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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 08, 1908
Page
2
The Washington Post reports a dramatic trading day led by American Smelting and Refining and National Lead with sharp early gains followed by rapid declines as short coverings occur. Volume surpassed 1.4 million shares, copper prices rose abroad, and a government crop report tempered optimism.
Special to The Washington Post reports a wild New York market on Aug 7 with Copper Smelters New York Central and Reading advancing and heavy trading volume surpassing 1.35 million shares. Speculation and alleged manipulation fueled sharp early gains and fears of bears in London. The August crop report disappointed market sentiment while Union Pacific eyed profits from Wheeling and Lake Erie at the expense of Baltimore and Ohio in a complex rail traffic balance.
New York money market shows firm, dull tone with rates for various instruments. Ruling rate remains 1 percent, 60 day bills 4 to 2 percent, 90 days 8 percent, six months 3 to 4 percent, prime commercial paper 4 percent, sterling exchange steady with banker’s bills around 4 1/2 to 4 5/6. Government bonds and Mexican dollars noted.
The New York Stock Market notes Friday August 7 1908 with coverage of prices and activity. W B Hibhs & Co bankers and Exchange are among the firms receiving market information with Chicago Board of Trade and Washington reports integrated into the day’s headlines.
The Washington Stock Exchange remained buoyant with Washington Gas leading at 1 1/2 above Thursday. New York activity cut local trading, as investors absorbed stocks on small breaks. Capital Traction trades at 11 1/16 and 1 1/4 were noted and a broker exited most long shares anticipating a recession.
Wholesale prices and receipts for fruits vegetables and poultry across Virginia North Carolina and West Virginia. Butter creamery prices steady. live poultry and dressed poultry show mixed demand with turkeys and chickens at varied per pound quotes. apples pears peaches and melons noted with color commentary on supply and demand.
The listing compiles fruit and vegetable prices by state and carrier terms. Maryland Delaware Georgia North Carolina and New Jersey entries include plums blackberries raspberries huckleberries gooseberries muskmelons and watermelons with per quart per pound per crate rates and route notes for carriers.
New York August 7 R Dun & Co weekly review reports encouraging trade conditions in wholesale and jobbing markets. Iron and steel demand rises while railways hesitate. dress goods auction yields high prices. money abundant. cotton crops anticipated. foreign demand soft. footwear supply restrained by leather prices. raw wool purchases steady. New England bootmakers cautious on orders.
The New York market notes live poultry prices for western chickens and fowls at 16 and 14 cents, with turkeys at 11. Butter steady. eggs unchanged. receipts and shipments listed. Wheat total arrivals 101,800 with exports 152,424. corn and oats also summarized. market sentiment described as nervous and irregular with minor gains and losses.
Chicago August grain trading closed strong as the government August crop report boosted sentiment. Wheat September rose to about 95 to 96 cents, corn and oats gained, while provisions weakened with pork and lard slipping. Receipts and exports figures supported a bullish tone amid nervous, later recovering, activity.
The crop reporting board lists August 1 conditions with corn at 82.5 percent of normal and oats at 76.2 percent. Winter wheat yield preliminarily around 14.3 bushels per acre totaling about 425.99 million bushels, while spring wheat stands at 80.7 percent. Barley, flax, and tobacco show varied conditions. hay acreage up about 1.2 percent to 44.54 million acres.
Atchison Topeka and Santa Fe Railroad pleaded guilty in U S district court to rebating. Judge Bethey assessed a seven thousand dollar fine after government proof showed a bonus paid to Garden City Sugar and Land Company in Kansas acted as a rebate. The scheme involved car locating bonuses and triggered the Elkins law and interstate commerce commission ban. Legitimate bonuses for new industries are not affected.
New York cotton prices climbed to new highs as the market opened steady and rose on August and October contracts. Traders cited firmer cables, buying for both accounts, and lingering support despite selling by local operators. Weather remained favorable, with bearish crop news muted by ongoing demand and nervous intraday swings.
Baltimore markets report dull wheat and corn with mixed futures and steady receipts. Prices for butter and coffee show quiet, with small spreads. freight demand remains unchanged as hogan and store trade glides along.
The New York metal market notes London tin rising to £3 5s 0d, with futures at £120, while local tin shows modest gains. Copper advances to £8 10s spot and £83 0s 64d futures, with zinc and lead fluctuating. iron and shelter futures steady. Local copper and iron markets reflect steady demand amid muted trading and varying regional quotes.
Livestock markets show slow demand with steers down to 0. to 10c, cows dull, vealers steady, and calves mixed. Receipts large in Chicago with cattle steady around 4.75 to 8.60 and hogs easing to 6.90 for best loads. New York reports mixed cattle, calves, and sheep with variable quotes amid weakened demand.
A fragmented price list shows cattle hogs and lamb figures with cryptic terms from Washington market data, followed by a report that heavy rain impacted western Missouri and eastern and southern Kansas, bringing widespread precipitation across the region.
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