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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Sep 27, 1908
Page
12
New York reports show volatile market swings with Rock Island issues under suspicion as a stock market device amid no new capital confirmations. Railroads cut operating expenses by about 20.7 million and idle cars drop sharply, while fields stay firm and total sales reach 2.025 million par value.
The writeups discuss a heavy general list and potential further setbacks. Traders anticipate a favorable market on sharp drives offering quick turns at modest profit, with mixed signals from the Presidential contest and selling by traders on the floor. Opinions from Taft supporters and brokers foresee gradual improvement as election day nears.
London stocks drift lower while rail traffic signals improve earnings. September figures show idle freight cars at 173 587. Grain export growth and crop movement buoy railroad earnings, with Rock Island and Union Pacific marked for strong gains.
London markets show better demand but restricted by holiday and settlement. Consols and gilt edges rise fractions while Kaffirs prosper and several blue chips move modestly. European bourses Berlin and Paris show quiet or irregular trading with minor rate variations.
The New York metal markets showed quiet activity with tin quoted near 29.37 to 29.50 dollars per unit. Copper held firm from 13.37 to 13.62 for lake and 13.12 to 13.27 for electrolytic. Lead and spelter eased toward 4.47 to 4.50 and 4.72 to 4.77 respectively. Iron unchanged. In St Louis the lead at 4.32 and spelter at 4.65.
The Associated Banks of New York City report a $2,546,500 drop in loans for the week ending September 26 due to liquidation in speculative circles. Cash declines $4,047,300 with gold shipments to Canada and losses to the Subtreasury. Deposits fall $4,535,500, cutting surplus reserve by $2,813,350. state banks and trust companies also reduce loans by about $1,500,000 and cash by $830,000 as liquidation spreads.
The Manchester cloth market reports a spinners’ lockout dominating the week’s chatter. Prices drift against merchants as manufacturers gain bargaining power on India China and Mediterranean trade while buyers hold back for immediate needs amid limited yarn turnover and tighter delivery.
Money on call nominal and time loans modest with ranges. Sterling exchange steady with bankers' bills quot ed. Boston bond list shows mixed rates on railroads and utilities, with numerous equities and industrials including United States Steel and General Electric trading in the 40s to 140s.
New York reports merchandise and dry goods exports valued at 10,991,244 for the week ending September 19. Species exports total 810,016 silver and 506,125 gold, with other specie amounts of 61,953 silver and 780,909 gold.
W. B. Hutton & Co. and First National Bank outline a list of municipal and corporate bonds for sale in New York. The report details issue names, maturities, and bid prices, with many issues trading around 88 to 108 percent of par for notes maturing through 1987 and beyond.
Visitors registered at the Business Men's Club included S. W. Carrington F T Dubois Liberty Ind J C Coffing Stanford Tex W T Griffith New York City and R S Gillespie Welsh W Va. M B Farrin Lumber Co directors elected H J Pfiester president W J Eckman vice president A L Metcalfe secretary treasurer. Pearl Street Market Bank to meet Oct 1 to vote on new state banking law widening loan power to 60 percent of real estate value. James F Taylor of American Oak Leather Co surprised by Stem Winders at his Avondale home with maps brooms and other gifts. speech by O P Cobb.
The Cincinnati Central Drug Clerks Association holds a special meeting Thursday evening October 15 for all drug clerks. Dr. A O Zwick president of the Ohio Valley Druggists Association will discuss Emergency Treatment in Poison Cases. The event ends with a smoker and Dutch lunch.
A social and business session of the Ohio Division of the Travelers Protective Association occurred last night at H. B. Barnes residence in Ft. Thomas. Preparations are underway to receive National President H. O. Gray and National Director A. A. Kirchoff who will visit Cincinnati next month. The local group plans a delegation to the Deep Waterways Convention in Chicago from October 6 to 8.
The London stock market saw fairly active week trading with a steady undertone. Foreign and Kaffir shares advanced fractionally despite an early drop in American securities. Gilt edged and good yielding shares rose on banking deposits and released funds. American stocks fluctuated with a late recovery aided by overseas support. Union Pacific ended 8 points below last Saturday.
The weekly statement shows banks hold 50,039,550 above reserve needs, a fall of 178,975 from last week. Aggregate figures list loans 1,312,020,500 and deposits 1,405,935,000 with a 28.56 percent actual reserve, while nonmember institutions in Greater New York report deposits 1,044,808,220 and loans 949,792,800.
