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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 17, 1908
Page
12
New York reports aggressive measures to raise stock prices and protect against declines. Union Pacific led the rally amid positive outlooks from corporate leaders, with buoyant market sentiment spreading across the list.
Fifty important commercial organizations protest advances in freight rates. Gala exports now total 22 million dollars. United States Steel earns about seven million monthly since April. Dan's Review notes quicker mercantile collections and improved commercial mood per Bradstreet. Interborough Metropolitan plans to renew notes worth 4.545 million due May 27.
Analysts note a fast advance with expectant strength on dips for Pennsylvania and Northern Pacific. Union Pacific leads near new highs as Reading remains strong on strong buying reports. The week closes with continued bull movement and prices near multi month highs.
The Charles B. Bultman Company reports a very large short interest that remains uncovered. They anticipate continued bullish manipulation but would consider buying only on clear favorable breaks.
Profit-taking appeared in the general list while Union Pacific rose sharply, boosting traders’ confidence in their purchases amid a strong market move reported by Page and Hill.
The Associated Banks of New York City report for six days ending May 16 a slight decrease in surplus reserves. A loss of 1 024 600 dollars in holdings of specie and legal tenders is reported, with conditions described by The Financier.
New York banks show increased loans and deposits with large gains in reserve and surplus figures. Clearing House banks hold 64.6 million above reserve requirements, with loans rising to 1.201 billion and deposits 1.276 billion.
Bond market notes show varied offerings with bids and prices across several issues. Trades include Erie 4s and Interboro 4s along with marine and railroad bonds, with totals and bid levels noted. overall totals indicate active trading and diverse demand.
Visitors registered in the Business Men's Club included C. A. Hagan James Duffy N G Heath A E Motteran E C Cottorn and E H Smith. The Federation Improvement Associations will push to keep park land plans from the Greater Park League. Norman G Kenan denied negotiations between Union Gas and Electric and Ohio Fuel for gas rights in Cincinnati. Mississippi bankers en route to New York and Washington were hosted by local bankers and toured the Grand Hotel, private cars, and the Zoo. The Third and Fifth National Banks merger is complete except stockholder approval and the new bank will be named Third-Fifth with officers C A Hinsch James M Glenn W A Lemmon Edward Seiter and C T Perin.
National Association of Manufacturers to meet in New York tomorrow will adopt resolutions urging a nonpolitical tariff revision commission and send them to Congress. Attendees include Thomas P. Egan Fred Geier and J C Hobart with reinforcements from E H Hargrave.
Money on call nominal. Time loans dull and steady with 60 90 days and 6 months rates. Sterling exchange steady. bankers bills around 487 demand. Bar silver 52 1 2 c. Government and railroad bonds mixed to firm. In Boston bonds and rails show varied in- term quotes. several industrials and utilities listed with prices and bids including American Sugar, General Electric, United States Steel, and United Fruit among others.
May 16 reports show North Lima oil at 1.04 and Indiana at 0.09. Oil City notes credit balances at 1.78 with various barrel statistics. Charleston lists turpentine grades and prices with limited sales. Savannah reports turpentine firm at 42 1/2 cents with rosin and ship/receipts data. Wilmington records steadier spirits turpentine at 41 1/4 cents, rosin at 2.60, tar at 1.60, and crude turpentine firm with hard 2.50 dip 2.90 virgin 3.75.
May coffee prices opened steady with world markets and eased through the day as European selling reduced support. The close showed a quiet decline of 5 to 10 points. Trading reached 8 750 bags with May and July at 6.15 cents and September to December around 6.10 to 6.15 cents. Spot markets were quiet with Rio No 7 at 65 cents and Santos No 1 at 8 1/2 cents. Mila coffee dull Cordova 9 1/2 to 12 1/2 cents.
New York reports for the week ending May 9 show merchandise and dry goods valued at 10,022,399 dollars at the port. Specie imports for the week ending today total 115,095 dollars in silver and 635,423 dollars in gold, while exports of specie reach 619,196 dollars in silver and 7,297,134 dollars in gold.
