18 Mar 1918
Page 1
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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Mar 18, 1918
Page
1
The New York stock market shows a 1 percent ex dividend after the latest trading session. Total sales for the day are reported in the Cay with An2. 0m shares changing hands as investors weigh small gains and potential shifts.
Chicago bids slipped across corn and oats as Allied gains in France prompted a broad market selloff. August and September corn ranged around 1.55 to 1.56 dollars per bushel with several futures posting losses up to 5 percent from intraday highs. Oats held steadier amid seaboard demand. Provisions varied with expectations of future government orders offering some support.
Reports from Kansas City Toledo St Louis Minneapolis Duluth Indianapolis New York list various bids for wheat corn oats and other grains with No 2 and No 3 grades cited and futures-like quotes for October December and September terms across several grain types and regions. Moderate variation in prices and discounts noted.
Milwaukee July 18 reports corn prices for No 3 yellow at 1.67 to 1.70 dollars and No 3 white 1.90 to 1.95, No 3 other bids 1.60 to 1.85 with August 1.55 and September 1.56, malting barley at 1.18 to 1.18 dollars.
New York reports an opening advance of 2 to 5 points as May contracts see covering and steadier technicals. Prices slide late on higher cost and freight. May falls from 9.01 to 8.95 cents, others vary. Spot Rio and Santos bids noted. Santos shipments eyed by motor boat amid bids. Brazilian port receipts listed as 26 000 bags and Jundiahy 16 000 bags.
New York markets show raw sugar steady at 4.6 cents per pound Cuban cost and freight and 6.055 cents for centrifugal. Committee buys 17 60 bags Cuban and 14 000 bags San Domingo. Refined certificates issued faster and trade grows more active with fine granulated at 7.50 cents.
Bond market note from W E Hutton and Co based in the First National Bank Building outlines events in New York bonds. The report highlights investment activity and market sentiment affecting state and municipal debt.
The stock market rose sharply on war updates and forecasts that the excess profits tax would be light. US Steel led gains with a final price of 108 1 2, up 3 1 2 points as Sumatra Tobacco and other issues posted strong advances. Total shares traded reached 610000 with bonds firm on Paris 6s and total par value sales at 6100000.
London reports Bank of England weekly changes with reserves up 254000 and bullion up 530771 while other securities fall 4394000. Public deposits decline 131000 and other deposits drop 5621000 with government securities down 1601000. Reserve ratio rises to 17.10 percent from 16.40 percent and the discount rate remains 6 percent.
The Paris bulletin records increases in gold in hand and silver in hand and notes in circulation, with treasury and general deposits shifting. Advances to state stay unchanged at 158.9 billion francs while bills discounted and advances to banks decline.
Bank forces in Cincinnati handle a heavy volume of Liberty Loan 3s to present issues, with estimates around 1.5 million daily through the Cincinnati Branch of the Cleveland Federal Reserve. The week sees completion of the third installment collection and telegraph to the Fed. Bond markets show varied activity as brokers monitor war news and treasury payments.
The figure shows high of 96.02 and low of 95.90 with regular sales at 1,050,000 and total sales of 1,083,000. Closing quotes slipped four cents to 95.94 bid and 95.98 asked. Reports say Baldwin Locomotive Works secured a government order for 500 consolidated type locomotives worth about 20 million dollars.
From New York July 18 Associated Press a surge of market optimism followed news of American troops advancing on the western front Brokers yelled cheered and bought stocks as prices rose The bond market showed strength in foreign flotations led by Paris 6s with a three point rise Big gainers included United States Steel Sumatra Tobacco Baldwin Locomotive Mexican Petroleum Tobacco Products and Texas Company Industrial Alcohol and other issues The broad rally extended across many war related groups and even minor shares finished higher
Bank clearings in Cincinnati reached 9 622 649 for the day, with brokers reporting steady demand for call and tie loans. Official stock and bond figures show selective activity. foreign exchange rates and government bond values are listed, including New York exchange discounts and Federal reserve bank actions.
New York reports a sharp advance as Southwest drought and wartime optimism push futures higher. October contracts reach 25.76 cents, with July near 29.16 cents while port stocks and exports rise. Liverpool and New Orleans follow with firm or higher quotes and steady premiums.
Articles of incorporation filed in Columbus list American Bronze Honor Roll Company of Cleveland with $10,000 by Marc J. Grossman and Harry Pott, Toledo Terminal Warehouse Company of Toledo with $20,000 by Frank C. Hackett and Joseph Shompson, and Chute Soap Company with a capital reduction from $50,000 to $10,000.
In Cincinnati on July 18, 1918, wheat demand remained active while hay stayed firm and higher. Market notes show egg and butter demand steady, with furthers mentions of grain export talk and permit system criticism delaying shipments. Prices for No 1 red winter and related grains are listed, alongside abundant fruit and produce with seasonal shifts and cautions for shippers.
The Matthew Addy Co notes iron is in short supply as demand for steel irons rises while foundries face labor shortages. Government allocations of Birmingham iron to Britain curb Middle West supply, with furnaces running at reduced capacity. Mines and coke shortages worsen the output as the industry strains to meet wartime demands.
The dispatch notes easy money in London with 2 percent money and 3.17-32 percent for short and three month bills. Paris reports active bourse trading with prices unchanged and gilt-edged securities firm. New York cites mercantile rates at 6 percent for short and medium-term loans, with rails and bonds firm and money rates bid around six percent.
Metal Exchange in New York quotes lead steady at 8.05 with spot and steel futures ease. Spelter remains easy and HaSt St Louis spot listed at 8448 dollars. London tin data shows spot and futures at 363 pounds.
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