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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Sep 17, 1908
Page
6
New York stock market reacts to Harriman remarks with widespread selling and doubt about rumored corporate moves. Reading shows rare strength while others slide, as dividend expectations and earnings concerns weigh on major transcontinentals and rail issues.
American shares showed weakness in London amid mixed U.S. guidance. Harriman declines Wabash and Missouri Pacific board seats while Jersey Central's capital surplus reaches 10.29. United States Rubber operates at 75 percent capacity. Mt Washington Savings resumes full payments. Railway Steel Spring directors split on common dividend. Blast furnaces in Mahoning and Shenango Valleys run 65 to 70 percent.
Brokers predict a continued market rally with possible short term upward moves. H M Beazell notes renewed support could come at any time and that on each rally a fair volume of long stock is offered while bears are restrained for a few days.
Financial notes suggest avoiding fresh purchases until material price declines appear. Analysts warn the market could rally tomorrow but claim prices are elevated and recommend selling on strong spikes for solid gains.
Continued activity in rice circles shows buyers widening from fancy sorts to fair and medium grades. Prices range 34 to 7c, with receipts higher than last week and most sold to arrive or placed from dock, keeping spot stock low. South markets report smoother demand for rough rice. heavy rains slow harvest. New Orleans market quiet yet firm on small offerings. foreign dispatches expect higher ranges. Talmage's Sons Co reports new crop movement. receipts 391,095 sacks, sales 303,145 pockets. Charleston notes Carolina crop receipts 500 bbls, sales 330 bbls.
The London tin market fell with spot £120 15s and futures £132 while copper eased to London prices of £60 7s 6d spot and £61 2s 6d futures. Local copper, lead, and spelter quotes drifted lower or steady with varied U S prices, and St Louis quotes showed lead at $4.42 and spelter at $4.67.
Wool firm quotes in St Louis on September 16 show medium grades combing and clothing at 20c, light fine 16 16 4c, heavy fine 11 12c, tub washed 9 ½ to 11 ¼c per pound.
Market notes list numerous bond issues and prices from W E Hutton Co and First National Bank, including U S 8s 5s and various railroad and Pacific references with quantities ranging from 1,000 to 20,000 and prices from around 67% to over 110 percent, reflecting diverse demand and yields.
The Cincinnati, New Orleans and Texas Pacific Railway reports $139,464 in first week earnings this September versus $163,182 a year ago. The Business Men's Club will send 300 members to Richmond Ind for the fall festival on October 7 via a special train. William M. Doane departs the Big Four November 1 to join Walsh Construction as Vice President and General Manager at Davenport Iowa. Visitors yesterday included Merrip of Louisville Mo Jukins and Carey of Chicago Ill Stuffer of St Louis Merith of Indianapolis and Dilts of Falmouth Ky. Mrs W Kesley Schoepf wife of the Traction Company president had an appendectomy in Boston and is on the road to recovery.
The Ohio River Chemical Company, a Globe Chemical subsidiary, was incorporated in Columbus yesterday with $25,000 capital by I Grote, Charles F Melch, F C Grote, Louis C Grote and J W Schardin e. The plant will be on Murray road St Bernard. After Sept 14 Third and Park streets depot handles outbound freight for Chesapeake Blue Ridge Dispatch and Kanawha routes.
London stock trading drifted downward on profit taking while closing steady in spots. Paris and Berlin bourses weakened on German Morrocan notes and New York absences with weak exchanges and high discount rates.
New York money on call steady at 1 to 2 percent with 1 percent ruling rate. Sterling exchange firm with bank bills around 485.20 to 485.30 for sixty days and 486.85 for demand. Government bonds easy, railroad bonds heavy. Boston reports call loans 2 to 3 percent, time loans 3 to 4 percent, and lists varied bond and stock quotes across Atchison, Mexican Central, Boston exchanges, Edison, General Electric, United Fruit, United Shoe, United States Steel and others.
In New York on September 16, a fairly large sale of cotton goods for shipment to India is noted and export inquiry shows improvement. Jobbers continue steady business in small lots while knit goods and hosiery for immediate shipment are in better demand. Silk ribbons and satin faced silks sell freely, with cotton goods trading at very close profit margins.
Kansas City reports fresh extras at 222c and current receipts 17c for eggs. New York notes butter firm and unchanged with large receipts. cheese steady. Chicago records butter steady at 18%4a23c, eggs steady firsts at 2c, cheese varied by brand. Poultry prices show alive birds strong with turkeys around 13%4c and chickens about 10c to 14c depending on size.
