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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 27, 1908
Page
8
The New York Stock Exchange session ended early at 1 pm in a largely inert market. Fluctuations were narrow and uncertain while money-market conditions eased with abundant cash and easy terms. Some late buying lifted a few leaders, and Berlin’s settlement prep supported a firmer money tone.
American stocks in London hold near parity while German markets show weak sentiment. J. P. Morgan remains optimistic on the financial situation and business outlook. Trunk Line Association members plan no grain rate cuts for Buffalo east grain traffic. Twelve industrial stocks gain 0.43 while twenty railroads rise 0.70.
Brokers see potential for modest gains with no extended rise expected. Trading has been highly professional, oversold conditions prompting short covering and a late-day rally as bears retreat. Strong technical position suggests higher prices despite limited upside.
On June 26 money on call in New York was easy at 1 4 percent with a 1 4 percent ruling rate and 1 4 percent closing bid. Time loans and mercantile paper varied with several rates. sterling exchange remained firm. In Boston money for call loans ranged 2 3 percent, with diverse bond and stock quotes including Atchison, Mexican Central, Union Pacific, and United States Steel among many others trading with noted yields and prices.
The New York coffee market began steady and rose up to 5 points before closing near unchanged to 5 points lower as liquidations appeared. July notices totaling about 60 000 bags shifted late months, while strong trade interest absorbed selling. Sales reached 58 250 bags with July 5.90, September 5.90 5.95, December 5.90 5.95, March 5.95, May 6.00. Spot Rio No 7 6 N Santos 48 9. Cordova 9 12.
London trading shows money abundant and discounts firming as equities drift higher led by American securities and Baltic & Ohio. Consols and first-class stocks steady while London and Paris bourses close with mixed to firm tones and notable rate quotes.
St Louis reports steady wool prices with varied quality grades. London notes Cape of Good Hope and Natal skins sold 123,525 of 149,555 offered amid uneven condition. Boston bulletin highlights active market, higher fleeces, strong interior demand, and large year over year wool shipments and receipts.
Readable tabulation shows various mining shares with percentage figures and prices across multiple companies and entities such as Amalgamated Copper Quincy Wolverine United Copper and Calumet and Hecla, reflecting the day’s market activity.
The New York dry goods market was fairly steady with firm cotton yarns and active demand for staple prints. Export inquiries remain healthy but focused on small lots, while overall business shows steady movement.
The Chamber of Commerce and the Stock Exchange adjourned in tribute to ex President Cleveland. Bankers postpone Ohio Bankers' meeting at the Zoo to fall. The Thousand Islands bankers’ convention will be July 8. Visitors at the Business Men's Club included Hickler, Bird, Wheary, Searing, Riley, and Beckman. Names to join the Chamber of Commerce on July 1 include Kuhler, Brown, Dieterle, Botts, Gabennesch, Crabb, Pratt, White, and Hoffman. Columbia Bank dividends are 3 percent payable July 15. At least 539 shares changed hands last week with prices $300 to $310. The Cincinnati Furniture Exchange annual outing is today at the Country Club, with special cars from the Post Office at 9 am. Whisky dealers at Niagara Falls report harmony and a fine reception. Ignatz Kugel was elected President of the National Association of Wines and Spirits Representatives, while Dieterle agreed to a re election as President of the Wholesale Liquor Dealers' Association. The National Prosperity Association reports optimistic news from the region. Norfolk & Western Railroad orders 1000 coal cars and idle box cars are put in service. Washington notes wage cuts by the Southern Railroad are no longer necessary due to improved business. New business circulars are ready and available on request.
The London tin market closed irregular with spot at 2125 2s 6d and futures steady at 126 5s. Copper rose in London to £56 17s 6d spot and £57 10s futures, but U S local prices stayed weak with electrolytic at $12.50 to $12.75. Lead and spelter were steady to easy locally, with No.1 foundry iron priced around $16.50 to $17.25 and Cleveland warrants at $15 3d.
Special Dispatch notes steady to stronger tones in Louisville tobacco sales on June 26. Only one warehouse sold dark tobacco at 7.10 to 10.00 per unit, with 620 hhds sold in the week, Burley 251 hhds and dark 369 hhds, burley prices up and dark grades steady.
