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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 14, 1908
Page
8
New York May 13 The stock market showed irregular strength with speculation anchored by large financial powers and Harriman Pacifics seen as key backers for new issues. Union Pacific and Southern Pacific dividends boosted prices though rumors of upcoming financing swirled.
Market strength continued with standard stocks leading and low priced specialties bids rising. Analysts note Pennsylvania at current levels appears cheap for next month and Steel common may reach eighty, aided by large buyers and rail stock advances. Pool manipulation and limited stock for sale push prices higher.
The market was irregular with a gold undertone as support met on recessions. Low priced stocks saw bullish activity while a few high class issues rose. Purchases on reactions for turns appear best and the session closed strong.
The report notes improved London market conditions and higher American stocks as the Vreelana currency bill is seen as a favorable measure that may pass. April staple exports fell by over 20 million dollars from 1907, with cotton exports causing about three quarters of the drop. Union Pacific bond issue is expected at 25 million dollars and a regular dividend is declared.
May 13 report lists tally of mining shares including Amalgamated 65 and Calumet and Hecla 655 with numerous other firms such as Dominion, Michigan, Tamarack and Nevada showing varied percentages. Investors monitor shifts across copper and oil interests including United Copper and United States Oil amid broader market activity.
A dense ledger of bond issues and quotes lists offerings from New York brokers including W E Hutton Co and First National Bank building. The table shows various 4s 5s and 6s issues from railroads and utilities with prices percentages and yields across multiple issuers and maturities.
Triumph Electric Company increases capital stock from 125000 to 1250000 at Columbus yesterday. A new factory in Oakley is planned with local backing. The Secretaries Association meets May 21 at the Zoological Garden. Mayor Markbreit and friends toast Christian Boss on his eighty sixth birthday. New plant for composition roofing may locate in Cincinnati with J J Heiser and C P Carruthers seeking local funds. Industrial Bureau’s New Industries Committee hosts the promoters.
The Iron Trade Review notes a favorable shift after a New York meeting of pig iron and ore interests. Prices ease as high quotes fall. ore shipments from Lake Erie hit a new yearly record at 31,692,446 tons, with docks holding 5.5 million tons. Major contracts include LaSalle Hotel Chicago and New York Central terminal, plus a Los Angeles water project awaiting an August 1 let.
Money on call in New York easy at 1 to 2 percent higher, time loans, prime mercantile paper, sterling exchange, and government and railroad bonds quoted. In Boston, call loans 2 to 4 percent, time loans 3 to 5 percent, with a range of railroad, utility, and industrial stocks and preferreds listed along with miscellaneous issues.
The New York market opened quiet with little sentiment from cables. Trading closed steady after small fluctuations as buyers dominated late. Reported sales totaled 15 000 bags with May at 6.20c, July and September 6.25c, October 6.20c, and December 6.20c. Rio No 7 6%c Santos No 4 8%c. Mild coffee quiet Cordova 9% al 2%c.
In New York on May 13 trading in cotton goods remained active with spots and contracts taken in brown cottons while mills see higher prices. Cotton yarns and silk piece goods stay steady and fall lines show improved demand. Knit goods and hosiery move faster for quick shipment.
Washington May 13 Treasury balance in the general fund excluding the gold reserve shows available cash of 245,741,365 dollars, gold coin and bullion at 21,778,044 dollars, and gold certificates totaling 23,787,310 dollars.
Wool prices held steady in St Louis with combing and clothing grades cited. London auction sales totaled 9 128 bales with crossbreds in demand and modest American purchases. merinos scarce and selling at rising rates across New South Wales Queensland Victoria Western Australia Tasmania New Zealand and Good Hope/Natal lots.
Oil City reports credit balances at 1.78 with 92 032 barrels, average 149 397 barrels and shipments 180 483 barrels. Other markets show Lima and Indiana rate various prices for spirits turpentine and rosin, with Charleston and Savannah listing turpentine and rosin quotes and barrel receipts.
Traders and investors shift focus to municipal bonds with Street and Sewer 4s and Water Works issues dominant. Bond sales steady in open market while industrials and traction remain quiet. New York exchange premiums slip while money market stays dull and loans firm around 5 percent.
A compact rundown of unlisted bank stocks and traction shares with prices and ex-dividend notes. Entries include Am Nat Bank, City Hall listings, Norw First, Unity Law, and Traction Stks such as C 8 Bdg pr, Miami & Ger, along with various bonds like Ky Cent 4s and U S Lith pr.
London markets report abundant liquidity with discounts weakening and gold demand, while gilt edged securities rise. Foreign bonds gain support from Japanese issues and rails in Mexico and Argentina, with U S stocks steady and advancing in late New York follow through. Paris and Berlin bourses show strength with London exchange rates and discount rates noted.
New York reports the July cotton contracts leading the day with a broad rise despite intraday selling. Prices end near 9.76c for May and July, with strong buying by bulls late in the session and receipts at New Orleans and Houston around 3.9k and 0.9k bales respectively. Liverpool and New Orleans futures show steady to higher tones as weather and demand influence the market.
The market showed steady demand for better grades with common and bright trash and red leaf favored. Rejections remained below average as Globe, Farmers and Shippers, Bodman s and Now groups reported varied lots and prices across new and old consignments totaling multiple lots and price ranges.
Louisville tobacco sales total 237 hogsheads Burley and 151 dark. Prices range from $6.10 to $16.25 for various lots including United Dark 39 hogsheads at $6.10 to $11.50 and Burley lots at $9 to $16.25 across Central State Pickett Main Street and Home markets.
Minneapolis prices show No 1 Northern wheat at 1.07 and markets for flour hay whisky and oats pressed. Corn shelling and ear values vary with light supply and steady to lower quotes. Receipts and shipments list diverse commodities including hogs cattle apples lemons and coal with myriad price figures.
A list of produce prices with apples, asparagus, bananas, beets, carrots, cabbage, cucumbers, lemons, oranges, onions, potatoes, new potatoes, strawberries, string beans, squash, tomatoes, and a note on gasoline and beef meat prices. Names of items include per bushel, per dozen, per crate, per box, per barrel, and other unit measures. The section mixes commodities with unclear gas and meat figures.
Practically all Ohio railway companies filed in Common Pleas Court for a temporary restraining order against the Railway Commission. The suit challenges demurrage and service charge rules issued in March and set to take effect May 15.
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