New York Stocks Rally On Hopes of Bond Issue
Prices advanced today as advocates of higher prices held market control. Union Pacific bond plans fueled demand for new issues while noted firms reported profits and continued buying in standard stocks.
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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 07, 1908
Page
8
Prices advanced today as advocates of higher prices held market control. Union Pacific bond plans fueled demand for new issues while noted firms reported profits and continued buying in standard stocks.
American stocks in London hold near parity as Union Pacific bond issue of 50 million dollars gains stockholder authorization. Bonds offered 25 million in the United States and 25 million in Europe. Banks reduce government debt ahead of the May 9 date. Pennsylvania likely to stay at 6 percent and pay occasional extra dividends. Light demand for stocks in loan crowd.
Brokers describe a broadening market with continued upward movement and an exceptionally strong undertone. They note evidence of poor manipulative operations and bull activity shaping near term expectations.
York reports call money easy at 1 percent with time loans dull, sixty to ninety day rates near 3 percent. Prime mercantile paper 3 1/4 to 4 percent. sterling exchange steady with bank bills around 486.95 to 487 for demand. Boston notes show varied bonds and railroad issues, with several prices and yields listed for Atchison, Mexican Central, Union Pacific and major U S Steel and utility stocks.
The London tin market closed sharply lower at £139 15s. Local prices ranged from $80.75 to $31.25, while copper rose with spot £57 12s 6d and futures £58 7s 6d. Lead held at £12 17s 6d in London, with local market firm near $4.20 to $4.25, and spelter steady at £20 15s and $4.60 to $4.65. Iron showed slight gains and local foundry grades weakened, with No 1 foundry Northern about $17.25 to $18.00.
The Board of Directors of City Hall Bank yesterday elected H. H. Wiggers as President August E. Muth as Vice President and George Schmidt as Cashier. Thomas Egan named a committee to study daily stock calls. Cincinnati grocers depart for a national convention in Boston. George W Hays Jr resigns from US Court staff and clerk Dilley falls ill awaiting a new appointment.
A state bank sent a suspected counterfeit $50 note to the Subtreasury. It proved bogus beyond doubt and, per rule, was punched full of holes. The worn bill, from the 1869 series, will reach the bank again this morning after the test.
The Advertisers' Club of Cincinnati adopted a constitutional cap at 250 members during a midweek luncheon. Ten new full members were welcomed: Stanley B. Resor Royal Miller James S. Richards Louis F. Bossard W S Kyle Con Zech Minton Henderson R A Jones all of Cincinnati Joseph Meagan Hamilton C and A H Whitlock Ludlow Ky. The club ball team selected W H Kaufmann captain Edward Flicker treasurer and James Brown secretary for a game with the Pen and Pencil Club. A talent tryout match on the Norwood Inn grounds Saturday afternoon will feature Kaufmann and C A Culbertson as captains.
London traders saw money supply exceed demand while discounts stayed quiet as Paris and Berlin markets followed and New York rallied briefly. Amalgamated Anaconda attracted interest. several rails and mining stocks edged higher or steadied amid divergent regional currents.
New York May 6 share table shows Adams Con .06 Alice 2.00 Breece .10 Brunswick Con .08 Comstock Tunnel .38 Con Cal and Va .87 Iron Silver 1.00 Leadville Con 0 Little Chief .05 Ontario 4.40 Ophir 2.30 Potosi .12 Savage .28 Sierra Nevada .35 Small Hopes .18 Standard 1.06.
New York May 6 dry goods market reports firmer cotton goods and a thriving carpet auction. Woolen and worsted orders are rising for fall while jobbing houses report fair business and mills note growth in fine convertibles.
Treasury releases the daily general fund balances showing available cash of 250 million 636 thousand 718 dollars, gold coin and bullion 16 million 253 thousand 232 dollars, and gold certificates 26 million 611 thousand 250 dollars, excluding 150 million dollar gold reserve.
May 6 in New Orleans cotton seed oil traded at Prime 48c. The brief market note records a price level for the commodity with no additional context.
