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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 29, 1905
Page
9
New York June 28 The stock market showed broad gains with sustained absorption of profits as prices rose across many groups. Railroad dividend stocks led the advance amid rumors of higher rates, while Reading surged toward par on expected increases. Foreign buying aided the rise as exchange traded firmer in Paris and London with no urge for gold exports.
The report lists bond sales totals and closing quotations on unlisted securities. It notes various issues from Cen Ga to Vandalia with amounts, percentages, and bids, followed by a table of stock bids and asks from Roberts Hall Criss on the New York Stock Exchange, including names like Montreal and Bonn Mining, New Amsterdam Gas, and Otis Elevator, among others.
The market shows little reaction to seasonal investment demand as Japanese bonds weaken and a potential new loan for Japan appears in contemplation. Cotton strengthens while corn weakens on speculative grounds. United States Steel stalls while a few issues gain late in the day. bonds end irregular with total par value of 3,315,000.
The day’s market notes show heavy demand for C. D. & T. 5s with a reported sale of $100,000 and broad bond activity. Cincinnati and Chicago clearings, New York exchange premiums, and collateral loans are listed, with a quiet money market. Reds: Fleischmann preferred up, Detroit United down, and various bonds and stocks trading at firm or modestly changed levels.
Americans in London held at near parity while banks faced losses to the Subtreasury, and major rail and steel firms forecast strong earnings. Pig iron output for early 1905 is set to reach record levels as dividend prospects adjust. E H Harriman plans to depart for Japan on August 31.
The Pennsylvania group dominates talk of placing Baltimore and Ohio on a five per cent basis next month. Money rates may rise as funds are called for July disbursements, with some selling by long stock traders. Long interest is rising and professionals may unload ahead of July purchases. Stocks were strong after early selling, with coal stocks leading as Pennsylvania, Baltimore and Ohio, and Reading hit new highs. Overall, conditions look bullish and the market may rise further, supported by expected investment demand for high-grade stocks due to July dividends and interest disbursements.
Lead steady at 4 47 in New York while Spelter holds at 5 70. London tin up with spot 140 and futures 188 17s 6d. Copper weaker overseas but firm locally around 4 50 to 4 60. Iron in Glasgow 49s 4d and Middlesboro 45s 6d. foundry bars mixed at 15 25 to 16 75.
A dense market page lists bonds and preferred stocks from multiple companies. Entries include Columbus Ry 904 BBC, Niles-Bennie-Pratt, Fay & Se rreischer, Globe-W. and others with prices and yields around 100 to 130. The list shows pref and common issues with percentages and notes on denominations.
Vice President Foraker travels to Toledo to review leasing of the Toledo Bowling Green Southern trolley line. Grain men to attend the National Grain Dealers Association convention in Toledo. F. F. Collins elected chairman and Harry H. Hill secretary. Clay Faulkner seeks capital to build a revolving axle wagon plant with an Industrial Bureau match. Business Men's Club aims to raise funds for club room beautification with a modest subscription drive. Markets and chambers discuss early July closures. bank presidents depart for Watch Hill and New York for the summer season.
Berlin reports light trading and steady quotes on the Bourse with London exchanges showing modest gains. Paris notes firm prices and active French rentes as Russian issues hold near key marks. London money in fair demand with firms discounts and mostly unimportant moves on the Exchange, led by gradual shifts in British and American issues.
New York reports money on call at 2.0 2.5 percent with lows at 2.0 percent and mercantile paper around 3.4 4.5 percent. Sterling exchange soft with bankers bills near 487.06 487.10 for demand and 485.15 485.20 for sixty days. Boston notes June 28 show call loans 8 4 percent, bonds and rail stocks listed including Atchison 4s 102 3 4 percent and various utilities and industrials with mixed quotes.
In Toledo and Lima reports, turpentine and rosin prices show little change with firm bids at 58c for rosin and highs near 4.75 for crude turpentine in Charleston. Oil City notes shipments and balances for June 28, while Wilmington confirms steady, unchanged spirits turpentine and rosin with tar at 2 dollars.
The coffee market opened with a five point decline in July-December, remained dull through the day, and closed five points higher than yesterday in December. Quotations show open, close, bid and ask for September and December with 9,250 bags traded and prices around 6.80 to 6.90. Havre trading was quiet.
Rio and Santos activity muted while U.S. coffee stocks rise to 3,709,160 bags with New York holdings at 3,504,088 and New Orleans 92,408. Futures opened steady then eased. August to December and May contracts traded around 6.45 to 6.90 cents, with 17,000 bags sold on the day.
In New York on June 2 butter and eggs eased and cheese firm with varied quotes. Chicago reports butter steady and cheese firm with multiple grade prices. Kansas City notes ring prices steady for white wood cases. Philadelphia shows butter firm with Western creamery and near-by cheese quotes, Swiss and domestic styles also listed.
A Boston report lists numerous mining and coal stocks with percent changes for firms such as American Zinc, Dominion Coal, Mohawk, Parrot, Granby, Osceola, Trinity United, and Isle Royale, indicating mixed gains and losses across the sector. Some names appear with high single day moves while others post modest shifts.
Washington June 28 Treasury balances in the general fund exclude the 150 million gold reserve in redemption. Available cash balance 187,325,108 and gold 65,615,131 are shown.
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