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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 28, 1906
Page
8
A market decline attributed to discouragement over lack of favorable developments. Bear short interest reduced yet no strong buying emerged as liquidation intensified. Anaconda and Amalgamated Copper showed weak trading while broader money conditions stayed firm but pressed liquidations.
American stocks in London rose near parity with gains around 1 percent. The Comptroller of the Currency will enforce the new bank law, prompting loan calls and higher capital outlays from surplus. Steel production this month should be heavy, with Pressed Steel Car output among its largest. Some demand persists for St Paul Amalgamated Copper preferred B & O and Pennsylvania rails. Sixteen roads show a 16.13 percent weekly gross gain in June. Money remains easier at London settlement. President Johnson estimates Norfolk fiscal-year earnings to rise about 4 million.
Market extended the early rebound but faced bulges and notable short selling by professionals. Some support arose later on a reduced scale as Congress was set to adjourn, yet overall trading remained fitful with little new buying and ongoing declines in standard dividend payers.
Analysts note fresh liquidation across key stocks driven by short selling and cautious support from banks. Major firms warn of further declines while some expect a broad rally soon, with bearish sentiment among professional traders and evidence of heavy short interest.
Boston on June 27 lists live quotes for mining and metals shares. Names include Amalgamated, Copper Range, Calumet and Hecla, United Copper, Michigan, Isle Royale, North Butte, Osceola, Massachusetts Mining, United States Oil, Old Dominion, Trinity, Wolverine, and many others with varying percentages and bid prices.
New Orleans sugar prices show steady movement with open kettle centrifugal at 16 1 2 to 17 cents, centrifugal yellow around 13 to 13 4, seconds near 13 2 3 cents. Molasses remains firm and sirup trades at about 2 30 cents.
A dense ledger of bond offerings lists U S. and foreign issues with stated par values and prices including rail and utility securities. Entries show various maturities and coupon rates such as 4s and 5s for companies like U. P. and C. M. & St. P., with amounts ranging from thousands to millions and prices around 86 to 110 percent, reflecting active debt markets.
The Western German Bank declares a 3 percent regular and 4 percent extra dividend payable July 2. The Board of Public Service approves leasing Cincinnati Gas and Electric by Union Gas and Electric, with no obligations released. Two coal companies formed in Cincinnati Masacus Coal at 50000 and Halma Coal at 25000. Delegates to the National Hay Association plan to travel from Cincinnati to Putin Bay via Toledo. F F Collins chairs the delegates organization.
London reports bullion totaling £165,000 shipped to the Bank of England and £62,000 withdrawn for South America. Market demand remains strong. rates firm. Stock Exchange firming with some easing after New York opens. Copper shares rise with metal, while various global indices show mixed but steady closing values amid geopolitical jitters.
New York reports firmer money on call at 2% to 3% with a 3% ruling rate and strong sixty to ninety day time spans. Prime mercantile paper 5 to 5 1/2 percent. sterling at 484.85 to 484.90 for demand. Government bonds steady. Boston call loans 4 to 5 percent, rail and misc. bonds and stocks including Atchison, Mexican Central, Union Pacific, American Tel and Tel, United States Steel and others shown with varied prices.
Copper held steady in London and rose in New York while tin advanced in London and futures. Lead and spelter showed mixed moves with London prices higher for iron and foundry materials. US quotes varied with local markets softer for some metals.
Market bulletins report fluctuant oil and turpentine quotes from Toledo Wilmington Savannah and Charleston on June 27. Prices show Lima oils at 9 to 93 cents and spirits turpentine 57 cents. rosin prices vary by grade with bids near 3.40 dollars. crude turpentine ranges 2.90 to 4.75 depending on type.
Central Warehouse offered 60 hhds of new Burley with prices from 6.19 to 13.75 and 4 rejections. Home Warehouse sold 72 hhds Burley at 5.85 to 13.75 with 2 rejections. Market overall stronger in all grades. Total Burley and dark offerings reported as 615 hhds and 87 hhds respectively.
