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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 29, 1908
Page
8
New York reports a listless trading day with professional operators reluctant to move prices away from established levels. Morgan’s optimism offered only a brief lift, while bond markets remained quiet yet firmer. Bank reserves show a surplus, and gold demand hints persist in Berlin and Paris as money markets stay abundant.
Negotiations closed with a group of French bankers for the sale of 30 million dollars in 4 percent bonds of the national railways of Mexico. Banks expect 50 million dollars in government deposits within days. The Federal Grand Jury in San Francisco indicted Southern Pacific on nineteen counts for rebating. Twelve industrial stocks rose 0.01. Twenty railroads rose 0.58.
New York stocks opened strong then closed slightly below the open with dull floor activity. Analysts expect higher prices for St Paul, Northern Pacific, Great Northern, Pennsylvania and Steel and advise patient holding. Market seen as traders' activity with a forthcoming Democratic convention in focus. Closing prices for Union and St Paul about one point under best figures.
The June 27 statement from Associat Banks of New York City shows a surprising fall in loans by 19.7 million and a 14.8 million drop in deposits, while surplus reserves rise to 68.2 million. Trust companies show increased loans and cash, reflecting a shift of commitments ahead of July 1 reserve requirements.
The London Stock Exchange faced a slow week dominated by settlement talk. Prices remained mostly steady to lower with weak demand for new issues and underwriters holding 97 percent of a £5 million Swedish loan.
Total gross earnings of all railroads reporting for three weeks in June amount to 13 510 553 dollars, down 40.1 percent from a year earlier. May’s three weeks show a 21.3 percent loss. The table compares June and May figures, with May and earlier months also listed, noting only two additional roads in May and a small loss for the Lehigh Valley Railroad amid broader declines.
Articles of association filed with the Secretary of State include Canton Telephone Sea and Lock Company with $10,000, Ohio Coal Mining and Transporting Company $55,000, Thompson-McKedwn Company $25,000, Mt. Gilead Free Public Library Association, Mt. Gilead, and Delaware County Telephone Company Delaware with capital stock increase from $10,000 to $20,000.
The News reports 1 780 lake vessels idle with 14 000 marine laborers out of work. Resulting monthly losses total 40 000 dollars to laborers and 2 000 000 dollars to ship owners. Lake Carriers' Association president William Livingstone says under 40 percent of total tonnage is presently in operation.
Secretary of Agriculture Wilson announced that government inspection marks on oleomargarine must stand after hearing from oleomargarine and dairy interests. He said the regulations promulgated by the department are clear and admit of only one construction under the statute.
Bond market diary lists issues from B&O WIC B and Q and others with par values of 20 000 14 800 984 000 and 1 000 1 1 percent notes. Includes Wabash Wab Pitts L S S F Westinghouse and related 4s and 5s with various yields and totals.
London trade dull with better demand for end half year needs. Consols steady, foreigners inactive, Russians lower, American prices sagging late. Berlin bourse weak amid stagnant trading while Paris markets stay quiet and steady with three percent rentes at 94f50c. Continuous rates given for short and three months bills across markets.
The weekly statement reports banks holding 66.1 million more than the 25 percent reserve rule, up 7.39 million from last week. Key figures include loans 1.23 billion, deposits 1.32 billion, circulation 56.8 million, specie 316.7 million, and reserves 396.1 million with a 30.63 percent actual reserve rate.
In Manchester the cloth market shows low activity with mixed orders. South America China and the Levant demand is restrained while India trade is brisk with a sizable Chooties deal. Home trade weak though better shirts fetch inquiry. yarns dull and export demand slack. American lines steady.
New York rates show money on call at 2 percent for sixty and ninety days, six months at 2 percent, prime mercantile paper 3 to 4 percent, sterling steady with bankers’ bills around 4.87 for demand and 485.70 for sixty day bills, Mexican dollars at 46 cents, and government and railroad bonds steady or firm. Boston reports call loans 1 to 2 percent, time loans 2 to 3 percent, with various railroad and other bonds listed, and numerous equities including American Sugar, General Electric, United States Steel and Atlantic companies quoted with notable percentages.
Colonial era price listings from Charleston Savannah Wilmington Toledo and Oil City show rosin and turpentine values, receipts and shipments. Prices range with rosin around 2.55 to 6.50 per barrel and turpentine around 0.88 to 0.90 dollars in bulk markets.