A listing from New York on June 2 shows stock prices for multiple mining concerns. Entries include Ontario at 5.00, Ophir 2.35, Standard 1.80, Brunswick Consolidated 0.07, Comstock Tunnel 0.28, Horn Silver 0.50, Iron Silver 1.05, and other firms with fractional quotes ranging from 0.04 to 5.00.
The Toledo market lists Clover seed with October and December at $7.27 per unit and March at $7.37. Alsike seed is priced at $7.50 for August contracts.
NEW ORLEANS June 26 Cotton seed oil market update notes prime grade at 46 cents per pound.
Washington June 26 treasury balances in the general fund exclude the 150 million gold reserve with available cash 239,382,880. gold coin and bullion 31,458,495. gold certificates 31,915,160.
Listing of government and corporate bonds with prices and yields across Am. Tel & Tel, Can. South, Union Pacific, Atchison, Wabash, Chicago B. & Q., Central Pacific, and other issuers. Notable entries include Arch 4s, Penn 4s, and multiple 4s and 5s with prices around 60 to 110 and yields shown, totaling about 1 94 million in bonds.
Judge James S. Young of the U S District Court ordered the receivers of Westinghouse Electric and Manufacturing Company to pay 500000 in interest due July 1 and 180000 in interest on a 6000000 loan by August 1, stating the receivers have sufficient funds to meet the obligations.
Readjustment Committee of Westinghouse Electric and Manufacturing met again. A. H. Larkin said circular to stockholders and bondholders will be worked out soon and issued next week. Merchandise creditors plan will be put into effect about September 1 after delays to complete details and secure subscriptions to new stock.
A general mortgage for 15 000 000 to secure bonds for the Pittsburgh Youngstown and Ashtabula Railroad Company was filed with the County Recorder in Youngstown Ohio. Central Trust Company of New York acts as trustee and the funds will be used to add to existing lines.
Cincinnati and Chicago markets report advance in street railway issues with Cincinnati Gas and Electric and multiple street railway stocks trading up. Bond activity shows municipal issues steady. New York exchange maintains premiums as banks report robust clearings and a quiet money market.
A dense list of unlisted bank stocks regional securities and traction bonds appears with prices and ex-dividend notes. Major banks include American National Bank and City Hall listed shares, Cosmpolitan and Columbus Bank & Savings, First National Covington and Fifth Third, with various trust and savings outfits. Industrials mention American Book and American Oak, Fay & Eg.com, and Hoover-O-R. Traction securities show C.&S8.Bdg and Niles T.W.pr. Prices range broadly with several notes like ex-dividend and percent values.
New York June 26 The cotton market opened steady then eased but closed with small losses across near months as July notices circulated. A Wall Street driven rally faded and July notices were halted by spot players. New Orleans closes early in memory of ex president Cleveland with quiet activity and steady futures. Secretary Hester reports world visible supply at 2,711,537 bales, American total 1,733,491 bales.
Chicago and New York report steady butter and eggs with small shifts in creamery and standard products. Poultry prices show steady alive markets and mixed dressed rates. Kansas City notes a 4c rise in eggs for fresh extra and current receipts at 13%4c.
Cincinnati June 26 1908 The market notes Wheat corn and oats show dull to steady trends with light receipts WhiskY firm and rye dull Prices for No 2 white and No 4 yellow corn are listed along with flour varieties Hay receipts light and firmer Grains inspected with various grades reported and reported sales include No 2 red winter wheat 90c and No 4 yellow corn 69c Also listed are receipts shipments and day’s totals across many farm products and commodities.
Announcement from Atlanta states the Atlanta Birmingham and Atlantic Railroad will join the Louisville and Nashville as its eastern outlet. The plan places a seaboard terminal for L and N at Brunswick Georgia, with H M Atkinson credited for arranging the deal announced in New York. It would create competition for the Illinois Central which already has Savannah as a seaboard outlet.
Market notes from Oil City Toledo and Savannah report oil prices per barrel for North Lima and Lima zones, with June figures. Turpentine firm price at 39 cents and rosin activity with sales and receipts detailed. Charleston Wilmington markets show steady crude and refined glass material values and receipts data.
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