Wall Street reacts as market shows tentative rally signs
Stock market facing sharp moves with periodical upturns as bears cover shorts. Union Pacific bond issue looms as key event while gold exports and bank liquidity influence the day’s final turn.
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Newspaper
Albuquerque Morning Journal
Location
Albuquerque, New Mexico, United States of America
Date
May 13, 1908
Page
5
Stock market facing sharp moves with periodical upturns as bears cover shorts. Union Pacific bond issue looms as key event while gold exports and bank liquidity influence the day’s final turn.
Boston financial page shows loan rates and bond listings with Atchison Adjustable 4s quoted at 86 and other securities around 97. The text includes scattered figures for call loans and time loans indicating a shaky credit environment.
The Metals market shows mixed shifts with Topper at 56 168 spot and 57 10s futures in London. Local prices hold steady to quiet with copper around 12.25 to 12.75, electrolytic 12.37 12.62, and casting 12.12 12.37. Lead and spelter show small moves in London while local markets stay steady. bar silver at 524?cents per ounce and Mexican dollars quoted.
Cattle receipts 2 500 steady to strong with steers 5 00 to 7 25 cows 3 75 to 6 25 heifers 3 50 to 6 75 bulls 4 00 to 5 75 calves 2 50 to 6 25 stockers 3 25 to 5 76. Hogs receipts 14 000 up with choice heavy shipping 5 65 to 5 70 butchers 5 65 to 5 70 light 5 50 to 5 70 choice 5 60 to 5 70 packing 5 15 pige 4 15 to 5 25 bulk 5 50 to 5 65. Sheep receipts 00 market steady lambs 10 to 15 lower sheep 5 50 to 6 50 lambs 6 00 to 6 75 yearlings 5 50 to 6 25.
Cattle receipts 11 500 including 400 southerns with market steady heavy steers weak and price ranges from 3 75 to 7 09 for best export and dressed beef. Hogs market steady to strong with tops around 5 65 and most sales 5 45 to 5 60. Sheep receipts 11 000 with prices 6 to 7 40 for lambs and 5 00 to 5 60 for ewes and yearlings. Texas yearlings 5 25 to 6 60 and stockers 4 50 to 6 25.
St Louis Wool market notes in brief listing full and medium grades for combing and cloth wool in St Louis Missouri dated May 12. Mentions light fine heavy fine and tub washed wool with specific percentages and weights.
New Orleans May 12 reports Atotton Epett firm with prices left unchanged at 10 to 11 16 cents per pound as trading opened.
New York May 2 New York Cotton futures opened steady down seven points and closed steady with a net gain of one point to a loss of twelve points.
Boston wool markets show higher sales yet lower prices with activity limited to small lots. Buyers hold back as the clothing market remains weak, with territory pine staple at 57 to 58 cents, fine medium staples 55 to 56, clothing grades weakening to 45 to 52, and blood percentages quoted at 46 to 43 for various grades.
An advertisement warns chronic constipation risks and promotes Foley's Urino Laxative as a pleasant remedy that aids digestion and liver and bowel function without causing nausea or gripe. It lists a dealer contact and mentions white bran corn products and a telephone number.
The Boston wool market shows dull demand but large week sales of quarter blood fleeces at low prices as dealers accept low bids to clear wools while manufacturers seek buys. Ohio Michigan Wisconsin and Missouri fleeces sold around 21 to 26 cents with various grades from Montana Wyoming Arizona Texas and Utah also reported. Shearing begins in Wyoming Idaho with limited activity elsewhere. Texas and California wools remain soft.
The Senate passed a post office appropriation bill totaling 229 million dollars with amendments increasing annual mail weighing, authorizing one dollar per day for railway postal clerks away from terminals, and extending ocean mail service to the Philippines and other ports. Senator Rayner moved to form a court of inquiry into Colonel William K. Stewart, citing a controversial president's letter. he announced plans to press the resolution tomorrow as pension bills also passed and the chamber adjourned.
Washington May 1 The House approved the conference report on the naval appropriation bill by 1386 to 124 After a long debate the bill includes a new provision to increase pay for officers and men of the marine corps and navy This action follows a drawn out session and reflects adjustments to military compensation.
The Rio Grande valley near Albuquerque shows rising acreage under cultivation this season with improved tillage. Experts estimate a one fifth increase over last year and note better farming methods, cleaner fields, upgraded farmhouses, and growing demand for small irrigated farms near Albuquerque.
Agricultural report notes limited alfalfa loss from late frosts in the Albuquerque valley while truck gardens and fruit crops show mixed results. Peaches largely fail, grapes delayed but not seriously damaged, and spraying plans emerge as growers seek a strong recovery during a hoped for new period of progress. An advertisement touts a $65 typewriter from Albuquerque Typewriter Exchange.
A big bonfire on the mesa east of the city drew many motorists and riders Monday night as they rushed to the scene to learn the cause. The Travelers' club guests of President W. G. Tight of the university visited his ranch after dinner at the Alvarado. The group, led by Mr. J. Claldridge, rode out in the Varsity carry-all Minnehaha and enjoyed a mammoth bonfire with hosts and guests including B. H. Briggs C. H. Conner SC BE Hodgin D A Bittner Mrs Adelaide C Shupe and J C Bald ridge.
A local Albuquerque shop denounces sending cleaning and pressing out of town to Denver and Los Angeles. It claims exclusive Electro-Benzol cleaning guarantees no shrinkage or spots and promises superior finish. The business advertises at 218% W. Silver Avenue with 451 as phone and offers delivery, repairs, and second-hand clothes buying and selling.
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