In New York on June 27 butter and cheese held steady with unchanged receipts total 9 344 pigs of butter and 4 001 boxes cheese while eggs rose slightly and poultry values varied with live birds dull for spring chickens. Chicago reported steady butter and cheese with eggs at 15 cents top grade and poultry prices mixed. Kansas City noted firm eggs with fresh extras at 16 cents and current receipts at 13 cents.
The market was quiet and mostly unchanged. Tin ranged around 27.12 to 27.20, copper eased with lake at 12.75 to 12.874, electrolytic 12.50 to 12.75, casting 12.37 to 12.50. Lead 4.47 to 4.50, shelter 4.50 to 4.55, iron steady.
Imports of merchandise and dry goods at the port of New York for the week ending June 26 valued at 10 130 800 dollars. Imports of specie at the port for the week ending today were 13 762 silver and 135 486 gold. Exports of specie from the port for the week ending today were 79 810 gold and 990 054 silver.
New York stock prices and bonds noted on June 27 showing values for Alice 2.50 Breece 0.05 Brunswick Con 0.05 Comstock Tunnel stock 0.28 de bonds 18 offered Con Cal and Va 0.50 Horn Silver 0.50 Iron Silver 1.00 Leadville Con 0.04 Little Chief 0.05 Mexican 0.37 Ontario 4.90 Ophir 2.50 Small Hopes 0.18 Standard 1.75 Yellow Jacket 0.45.
New York report from June 27 notes the dry goods market quiet overall. Cotton goods are firmer while cotton yarns gain general demand. Burlaps ease, linens quiet and firm, indicating mixed conditions across fabric sectors.
New Orleans notes show cotton seed oil price at prime 46 cents. The brief item records a market quotation with no additional context.
Cincinnati and New York markets report mixed gains with Cincinnati Street Railway leading late week strength. Bond demand remains strong with municipal issues favored, while rail stocks were quiet though some traction prefs held firm. Total clearings for the week reach over 22 million dollars with exchange premiums noted in New York.
Cincinnati markets provide a detailed snapshot of grain and flour trends. Wheat No 1 Northern steady while corn and oats ease slightly. rye dull and flour draggy with ample offerings. Hay shows price gains amid lower receipts. whisky and malt prices listed along with spot and shipment data for wheat corn and oats.
The excerpt lists various securities including rail and traction bonds, city and savings associations, and industrial stocks. It shows prices and percentages for terms such as Do pref and Do 5s, with numerous issuers like Miami & Ger, Dayton & M, and Niles B.P. Also includes several trust and savings concerns and notes ex-dividend statuses.
Hopkinsville Kentucky reports a very slow week for tobacco with Planters' Protective Association sales totaling 49 hogsheads. Society of Equity activity is minimal. Auditor Scales notes a district rise of 628 hogsheads for the week ending June 22 across ten markets led by Springfield and Clarksville with Hopkinsville at 2327 hogsheads.
Cigar leaf tobacco sales dominated Saturday's market with seed Spanish Connecticut and loose leaf offerings from Globe and Farmers and Shippers’ Warehouses. Prices ranged from 3.70 to 23.50 per 100 pounds across multiple lots, with detailed case counts and price buckets for each grade.
Boston June 27 market list shows Adventure 3% Allouez 28 Amalgamated 65 Atlantic 13 Bingham 70 Calumet and Hecla 66 Centennial 23% Copper Range 71 Daly-West 10 Franklin 8 Granby 9 Isle Royale 18 Massachusetts Mining 4% Michigan v Mohawk 58 Montana Coal and Coke 55 Old Dominion 34 Osceola 94 Parrot 21% Quincy 84 Shannon 13% Tamarack 57 United Copper 6% United States Mining 35% United States Oil 24% Utah 40% Victoria 4% Winona 5% Wolverine 130 Butte Coalition 22 Nevada 114% Calumet and Arizona 107 Arizona Commercial 17% Greene Cananea 10 North Butte 654
The market opened steady with a decline of 6 points to an advance of 4 as near months showed weakness from cables and weekend figures. Trading was dull, closing steady with prices about 1 105 points lower. Cotton receipts at ports totaled 7 879 bales today, weekly totals 45 000, with New Orleans and Houston receipts noted. Futures closed steady with June through March bids listed. spot market quiet with upland and gulf prices given.
The New York coffee market opened steady to up as late-month positions covered. June slipped about five points while other months ranged from steady to five points higher, with 8,500 lots traded including July at 5.90 cents and September at 5.90 to 3.95 cents.
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