Crop scare dampens market as government helps movement
Wall Street reacts coolly to a government plan to deposit funds to speed crop movement. 90 day loans firm. New York banks gain cash while shares slide.
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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 02, 1913
Page
11
Wall Street reacts coolly to a government plan to deposit funds to speed crop movement. 90 day loans firm. New York banks gain cash while shares slide.
Foreign selling weakened Canadian Pacific with a small price drop from last Monday. Montreal rumors of a dividend hike are denied by insiders. any change would likely wait until year end. Pennsylvania June results show higher east and west gross with lower net due to flood-related expenses, while six month maintenance costs rose across Panhandle and the Pennsylvania Company lines. The six month net earnings for the system fell about 4 million, despite a rise in gross to around 95 million for the year, with St Paul system ranking sixth in rail metal revenue. Atchison fiscal year gross reached 117 million, up from prior years, with strong earnings on common stock and high gross per mile. President Earling announced 14 million in freight equipment orders and Montana construction plans.
Live stock receipts and price ranges for cattle calves hogs sheep and lambs at New York and Chicago markets. Steers bulls cows and calves show mixed changes with overall softness in New York while Chicago reports active hog trade and steady to slow cattle demand.
New York aug 1 wheat spot firm No 3 red 90 1 2 f o b export basis July shipment 95 1 2 f 0 b afloat to arrive No 1 Northern Duluth 99 1 2 to 0 0 afloat futures firm on covering higher world market light country offerings large weekly clearances strength in corn to the West closing not higher export sales 73 roads September 9 1 2 December 98 1 2 corn spot strong export 78 4 f o b afloat oats spot firmer standard white No 2 48 5 No 3 46 1 2 4t No 4 45 46 tamy lipped white 48 8 4 9 rye strong
Epring lambs at 7 to 9 percent per pound. Hogs and sheep listed per pound. Veal calves moved with choice quality at higher rates.
Closing asscion of the week on the Washington Stock Exchange was featureless with trading at a standstill and apathy on the floor. Only modest activity appeared in Washington Railway and Electric preferred and Capital Traction, while Washington Gas traded a single block. Bond issues were neglected and overall totals showed a dull week with $33,200 in bond sales and 1,933 shares moved, dominated by Capital Traction. J H Berger, Grocer, Bankrupt. A voluntary petition filed in the District Supreme Court sets debts at $9,637.71 and assets at $3,124.47. Justice Gould orders sent to referee W M Hallam. Warns Against counterfeit $10 notes circulating in the Pacific Northwest. July federal deficits and receipts noted with heavy government expenditures, and rising internal revenue from whisky, beer, cigars, and cigarettes. Net general fund balance, trust fund gold, total Treasury cash, and national bank circulation figures listed. July gold coin minted.
Willam RB Clough named head of the Northern Pacific Railway as chairman of the board, with J M Hannaford succeeding as president and George T Slade promoted to first vice president. Clough will oversee financial administration from New York, marking a new era following New Haven practices.
The August Department of Agriculture report sets overall cotton condition at 79.6 percent of normal as of July 25, down 0.4 points from July and 8 percent since June 26 in Oklahoma while Texas and Mississippi drop 0.5 and 0.5 points respectively. Florida Louisiana and Missouri decline 2 percent. most Atlantic coast states trail ten year averages, while central and western belt states exceed. State figures list Virginia 81 North Carolina 77 South Carolina 77 Georgia 76 Florida 8 Alabama 79 Mississippi 77 Louisiana 79 Texas 81 Arkansas 87 Tennessee 90 California 86 Oklahoma 31 and others.
Richard W. Goodhard was appointed to the vacancy created by Samuel M. Hahn’s resignation as national bank examiner. Goodhard has served in bank examining for years. Hahn delayed resigning until First Second National Bank of Pittsburgh closed and has joined Fidelity Trust Company in Baltimore.
Baltimore markets update on August 1 shows No 2 red wheat strong, contract corn no activity, oats firm, rye fair demand. Poultry prices list various chick, duck, and fowl rates. egos and butter prices range with Maryland Pennsylvania and nearby states noted. figures in decimals and per pound across multiple categories.
