June 26 merchants reported a heavier movement in dry goods especially bleached and printed fabrics. Jobbing house sales were well attended and wash goods sold freely. Cotton yarns eased slightly while export trade to China remaining dull. Export goods moved more freely to South America and West Indian ports.
Sugar prices in New Orleans on June 26 show kettle centrifugal at 37 16, centrifugal yellow 3% 3 1 3, seconds 23 1/2, with molasses and syrup firm.
Wool steady in St Louis and Boston markets with mixed demand. St Louis quotations cover combing and clothing wools at 24a20c, light fine 2 ag3c, heavy fine 17a19c, tub-washed 30a34c. Boston notes quiet overall, old wools scarce, new clip attractive, leading levels for Ohio and Pennsylvania range high 33a340 to 37a38c with various grades including unwashed and delaine.
Clover seed sold for cash 6.55 and October 6.75. Frime timothy bid at 2. August alsike bid 8. No 2 rye priced 64 cents nominal.
For sale 5 percent bonds in Chicago street improvement issue priced at par. Sold by S Kuhn & Sons located at 24 E Thi St.
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