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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Oct 01, 1908
Page
8
New York reports a nearly motionless market with little outside interest and small room traders driving minor shifts. Banks hold steady as a dividend cut at International Paper shifts explanations to money abundance and election delays.
Railroads report widespread belt tightening as unions end a Canadian Pacific strike. International Paper declares a quarterly 0.5 percent preferred dividend. The CP strike, which began August 4, involved about 20,000 workers and has been settled.
Brokers report a fractionally higher open with little immediate direction. Dealers expect soon movements that could offer quick profits and note professional trading remains steady as bears cover short positions. The market stayed dull until late, then rose sharply on higher activity though no news drove prices.
London money in demand for quarter end with discounts easy. Consols dipped on Canadian loan but recovered. Canadian Pacific rose amid steady New York support. copper and Kaffirs mixed. Berlin and Paris bourses firm with London exchange quotes and short bill discounts noted.
A dense report from W. B. D. Hutton and Co. lists American Tobacco c and various rail and utility bonds with prices, yields, and volumes. Notable entries include Erie and Union Pacific issues, Western Maryland firsts, Reading and Pa. cv bonds, and multiple rail line coupons, reflecting a broad market mix and varied credit names.
Bank clearings across Cincinnati Chicago St Louis showed activity with strong municipal bonds and active Cincinnati Water Works and Schools issues. Market notes count Kroger and U S Printing among leading movers while call loans sit near 4 percent and discounts at 5 percent as New York exchange discounts vary.
A market snippet lists railroad bonds including C. In & N. du 92 Do be 1.108 Ky. Cent. Miami 5s.101%. The terse note notes bond types and yields in the brief.
H A Poeveleite appointed manager of the Queen Crescent Dispatch freight line from Cincinnati to southern points. Visitors to the Business Men's Club included F Halm C J Hess J H Siskeye W A Brown N L Wood and C J Wendeworth. The United States Building Material Company formed in Columbus with 250000 capital by C H Pease H W Brock Walter Schmidt L A Kreis and C W Bunnett, formerly the Pease Company on Fredonia Avenue. The Ohio State Constitutional Amendment Association Executive Committee met to solicit funds and Rufus B Smith replaced Eugene Lewis on the committee.
The Iron Trade Review reports September shows slow progress with no major developments until after the election. West demand is quiet. a Pittsburg buyer plans long term basic steel contracts, while Southern prices stay firm and steel bar mills run at about 60 percent capacity.
Money on call steady at 1 to 2 percent with time loans modestly higher. Sterling exchange weak with bankers bills around 4.85 for sixty days and 4.86-4.87 for demand. Government bonds irregular while rail bonds show firmness in Boston market.
Oil City Toledo Charleston Savannah Wilmington markets show mixed prices and activity. Turpentine remains firm in Charleston and Savannah with varied rosin quotes. Wilmington notes limited activity with tar and crude turpentine range and steady prices.
The coffee futures market opened steady to slightly higher on September 30 in New York with gains up to 6 points from higher French cables. Trading showed late-day steadiness as European buying returned and sales reached 23 750 bags with October at 5.56 to 5.60, December at 5.60, and May and July around 6.80 cents. Spot quiet and port prices listed for Rio Santos Cordova mild.
The list shows daily percentages for numerous mining and oil stocks led by Adventure 8 and Amalgamated with varied moves across companies such as Centennial Copper Stir, Isle Royale and Calumet and Hecla. Market breadth across Nevada Montana and Michigan sectors is noted with several small changes.
The New York dry goods market on Sept 30 shows quiet overall activity with small, repeated orders and a slow rise in advance orders. Satin faced silks, knit goods, and hosiery face strong demand for spot and near shipments while rat trade is delayed. cotton goods are easy and lightly demanded on contract.
New Orleans on September 30 reports cotton seed oil prime at 38 cents.
The Cincinnati market report shows wheat prices easing with No 1 Northern at 1.03 per bushel amid dull corn and oats demand. Rye and flour are steady to quiet. hay firmer with no price change. whisky firm. Reported sales include No 2 red winter wheat at 1.05 and 1.04, No 3 yellow corn at 79 1/2 to 4 cents, and various lots of barley and malt.
A historical price sheet lists fruits and vegetables with per unit costs such as apples 2.75 to 3.25 per barrel or crate, bananas 1.75 to 2 per bunch, cucumbers 15 to 20 cents per dozen, watermelons 10 to 15 dollars per hundred, and assorted groceries including sugars, molasses, and salt with varied packaging and brands. Meats and lard show steam prices and bagged options.
Spots in New Orleans remained quiet with prices down slightly amid small spot sales of 400 bales and 800 bales to arrive. Futures opened steady to slightly lower and closed steady with a modest weekly decline, while Liverpool and New York reports showed softer tones and modest gains in early trading.
Reports show butter steady to firm with varying creamery and process prices. Eggs remain steady with firsts around 22c in Chicago and quiet in New York, while cheese holds firm with daisies and twins at 12% to 13% cents. Poultry trends mixed with live rates steady and dressed market weaker in New York.
An assortment of tobacco was placed on the breaks with overall market weakness. Globe holds sold 11 hogsheads from 10.50 to 15.50 dollars, Farmers and Shippers 13 hogsheads from 4.80 to 11.00, Planters 7 hogsheads from 11.70 to 14.75, Bodmann 41 hogsheads from 12.75 to 19.50. Recap shows multiple price ranges and large lots.
Clover seed pricing listed for September 380 including cash and future months with values from October to March and grades No 2 and No 8, plus a rejected price. Alsike seed shows Prime price at 8.90.
Louisville market report lists burley 86 dark 105 total 191 hogsheads on offer with 152 original inspections 39 reviews and 10 rejections yesterday. Burley prices span 11.75 to 19.75 dollars per hundredweight while dark tobacco ranges from 6.90 to 12.50 dollars.
A New York Stock Exchange seat changed hands today at 65000 dollars. The price trails the prior sale by 8000 dollars and shows a drop of about 20000 dollars from levels reached before last year’s downturn.
St Louis reports firm wool prices for medium to heavy grades with tub-washed at 20 to 27 cents. London auctions show 13,711 bales sold with demand for fine wool steady but crossbreds down about 10 percent from July. New South Wales, Queensland, Victoria, South Australia and New Zealand listings include scoured and greasy prices in the pence per pound range and varying bales.
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