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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Oct 12, 1908
Page
8
New York trading shows a dull market with bets hedged for Sunday as European tensions loom. London edges toward calm and bond markets hint at a shift while Harriman linked Rock Island moves signal wary confidence. Gold export fears and September commodity shipments add pressure. banks warn of liquidity risk if foreign selling persists.
Brokers note banks are satisfied by small foreign risks and a favorable U.S. political climate for business. Stocks stay quiet but steady as European tensions ease and Balkan prospects improve. Analysts expect higher prices with occasional pullbacks as market remains a professional arena.
Money on call remains nominal in New York with time loans firmer at sixty and ninety days. Sterling exchange weak. government bonds steady while railroad bonds are heavy. Boston shows call loans 2 to 3 percent and mixed bond listings including Atchison 4s at 92 and U S Steel 46 with others noted.
The New York market reports firmer prices with active sales of 600000 pieces of print cloths and convertibles in a week. Other brown cottons improve a little while fine white goods stay quiet though demand for fancies remains. Linens show improvement and burlaps stay active for spot delivery as jobbing trade remains steady.
The Financier notes a $21 775 600 increase in loans and a $17 447 400 rise in deposits for the week ending October 1. Liquidity grew despite stock market liquidation, with foreign loan transfers to New York. Deposit gains pushed reserves up by $4 500 000, while cash losses of $2 950 600 reduced excess reserves to $7 312 450, leaving total excess at $31 576 850 and a 27.40 percent reserve ratio.
New York data reveal clearing house banks hold 34 707 225 more than required by the 25 percent reserve rule, a drop of 7 581 925 in the proportionate cash reserve from last week. Loans 1 324 358 000. deposits 1 402 753 100. circulation 53 514 300. legal tenders 78 926 000. reserves 385 395 500. reserve required 350 688 275. surplus 34 707 225. Ex United States deposits total 37 019 225.
Boston on October 10 reports closing prices for a wide range of mining shares led by United Copper and Montgomery concerns. Numerous listings such as Amalgamated Copper Union and Calumet and Helca appear with gains and losses, reflecting market volatility.
In St. Louis on October 10 wool prices ranged across grades with firm to higher values. Medium grades for combing and clothing were 16d to 20d. light fine 11½c to 16¾c. heavy fine 11½c to 12¾c. tub-washed 20c to 27c.
A dense ledger of bond issues and maturities from Am. T. & T. and various railway and utility securities. The record shows multiple 4s and 5s issues, totals around 31 million in sales, with numerous issuers including Wis. De Cent., Reading, Erie, Pac. Ist, and Cent. Ga. Pac. Ref. among others.
The week saw a broad decline in prices across consols foreign bonds and Kaffir bonds with rising nervousness ahead of next week's settlement. A late Balkans recovery lifted some sectors, while American securities outperformed. Canadian Pacific fell seven points though Houe closed two points higher. Discount rates improved to over 2 percent due to political tensions and gold exports to Egypt.
Cattle receipts rose sharply in the past week amid continued drought, with 6,694 cattle marketed and a broad price decline of 25 to 30 cents per hundred pounds. Hogs remained strong early but eased by week’s end, while sheep and lambs showed steady or firmer prices overall. Regional reports from East Buffalo and Chicago noted mixed movement and price shifts across cattle, hogs, and sheep.
Treasury balances in the general fund show available cash of 176,632,259 dollars, gold coin and bullion at 39,248,239 dollars, and gold certificates at 39,284,630 dollars, not including the 150,000,000 dollar gold reserve.
The following articles of association were filed in Columbus today. The Walker Lunch Company in Cleveland with $1,500. Pennsylvania Rubber and Supply Company in Cleveland with $12,000. Estella Oil and Gas Company in Mingo Junction with $16,909. The Bauer Ice Cream and Baking Company in Cincinnati increases capital to $200,000. MacGugin Iron and Coal Company in Olive Furnace increases to $1,000,000. The Times Company in Marietta raises capital to $20,000. Special Dispatch Commercial Tribune.
