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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Oct 04, 1908
Page
12
Stocks rose as Union Pacific led gains after August earnings showed strong improvement. Reading and St Paul followed the rail surge, while investors weighed immigration trends and Berlin rate shifts against domestic liquidity. Banks trimmed cash reserves as bonds firmed and money demand grew.
London prices were irregular. Southern Railway has cut operating expenses more than $1,000,000 since July 1. Reading Coal and Iron Company is running 25 per cent behind last year's figures. Government figures on movements of internal commerce for August show marked improvement. Cold weather is stimulating business in the West. St. Paul expects to open Pacific coast extension by next July.
Brokers report buying orders sparking activity as traders push the market higher with cautious optimism. Union Pacific rises 6 points in two days while others gain 3 to 5. Analysts caution on possible pullbacks if shorts are driven and profits are taken on bulges.
The Associated Banks of New York City report for the week ending October 3 shows a drop of 8.86 million in surplus reserves to 38.89 million, the lowest since last March but above seasonal levels. Loans fell slightly by 276,800 with a matching 12.72 million decline in deposits due to October 1 dividend disbursements.
New York banks show a 42 289 150 surplus over reserve requirements for the 25 percent rule, down 7 750 400 from last week. Clearing House members hold 1 312 130 700 in loans and 1 396 771 400 in deposits with various decreases in circulation and legal tender.
Boston trading roundup lists numerous mining shares with varied bids and percentages for companies such as Amalgamated Copper 75 percent, Calumet and Hecla 650 bid, Granby 100 asked, United Copper 11 percent, Calumet and Arizona 117 percent, butte coalition 25, Nevada 16 and other firms including Isle Royale and Victoria among many others.
New York trading data shows prices for various mining stocks and bonds as of October 3. Alice 2.00, Breece .05, Can. Cal. and Va. .67, Ontario offered 5.00, Standard 1.80, Yellow Jacket pending, among others.
The coffee futures market in New York opened quiet with unchanged prices as Brazilian cables delayed. Sales reached 7,500 bags with October at 5.60, March and May at 5.40 cents. Spot markets held steady with Rio No 76 and Santos No 48. Mild Coffee dull, Cordova 9% to 12%.
Market activity in London was moderate with subdued turnout due to a Jewish holiday. Foreigners weakened while leading Kaffirs and diamond shares advanced. censors and first class securities declined on budget deficit fears. notable stock quotes include United States Steel at 471/4 and Canadian Pacific at 188.0, with bar silver at 23 13 16.
Trading on the London Stock Exchange started the week with broadening investment activity yet later adverse factors left most British securities unchanged. Consols declined slight ly while Canadian issues triggered gilt edged realizations. American rails showed dullness as continental markets faced Bulgarian troubles and mixed foreign buying.
New York quotes money on call at 24 to 24.25 percent and sixty to ninety day time loans at 2.5 to 3 percent. Prime mercantile paper at 4.4 to 4.5 percent. Sterling easy with bankers bills around 484.80 to 486.15. Government and railroad bonds steady to firm. Boston markets show call loans 2 to 4 percent, time loans 3 to 4 percent, with varied bids and prices across railroad and industrial stocks and bonds.
Reports from Kansas City Chicago New York show eggs steady to higher with fresh extras at 23c and 19c receipts 19c butter in creameries 20c to 26c with 18c to 32c daisies. Cheese steady 13c to 14c, Western and Pennsylvania items listed. live poultry prices include turkeys 18c and 14c to 20c for fowls and springs.
On October 3 Manchester reports week of cloth trade dominated by Chinese agents placing sizable shirting contracts and South American buyers placing miscellaneous orders. Lockout slows activity as buyers await further developments while mills keep prices firm due to yarn costs and steady stock levels.
In New York on October 3 metal markets were quiet with tin at 29.37 to 29.62 dollars per unit and copper dull across several grades. Electrolytic copper ranged 13.12 to 13.37 dollars, casting copper 12.87 to 13.12, lead 4.42 to 4.47, and spelter 4.75 to 4.77. Iron held steady and unchanged. In St Louis on October 3 lead traded 3.25 to 4.35 and spelter at 4.65.
