06 Sep 1914
Page 1
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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Sep 06, 1914
Page
1
World demand for wheat and flour drives a broad market surge on September 4. Wheat gains close 5 to 6 cents, corn and oats rise, and provisions advance as European governments buy aggressively and vessels seek shipment space.
New York City banks agreed to finance all New York City foreign obligations maturing this year, triggering a sharp drop in London cables to 5.0225 and demand to 5.0150. Continental exchange halted with Paris closed and Berlin bills unavailable as markets harden amid the European crisis.
New York market shows firm cereals with cereals like No 2 red wheat around 1.26 and futures around 1.30. Cattle hog and sheep prices vary by city with daily receipts and close prices indicated for Cleveland St Louis Chicago and other centers.
The Treasury reports at opening: general fund net balance 122,428,4138 dollars, yesterday’s receipts 2,190,061 dollars, payments 2,550,031 dollars. The current year's deficit stands at 14,651,207 dollars, compared with last year's 996, excluding Panama Canal and debt movements.
In New York on September 4, spot coffee fell as exchange gains and Santos shipments of 67 000 bags to the United States encouraged buyers to wait for lower prices. Better grades held firm while lower grades offered more freely. Riots quoted 7 1 2 c and Safitos 4s at 12 1 2 c. Havre market up 3s, milreis steady in Rio. Santos curb down 4 300 for 4s. Receipts 27 000 bags in two Brazilian ports, Jundiahy 15 000 bags.
Closing: Mercantile paper 7 percent. Sterling exchange easier with cables at 5.0250 and for demand 5.0150. Bar silver at 53 1/2 cents.
London financial desk notes London bar silver at 24d per ounce as of Sept 4 with no further market context provided.
Dun s Review notes continued easing of financial tension in New York on September 4 with money firm and new business limited to urgent needs. Foreign exchange disorganization remains but is less marked as international banking adjusts. Grain shipments abroad rise while buying for foreign accounts stays heavy, boosting wheat offerings and signaling gradual return to normal exchange conditions. Irregularities exist in mercantile centers, yet commodity movement remains solid. US weekly failures total 364 versus 205 last year, Canada 655 versus 19.
R G Dun and Co notes fair trade for local jobbers and retailers with hope for improved conditions from European disturbances. Wheat prices rise and flour demand is strong. Coal and tobacco show modest activity while cigar trade wanes. Pig iron and machine shop activity drag, but imports stoppage boosts local iron dealers. Coke market remains dull with limited new business.
Grain prices in Ginginnti rose as European war tensions spurred demand. Wheat led gains with No 2 red winter track quoted at 1.19 to 1.23 followed by various No 2 and No 1 white and yellow corn bids and official sale notes. Hay and oats held firm amid holiday slowdowns while receipts increased on higher prior-day quotes.
Cincinnati daily clearings reach 38 562 800 with a 3 678 950 rise over yesterday and 3 414 85 last Friday. St Louis reports 11 271 8 in clearings with 812 008 balances and loans at 6 to 8 percent. Chicago posts 45 989 429 clearings and 2 576 690 balances with 6 to 7 percent paper.
Bankers and brokers reported no sales of stocks or bonds in the open market or over the counter. The silence reflected a quiet trading day with no notable price movement or transactions recorded.
New York reports from Dan's Review show bank exchanges for the week totaling 1.918 billion dollars, down 3 percent from 2.514 billion the same week last year, reflecting a decline in interbank activity.
Market data lists pork by various cuts with per barrel and per hundred weight pricing, lard and dry salted meats with range figures, smoked and sugar cured meats per cwt, green meats and groceries including coffee tea sugar rice and mollasses with assorted grade prices, plus feather and fowl prices for geese ducks chickens and turkeys. The entries show wide price spreads and multiple product categories typical of a late era wholesale market record.
Guests registered yesterday include C G Rothaus of Chattan Tenn H T Ratliffe of Hamilton O L Dannenean and Byll Cramer of Dayton C G E Drury of New York Francis B McGarry of Jacksonville Fla William C Granger of Columbus CO A D Rosenfeld of Jellico Tenn Louis Steinberg of Middlesboro Ky G B E Drury noted New York coffee dealer and W H Harrison attended dinner Mrs Caldwell joined the Springfield Mass trip home of Stevens Duryea Auto Co L P Ficks chairman to depart tonight for Atlantic City for the national furniture manufacturers convention
Richard B. Witt, the city treasurer, celebrated his birthday with friends at the club. Led by John P. Longmead and Harry C. Hazen, they compelled him to arrange fifty cigars as a precautionary joke.
Members at a club learned that the wife of John H. Finn President of the Willian C. Biles Company had given birth to a boy. Papa Finn reportedly ages eighty sought George H. Weedon to file for club admission for the child as John H. Finn Jr with hopes the boy may one day become club president.
