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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
May 24, 1908
Page
12
Prices of stocks collapsed in a short New York session with heavy selling and a disappearance of prior support. The government antitrust suit against the New Haven fueled speculation about policy, while idle car surplus fell and banks showed a first surplus reserve decline since February as bonds remained steady.
Washington May 23 Treasury balances report the general fund shows a wallable cash balance of 239,651,025 with gold Coinage 13,023,245 and gold certificates 30.
Contracts for the Brooklyn Fourth avenue subway were awarded with idle cars noted on May 18 and April 29 figures 404534 and 418605. B&O expects about 6 percent return on common stock. George J Gould notes improving industrial situation. Scenen at Forty roads shows May week two gross decline of 21.65 percent. Bradstreet reports overall business quiet beyond normal and industry still slack. Stss Dan's Review reports widespread indications of improvement across departments. Majority of Smeltars directors favored regular living on common.
What brokers say the weak opening stocks developed strong irregularity and rallying power. Support waned amid fears government actions similar to New Haven. The expected break grows, possibly creating a short term buy opportunity though sharp rallies suggest caution until mid July.
Bond market notes from New York show mixed prices and yields as offerings move between rail and utility issues. Traders trade small blocks including city bonds, with activity noted at select maturities across major issuers.
A complimentary dinner will honor Charles A. Hinsch president of the new Fifth Third National Bank at the Business Men's Club on Wednesday June 3. The Entertainment Committee of Associated Organizations set June 2 for its quarterly meeting at the same club and plan an outing at the Zoological Gardens. H. E. Huntington was appointed General Passenger Agent of the Reading Railroad with headquarters in Philadelphia after leaving the Erie system. The last of the panic money has been returned to the Government by five Cincinnati depositories First Second Third Fourth and Fifth National Banks. Visitors registered at the Business Men's Club included F. W. Henkler C J Wendsoth C A Wright and others from Kentucky Indiana Illinois Tennessee Missouri and Ohio.
The C N O T P Railroad begins forty miles of double track and major grade reductions between Danville Kentucky and Oakdale Tennessee at once. E E Williamson named to the receivers and shippers committee to present association resolutions to railroads. Resolutions warn that a 10 to 15 percent rate increase would cost shippers east of the Mississippi and north of the Ohio Rivers about 100 million dollars annually. Shippers say they have operated on current rates and will not abandon them.
The Cincinnati market notes firm bond activity with Water Works 4s and Street and Sewer 4s in demand. Gas and Electric and Street Railway stocks rise, with several issues and local securities showing strength. Call loans at 4 to 5 percent and New York exchange premiums cited amid overall steady money rates.
The Associated Banks of New York City for the week ending May 23 show a cash reserve decline of 8.72 million while loans rise 11.21 million and deposits increase 15.66 million. Surplus reserve sits at 55.28 million as banks fund public deposits, with interior cash aiding gains.
On the London Stock Exchange American securities fell further in sympathy with Wall Street. Copper shares declined while money remained plentiful and discounts weakened. Consols and large caps showed mixed moves amid a dull session with little business transacted. Paris and Berlin also reported unsteady or weak tones in their bourses as New York cues weighed on sentiment.
Oil City reports credit balances and production totals in barrels with multiple city entries. Wilmington shows spirits turpentine steady at 41 1/2 cents and rosin at 2.45 dollars with cask receipts. Charleston notes varied turpentine prices and rosin around 2.90 to 3.60 dollars. Savannah records firm turpentine at 42 to 43 1/2 cents and rosin prices with high activity in receipts and shipments. Toledo lists North Lima and Indiana oil at one dollar and ninety cents per barrel.
New York May 23 The cotton goods market closed firm with an advance tendency on bleached goods. New higher prices are to be made next week. Linens selling better, purlates for spot and contract delivery easier. Fine English goods in better demand from jobbers and mills.
The listing shows various bonds including industrials and traction bonds with prices around 100 to 110, plus unlisted bank stocks such as Am Nat Bank and City Hall at 125 to 5120, and securities including Bullock and Fay & Eg further noted with percentages and par values. É Located in a historic market page detailing prices, yields, and notable entities like the L, A. & P., C. L. & W., Cov R railroad bonds, and several New York area banks and trusts.
Cotton prices held steady with futures near yesterday's close after rains affected the belt. Spot sales reached about 1 400 bales in New Orleans with middling around 11 1/4 cents, while Liverpool and New York trade showed gains on steady demand and strong buying.
Total gross earnings of United States railroads reporting for the first half of May reach 10 426 504 dollars, a 21.2 percent drop from May of last year. April two weeks show a 17 percent decrease, with a longer table detailing earnings by roads and months, including the added lines Baltimore and Ohio Pittsburg Cincinnati Chicago and St Louis and Northern Pacific showing large declines.
London week saw higher total business with erratic stock movements. Gains came from cheap money and renewed buying after midweek gilt-edge setbacks. Bank of England rate expectations rose as gold stocks in France grew, lifting foreign rails and Argentine links.
In Kansas City and New York on May 23, dairy items including eggs butter and cheese show mixed changes. Butter steadies or weakens in spots, with eggs, cheese, and poultry varying by region and packaging, while Chicago notes similar price movement across butter eggs cheese and poultry markets.
New York May 2 The weekly Clearing House banks report a surplus of 56 485 375 over the 2 percent reserve requirement a fall of 8 121 875 from the prior account. Loans 047 900 000 deposits 1 928 300 000 circulation 57 267 200 000 legal tenders 68 660 800 000 specie 312 035 400 000 reserve 380 716 209 000 reserve required 324 230 825 000 surplus 56 485 375 000 ex US deposits 64 153 700 000.
Canton Culvert Company Canton 25000 Hartville Coal Company Massillon 10000 The Maynard Club Columbus Rockwood Social and Fishing Club Cincinnati Pretzinger Catarrh Balm Company Dayton capital reduction to 56000 Lake Erie Lumber Company Cleveland capital increase to 25000 and likely more filings listed.
In New York on May 23 the metal markets were quiet with tin at 29.25 to 29.50, copper various forms ranging 12.50 to 12.87, lead firm at 4.32 to 4.37, and spelter dull at 4.55 to 4.60. St Louis reports lead at 4.25 and spelter at 4.40.
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