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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Aug 12, 1917
Page
13
Uncertainty depresses the stock market as Dun's notes conditions suppress activity. The government price fixing program unsettles big interests and food speculators while a food dictator yields little market reaction. Prices in the East show little change as Butte trading dries up due to local conditions.
Weakness in motor shares and strength in tobacco issues mark today’s session from Lauzter Wolcott Co. Investors eye a government price fixing program while Russian events and Allied front progress lift sentiment. Rail stocks may gain as tonnage prospects improve. Kaiser signals a peace pact within three months on Riga front.
New York reports the French commission placed orders for 17 000 four wheel freight cars with American firms including American Foundry and Pressed Steel Car at about 20 million dollars. Uncertainty over a government price fixing program tightens buying power and restrains activity.
Big producers stayed out of the market as small dealers quoted spot at 27 cents, September 26 1/2 cents, and Q4 around 25 1/2 cents. Hutton & Co. New York notes a dictator's appointment on food and fuel costs barely moved prices. Shorts covered and the day closed firm with little range, while Marine preferred and Central Leather attracted interest. The list opened and closed near the same figures.
The piece notes that price fixing will not confiscate securities and expects a stable market foundation. It cites limited broker holdings, caution on war and industrial stocks, and ongoing accumulation in tobacco and marine shares. It mentions government loans, short interest, and looming policy rumors in Washington as factors shaping earnings and taxes.
The New York market opened mixed as the new government loan expected at 4.4 percent influences investment securities. Steel stocks show bearish sentiment while brokers' loans run low and short interest remains fair. Copper company reports fail to move markets.
The Minneapolis grain market shows September wheat firming to 2.17 while corn slides to 2.21 2.22. Wheat receipts total 134 cars versus 2538 a year ago with cash wheat prices listed by grade and quality across No 1 to No 4 northern and hard Montana. Barley, rye, flax, oats, and bran prices are also recorded along with shipments of 87 068 barrels and flour unchanged.
Mercantile paper sits at 4 percent with sterling sixty day bills at 472 and commercial bills around 471 1 2. Demand francs trade near 578 with cables at 577, guilders around 42 and 421 1 2, lire 743 and cables 742, rubles 20 9 10. Bar silver at 82 4, Mexican dollars 64 4. Government bonds appear weak and railroad bonds irregular.
The Barnes-King Development Company reports July bullion from all mines at 54201.53 dollars, up from June, despite lower tonnage of 4512 tons. North Moccasin produced 692 tons with 8601.53 dollars in bullion, Gloster and Shannon shipments improved, and August-September outlook targets full Shannon balance repayment.
Market notes from Chicago August 11 report dramatic corn price drops for immediate delivery with futures steady near yesterday. Wheat eased slightly while oats and hog prices moved, aided by government food-control expectations and a larger domestic visible supply.
Chicago market unsettled with 7000 hogs and 600 cattle receipts. Hogs hit a new high price record at $17.25 top and bulk $16.30 to $16.90. Cattle offerings include western steers $7.41 to 12.25 and cows $4.50 to 12. Lambs and sheep shown steady with lambs at $9.75 to $16.20 and wethers $7.60 to 11. Sheep receipts about 3000.
Trading on the New York stock market this weekend was the most insignificant of the summer, total volume about 175000 shares. Steels and motors led declines of 1 to 3 points amid poor reports, while rails and shippings showed mixed results. The week ended with weaker bank operations and irregular bond activity. copper markets remained quiet with electrolytic quotes around 26.5 to 27 cents for September and upcoming quarters.
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