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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Aug 12, 1908
Page
29
The passage contrasts the rich few with immense fortunes to the many who hold scant wealth, explaining how the stock market enables the few to extract value from the many. It cites October's panic where farmers lacked bank credit to move wheat while Rockefeller and Morgan amassed billions to buy cheap stocks after selling them high.
London market weakness broadens led by copper and lead declines as New York pressuring factors build. Heavy selling in early session, midday rally fades, then sharp late drop with increased short interest. Union Pacific and United States Steel among heaviest traders amid mixed signals on crops and railroad profits.
Reston and New York markets show mixed prices with sharp London tin gains and firm local equities. London tin at £128 spot, £135 10s futures. Cowper and Lend with varied quotes. Iron and copper markets steady, foundry grades mixed, and several companies listed among industrials.
New York money market shows easy conditions with rates around 1 1% on call funds. Time loans for 6 days to 90 days quoted at 1% to 2% and 6 months at 143% percent. Prime mercantile paper around 14P4 percent. Sterling exchange steady with bankers bills at 4.6510 for 6 day bills and 4.8655 for demand. Commercial discounts at 4.30L080%. Bar silver at 51% and Mexican dollars at 4%. Government bonds steady, railroad bonds irregular.
London traders were seen selling heavily in New York as bears returned to the market amid a quiet abroad. American activity followed the weak London tone with professional selling late in the day. Analysts noted Guggenheim influence on silver and strong terms for Anaconda and Amalgamated, while Northern Pacific rose slightly and St Paul lagged.
The Washington market showed pronounced activity with over 800 Washington Gas shares traded and prices moving from 65 to 66 1 2. Georgetown Gas certificates surged to 108 for 1 000 shares while American Security and Trust hit a record 219 1 2. A Virginian investor noted coal field strength in the South and predicted price advances by year end despite tariff and legislative headwinds. W W Hibbs departed for New York.
Baltimore market brief with dull and unchanged receipts across commodities. Wheat and corn pricing mixed with spot and futures notes, oats and rye steady. grain freights dull. Eggs cheese sugar hold steady as overall market activity slows, with additional financial news on page nine.
A long, forceful exposé argues that a few financiers have internalized control of the nation through banks trusts and corporate instruments. It details a planned perpetual chartered corporation to seize vast wealth, the Bay State Company saga with Addicks Rogers and Rockefeller, and a coming method to turn the system's weapons against itself.
Thomas W. Lawson warns that the stock market remains the constant drain on Americans savings across political eras. He asserts that stock exchange values will not fall in the next four years regardless of candidate, only shifting up and down by political cycles.
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