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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Mar 08, 1908
Page
12
The New York market shows a comprehensive rise amid optimism about wage stability and potential rail price actions. Reports cite railroad executives eyeing coordinated wage and rate increases, with no official confirmation. Knickerbocker Trust resumes, and German and Paris rate trends reflect easing money markets as banks show improved loans.
United States Steel pushing construction work in the South. Banks gained one week's currency movement to 5 652 800. Wabash officials say Western Maryland receivership cannot affect them. Twelve industrial stocks advance 0.39. Twenty railroads up 0.53. Berlin Bank rate trimmed from 7 to 5 percent. Knickerbocker Trust resumes business with assurance. J J Hill notes improving situation. London market shows little change.
Brokers note the market largely ignores unfavorable news and rises over several days. Analysts predict higher prices early next week with profit taking on further gains and advise buying on dips while warning against buying on bulges.
In Manchester during the past week cloth makers secured fair orders at reduced prices while overall business stayed weak. India shipments were scattered in bhooties and shirtings, China bought miscellaneous standards in small quantities, and yarns showed little change. American stocks grew among spinners with limited home sales and export trade remained poor.
The Financier notes currency inflow from the interior with cash gains of 2.89 million dollars and deposits up 8.08 million, while loans rise 3.29 million. Actual week conditions show loans down 6.09 million and deposits down 2.30 million, with cash up about 4 million. Banking reserves remain near 27.6 percent.
Clearing House banks report a reserve surplus of $30,135,975, up $873,300 from last week, with total loans at $1,164,349,200 and deposits $1,175,700,500. Greater New York banks and trust companies hold $739,396,500 in deposits and $53,532,400 in cash, with loans totaling $772,690,500.
New York mining prices listed for March 7 show Adams Con .06 Alice 1.50 Breece .10 Brunswick Con .10 Comstock Tunnel .23 Con. Cal. and Va. Horn Silver .90 Iron Silver 1.30 Leadville Con .07 Little Chief .55 Ontario 2.00 Ophir 2.10 Potosi .07 Savage 1.36 Sierra Nevada .36 Small Hopes .18 Standard 10.
Visitors at the Business Men's Club included H C Dieon J W Dinsol W H Blachford E G Herth B T Frolicher C E Mullen J E Jolly and J Taylor. Bond broker Joseph Feder leaves for New York to lead Wisohn Bros bond department with his wife and family. Manufacturers Club to elect officers at annual dinner and hear Dr J M Withrow on school needs. Cincinnati Newport Covington Light and Traction set meeting in Newark New Jersey with J M Hutton and AOE Ernst attending.
Importers in the city and across the country must continue paying duties on Parisian fashion plates as official appraisers reject the claim they are art. Customs Collector Smith to collect spring consignments as before. Also reports election of Joseph Kinney as arre dent of the Shoe and Leather Club and names of new officers and members. Cincinnati Council U C T plans to send 300 members to the Grand Council meeting in Cleveland in June with officers listed.
In a market outlook the report says technical position favors bulls and options trade at deep discounts, predicting inevitable higher prices. Port receipts today total 15,000 versus 38,000 last year, with mills reportedly curtailing while others resume full-time operations.
New Orleans marking steady spot at 11 3 16 cents after 2 575 bales sold. Liverpool and New York show mixed shifts with futures closing steady. Highlights include New Orleans receipts 2 388 bales and 875 arriving. New York open steady to slightly lower before turning firm. Liverpool sales 56 000 bales with 4 600 American.
A Boston market brief lists numerous mining and drilling stocks with varied percentage figures. Companies include Amalgamated, Calumet and Arizona, United Copper, Nevada, Butte Coalition, Isle Royale, Wolverine, and others. Values range around single to triple digits in percent terms.
The New York market opened with unchanged prices but edged up slightly as local demand spread. Trading closed steady to five points higher with 5250 bags sold, including May at 5.95 to 6.06 and December at 6.20 to 6.30. Spot quiet with Rigo No. 7 63 16c, Santos No. 4 8%c. Mild dull for Cordova 10% to 13c.
Imports of merchandise and dry goods at the port of New York for the week ending February 29 valued at 13 772 250 dollars. Imports of specie at the port for the week ending today were 85 450 silver and 565 040 gold. Exports of specie from the port for the week ending today were 85 765 gold and 522 550 silver.
Cincinnati reports gains as gas and electric stocks rally near week’s end while open market sees limited business. Clearings totals and bond activity highlight a quiet but firm session with money rates easing and New York exchange premiums easing.
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