A. W. Sommerfield, second Club president and former general agent for the credit clearing house in New York for four years, visited the club yesterday.
New York reports a steady primary cotton market with bids on large print cloths but no sales as mills resist further cuts. Demand strong for staple and dress ginghams while domestic wool prices hold. Australian fine wools fall sharply. Silk crepe prices eased due to financial pressure.
Butter and cheese mostly steady across markets with steady to firmer eggs and mixed poultry notes. Receipts listed include 300 tubs butter 1,500 boxes cheese 8,300 cases eggs with varied by region and live poultry prices.
News from New Orleans reports the New Orleans Cotton Exchange as rejecting the New York plan tied to straddle operations with Liverpool. The New Orleans Conference Committee, after talks with New York and Liverpool officials, referred the matter to the exchange and will travel to New Orleans tonight after learning of the rejection.
Visitors introduced at the chamber include Mike Necas and C S Filler with new members Joe Herringer and Fred C Bitgood. Reports on Wrights Raleigh garage fire, Le Count corn estimate of 2 640 000 000 bushels, wheat advances, and rapid export movement across Canadian ports are noted along with limited vessel congestion at New Orleans and Galveston.
Joseph Richling the Consul General of Uruguay to the United States has taken up with his government the matter of appointing a vice consul for Cincinnati.
The Ohio Cities Gas Company in Columbus announces a dividend of 1 1 4 percent on its preferred stock to stockholders of record at the close of business September 15, 1914. The payment will be made October 1, 1914. F. S. Heath, Secretary.
Newly elected officers and directors of the Cincinnati Traveling Men's Association of the Chamber of Commerce will be inducted at an afternoon meeting.
Village of Cheviot adopts Resolution No. 676 to grade and macadamize Glenmore Avenue from Woodbine to the north line with curb and gutter works. The plan sets curb grades, cost allocations by front footage, ten annual installments at 5 percent interest, and bond anticipation funding. Publication ordered for July 15, 1914.
The United States Treasury issued more than 330 million dollars in August including 203 million in emergency currency 13 million in national bank notes and about 1 million in silver seigniorage. The Interstate Commerce Commission suspended planned rate increases for switching car load shipments of brick tile grain sewer pipe and other commodities between Wilson and Kerper Ohio on the Toledo Bowling Green Southern Traction line. Suspension runs from September 8 to March, covering interstate points on the line between Toledo and Maumee.
Fifth Third Bank reports sterling exchange improving prospects for London at fail shape while New York prices fall to 5.02 and 5.08 per pound. Paris cuts off world communication and German bankers urge immediate payment of Germany dues. Copper exports for the week end Thursday reach 3,798 tons, down 1,546. month to date 1,265 tons, down 2,289.
The American Car and Foundry Company and several others announced regular quarterly dividends with varying percentages on preferred and common shares. Notable issuers include Firestone Tire and Rubber, Celluloid Company, American Beet Sugar, Case Thrashing Machine, St Joseph, South Bend & Southern Railway, R J Reynolds Tobacco, and Columbus Gas and Fuel. Payment dates range from September 11 to October 1 for holders on earlier dates.
The Commercial Bulletin notes the wool market was moderately active with prices holding steady. Activity centers in territory and domestic wools with some foreign crossbreds, while Yorkshire reports dull and unsettled business especially for fine wool and tops.
Cotton seed oil traded weak with a net loss of 14 to 18 points as liquidation and hedge selling weighed on January through March contracts. Tenders this month total about 17,000 barrels with 8,300 sold. prices for prime crudes and yellows quoted across several months. Turpentine and rosin in Savannah held steady with nominal activity and varied stock levels.
Secretary of State issues articles of incorporation for multiple Ohio firms including Smith-Howe Lumber Company in Columbus, Blair Motor Truck Company in Newark, Cleveland Aluminum Casting Company, Youngstown Coal and Supply Company, and several others with capitalizations ranging from a few thousand to one hundred thousand dollars. Also listed are clubs and associations such as the Italian-Columbian Political Club and the American Petroleum Products Company, with various location changes and name changes noted.
Liverpool spot cotton unchanged for retail demand with 1,900 bales sold, 1,800 American at 6 20d middling. Imports 1,700 bales all American. Weekly totals show 13,000 bales total, 11,000 American sold, English spinners' takings 24,000, exports 1,000, afloat 31,000, American 13,000, speculation 2,690, exporter sales 700.
New York on September 4 Carl F Baker and Herman N Baker Co filed a bankruptcy petition in the federal District Court listing liabilities over 1 8 million dollars. Secured creditors claim about 690000 and unsecured claims about 837000. Assets are said to be about 2000000.
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