New York June mining prices list offers from multiple companies including Adams Con Alice 2.9 Breece .30 Brunswick Con .30 Comstock Tunnel 1.16 Con California and eeca Horn Silver 1.8 Iron Silver 6.00 Leadville Con .05 Little Chief .05 Ontario Ophir 3.65 Phoenix .02 Potosi .07 Nevada .12 Small Hopes .30 ndard.
The Treasury statement from Washington dated June 27 lists general fund balances. Available cash $171,905,065. Gold coin and bullion $89,864. Certificates $40, [incomplete data].
In Cincinnati and Chicago strong bond features appear, while stock trading shows limited sale. One sale of 20 Ohio Traction preferred shares marks all exchange activity. curb trading totals 149 shares with Barney & Smith and Cleveland issues prominent. Multiple bonds and local securities price movements noted with broad index figures.
Bond prices and preferred stock listings show wide ranges across the market. Notable entries include American and U.S. Steel type issues with varying premiums and par values, plus several railroad and industrial concerns such as Fay & Egan and Niles & W. highlighted with price quotes and preferred shares.
The cotton futures market shows dull fluctuations with modest support as Southern speculative forces hold short of new crop months. Reports note strong demand for dry goods, cautious outlook pending June and July reports, with moderate receipts and bullish spinning industry cues.
The New York cotton market shows irregular yet steadier closing with a 5 to 10 point net advance on renewed covering and long buying. July notice day in New Orleans mixed with light sales, while New Orleans and Liverpool futures hold steady to firm with modest gains and varied spot quotes.
New York reports a continued downward trend in coffee futures with both opening and closing prices slipping across principal options. Total daily sales reach 72 500 bags while notices on the first July day indicate 100 000 bags issued, yet markets remain featureless with minor late-session declines.
The Iron Trade Review predicts continued rise in rough pig iron prices after an earlier price surge. Southern iron sales reached about 160000 tons at 13 to 13.25 dollars, then quickly moved to 13.50, with no easy buys below that. Demand grows in foundry and steel bars while crude steel remains scarce and ship plate contracts drive demand.
CHICAGO and NEW YORK markets show butter and cheese steady with receipts noted. Eggs stay firm with unchanged quotes and various poultry prices listed. KANSAS CITY reports higher eggs with new No 2 white in wood cases and case count details.
In St. Louis on June 27 wool prices held steady across grades. Medium combing and clothing moved at 21 2 3 to 22 1 2 cents, light fine at 23 to 23 1 4 cents, heavy fine 17 to 19 cents, and tub-washed 30 to 34 cents per pound.
Toledo market note from June 27 shows cash Clover feed at 6.85, October at 6.72 and a bid of 9 for Alsike. No. 2 rye listed as G4c.
The American Rolling Mill Company pays a regular quarterly dividend of 1 percent on its preferred stock. Readiness for July 15, 1906, to holders of record by July 10, 1906. Books close July 10 to July 15. C. Phillips, secretary.
Middletown Ohio June 19 1906 The American Rolling Mill Company declares a 2 percent dividend on common stock payable July 25 1906 to holders of record at close of business July 10 1906 Secretary R C Phillips confirms the corporate action record date and payment.
The Burley tobacco market remained active with high grade types leading. Offerings across Farmers and Shippers, Planters, Buckeye, Bodmann, and Globe warehouses totaled 619 hds with price ranges from under 5 to 26.75 per unit and numerous lots in mid bands.
Columbus June 27. Articles of incorporation filed include The Federal Knitting Mills Cleveland 50000 by Feiss Seligman Richman and Goldberger. East Park Improvement Dayton 10000 by Hall Haas Durst Craven Speice. Halloway Realty Company Kent 10000 by Barclay Lee Bowman Murphy Spear. Halmar Coal Cincinnati 25000 by Hackaday Treundley Plapp Pogue Black. Damascus Coal Cincinnati 50000 by Todd Sullivan Calder Huffnagle Bentham. Bidwell Creamery Company 5000 by Morrison Rowell Sisson White Glassburn. G E M Coal Nelsonville 15000 by Silcott Silcott Summers Summers Sumiller. Evansville Union Stockyard Company Cincinnati 100000 by Slimer Embry Gordon Herman Brown. Franklin Improvement Company Kent 10000 by Williard Garrison Rockwell Garrison.
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