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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 21, 1908
Page
8
New York stocks showed violent, mercurial moves with unclear motives as large players allegedly used manipulative measures. Margin buyers faced renewed pressure, stop orders piled up, and a cautious tone emerged among less powerful operators amid tied to Gould group activity and rumors of new alliances.
Market notes show irregular American trading in London with minor gains in the majority. Dealers expect a sell off, steel rail demand remains limited to large contracts, and new gold engagements are anticipated. Southern Railway note proceeds may revive $12,000,000 abandoned projects while Missouri Pacific dividends rumors circulate despite no reported results since January.
Brokers warn the sharp break cleared stop loss orders and weak margins. They expect a near term rally but urge extreme caution as public enthusiasm cools and many weak accounts were disposed of. The rise has been extensive and investors should watch for consolidation.
London trading was quiet with subdued demand and easier discounts. Stocks showed profit taking. Consols led gilts while domestic rails suffered from weak traffic. foreign shares and De Beers steadied after failed talks. Berlin and Paris markets opened heavy but firm by day’s end with gains in London and New York influences.
New York reports money on call at 1 percent with steady rates and firm time leans. thirty to sixty to ninety day windows priced up to 3 percent. Sterling exchange steady. bankers bills near 487.30 for demand and 485.85 sixty days. Government and railroad bonds steady to easy. Boston quotes call loans 2 to 4 percent, time loans 3 to 4 percent with mixed bond and equity listings across major issuers.
New Orleans notes show prime cotton seed oil at 43 cents per unit.
The report lists multiple bond issues and sales by W. E. Hutton & Co. and First National Bank, detailing prices, par values, and trading percentages for government, railroad, and corporate issues. Includes Pac, Tex Pac, Union Pacific, and Penna conv bonds among others with totals around $8.44 million.
The first crate of Georgia peaches arrived in Cincinnati and sold for $6.50. The Secretary's Association plans its annual meeting at Zoological Garden tonight with officers to be elected. Cincinnati banks report the second call of the year from the Comptroller of Currency.
The market reports good demand over the past week for all rice styles in Honduras and Japan with small receipts keeping prices firm or slightly higher. Southern receipts are nearly nil with steady to advancing prices. New Orleans demand fluctuates. interior Southwest Louisiana and Texas show active demand and higher values. abroad notes a hardening tone with active demand. Talmage in New Orleans and Charleston reports indicate strong and firm markets.
Special dispatch from Louisville notes offerings of 351 hhds with 180 Burley and 221 dark, condition fair and quality good. Prices listed for Pickett Kentucky Ninth Street Louisville Central markets, market described as unsatisfactory with numerous rejections.
Market on new tobacco was light with fair activity, while old Burley sold strong. Globe and Farmers and Shippers' warehouses reported mixed lots: several small parcels at 6.55 to 14.75 dollars, with most new at 10 to 12 dollars and old at 10.75 to 16.75. Recap shows scattered prices across both new and old, led by higher end of 14.75 to 17.75 for select lots.
May 20 reports from Charleston Savannah Wilmington and Oil City list turpentine quiet or firm with varied bbl figures and price ranges for rosin and related products. Notable figures include Savannah turpentine 42 percent with 809 barrels sold and rosin at 2.476 2.758 barrels sold, plus window glass and water white price ranges. Wilmington notes spirits turpentine steady and rosin at 2.55 with tar and crude prices shown. Oil City provides credit balances and production figures for May.
New York May 20 coffee futures opened steady to down amid weak European cables. Early losses were pared on fund buying but late-session selling pushed prices lower. Close showed a net decline of 5 to 15 points with 37,75 bags traded. Spot markets were steady with Rio at 76 percent and Santos at 48 percent.
Grade bleached sheetings advanced a yard while print cloth rose to 8 1/2 cents. A wash goods sale cleared 7 000 cases in one day. Brown and bleached cottons and convertibles stay active. Yarns steady. Silk piece goods up slightly but demand remains light. Large duck sales reported.
