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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 28, 1908
Page
13
New York traders show reluctance to move prices away from fixed levels as declines earlier in the week linger. Morgan’s optimism offered limited lift and the market remained near last Saturday’s close. Bond activity was firmer but dull with reinvestment demand small and money plentiful.
Negotiations closed with French bankers for sale of 30 million dollars of national railways of Mexico bonds. Expectations rising for 50 million dollars in government deposits soon. The Federal Grand Jury in San Francisco indicted Southern Pacific on nineteen counts for rebating. Twelve industrial stocks rose .01 and twenty railroads gained .58.
New York stocks opened strong then closed slightly lower. Analysts predict higher prices for St Paul North Pacific Great Northern Pennsylvania and Steel with patience. Trading remains dull on light floor attendance as bears push shares down about a point in leading issues. Democratic convention coverage and a cautious traders market are noted for the near term.
The Associ ated Banks of New York City report for the week ending June 27 reveals large swings in items. Loans declined by 19 747 700 while deposits fell 14 847 700 and the surplus reserve rose to 68 233 025 with total gold and legal tenders at 396 500 000. The changes suggest a shift of loan commitments toward state banks and trust companies ahead of July 1 reserve requirements.
London notes a sluggish week on the Stock Exchange dominated by settlement. Prices show little overall drop with a tentative improvement in tone. New issues persist though public appetite fades. underwriters hold most of the Swedish loan. Foreign markets falter as Kaffirs revival fades and American railroad shares remain nominal.
The three weeks of June report total gross earnings of 13 510 553 dollars for all U S railroads reporting a 20 1 percent decline from a year earlier May totals fall 21 3 percent with 3 weeks May earnings 44 425 878 dollars and losses 14 498 722 The Pittsburg Cincinnati Chicago and St Louis line and Lehigh Valley show varied declines among coal and trunk line groups.
Articles of association filed with the Secretary of State include the Canton Telephone Seal and Lock Company in Canton with $10,000, Ohio Coal Mining and Transporting Company in Columbus with $55,000, Thompson McKeown Company in Coshoc ton with $25,000, Mt Gilead Free Public Library Association in Mt Gilead, Delaware County Telephone Company in Delaware increasing capital stock from $10,000 to $20,000.
The News reports 1 780 vessels idle on the Great Lakes with about 14 000 marine laborers idle. Monthly losses to laborers reach 840 000 and to ship owners 2 000 000. William Livingstone of the Lake Carriers Association notes under 40 percent of total tonnage is moving.
Secretary of Agriculture Wilson announced after hearing oleomargarine and dairy interests that new inspection mark regulations must stand. He said the statute is clear and admits only one construction, upholding the government mark on oleomargarine.
The Unity Banking and Savings Company yesterday announced its first dividend of 4 percent, payable semiannually with 2 percent due July 1. The reserve fund stands at 50 percent of capital. Visitors in the Business Men's Club included Theodore Ruff and others. The Notif ication Day Committee Financial Committee will meet tomorrow. R. R. Reynolds to appoint subcommittees soon. The Foundrymen’s Association Cincinnati section discussed plans for the 1909 National convention entertainment in this city. H J Holmes reported on the Toronto convention.
Wil G. Howard, traveling freight agent, becomes commercial agent for the Toledo St. Louis & Western and Chicago & Alton Railroads with headquarters here. Effective June 15, the promotion was announced yesterday. F. W. Elder, traveling passenger agent, has been transferred to this city with Columbus, Ohio offices.
London reports firmer discounts but dull stock trading as year half ends. Consols steady, foreigners inactive, Russians lower, American prices sag. Key listings include Anaconda, Canadian Pacific, Erie, Illinois Central, United States Steel, Union Pacific, Reading, Southern Railway, Spanish 4s, and Amtalamated Copper. bar silver steady. Berlin and Paris bourses also quiet with weak to steady tones.
New York June 27 The weekly statement shows clearing house banks hold 66 098 800 more than required by a 25 percent reserve. Proportionate cash reserve up 7 386 925 versus last week with declines in loans and deposits and increases in legal tenders and specie. Aggregate figures for Greater New York banks not in the clearing house show deposits 974 765 900, cash 76 248 700, loans 904 800 000.
The cloth market in Manchester showed subdued activity with mixed orders. South America, China, and Levant demand remained restricted while India trade grew, and inquiries for finer shirtings persisted though price levels limited gains. Yarns stayed dull and exports slack with steady overall prices.
Money on call and time loans listed in New York with rates for sixty to six months. Sterling exchange steady and various bonds and stocks shown from Boston markets. Notable quotes include railroad and utility issues with several pref shares and corporate listings.
In New York and St Louis trading on June 21 lead moved to 4 40 a 4 45 while spelter held around 4 40. Tin hovered near 27 12 44 to 27 20 copper eased with lake at 12 75 to 12 87 electrolytic 12 50 to 12 75 and casting 12 37 4 to 12 50 lead and shelter stayed in the 4 47 to 4 50 and 4 50 to 4 55 range Tron showed no change.
Imports of merchandise and dry goods at the port of New York for the week ending June 26 were valued at 10 120 800 dollars. Imports of specie for the week ending today included 13 762 silver and 135 496 gold. Exports of specie for the week ending today totaled 79 810 gold and 990 054 silver.
New York market roundup lists prices for mining stocks and securities as of June 27 with numerous issues including Alice at 2.50, Ophir 2.50, Ontario 4.9, Iron Silver 1.00, Standard 1.75, Mexican 0.37, Yellow Jacket 0.45 and other bonds and shares such as Brunswick Con 0.05, Comstock Tunnel stock 0.28, Leadville Con 0.04, Horn Silver 0.50, Little Chief 0.05, Small Hopes 0.18, Cal. and Va. 0.50, De bonds 18, and Con. at 0.05.
The New York market reports a quiet day with cotton goods firmer and cotton yarns in general demand. Burlaps lower here and abroad while linens remain quiet and firm.
New Orleans reported June 27 that cotton seed oil prices were printed as cited, indicating market activity and pricing signals for processors and traders.
Cincinnati reports bank clearings 3 774 450 with New York exchange 40c premium and collateral loans 4 4 percent. Chicago notes clearings 29 453 474, balances 2 172 660. St Louis clearings 7 016 487, balances 1 074 475. Market shows modest gains in Cincinnati Street Railway and traction issues while gas and tram stocks remain quiet. municipal bonds lead gains with waterworks and street construction issues strong.
A Commercial Tribune special reports the New York stock market rising on Taft nomination expectations and then weakening with Bryan momentum. It notes doubts about Taft’s election, a cautious summer outlook, and ongoing railroad earnings stress plus a gradual reduction in idle freight cars.
Clearing House reports better business and a 15 percent downside in declines, with no monetary storms ahead. Spainish War 3 percent bonds due August 1 face refund or redemption questions. the Treasury may call on banks as a near-term liquidity step. Next week roughly 180 million in interest and dividends due, down about 12 million from last year, while net payments drop modestly. The stock market is expected to stay quiet with conservative investment, no urgent threat to security values.
Cotton spots held steady with slight declines across grades. New Orleans and Liverpool reports showed varied demand while New York closed steady with modest losses. weekly receipts ran high, futures opened quiet and closed steady amid subdued activity.
In Ledo on June 27 Clover seed prices listed with October 7 and December 7.30 for Clover, and Alsike priced at August 7.50. These entries show the quoted futures or purchase rates for seed varieties.
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