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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Oct 11, 1908
Page
12
The dull market shows speculative caution ahead of Sunday developments in Southeastern Europe. London trades early, with Bear positions trimmed as settlement approaches. Harriman interests boost Rock Island chatter while gold export fears weigh on money markets.
Brokers report quiet steady trading as banking interests stay optimistic that small European frictions won’t hurt the U S. outlook. Stocks drifted higher with few sellers, shorts covered in part while London selling persists. analysts expect modest gains with occasional dips.
New York on October 10 reports money on call nominal and firmer time loans with 60 day at 2 to 2.5 percent and 90 day at 3 percent, six months at 3.25 percent. Sterling is weak with bankers bills around 485 to 486.62. government and railroad bonds listed with mixed movement. Boston shows call loans 2 to 3 percent and various bonds and stocks including Atchison, Union Pacific, Edison Electric, U S Steel and others trading with mixed results.
The New York market reports active weekly sales of 600000 pieces of print cloths and convertibles. Brown cottons move better, plain white goods quiet, some fancies in demand, linens improve, burlaps active for spot delivery, forward business light, jobbing trade steady.
The week ending October 10 shows a $21 775 500 increase in loans and a $17 447 rise in deposits among New York banks. This expansion, partly due to transfer of foreign loans, raised reserve requirements by about $4 500 000 and reduced cash by $2 950 600, leaving surplus reserves at $31 576 850.
York reports the clearing banks hold 34.7 million more than required under the 25 percent reserve rule, a weekly decline of 7.58 million in the proportionate cash reserve. Details show loans rising to 1.324 billion, deposits at 1.403 billion, and reserves at 35.396 million with a 27.40 percent actual reserve. Greater New York nonmember banks hold 1.064 billion in deposits, 100.4 million cash, and 961.6 million in loans.
Boston market notes list numerous mining companies with quoted percentages and prices including Amalgamated Copper United Copper Parrot and others. Several firms show fractional or varied figures like Calumet Helen Michigan Montana Coal and Coke and Nevada mining entries.
In St Louis on October 10 the wool market quoted medium grades for combing and clothing at 16a 20c. Slightly better 16a16%c and 11a12c for heavy fin, tub washed wool ranged 20a27c.
A compact notice lists bond offerings and prices from New York brokers W. E. Hutton & Co. and First National Bank Building. Numerous U S and rail bonds appear with quoted coupons, maturities, and percentages, including Am. Tel & Tel, Union Pacific, Missouri Pacific, and others, with prices ranging around mid to high 90s and various par values.
Visitors registered at the Business Men's Club included T Clerney from Philadelphia J Donsall I L Lee E Ellis from New York G W Waters of Indianapolis O D Kise from Lafayette Carl B Booth Assistant Secretary of the Ohio State Board of Commerce addressed members about the taxation amendment to be voted on at the next election. The Independent Nominating Committee of Walnut Hills Business Club named Blue ticket candidates for club offices with election set for Tuesday October 27.
The week saw a broad decline across markets with consols down one, foreign bonds 1 to 4 points, and Kaffir section losses. Russian, Turkish, and Bulgarian bonds led selling as speculation rose over next week’s settlement. Late gains from Balkan news improved sentiment, American securities held up, and Canadian Pacific fell seven points while Erie rose two. Discount rates improved to over 2 percent as gold exports to Egypt began.
Reports from Cincinnati and multiple markets show a week of rising cattle receipts and slack demand due to drought. Prices fell about 2 cents per 100 pounds, with heavy steers, cows, bulls, and calves all weakening. hogs and sheep movements remained liberal and prices varied across regions.
On October 10 the Treasury listed available cash of 176 632 289 dollars in the general fund excluding the gold reserve. Gold coin and bullion stood at 39 248 239 dollars and gold certificates at 39 284 630 dollars.
Markets show firm money rates amid limited demand and dull close. Cincinnati and St Louis report sizable clearsings while New York Exchange remains easy with 15 to 20 cent discounts on quotes. Bonds and municipals see varied activity as traders adjust to tight liquidity.
R G Dun and Co reports US railroads for four weeks of September show gross earnings of 31 749 346 a 7 percent drop from last year. Southern and southwestern lines benefit from grain and cotton tonnage while August and July declines were steeper. Rock Island shows large losses with other major lines like Atlantic Coast Line Norfolk and Western Union Pacific and Southern Pacific noted in the period.
The listing shows various bonds and preferred stocks across issuers such as Dayton and M. Day, Ky. Cent., Columbia Bank, Norw. First, North Nat., and Traction bonds. Ex dividends noted with prices trailing, including Eagle, Am Oak, Fay & E, Hoov O R, Niles B P, Shillito Co, and Niles T W pr. Provide a snapshot of diverse local securities trading and valuations.
New Orleans spot cotton steady at 8 13 16 to 8 18 16 cents with 350 bales traded and 1 250 bales to arrive. Futures opened quiet and closed steady with gains up to 11 points. Liverpool and European political news aided sentiment amid heavy rain in the East and favorable Western belt conditions.
Wool offerings total 23537 bales in London with good to fine quality. Merinos attract strong competition while Americans buy greasy combing and crossbreds at full rates. Remaining series offer 91550 bales across New South Wales Queensland Victoria South Australia New Zealand and Cape of Good Hope and Natal with varied scoured and greasy prices.
Kansas City reports eggs unchanged to higher with fresh receipts. Chicago notes butter steady to higher, cheese steady. New York shows butter firm, eggs steady, poultry alive quiet. Regional price signals include fresh extras and varying turkey and chicken quotes across cities.
New York reports marked gains in building trade with lower material costs and easier mortgage placement fueling construction. Mills reopen and bank profits rise as September activity and city construction show strong gains, while tariff talk and antitrust debate loom ahead.
The analysis notes that rising interest rates could depress securities unless dividends rise, but insiders with large stock surpluses may push prices higher when possible. Public reluctance to shed holdings risks a sudden move, while the West enjoys prosperity from a good harvest and strong agricultural prices.
R G Dun reports 256 US failures this week, up from 243 last week, with 95 carrying liabilities of 5,000 or more. Canada shows 26 failures, while October liabilities total 2,592,076, compared with 2,675,343 a year ago.
Ohio Secretary of State lists articles of association filed Oct 10. The Walker Lunch Company in Cleveland with 1500. Pennsylvania Rubber and Supply Company in Cleveland with 12000. Estella Oil and Gas Company in Mingo Junction with 16000. Bauer Ice Cream and Baking Company in Cincinnati increasing capital stock to 200000. McGugin Iron and Coal Company in Olive Furnace increasing to 1000000. Times Company in Marietta increasing from 10000 to unknown final.
In New York on October 10, listed mining shares show varied quotes led by Ontario at 5.00 and Ophir at 1.80. Other prices include Alice 3.00, Breece 0.06, Brunswick Con 0.06, Comstock Tunnel 0.20, de bonds 17, Con Cal. & Va 0.66, Horn Silver 0.80, Iron Silver 0.90, Leadville Con 0.08, Little Chief 0.08, Mexican unknown, Standard 1.80, Yellow Jacket 0.43.
In New Orleans on October 10 the market quoted prime refined cotton seed oil at 3 cents.
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