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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 12, 1908
Page
2
The passage contrasts vast fortunes of a few with meager common wealth, noting how the stock market enabled Rockefeller and Morgan to amass hundreds of millions by manipulating prices, while farmers faced bank withdrawal freezes during the previous October panic.
The market faced notable resistance to decline with heavy selling and a turnover volume that suggested speculative commitments may rise near the close. Lead and smelters weakened as London prices fell, while some Hill stocks topped gains on crop news. overall sentiment remained cautious amid broad declines and rising short interest.
Reston prices listed for Neston Albany Beston Maine and other U S and Canadian assets. London tin rose with spot at 128 pounds and futures 135 10s while Cowper and Lend mostly held steady. Local commodity bars show mixed but firm readings across copper iron electric and steel grade markets.
New York money market shows easy conditions with rates around 1 1/2 percent for call money and short notice money. Time loans for 6 days fetch 14 1/2 percent, 90 days 2 1/2 percent, 6 months 1 4/3 percent. prime mercantile paper at 4 1/2 percent. Sterling steady with bankers bills at 4.6510 for 6 days and 4.8655 for demand. Commercial discounts at 4.30 1/2 percent, bar silver at 51 1/2, Mexican dollars at 4 percent. government and railroad bonds noted as steady or irregular.
London trading showed bearish sentiment as speculators targeted short profits ahead of the weekly settlement, while American buyers and local brokers tested market strength. Silver slumped to multi year lows affecting Smelters, Anaconda and Amalgamated shares dropped, and Erie bond purchases prompted mixed reactions amid rail and railroad finance maneuvers.
Washington Gas shares traded with pronounced activity as over 800 shares changed hands and prices ranged from 65 to 66 1 2. A 1000 share block of Georgetown Gas certificates sold at 108, while American Security and Trust reached a record 219 1 2. A Virginian investor foresaw higher prices for local securities, citing coal field conditions and tariff restraints as market factors. W W B Hibbs departed Washington for New York.
Baltimore markets report a dull session with steady prices across grains and dairy. Wheat values steady with modest shipments. corn unsettled, oats mixed. rye firm. hay steady. grain freights dull. Eggs and cheese quiet with small changes. sugar unchanged. Additional financial news noted on page nine.
A historical statement claims a small group manipulates the system to siphon public wealth. It outlines a plan for a perpetual corporation controlling banks, railroads, mines, and markets to wield unlimited money. It recounts alliances with Bay State Company and figures from Standard Oil in a long struggle, promising a tomorrow offer to empower the people.
Thomas W. Lawson criticizes the stock market as a drain on public savings across eras from Republican to Roosevelt, arguing that stock exchange values will rise or fall regardless of presidential winners and that such volatility harms savers over four years.
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