Credit balances 750 and shipments 92 102 listed for Aug 1 with averages shown. Regional figures include North Lima 199 South Lima Indiana 34 and Wooster 1 91 noted in the Toledo market report.
New York reports that Stoward Hiboth will become New Haven Railroad president and later chairman, guiding electrification of the main line from New York to New Haven. The project, begun under law requiring electric operation into New York, shifts from direct current third rail to overhead alternating current after two years of Stamford to New York testing, with prospects to extend to Boston and beyond.
Chicago grain notes broadening speculative buying driving corn to season highs as crop damage worsens and rains delay. Wheat and oats follow with modest advances while cash grain quotes mix across No 2 red, No 2 yellow and white oats amid volatile futures.
New York August cotton futures rose after government showed crop condition at 79.6 percent down from last month’s 81.8 and ten year average 80. Prices opened up 2 to 6 points but closed barely higher to 14 points. Showers in the Southwest limited gains while some hours saw prices slip before steadying near the final levels.
Copper market shows strength with bids around 1437 for August to October. Electrolytic and casting copper prices mix with varied figures like 1A 25 15 3B and 15 37 11 60. London copper steadiness noted with 267 Ts 64. Tron and Cleveland warrants cited, with London prices around $40.
Wholesale fruit and vegetable prices from Virginia to Delaware show good demand for produce. Poultry, eggs, dairy, and various commodities are listed with fluctuating figures and regional notes, reflecting a busy market in early August.
Money on call remained steady at 2 1/4 percent with a 2 percent ruling rate. Time loans quoted at 3 4 to 4 percent for 60 days and 90 days, six months at 6 percent. Prime mercantile paper at 6 1/4 percent. Sterling exchange steady with 60 day bills at 4.3310 and demand at 4.87. Commercial bills 4.82. Bar silver 69. Mexican dollars 41. Government bonds strong and railroad bonds easy.
Philadelphia markets report mixed grain prices with wheat higher for No 2 red export at 88 44 89, No 1 Northern Duluth export at 99 1.00. Corn higher for No 2 yellow at natural local. oats stronger for No 2 white at 74 74. Poultry alive steady and dressed firm with broiling chickens 18 to 22 cents. Potatoes weak and unchanged.
Washingtonians descend daily to Colonial Beach known as Washington's Atlanta City. The St Johns steamers run at 2.30 p m today and 11 p m tomorrow with water sports thriving. A grand dance hall over the water, fresh artesian wells, and Marine bands provide nightly entertainment. summer heat boosts attendance.
New York Aug L D An's Review tomorrow notes optimistic business conditions with growing confidence for fall and winter trade. Markets remain quiet though some reports indicate a shorter midsummer recession. Agricultural prospects remain favorable with gradual spring wheat recovery and strong harvests from the Southwest. Railway earnings exceed last year's total, despite some road revenue declines and a dividend cut by a major system. Failures total 256 in the U S and 30 in Canada this week versus last year.
In Trenton New Jersey on August 1 Judge Gnichtel sentenced Daniel H H Tolman a money lender with offices in major cities to three years probation and a $1000 fine for violating state loan shark laws. If he resumes lending anywhere in the United States or Canada during probation he faces arrest and imprisonment. The maximum penalty for the offense is a $1000 fine and three years in prison.
W. H. Gaines, a young Alexandria attorney, took the oath as deputy clerk for the U S court in the Eastern District of Virginia, succeeding R. P. W. Garnett who resigned but remains United States commissioner. Gaines plans a local law office with a branch at the county courthouse. A fire at 123 South Fairfax street led to $25 in goods stolen. cause of the blaze unsettled. Isabella Cockrell won July’s fly swat contest with 307,700. other finalists named. Delegates to the American road congress from the Eighth district named: J. L. Dawson, W. E. Allen, and W. R. T. Reid. A barn at New Washington Brick Company property was struck by lightning, burning hay and feed. In Clerks office month, 32 deeds recorded and 60 marriage licenses issued.
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