Washington report details the general fund as of today with an available cash balance of 184 million 699 thousand 779 dollars excluding the 150 million gold reserve. It lists gold coins and canon at 36 million 353 thousand 440 dollars and gold certificates at 25 thousand 700 dollars.
Cincinnati Gas and Electric and Telephone shares show advances as investors inquire amid plentiful money. Bank clearings reach 4.347 million dollars with New York exchange bids mixed. bonds and municipals favored.
A dense list of stock and bond quotations appears with company names such as City Hall Cosmopolitan National Cov Norw First Nor Nat and Union Savings tied to various par values and percentages. Traction bonds, utility shares, and industry names like Shillito and Dayton & M are shown with bid and ask style figures, reflecting a period market snapshot.
Cotton opened easy in New Orleans with middling at 9 3/4 cents and spot sales of 1,650 bales. futures dipped briefly before buying pushed them higher. In New York trading, prices hit new highs for the period before closing modestly higher on demand from spinners and short covering.
The Iron Trade Review notes persistent weakness in the steel market over six months with some hopeful signs. Prospects include a potential 20 000 freight car order and continued demand for ore while German and Southern markets waver. Major projects include $2 000 000 in furnace rebuilding at Ensley Alabama and Tennessee Coal Iron plant upgrades. Labor and drought affect coke plants, and market activity remains restrained overall.
Oil City reports credit balances of 1.78 with 188471 barrels in store and shipments totaling 203626 barrels. Toledo notes Lima oil prices at 1.04 and 99 cents for South Lima Indiana. Charleston lists turpentine steady at 35 cents and rosin across grades, with window glass and lamp products priced up to 4.60 dollars. Savannah shows turpentine firm at 85 cents with rosin prices from 2.40 to 6.25 and stock 142932 barrels. Wilmington notes spirits turpentine at 1444 cents and rosin at 2.10 with tar 1.60 and crude t urgents firm.
The coffee futures market opened steady to up 5 points on rumors of higher French cables after month end. San Paulo weather remained wet, late trading saw rain relief, and overall demand was light. Reports show 5,260 bags sold with September 5.75c October 5.60c December 5.55c March May 5.80c. spot at Rio 7 6c Santos 4 8%o Cordova 9 12%o.
The report lists prices for several mining stocks on Sept 16 including Alice 3.50 Breece 0.05 Brunswick Con 0.07 Comstock Tunnel stock 0.22 bonds 0.17 Con Cal Va W Horn Silver 0.50 Iron Silver 1.00 Leadville Con 0.08 Little Chief 0.08 Mexican 0.60 Ontario 5.00 Ophir 1.90 Standard 1.75 Yellow Jacket 0.43.
Cincinnati markets show firm wheat and flour while corn oats and hay trade easy. Receipts and shipments list wheat corn oats hay and alcohol volumes with numerous quotes and prices across No. 2 red No. 2 yellow and various mixed grades.
A list of produce with prices per unit: apples per bbl 2 to 2.50, bananas 1.75 to 2 per bunch, beets 15 to 20 cents per dozen bunches, carrots 15 to 20 cents per dozen bunches, cucumbers 11 to 20 cents per dozen, cantaloupes Rockyford 1.25 to 1.50 per crate, cabbage Louisville 1.25 to 1.50 per barrel, lemons Messina 4.24 to 4.50, Palermo 4 to 4.50, oranges Late Valencia 4.4 to 4.5, onions white 90 cents to 1 per bush, new potatoes Ohio 2.50 to 2.75, peaches Georgia 1.75 to 2.50 per bushel, pears Bartlett 1.65 to 1.75 per box, peas New York 1.25 to 1.75 per bush, string beans 1.25 per bush, sugar corn 12.5 to 20 cents per dozen, squash 50 cents per bush, tomatoes Choice 1 to 1.25 per bush, watermelons 10 to 15 per 100.
Two warehouses reported sales totaling 28 hhds with medium grades leading and fair quotations. Buckeye sold 12 hhds ranging from 8 to 18.75 dollars, Bodmann 16 hhds from 12.75 to 18.75. Recap shows 14 at 12.75 to 14.75 and 1 at 8.00 and 1 at 11.75.
Boston dated September 16 shows mixed trading for mining stocks with notable quotes including United States Oil at 2544 and Grand total activity across Amalgamated, Copper Range, Zinc leaders and several regional mines. Investors watched prices for Calumet and Hecla, Isle Royale and Butte entities amid fluctuating demand.
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