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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Apr 09, 1908
Page
15
Stock market reacts to Birle Railroad plan uncertainties and Harriman offer. Erie short term notes near 3 pm, exchange on the new notes discussed. Crop report largely ignored as traders focus on railroad earnings and market stability amid shifting prospects.
Local metal and commodity listings show mixed moves with London quotations firm to higher while local markets soften. Copper, lead, tin, and spellers shift slightly. eggs, butter, cheese, and other staples are listed with receipts and varying prices.
The article discusses the Erie stock price at 16 1 2 and the need for new funds as the railroad seeks long term bonds instead of notes. It notes past reorganizations, creditor confidence from bankers, and market reactions to the note plan impacting Union Pacific and the broader market.
Local trading in Washington stocks reflected light volume with modest price changes. Washington Railway and Electric common offered near 27 1/4, preferred around 74 1/2. Capital Traction fractional lots moved near 12 1/2 to 13 1/4, with broader activity later at 12 1/2 and 12 3/4. Potomac Electric Power bonds rumor circulated amid syndicate control. Washington Sanitary Improvement Company reports assets rising from 85,959 in 1898 to 711,720 in 1908 and a surplus of 92,320 up 19,087 from 1907.
Wholesale price quotes across dairy meats and produce show moderate FGGS supply, firm market, and mixed demand. Butter and cheese hold firm. live poultry steady with strong demand for certain cuts. dressed meats in full demand for choice calves. vegetables and fruits priced by variety with barrels and crates cited.
Market quotes show cattle per cwt from 2.00 to 5.00 with progressions for hogs at 4.25 to 4.50 per cwt. Sheep and lamb values listed as clipped 4.00 to 4.80 and spring lambs at 15 to 16 per pound. Calves and cows priced by per pound or per head with ranges from 40.00 to 50.00 per head for fresh cows and 20.00 to 20.50 for common cows.
Oil quotations listed for Ol City Pa show credit balances at 1.78 with runs totaling 198,566 barrels and an average of 156,394. Shipments reach 199,867 barrels with an average of 181,563. Other entries note Lima Ohio and South Lima Indiana figures with brief price indicators.
Higher all day with Ed May trading and July support. Corn receipts 3.325 bushels across 16 elevators. No. 2 yellow and nearby markets strong. Oats receipts 90,000 bushels with exports and spot demand modest. note weight ranges for natural and clipped white varieties.
Despite a bearish government crop report, Chicago grain prices rose on demand from shorts and elevator interests. May wheat closed near the day’s high, corn and oats fluctuated with weather and movement concerns, and provisions firmed on corn strength.
New York cotton futures rallied from an opening decline and closed steady with a net gain near 4 5 points. Sales were around 225,003 bales as early selling eased, reports of English mills resisting Easter shutdown and cooler temps prospects supported buying for a turn. Southern markets were unchanged to lower with private wires noting steady spot prices despite higher futures.
Live stock markets report receipts and prices for New York and Chicago on April 8. Beefs, calves, sheep and hogs show varied declines and steady trends with notable ranges for steers, cows, bulls, veals, lambs, and porkers across the two cities.
New York money market reports easy on call at 1 percent with rising bids and offers. Time loans steady at three percent for sixty and ninety days. Sterling exchange firmer with bankers bills around 4.97 and 4.85 for sixtyday. Government bonds steady. Two Stock Exchange holidays noted Good Friday April and Saturday April 13.
In New York on April 8 the Erie Railroad faced receivership over $5,500,000 in notes due today and other debt. J P Morgan & Co backed a plan to exchange for 6 percent notes and a $5,000,000 syndicated loan, but cash payments and a $5,000,000 capital infusion altered strategy. E H Harriman, Erie director, offered to provide funds to retire maturing notes at par, a move accepted by the board, stabilizing the company.
Special to The Washington Post with Thomas F. Ryan appearing in Fifth Municipal Court Harlem as a witness in a 3d Damage suit against Metropolitan Street Railway Company directors. F J Vreeland and Douglass Robinson also spent the day in court. Emmanuel Weil and Minnie Weller claim the 1915 and 19% reports were fraudulent and misled them into holding stock, seeking damages. Ryan’s counsel described the suit as a fishing expedition by minority stockholders. No important evidence was produced.
Alexander E. Orr, long a director and former president of New York Life, retires as a director at the annual meeting citing advancing age and health. Clarence H. Mackay’s resignation as director is noted. Wittam Innis of New York and Rowland G. Hazard of Peacedale are elected to fill vacancies. Myer Stern, a clothier, was ordered to show cause why he should not be adjudged bankrupt after creditors claim $2000 and he admits inability to pay.
Work is set to start this spring on an apartment house on S Street between tenteenth and Nineteenth streets northwest. The 60 by 100 foot lot, partly sold by William H. Walker through Stone & Fairfax, will house the building as plans are prepared.
Market page shows April and May bids for flour and bread stores with winter and spring grades, receipts and exports figures. Corn oats and rye prices listed with regional notes and freight rates to Liverpool. butter cheese and eggs steady with varied creamery and ladle pricing.
At a yesterday meeting the stockholders of the People's Fire Insurance Company of the District of Columbia ratified a February contract with the Royal Insurance Company Limited of Liverpool, by which Royal took over all fire liabilities. Fourteen thousand five hundred sixty two shares voted yes, one hundred no. about eight dollars per share expected for holders. Receivers will wind up affairs, with John H. Herrell and Henry K. Simpson as officials, Simpson remaining as Royal branch manager at 326 Pennsylvania Avenue Southeast.
The Bureau of Statistics reports April 1 crop conditions improved over last year with winter wheat at 91.3 percent and rye at 89.1 percent. State figures list Kansas, Indiana, Kentucky, Maryland, Virginia, North and South Carolina, Washington, New York, Oregon, Ohio, Missouri, Illinois, and others. Ten year averages are noted for comparison.
Anna Wells aged ten sues Charles Malnati of Malnati Stone Company for 82000 in District Supreme Court. The complaint filed by her father William Wells alleges negligence in placing a large stone on the sidewalk on Sixteenth street near M street, causing injury when it fell on her while she played on January 1. The case cites injury compensation and requests damages.
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