New York markets see liquidation of foreign securities amid European war fears while grain demand strengthens in the domestic market. Freight traffic may tighten supply, with potential early shortage of freight cars by December. Rail earnings improve, steel orders steady, and crop reports indicate abundant harvests and profitable cotton markets.
Hopkinsville news reports a slow market as only enough tobacco sales to sustain activity occur. The Society of Equity and Planters Protective Association report most crops sold with only lower grades remaining. The ten market district posts show 575 hhds sold for the week ending Oct 8 and a total value of $5160.
Paris quotes three per cent rentes and London lists a broad array of bonds and equities with varying prices. The London rally continued on favorable political news, lifting markets as bears covered and foreign stocks led gains. Berlin and Paris move follow global rate and discount shifts.
In Toledo on October 10 the market lists cash interest at 5.25 for Clover seed with December at 5.32 percent and a note on ake 5.25. Alésike prime appears in pricing without further details.
The coal market shows varied demand patterns across regions with near-mine markets delaying purchases until severe weather drives consumption. Anthracite demand remains steady despite lower production due to water shortages while smokeless and splint coals struggle to meet output, causing price fluctuations and excess steam coal in the West. A post‑election market revival is hoped for, but evidence remains limited.
Spot cotton held steady near unchanged while futures advanced slightly. New Orleans reported 350 bales sold and 1 250 bales to arrive, with mixed demand and political cables aiding sentiment. Liverpool and New York showed firm to steady opens with varied prices across different grades and months.
Wilmington reports turpentine steady at 34c with 45 casks received and rosin unchanged. Savannah shows turpentine at 35c with 697 barrels sold and 570 received. rosin sales 3,498 barrels, stock 120,990, with prices ranging up to 6 and 5.90 for window glass and water white. Charleston notes turpentine quiet at 34 1 4 c and rosin quoted from A to N grades, with window glass 5.70 and water white 5.90. Toledo lists North Lima oil at 1.04, South Lima and Indiana 99c. Oil City records credit balances 1.78 and refinery runs and shipments totals.
The Manchester cloth market reports a stop page of machinery and ongoing lockout restricting business. Week saw narrow trading, meager orders from India and China, disturbed near Eastern trade, irregular but firmer quotations, steady yarns, small American cap activity, and Egyptian qualities selling at steady prices.
In New York on October 10 no fresh features appeared in metals trading. Tin held around 12.80 to 13.00 dollars per unit while nickel and other metals showed weakness. lead ranged about 4.40 to 4.45 dollars and spelter at 4.72 to 4.77 dollars. Iron prices were unchanged.
New York trading shows coffee futures steady at unchanged to five point losses as lower French cables weigh. Sales reach 2,750 bags with March and May at 5.40 and September at 5.45 cents. spot markets quiet with Rio around 7.6, Santos near 4.8 cents.
The Cincinnati markets summary notes firm wheat prices with light offerings, irregular corn and quiet rye, steady flour and active hay markets. Reported sales include No 2 red winter wheat at 1.05 and mixed corn at 66 cents, with several lots of oats, flour, hay, and whisky traded across various grades. Grain inspections list mixed and No 2 grades, with specific car counts and grades for wheat oats and barley.
A dense list of produce and meats with per unit and per quantity prices. Apples, bananas, beets, carrots, cucumbers, cantaloupes, cabbage, lemons, oranges, onions, potatoes, peaches, pears, string beans, sugar corn, squash, tomatoes, and various pork and meat cuts are priced by barrel, crate, box, bush, or other units with vendor notes and jurisdictional references.
Globe Warehouse reported limited offerings of cigar leaf tobacco on the local breaks with a strong market and satisfactory quotations. The transactions show 37 cases traded at varied prices from 1.05 to 12.50 across multiple lots, reflecting firm demand.
New York Oct 10 listing shows various stock bids including Ontario at 5.00 and Breece at .06. Other offerings include Brunswick Con .06 Comstock Tunnel .20 and Ophir 1.80 with prices across several coal and silver outfits.
New York report shows imports of merchandise and dry goods at the port. It records specie imports totaling 96,409 dollars in silver and 128,421 dollars in gold, with specie exports at 186,222 dollars in silver and no gold.
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