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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 29, 1900
Page
9
Market wires report steel stocks buoyant while American Tobacco stock remains scarce and sought after. Wheat liquidation triggers concerns of Northwest drought risk but overall business sentiment stays steady with unchanged money rates and robust local securities activity in Cincinnati and surrounding markets.
Southern Railway Company shows a May net decline of 66115 and gross drop of 112603. From July 1 the gross rises 3298944 and net 842081. The American Car and Foundry declares quarterly dividends of 15 on preferred and 11 on common, payable August 1, with books closed July 10 and opened August 2. Bond offers: Litchfield Ohio seeks proposals for 4000 five percent schoolhouse bonds. Salmon packing on the Columbia River faces a likely total deficiency though fish quality remains good.
New York traders faced sluggish early hours as prices sag from last week and unsettled sentiment grows. The market showed weakness in general with notable concern over the large outstanding short account and potential wheat market developments.
A broad market rebound follows a wheat price drop with bears covering shorts across many active stocks. Baltimore & Ohio, Sugar, Brooklyn Transit, People's Gas and American Tobacco lead gains while coalers and Southwestern rails gain on favorable crop prospects and anticipated demand. Iron and steel show strength as traders expect a rebound despite looming wage costs. Money market stays steady with London call loans up and gold and American eagles priced higher. U S bond activity remains subdued.
London stock prices show mixed results with Atchison Canadian Pacific and New York Central among notable movers. Bar silver holds at 289 16d per ounce as money and discount rates drift. Paris trades turn heavy with rumors of forced German sales while Rio Tinto and Kaffirs ease. Berlin notes firmer tone on Chinese news, yet American oats weaken amid wheat gains.
New York and Paris report steady rates with 1 percent trend for certain measures. Bankers' bills quoted around 4.86 to 4.96 dollars for demand, and 4.83 to 4.85 for sixty days. Silver certificates at 61 1/2 cents. Government bonds steady as markets digest worldwide cues. Paris notes the Bank of France weekly report with corresponding details.
The weekly Bank of England statement shows a fall in total reserve by £669000 with circulation up £566000 and bullions down £102980. US and Boston price lists follow with varied stock, bond and utility quotes including Atchison 25 and 71%, General Electric 126%, Reading gen ds 88% and multiple railroad and city bonds across Cincinnati and Covington markets.
Lead and spelter futures show limited activity while spot iron prices slide. The local copper and zinc trades hold uncertain quotes as the market prints a quiet session with spot copper around 16.60 and zinc near 34.10. Lead remains firm at around 2.75, with spelter higher at 4.16 in St. Louis trading.
Oil cargo statistics show credit balances of 135 dollars and a shipload of 81 407 barrels with averages around 91 937 barrels. Turpentine and rosin markets display firm or steady quotes in Charleston Wilmington and Savannah with crude and spirits prices noted.
A despatch reports mixed activity in mining shares with Adventive and Amalgamated gaining modestly while several majors such as Atlantic and Butte and Boston show varied moves. New York markets end unsettled as steel billet prices slip and trading dries up.
Baldivin Pym performs a musician's test for Baldwin & Co at 148 144 W Fourth St Pianos. The event highlights the firm's piano showroom and product focus in a period advertisement style.
New York markets show lower overall tone with weak cash demand. Wheat futures extend losses amid heavy long liquidation and rain in Montana. Coffee and sugar futures rise then retreat as buyers waver. Regional grains and oats trade mixed with steady to weaker spot values.
Local market offerings reached 648 hhds across Morris Cincinnati Globe Farmers Bodmann warehouses. Sales by warehouse show prices from 3 to 19 75 per unit with multiple blocks at 4 to 12 and larger blocks at 8 to 14 75. No Wednesday activity noted but no material price change despite higher rejections.
New York June 28 report notes no movement in cotton goods. Staples move slowly with no price drop from yesterday. Prints sell moderately in fancies and staples, ginghams quiet, print cloths inactive in regulars, no sales reported. Fall River quotes 2 1/2 cents for a lot, wide gray goods show more activity yet market remains easy.
The report notes drought across the Northwest with little home demand and exports varying by quantity. Prices for No 2 red winter wheat hover near 6 to 8 cents, hogs higher, bacon sides unsettled, and tallow firmer. Official and commercial wheat stock estimates differ, suggesting the 1899 crop could exceed earlier figures, with large domestic consumption and exports shaping the coming year.
In Chicago trading, a wave of liquidation and heavy short selling pushed wheat to a weak close after an initial drop. Corn held firm despite wheat weakness, while oats and hog futures slid due to the broad market decline. Prices fluctuated with August and July wheat activity, and receipts, exports, and forecasts showed mixed signals for supply and demand.
Market notes show moderate demand and mixed prices across meats and lards with prime steam pork around 6.75 cents per pound and bacon higher. Flour and grain demand is moderate while wheat, corn, oats, and rye faces easier tones and steady to soft quotes. Commodity items including butter cheese beans and various produce sectors display varied activity with several regional price ranges and track terms.
Butter and cheese prices steady to firm in New York Chicago Philadelphia with mixed creamery and factory quotes. Eggs show dull markets in multiple regions with varying a prices and stock movements across Missouri Kansas City and Western assortments.
Cotton markets firm in New Orleans with 1500 bales traded and various grades quoted while New York spot market stayed quiet with a small advance. Futures remained firm on near months and steady on distant months across both hubs signaling cautious demand.
The Cincinnati market shows fair cattle receipts with heavy overstock and prices easing from yesterday with sales mainly for good cows steady and other grades down. Hogs reach a record Thursday low availability with higher prices for selected heavy and butcher grades. Sheep and lambs see small receipts with no major price shifts and yards nearly cleared.
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