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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 29, 1906
Page
8
Stocks moved in feverish, uncertain fashion with heavy short selling and swift recoveries. Bears pressed for profits amid margin calls while pools struggled to realize on holdings. late gains supported by Congress adjournment hopes and steady bonds.
Americans in London run heavy below parity while Bank of England keeps rates unchanged. Gold from Alaska and transfers from San Francisco offset bank losses to Subtreasury. Money rates show slight hardening but conditions are favorable. Anaconda dividend rise hints at higher Amalgamated Copper preferred value. Ontario and Western increases span nearly all net earnings. Demand for B and Co. supported by new stock sales, with twenty six roads for the third week.
June shows an average gross rise of 14.02 per cent amid reports of large orders for finished steel goods. A regular quarterly dividend of 1 percent is declared on Distillers' securities.
The monetary situation has improved from stock shakes but no rush of rate moves is expected. Large payments are arranged, with a potential rally ahead yet doubts remain on a lasting bull market. Dividends may push a slight advance before July 1, though recent declines may resume.
The report notes reduced short interest and plans for floating stock to increase once demand subsides. In the afternoon, support appeared and stocks closed at day’s high on short covering, with sentiment markedly improved.
Following liquidation the market rallied with few exceptions as afternoon prices rose to best levels of the day. Optimism for a strong bank statement on Saturday accompanies reports of favorable crop conditions and improved market stability as weak accounts have been reduced.
New York mining quotes list several stocks with prices for Adams Consolidated Alice Breece Brunswick Consol Comstock Tunnel Consol Cal and Va Horn Silver Iron Silver Leadville Consolidated Little Chief Ontario Ophir Phoenix Potosi Savage Sierra Nevada Small Hopes Standard and others on June 28. Readings show fractional and decimal values across the board.
New Orleans sugar markets show steady tone with oven kettle centrifugal at 3a37-16e and centrifugal yellow at 3%a3c. Seconds quoted at 2a3%c and molasses sirup at 25as0c.
Ohio Association of Master Bakers met in Columbus as Cincinnati members urged a state law requiring uniform loaf weight. Delegates argued the measure would aid both consumers and bakers amid broader industry shifts in Cincinnati and Covington.
Bank of England kept discount at 3 percent while bullion flows moved funds for month end. European bourses showed weakness on Kaffirs concerns, with Paris and Berlin trading heavy as outside support faded.
New York reports money ranges from 3 to 4 percent with 4 percent closing at 4 percent. sterling at about 484.60. Time loans vary from 4 to 5 percent, prime mercantile paper near 4 percent. Boston notes call loans 4 to 5 percent, bonds mixed with Atchison and Mexican Central listed. miscellaneous issues show varied gains and losses across several firms and utilities.
A Boston market roundup lists numerous mining and related stocks with percentage changes and values for companies such as Adventure, Allouez, Amalgamated, American Zinc, Atlantic, Calumet and Hécla, Centennial, Copper Range, Daly West, Dominion Coal, Granby, Isle Royale, Massachusetts Mining, Michigan, Mohawk, Old Dominion, Osceola, Tamarack, Trinity, United Copper, United States Mining, United States Oil, Utah, Victoria, Winona, Wolverine, North Butte, and others.
Good recovery sets in at the opening with all months steady and some up five points. Trading improves and closes higher with total day sales around 37,000 bags as July to March contracts post gains and supplies in the United States show sizable stocks.
Market inactivity marks a quiet day as stocks refrain from trading on both the exchange and curb. Northern Ohio Traction bond led timid trades at 100% while outside bond sales totaled 17 500, with municipal issues favored and money demand steady amid normal collateral rates.
A compact market brief lists various traction bonds, preferred shares, and notes with quoted prices and changes. It references entities such as Fay & Egan, Niles B P, Hoov O R, and Ph Carey Pr, noting ex-dividend status and several price levels across multiple securities.
The market was nervous and uncertain yet speculative interest appeared well distributed on both sides. Short interest in October delivery was cleaned out with substantial long interest in that option while weather was favorable in parts of the belt. Georgia advisories were bearish, and overall sentiment mixed as unsettled stock markets limited cotton trade.
Across New York and New Orleans the cotton market closed steady to firm with July futures around 10.14c to 10.78c and Upland spot at 10.80c. Liverpool quotes show American middling around 6.65d, with day’s sales near 6,000 bales and receipts of 7,000. Trading in New York narrowed to evening up as July notices loom and thriftier demand emerges late.
The market was irregular with lower prices for some low and common types. High grade tobacco remained strong with lively competition and fancy prices. Offerings by Farmers and Shippers' Warehouse, Planters' Warehouse, Buckeye Warehouse, Bodmann Warehouse, and Globe Warehouse totaled 647 hogsheads across multiple price ranges.
The Home Warehouse offered 65 hogsheads of Burley tobacco at prices from 4.85 to 13.75 with 5 rejections and an unchanged market. Farmers Warehouse sold 118 hogsheads with 199 Burley and the rest dark tobacco. Burley priced 5.25 to 14.25 and dark 4.60 to 8.10, 11 rejections, market a shade stronger than yesterday.
The Bank of England reports a fall in total reserves by £20,000 with circulation up £414,000 and bullion up £393,350. other securities and deposits rise, public deposits fall, notes reserves up £50,000. The Bank of France shows notes in circulation up 21.25 million francs, treasury deposits up 45.15 million, general deposits up 74.43 million, gold up 0.59 million, silver down 0.575 million, bills discounted up 96.825 million, advances up 4.75 million.
The regular quarterly dividend of 1%% on the preferred stock will be paid July 15, 1906 to holders of record at the close of business July 10, 1906. Middletown Ohio. Signed by C. Phillips.
Washington reports the general fund balance with available cash of 173,415,669 dollars, gold coin and bullion at 9,610,987 dollars, and gold certificates totaling 40,410,210 dollars, exclusive of the 159,000 dollar gold reserve.
The Procter & Gamble Company in Cincinnati Ohio announces a dividend payable after July 14 1906 to stockholders of record at 42 o'clock noon June 30 1906. Transfer to will not close. D B Gamble secretary.
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