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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 04, 1906
Page
19
The market opened slightly under prior close, rose unevenly, then turned nervous with selective gains fading amid profit taking by large speculators. Rail shares led the drift lower, London and cotton markets softened, and cash and bank conditions remained unsettled despite mixed income and copper futures showing modest gains and later selling.
In New York August 3 special to The Washington Post brokers faced a perplexing session as stock prices zigzagged, signaling possible bull movement fatigue. A new pool aimed to push Chesapeake and Ohio higher, backed by banking interests seeking investment value over speculation, with dividend and earnings expectations shaping support from Virginia and Pennsylvania holders.
Bradstreets reports show optimism in general trade and rising iron and steel demand. Mills run at capacity amid dividend resumption, while failures remain few. crops improve, wholesale orders rise, and Railway earnings stay strong as fall shipments begin.
Money on call steady around 24 3 4 percent with bids at 24 and offered 24 . prime mercantile paper quoted at 4 3 4 percent. Stor ing exchange firmer then easier. government and railroad securities listed with varied quotes. Readouts include numerous corporate and railroad issues, with values in cents or dollars and Mexican and Japanese securities noted among a broad market snapshot.
New York market reports show varied demand with beef cattle and calves moving slowly at mixed quotes. Hogs, sheep, and lambs receipts listed, with general price steadiness for some categories while others edge lower or higher. several commodities and equities noted amid broad market activity in Aug. trading updates include American Can and mining stocks, with transit and utility listings interspersed.
The copper market faces a sharp drop following a bearish August bureau digest. Prices hit new lows for the season as buyers retreat, with August off to 9.60, October 9.93, and December 9.98 cents per pound amid heavy selling by bull interests and traders with Southern ties. Export demand appears constrained but may rise in coming months as stocks dwindle and foreign buyers step in. electrolytic copper holds around 18.40 cents, with a noted scarcity of scrap copper and expectations for price stability.
New York reports varied market activity with butter receipts at 8 715, CHEDS 5 753, eggs 15 935, poultry alive slow for Western stock, dressed meat easing. Flour receipts 16 285 barrels. exports 750 barrels. rye and cornmeal steady. hogs and hides steady. lard firm. pork weak. cottonseed oil barely steady. petroleum barely steady. tea and coffee unsettled. sugar raw firm with refining steady.
Btowart B. Oberlin was yesterday appointed by Justice Barnard in Bankruptcy Court as receiver of the shoe business formerly run by John G. Keene at 901 G street northwest. Keene filed for voluntary bankruptcy, listing debts of 6,477.76 and assets valued at 4,258. Ill health is cited by attorney W. Meek. Clayton, who represented the petitioner, cited illness as the cause of the failure.
Trading closed with modest gains and losses across sectors led by Greene Copper and Capital Traction. Second National Bank and Washington Railway and Electric noted activity while bonds were dull. rail shares varied as prices moved within narrow ranges amid light overall volume.
The market shows weak demand for common cattle with thin stock selling low and hides valued as fertilizer. Veal calves remain in better demand while lambs and sheep hold steady. quotes include prices for various cattle grades, veal, cows, lambs, and calves with per hundredweight figures and per head estimates.
The London metal market showed strong gains with tin and copper leading the rise. Spot tin traded around 270 1éa or EC Be higher, copper futures near 462 13a 8d, and spot copper around 25 G4 with local prices climbing. Lead held at 6.73 f m, zinc steady at 24 429 6d, and electrolytic copper at 18 26h 1a 75. The London market closed with no further advances reported and will remain closed until next Tuesday.
The crop reporting board of the Bureau of Statistics reports cotton average condition at July 25 is 82.9, up from 83 on June 3. Comparisons are given with July 25 values for 1905 and 1904, and a ten year average of 82.4, with a table showing July 25 year readings and June 2 data.
Secretary Hester reports the world visible cotton supply at 2,255,292 bales, down from 2,334,956 last week and 2,907,462 a year ago. American cotton totals 1,185,292 bales, while other kinds total 1,070,000. Stock afloat and held: Britain and Europe 1,135,000. Egypt 43,000. India 720,000. United States 352,008.
Baltimore markets report mixed prices across grains with No 2 red wheat steady and corn prices holding. exports and receipts listed for various grades. Butter remains steady, eggs firm, sugar steady, while oats and other commodities show minimal change in late summer trading.
Wheat receipts reach 87 900 bushels with mixed futures. No 2 red at 78% elevator and 80% afloat. Prices slip toward season lows amid large receipts and bearish reports. Corn receipts 1 800 bushels with steady bids for No 3 66 1/2 elevator and 87% afloat. option market quiet, values near unchanged. Oats receipts 98 000 bushels with spot steady. mixed oats priced around 32 pounds for natural white and 42g for clipped varieties.
Grain traders absorbed a reported U S yield record while prices drifted. September wheat declined slightly to about 1h 49 49 8, while corn and oats posted modest gains. Provisions rose with short demand, and Missouri crop data dampened sentiment despite strong local receipts.
Oil quotations from Toledo area and surrounding markets are summarized with figures for credits, shipments, and averages. Government receipts from Internal Revenue, customs, and miscellaneous categories are listed, alongside total expenditures of 2,430,000 dollars.
Helena Montana August hearing reveals deputy collector David Hoover accused of aiding smuggling of Chinese and opium from Canada. Havre resident A J Walton testified to conspiracy awareness and Hoover saying for twenty dollars per head he would let Chinese cross the border. Walton recounted bringing one Chinaman over and Hoover receiving ten dollars. Letters read suggest a large organization behind the plan.
More than 900 students from Manassas Virginia visited Luna Park yesterday with parents and teachers. Eleven cars carried the youngsters from Washington to the park where they roamed freely, played games, and enjoyed lunch hosted by Judge C. B Nicol. The park offers free admission for schoolchildren every Saturday afternoon, likely bringing another crowd today.
The Reading Railroad reverses on a system wide passenger rate revision set at 2 1 2 cents per mile, aligned to Pennsylvania Railroad timing. Philadelphia reports Mrs Eugenia Hollins has filed for divorce from William T Rollins, claiming infidelity since their marriage on November 7, 185, seeking custody of their child and an absolute divorce in a case handled by attorney H G Jomball.
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