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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 01, 1908
Page
8
New York April 30 stocks declined with a half drop in today’s market volume and many trades at lower prices. Bearish covering surged due to two recent stock exchange failures and fears of public participation shrinking through brokerage houses.
The financial page notes a weak American presence in London while the Bank of England holds rates. An iron trade paper cites an impending crisis in pig iron due to a proposed schedule. There is no truth to early cash dividend resumption rumors for Missouri Pacific. Southern Pacific reports March gross earnings.
Several brokers describe a tired opening and subsequent selling on bear rumors. They note limited rallies, caution among traders, and opportunities in undervalued blue chips while predicting a possible brief setback before renewed upward movement.
Paris totals show notes in circulation rising by 198 million francs and deposits shifting with treasury and general funds. London report records reserve up 276 thousand pounds and bullion gains while notes and public deposits adjust, with the bank’s overall reserve ratio at 51.06 percent.
Toledo notes show Clover seed prices at Cash $13 for April and $13 for October with $7.65 for April. Timothy seed listed at Prime $2.15.
A dense list of New York bond offerings and prices from W. E. Hutton & Co and First National Bank, detailing numerous gilt and corporate issues with par values and yields, including Erie, N Y C, Nassau, and Wabash securities, plus instalment notes and partial payments.
The Industrial Bureau plans its regular monthly meeting at its office tonight. William Lodge will read his report on Homes for Workingmen. The Seasongood property on Walnut Hills goes to auction May 20. Seasongood moves to New York. The Cincinnati League holds a reorganization meeting at the Hotel Lincoln today. The Toledo Bowling Green Southern Traction lease ends today as guaranteed dividends are unpaid. Kilgour syndicate roads may settle at a stockholder meeting next Wednesday. Methodists committees meet at the bureau to prepare a printing center statement for Baltimore May 6. The New Industries Committee reports progress.
On April 30 money steadied but demand rose to 4 million dollars with dull trading on the London Stock Exchange. Home rails sagged in bad weather while gilt edged shares eased. New York later helped steady the market as copper and mining shares fluctuated and rates for bills held at around two and four fifths percent.
Money on callity at 1 to 2 percent in New York with the firm ruling rate and varied time loan offerings. Sterling exchange heavy with bankers bills around 487 for demand. Boston reports call loans 2 to 4 percent and a range of railroad and utility stocks with mixed prices. notable names include Atchison, Mexican Central, Edison Electric, General Electric, United States Steel, and United Fruit among others.
Boston reports scattered advances and declines across mining shares. The list includes Amalgamated 505 percent, Calumet and Hecla 637, Daly-West 3 percent, Copper Range 27, Michigan 10, United Copper 6, and Nevada 11 percent, among others.
Ohio incorporations filed include The Diamond Tailoring Company Youngstown capital 100000 The Broadway Hunting and Fishing Club Cleveland The Ohio Pulverizer Company New London capital 15000 Bloomville Clothing Company capital 10000 The Garfield Hotel Company Akron capital 40000 The Cameron Company Toledo capital 10000 The Cashatt Cigar Company Columbus capital 20000 The George Lorenz Company Toledo capital stock increase The Cleveland Electric Railway Company capital reduction from 23400000 to 12870000.
Oil prices and turpentine rosin markets reported from Toledo, Oil City, Charleston, Savannah and Wilmington. Prices range from 32 to 44 cents for turpentine and rosin values from $2.65 to over $5.90 per barrel depending on grade.
The report notes Toledo Railways and Light showing the most activity on the exchange with good demand, while the bond market remained quiet. Cincinnati Gas and Electric and Hamilton Ohio issues were notable. money rates held steady with call loans around 4 to 5 percent and time loans at about 5 percent.
A dense OCR of a historical market column lists various securities including railroads, banks, trusts, and industrials. Entries show bonds and stocks with prices and terms such as unlisted bank stocks, ex-dividend notes, and preferred issues, reflecting a snapshot of a diversified market board.