R G Dun reports first half September rail earnings total 14 337 927 dollars, down 9 3 percent from last year. August shows 49 473 800 dollars in gross earnings, down 16 6 percent, with Pacific, Southern and Eastern trunks hardest hit. Central Western and Southwestern lines show smaller declines. The data cover 61 019 miles of roads and compare September and August/July two week periods.
Boston market notes list daily percentages and figures for mining and related stocks including Adventure Amalgamated Copper United Copper Osceola and Centennial with varied gains and losses across multiple companies and coal and oil interests. The compilation covers firms from Canada the United States and regional miners across numerous listings.
The New York mining market lists prices and offerings for several stocks and bonds including Alice 0.35, Breece 0.05, Brunswick Con 0.06, Comstock Tunnel stock 0.20, Comstock Tunnel bonds 0.17, Con. California and Virginia 0.73, Horn Silver 0.50, Iron Silver 1.00, Leadville Con 0.08, Little Chief 0.08, Mexican 0.60, Ontario 4.50, Ophir 1.80, Stand ard 1.80, and Yellow Jacket 0.43.
The New York market opened quiet and largely unchanged to 5 points lower, with 4,500 bags traded. October futures at 5.60 cents and December at 5.50 cents. Spot Rio No 7 6 cents, Santos No 4 81 2 cents, mild coffee dull with Cordova 9 1/2 to 12 1/2 cents.
The week’s stock activity was dull with few new offerings as traders waited on election results. Telephone shares and Kroger second preferred led gains while Gas stock and Street Railway stayed steady. municipal bonds rose, outside bonds lagged, and calls loans remained scarce at 4 percent with 5 percent discounts.
Cincinnati market data show mixed movements in sheep cattle hogs and calves for the week ending September 26 with quotes and receipts across cities including East Buffalo St Louis Kansas City New York Chicago Pittsburg and varying prices for prime fat steers hogs and lambs. Cattle shipments were 5324 head with prices from 4.50 to 5.25 for fat steers and hogs averaged around 6 to 7 per hundred weight amid fluctuating demand.
The market in New York on September 26 showed firmer demand with more business tendered by weavers and knitters. Sheetings, printed and woven fabrics, and linens from stock sold well at lower prices, while the burlap market remained quiet with erratic but firming prices.
New York reports butter receipts 5 679 lbs with creamery specials 25 14 to 25 0? per lb and extras 24 1/4 to 25 1/4c. cheese unchanged with receipts 2 441 pkgs and weekly exports 984 pkgs. eggs 7 837 cases. poultry prices show alive dull and dressed quiet. Chicago records butter creamery 10 1 to 23 1/2c. eggs 18c. poultry chickens 10c to 13c. turkeys 16c. geese 5c. cheese varieties 12 1/2 to 13c. Kansas City notes eggs firm fresh extras 28c with 18 cases.
Oil and turpentine market round up from Ocean cities with closing prices and stock figures. Charleston Rosin ranges to 6 up. Savannah reports spirits turpentine 35 percent, rosin varying by grade, stock 145 130 barrels. Toledo lists Lima prices at 1.04 and 98 cents for South Lima Indiana.
In New Orleans on September 26 the daily market shows prime cotton seed oil trading at 38 cents per pound. The brief note records current price levels for prime stock in the regional market.
New Orleans cotton notes report quiet activity with middling at 91 16 cents and sales of 600 bales on the spot plus 1 225 bales arriving. Liverpool and New York follow with mixed futures, weekly stats and port receipts as markets absorb bearish cables and weather fears.
Toledo market brief notes Cloverseed prices with cash at 5.50 and December at 5.60, March unspecified. The fragment indicates a futures price listing but lacks full context or dates for a complete summary.
Thomas J Walsh, secretary of the Cincinnati Hamilton Dayton Railway Company, of Cincinnati Ohio, announces a date of September 12 1908 for internal company matters at the firm.
Hamilton Ohio announces the sale of bonds on October 18 totaling 103,728 dollars. Of this, 50,000 dollars fund extending water works to annexed territory and 25,000 dollars cover street resurfacing. City Auditor H A Grimmer reports many inquiries.
ST. LOUIS reports medium grades combing and clothing wool at 16a 20c, light fine 16a 21c, heavy fine 11a 12c, tub-washed 20a 27c. LONDON announces fifth series wool auctions opening next Tuesday with closing set for October 22, first week offering 67,610 bales.
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