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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 12, 1908
Page
23
A historical reflection notes that a small elite hold vast sums while the many have little, arguing the stock market concentrates wealth. It cites October panic when ordinary farmers could not access bank funds, while Rockefeller and Morgan could amass hundreds of millions to buy back stocks cheaply after selling them high to the public.
London market showed persistent resistance to decline amid heavy selling and a strong iron demand, with United States Steel and Union Pacific among the heaviest traded while copper prices fell. A midday rally gave way to a sharp late drop as speculation rose and short interest increased, with British securities weak and railroad shares mixed.
Reston Aug 11 closing prices list numerous securities including American Sugar, American Woolen, Aluminum, Copper, and Electric stocks. New York Aug 11 notes sharp London tin advances, with spot £128 and futures £135 10s, local markets mixed. metals like copper, zinc, lead, and iron show varied quotes and firm/unchanged tones.
New York money market shows varied rates with calls at around 1 1 2 percent and bills near 1 percent. Time loans quoted for 6 days at 3 4 percent and 90 days around 2 percent with prime mercantile paper at 4 4 percent. Sterling exchange steadies, bankers bills at 4.6510 six day and 4.8655 for demand. Commercial discounts at 4 30 0 to 4 80 percent. bar silver at 51 2 percent. Government bonds steady. railroad bonds listed as irregular.
London traders were bearish with heavy selling in the New York market as foreigners aimed for short profits before the next settlement. Guggenheim interests is blamed for silver weakness while Anaconda and Amalgamated fall on silver declines. Northern Pacific gains while St Paul falters amid broader granger stock selling and traffic agreement chatter.
Market activity surged with over 800 Washington Gas shares changing hands and prices ranging from 65 to 66 1 2. Georgetown Gas certificates traded heavily at 108, while American Security and Trust hit a record 219 1 2. A Virginian investor predicted higher prices for local securities, citing coal field strength and tariff tensions as main market drag. W W Hibbs departed for New York.
Baltimore markets report dull receipts and varied exports across grains. Wheat and corn show unsettled pricing with spot and futures quotes, while oats and rye hold firmish to unchanged. Butter and cheese lie quiet amid a broad steady foodstuffs backdrop. Sugar remains unchanged.
A lengthy denunciation asserts that a powerful few have corrupted the American system, siphoning public labor into private gain. The speaker details a 19th century scheme to control finance through a Bay State Company charter and a high-stakes battle with Rogers, Rockefeller, and Standard Oil, promising a final plan to empower the people tomorrow.
Thomas W. Lawson notes the stock market as a perpetual milking of savings through varied political eras from Republican to Roosevelt, claiming stock exchange prices will stay volatile regardless of Bryan Hisgen or Debs rising instead of Taft, with prices driven by cycles across the economy.
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