The article reports firm cotton prices with gains on spot and futures in New Orleans and Liverpool, driven by frost reports in Oklahoma Texas and Arkansas. It notes sales totals around 2 250 to arrive 2 750 bales and futures near 28 to 43 points above yesterday’s close, amid strong short interest and hopeful weather outlooks.
The market shows dull and inactive activity with light offerings and unsatisfactory business. New and old tobacco prices are listed with multiple lots across Globe Buckeye Bodmann Farmers Shippers and other firms, including ranges from $5.60 to $17.50 for various lots and a recap indicating overall distribution.
Coffee futures opened steady with a decline of 5 to 10 points as European cables weakened and Brazil offered against firm offers. The close showed a net drop of 5 to 15 points. Gales traded 28,250 bags with May 5.75 to 5.80, July 5.80 to 5.90, September 5.85 to 5.90, December 6 and January 6. Spot quiet Rio No. 760 Santos No. 4 8% to 8 1/2 cents. Cordova 9 1/2 to 12 cents.
Louisville on April 30 reports tobacco offerings including old crop Burley 33 hhds and dark 37 hhds plus new crop 87 Burley and 147 dark. Sales show Dark 61 hhds from $6.40 to $10.50 and Burley 15 hhds from $7.10 to $17.75. Central and State volumes range from $5.85 to $17.25 with scattered dark listings.
Treasury balances in the general fund exclude the gold reserve report available cash at 250,301,928, gold coin and bullion 16,071,987, and gold certificates 28,952,460, detailing asset composition.
New York mining figures listed for several companies and commodities including Adams Con .05 Alice 2.37 Breece .10 Brunswick Con .10 Comstock Tunnel .37 Con Cal and Va .41 Iron Silver 1.00 Leadville Con .05 Little Chief .05 Ontario 4.00 Ophir 2.30 Potosi .08 Savage .25 Sierra Nevada .35 Small Hopes .18 Standard 1.50.
New Orleans notes on cotton seed oil with a quoted price of Prime 4lc on April 30. The brief market bulletin records a mild activity note and a price designation, reflecting ongoing trading in the commodity.
Wheat and corn markets show firmness with higher prices across descriptions. Reported sales list No 2 hard wheat at 1.02 and No 3 yellow corn around 69 ¾ cents, with assorted oats hay and mill feeds detailed alongside whiskey and flour figures.
Apples per barrel two to three dollars a barrel. Bananas choice to fancy one dollar seventy five to two per bunch. Beets one dollar fifty per barrel. Carrots one dollar fifty eight per barrel. Cabbage new one dollar seventy five per crate. Lemons Messina three dollars to three twenty five per box. Palermo three twenty five. Oranges Florida two fifty to three per box. Onions home grown nine cents a bush. Potatoes two dollars zero to two point seven five per barrel. Strawberries sixteen to twenty two and a half cents per quart. Squash red two dollars to two twenty five. Sweet potatoes Southern Queens four dollars per crate. Tomatoes choice one dollar sixty to two per crate.
New York reports butter steady 5 181 pkgs cheese easy 1886 pkgs eggs 34521 cases fresh storage 16 percent poultry dressed weak Kansas City notes eggs firm fresh extras 1 cent Chicago lists butter steady creamery 19 25 cents daisies 18 24 cents eggs steady firsts 36 40 cents cheese steady daisies 6 7 cents turkeys 1 cent chickens 12 percent broilers 11 dollars per 3 50 to 4 50 per dozen 1 percent
New York reports modest May demand for wash goods and domestics from dry goods dealers. Men's wear sales improve slightly on duplicate orders as Ray silk stays firm while the primary cotton goods market remains quiet and prices stay low.
In St Louis on April 30 wool markets showed dull demand with varied quotes across grades. Combings and clothing wool traded 16 1/2 to 17 cents, medium. light fine 13 1/4 to 14 cents. heavy fine 9 to 10 cents. tub-washed 18 1/2 to 19 cents.
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