Demand improves with more purchases from out of town buyers while locals buy for current needs. Prices stay elevated as receipts are light and weekly distribution reduces available stock. Japan sorts remain active. Atlantic coast offers are light with higher prices for small remaining crops.
Cincinnati and New York exchange show premiums as municipal bonds and stocks move mixed. Bank clearings reach thousands, with gas and Procter & Gamble among active issues, while money markets quote 4 to 5 percent on call and time loans.
A dense financial snippet lists multiple bonds and stock quotes with figures such as Mid Pa, Unite, Miami and Ger. issues. Entries include par values, prices, and underwriting references, reflecting a market summary typical of a late 19th or early 20th century brokerage page. The tone is terse and data driven, prioritizing identified securities and their quoted values.
The article details cotton trading across New York and Liverpool with a sharp early advance as July nears 9 cents, aided by heavy rains in the South and strong Liverpool sales. It notes steady closings, varied futures by month, and weekly U.S. and port receipts alongside prices for different grade MLs.
Butter steady across New York Chicago and Kansas City with firm egg prices. Receipts listed for each city and products including Western factory firsts dairy items and various cheese grades. Poultry markets show alive and dressed prices for turkeys chickens and fowls with regional variations.
May reports from Charleston Savannah Wilmington and Oil City show turpentine steady around 41 2 2 c to 42 in Savannah sales 888 bbls and 651 bbls shipped Rosin prices listed from 2 85 to 5 80 with various grades. Wilmington cites spirits turpentine steady at 41 14c and resins, tar and crude turpentine also steady with modest receipts. Oil City notes balances and running totals for bbls with modest shipments.
Boston on May 6 shows mixed mining stock activity with numerous quotes. Top performers include Amalgamated 62 percent and Granby 91 percent while several names such as United Copper and Calumet and Arizona register smaller gains or fractional changes.
The Jolly Palls of Cincinnati is formed for pleasure by John D. Klee Frank B. Punnell Edw St. Clair Jr Bdw G Fritsch John J Boner. Wooden Shoe Fishing Club at Winton Place Hamilton County by Edward F Graber William Kuh lman William M Graber Harry Goetz William Tienmans William Goetz William Reinke. Automobile Machine Manufacturing Company of Cincinnati authorized with $100000 by John S Woods J Ed Anderson Charles R Hub bard John Au le Colter Rule.
New York May 6 market for coffee futures opened steady with a 5 point rise on steady European markets and bullish Brazil signals of harvest disruption due to unripe berries. Buyers held the advance as 9,250 bags were sold including May 6c and March 6.20c with various contracts up to 6.20c. Spot Rio No 7 6%4c and No 4 Santos firm with mild gains.
Wool quiet with medium rates and light fine at 18 to 14 cents. heavy fine 9 to 8 1/ two cents per pound. tub washed 18 to 21 2 cents. Market notes indicate steady trading and price ranges observed in St Louis listings.
In Toledo on May 6 prices show Clover seed at cash 13, October 752, December 7.52 and Timothy prime at 2.15. The itemized quotes reflect market trading levels for grain and seed commodities.
Cincinnati May 6 1968 wheat corn oats rye and hay markets showed firm to steady tone with some quotations higher. Reports include No 2 red winter wheat and No 3 white corn prices and assorted hay timothy prices along with whisky and mill feed figures and listed receipts and shipments across multiple commodities.
Grocery price table lists apples bananas beets carrots cabbage lemons oranges onions potatoes and other produce with per unit and per crate prices including regional varietal labels and quantities. The entry also contains stray numbers and unclear notes about nuts tea and heavy goods.
The Probate Court of Hamilton County appoints Quilo administratrix of the estate of Dena Feldhaus of Cincinnati Ohio. Dated April 29 1908. H S Guckenberger attorney listed at 18 Walnut Street.
An advertisement seeks men aged 18 to 35 for Marine Corps service. It lists Cincinnati as a recruiting contact and notes opportunities and benefits of enlistment.
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