Treasury balances listed for May 20 show available cash of 242,181,046 dollars, gold coin and bullion 12,754,176 dollars, and gold certificates 29,284,050 dollars, excluding the 150 million dollar gold reserve.
On May 20 New York reports engagements of gold for export surpassing 30 million dollars with major sums sent to Germany and France. The Russo-Chinese Bank took 250000 for Germany Lazard Freres 100000 for France Goldman Sachs 500000 for Germany and Heidelbach Ickelheimer 55000 for Germany. Total trend reaches 30 856 000 dollars.
Cincinnati cash clearings top 3.5 million with New York exchange at a 25 cent premium. Chicago and St. Louis report strong clearing figures while municipals lead gains with notable issues in Cincinnati, Columbus, and Nashville cited. Loan rates hold around 4 to 5 percent. money market steady.
A column lists bond and stock quotes across utilities and transportation sectors. Entries include New Port bonds, Columbia Gas, U S Lithograph, Niles B P, and traction bonds from Indiana lines with various preferences and prices. Prices range around 90 to 130 with several 5s and pref notes indicated.
Spot cotton held steady in New Orleans with middling around 11 3 16 cents as 1 100 bales sold and 25 arriving. New York and Liverpool quotes reflected downward trend with futures easing and gains later, while weekly port receipts compared to last year remained lower.
The report lists on call and in the open market sales across banks and utilities including Third National Bank Cincinnati Gas and Electric Fifth National Bank and Street Railway holdings. It also shows bond quotations for Cincinnati issues and local securities including water works schools and city bonds with bid and ask figures and overall exchange totals.
The London tin market fell with spot £185 15s and futures £134. Copper dropped sharply in London to £57 15s spot and £58 10s futures. Local prices were mostly unchanged with lead, spelter, and iron trading steady or quiet as listed. No. 1 foundry prices around $16.75 to $17.50 and iron tones softer in London.
St Louis reports dull wool with light and heavy fine grades selling at 9 to 23 cents for various finishes. London notes strong competition with New South Wales and New Zealand lots, including merinos and crossbreds, fetching small advances and diverse d prices across scoured and greasy weights.
New York reports butter receipts 9 877 pigs creamery specials 23c extras 22 4c cheese steady eggs firm 27 075 cases poultry alive steady spring chickens 30c fowls 13 4c turkeys 1c dressed steady turkeys 12 1 7c fowls 12 15 igc Kansas City notes fresh extras 16c current receipts 1c Chicago shows butter strong creamery and daisies 17 22c eggs steady firsts 15 40 cheese easy twins 10 demise poultry prices for turkeys chickens broilers per dozen and weight ranges listed
A May report lists numerous mining stock percentages and figures for Boston area companies including Amalgamated 66 percent and Copper Range 71 percent, with varied quotes such as United States Mining 28 percent and Calumet and Arizona 110 percent, among many others.
Cincinnati market report lists grains fruits and vegetables with prices. Wheat and corn show steady to quiet demand while rye flour and hay hold at quotations. Apple, banana, orange, potato and other produce prices are given for wholesale and retail.
Grain sales list includes Wheat No 2 and No 2 red winter at 1.00? Rye No 2 0.85, Corn No 3 white 0.80 and multiple white and mixed grades, oats 0.64, hay totals 70 tons No 1 timothy 13.50 and No 2 timothy 12, plus clover mixed 12. Whisky 729 barrels at 1.35 per gallon.
A May 20 New York price rundown shows Ada .05 Alice 2.25 Breece .10 Brunswick Con .08 Comstock Tunnel .35 Va .68 Horn pe ver 1.00 Leadville Con .05 Ontario 5.00 Ophir Savage .35 Sierra Hopes .18 Standard Iron Sit tle Chief 80 Potosi .12 p-.$7 Small.
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