New York mining figures list Adams Con .05 Alice 2.75 Breece .10 Brunswick Con .08 Comstock Tunnel 437 Con. Cal and Va. .34 Horn Silver .75 Iron Silver 1.00 Leadville Con .6 Little Chief .06 Ontario 5.00 Ophir 2.40 Potosi .13Savage .38 Sierra Nevada .35 Small Hopes .18 Standard 1.60.
Treasury in Washington lists general fund balances excluding gold reserve. Available cost balance $243,218,152. gold coin and bullion $18,148,183. gold certificates $24,593,700.
In New York metals markets on May 16 no London cables meant no change. Tin steadies near 30.12 to 30.24 cents per pound, copper firm with lake at 12.62 to 12.75, electrolytic 12.50 to 12.624, costing 12.25 to 12.37. Spelter 4.55 to 4.65, iron steady at current levels. In St Louis on the same date lead at 4.10 and spelter at 4.47.
The Toledo market notes Clover seed prices with October at 7524 and December at 74714, reflecting commodity values for the season.
Cincinnati market notes show a strong bond market with new municipal issues and water works bonds 1928 48 and 1938 issues featured. Industrials like Union Light Heat and Power and Cincinnati Edison Electric 5s active as street railway and traction stocks trade steadily.
Cotton prices held steady with active futures up 6 to 10 points as Liverpool and New York markets show bullish demand. Spot sales reached 1,000 bales with varied grades, while Liverpool reports 12,000 bales traded and futures across May to March show gains amid strong English and American activity.
The London Stock Exchange shows marked activity with broad gains across departments as cheaper money near 1 percent fuels demand for consols amid expectations of an earlier Bank of England discount rate cut. Global markets firm with Paris Berlin and Canadian shares rising. money market tightens with a 3 month rate at 24.
The Manchester cloth market raises quotations after a week of sharp cotton gains. Buyers held back hoping for lower prices, but turnover rose to meet immediate needs for shipments to India and China. Yarns gained a farthing with improved demand. Egyptian and American yarns also advanced.
Boston mining market notes diverse quotations with values and percentages for many firms. Companies listed include Amalgamated Atlantic Bingham Daly West Franklin Isle Royale Massachusetts Mining Mohawk Montana Coal and Coke Osceola Parrot Quincy Shannon Tam arack Trinity United Copper United States Oil Utah Victoria Winona Wolverine Butte Copper Nevada Calumet and Arizona and Greene Cananea.
The New York dry goods market closed steady and firm. A large inquiry for cotton yarns is noted. Men’s wear goods see higher demand and many wash goods sales are planned for next week. Cotton goods rise while burlaps on contract ease. spot stocks stay firm. Linens soften in New York and abroad.
Classified statements for April show total gross earnings of 20 371 488 dollars, down 20.2 percent from April last year. Western trunk roads Grand Trunk and Wabash the only ones listed lose 19.4 percent. Central Western Southern 17.6 percent. Southwestern 20 percent. Great Northern 80.2 percent drop. Detailed figures follow.
London trading showed money ample and demand light with subdued tone on the Stock Exchange. Consols slipped fractionally while American securities drifted after parities, with copper shares dull and a quiet close. Paris and Berlin bourse activity remained firm in Paris and quiet in Berlin with marginal discount shifts and exchange rates cited.
Kansas City notes eggs firm fresh extras 16c current receipts 4c. Chicago shows butter steady creamery 16a2ic, daisies 15al9c. eggs steady firsts 15%c. cheese easy daisies 12al2%c. Poultry alive easy turkeys l4c chickens 11%al2c. New York lists butter steady with slight declines, creamery 2c extras 2114c. cheese firm. eggs strong with varied quality prices. poultry alive dull spring chickens 30c fowls 13%4c turkeys llc.
London May 16 buyers showed firm demand with 7739 bales offered. Merinos and crossbreds sold well as Americans chased greasy merinos and long greasy at full rates. Next week 64500 bales slated. regional results include New South Wales Queensland and Victoria lots with varied scoured and greasy prices.
New Orleans market brief reports Prime grade cotton seed oil at 43 cents per unit on May 16 with a focus on current pricing and trade activity.
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