Treasury statement from Washington on October 3 lists general fund figures excluding the gold reserve. Available cash balance stands at 180 084 69 dollars while gold coin and bullion total 36 220 602 dollars and gold certificates total 38 162 380 dollars.
Bond listings show Un. Pac. issues and Wab. P. holdings with prices and yields. The fragment lists numbers like 1,007 2,000 and 61.00g with percent figures such as 98 percent, indicating trading values and percentages rather than full issue details.
The Oct 3 report shows broader demand for gray cottons from printers and converters and larger sales of fine white goods. Linens stay in good request for short delivery, while burlaps remain steady to firm with spot goods growing scarcer in the market.
Imports of merchandise and dry goods valued at 14.37 million dollars. Specie imports 95 thousand silver and 144.85 thousand gold. Exports of specie 806.14 thousand silver with no gold.
Seeds trading in Toledo on October 3 show Clover values with cash and futures quotes including October at 5.55 and December at 5.62 percent, plus March and No 2 No 3 grades and a rejected rate. Alsike prime listed at 8.90.
In New Orleans trading in October, Prime oil held at 88 cents a barrel while cottonseed futures were listed near 3.00 per hundredweight as market activity showed cautious demand.
The market shows dull activity as investors hold back during the presidential year. Banks quote call loans near 4 percent and time loans around 4 to 5 percent with scattered bond demand, while New York exchange prints a 15 cent discount. Clearing totals across Cincinnati Chicago and St. Louis run above $4 million, $37.6 million and $8.4 million respectively, with week totals around $22.4 million.
The page lists numerous securities with prices and dividends including First N Cov 185, Ger N’l Npt 150, Colum Bank Sav, Sec Savings, Stockyards, Unity Sav 135, TRACTION ST ES C&S Bdg 137 150, Ex-dividend notes, Dayton & J Day, Ky Cent 4s Lit Miami 5s 101, dm pref 38, Amer Oak pr 105, Bullock pref 110, Fay & E.com 100, Hoov-0 pr 105, Niles B.-P 180, Niles T. W. pr 125, Great C Wes Shillito Co 108, pref 2.5, etc.
New Orleans reports cotton prices steady on October 3 with middling at 8 15 16 cents and 800 bales on spot and to arrive. Liverpool and New York show mixed futures and spot shifts as weather prospects and private cables weigh on markets. Receipts nationwide rise to 375,000 bales for the week with New Orleans and Houston volumes noted.
Cincinnati today reports weekly receipts for cattle hogs and sheep with comparisons to the prior weeks and year. Cattle prices show steady to firm trends with light and medium weights selling best while hog prices mixed and steer and heifer markets fluctuated. Future marketing remains active as receipts taper and prices hold after a week of low levels.
Chicago grain traders report a weak day with wheat down more than 1% as foreign markets soften and New Northwest supplies rise. Corn and oats also fall while provisions slide. exports modestly pick up late as deliveries rise in Minneapolis and Duluth.
New York issued market notes for flour rye and buckwheat flour with varied price ranges. Wheat receipts total 247,200 bushels, exports 501,903, and sales 900,000, with No 2 red at 1.04 1/4 to 1.05 elevator and other grades mentioned amid a period of heavy liquidation.
Wheat prices range from No 1 hard at 1.92 ½ dollars to December futures at 1.90 ½, flax at 1.22, oats 44 4 cents, flour and grain values steady in St Louis with varied prices for pork lard and dry salt meats. Receipts and shipments listed for flour wheat corn oats.
Savannnah and Charleston report turpentine steady at 35c with varied rosin sales and receipts. Prices for rosins range by grade up to 5.30 and 6.20 for window glass and water white, while Gulf and western markets show oil and crude spreads and October shipments across multiple ports.
The London wool auction continued with 13 547 bales offered and firms for merinos and fine grades while lower qualities fluctuated. Americans bought medium crossbreds at a five percent decline as supply of secured clipped crossbreds remained heavy. Next week 1 700 bales to be offered with regional prices listed for New South Wales Queensland Victoria Hope and Natal scoured and greasy wool details.
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