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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Feb 11, 1908
Page
15
Stock activity weakened as selling from foreign accounts and cautious traders drove prices down. Observers note renewed bank fears and declining railroad earnings fueling profit taking, with New York City bond sales looming and widespread calls for tighter tax collection and finance overhaul.
The Washington Post notes a bearish mood on Wall Street with fears of liquidation and instability. State Comptroller Glynn cites stock transfer tax evasion figures, arguing taxes do not reflect par value, while detailing par values and volumes of mining and curb stocks and discussing market weakness, labor costs, and rail wage economics as factors in the decline.
The New York market fall damped local trading with scarce buyers at last week’s prices. Capital Traction 55 sold at 110, Washington Railway and Electric fell to 7 3 4, Lanston traded near 101 1 2, and Mergenthaler slid to 198. chatter tied to Capital Traction’s presidency suggested Henry Hurt as a potential leader, avoiding congressional duties.
Receipts by W B Hibba and Co bankers and brokers. Fork Stock Exchange Chicago Board of Trade notes and transfers. Market activity observed with dealings across exchanges in Washington and New York as traders monitor quotes and volumes.
A dense financial recap from New York cites bond prices for American Tobacco, Central of Georgia, Northern Pacific, Pennsylvania, and many others, with receipts, deficits, and treasury fund figures. The piece notes current cash balances, reserve funds, and outstanding issues amid a broad market snapshot.
Baltimore markets report steady flour and mixed grain futures with receipts of 13 million bushels. wheat and corn prices show variations across contract months and grades. Treasury notes record a purchase of 100 thousand ounces of silver at 5.087 cents per ounce for delivery in New Orleans.
Wholesale quotations show firm eggs and stable butter demand with varied dairy pricing. Meat and poultry demand is mixed as hens and turkeys remain in short supply while ducks and geese show steady interest. vegetables and fruits move with market activity including potatoes carrots cabbage and oranges.
Prices for cattle butchers and hides listed by weight and class with figures for ewt cwt lambs calves and cows. Also an advertisement offering 300 personal typewritten letters to prospective patrons from a Chicago address and rooms at Metropolitan Bank building. Treasury app. 15th St.
Wheat prices fell sharply at the principal foreign markets with May losing ground as the market opened weak on profit taking. The session saw declines across corn and oats, with heavy selling pressure from local packers and rising receipts. Lard and hog runs influenced the day, and forecasts point to continued bearish tones amid adequate supplies and weak demand.
Cotton trading shows no general business, with 150,400 bales sold. Market steady to mixed, gains small on active months then slip back as selling and local pressure weigh. Southern spot markets mostly unchanged. hours strained by holiday and evening adjustments. Open and close figures show mixed, with February activity noted.
New York market report lists poultry dressed and fresh, eggs receipts at 6,287, flour and meal steady, lard and pork steady, cottonseed oil easy, barite and molasses steady, turpentine quiet, peanut and potato pricing, cabbage dull with price per ton ranges. Names of regions, states, and commodity types indicate a broad daily price survey across meat dairy grains and byproducts.
New York on February 10 reports wheat receipts at 15 000 tons with exports about 124 200 bushels. Prices show weakness and high carry, influenced by weekly statistics and weak export demand. May 1.055 to 1.168, July 1.01 to 1.004, spot at 1.0. Market action muted with May and July closes near unchanged or slightly lower. GRAIN receipts total 19 500 bushels with mixed spot wheat grades and minor price moves.
Across Cleveland and other cities 5000 to 9000 workers returned to duty at major plants including National Tube and American Steel and Wire. Riots of restart spread through Akron rubber firms, Salem Ohio mills, Canton Stark Rolling Mill, and Boston Rubber Shoe’s Fells factory as orders recover.
In Copenhagen the Folketing approved government guarantees for Freeholders Bank and Detalander Bank to shore up liabilities after a regional financial scare. A five member bank commission was installed yesterday to run Detalhandlers Bank as deposits and withdrawals returned to normal after Saturday’s run.
Cattle and hog prices move mixed across markets with receipts tallied. New York reports receipts of cattle at about 4 068 head with steers and cows steady and bulls fairly active. calves and sheep show firm to higher tones in parts. Chicago notes weekly receipts near 87 000 cattle and 78 000 hogs with steers and hogs varying by grade. sheep steady to higher on week’s close while calves rise. London copper and tin markets edge down while local copper and iron futures show softer tones. London metal markets mixed with slight gains in speller and iron easing locally. Bank of Brooklyn reopens after stockholders cover $365,000 deficit.
Patent attorney Jas W Bevans buys north side Oliver street lot from Thos J Fisher Co to build a seven room first floor and three room second floor bungalow, total cost about 850. Ashbaugh purchases Newark street site in Cleveland Park opposite Mrs Agron French home to erect a two story house. Maurice J Soule sells 128 Corcoran street NW three story ten room brick dwelling to Mrs Heart Lee Muser of New York for investment. Harry Wardman sells a two story colonial front house near Fourteenth Street NW for 5000, transaction by Stone and Warfax. Chas Thomas buys a two story six room house on O Street NW from Yeakle of Chicago via Heiskell & Mcleran. Thomas will occupy.
Justice Gould in Equi Court No 2 ordered Harold Deland and others as trustees to show cause next Friday why the Deland Lunch Company should not be dissolved and a receiver appointed. James S. Russell filed a bill alleging he organized the company with fifty shares, claiming Deland and Deland refused to recognize him as a trustee and seeking a receiver for the lunch rooms at 48 Tenth Street Fifteenth Street and West Street.
H Winship Wheatley was yesterday confirmed as assignee by Chief Justice Clalwugh of the District Supreme Court for Edwin Clark trading as The Davenport Company. Bond fixed at 10000 dollars. Clark made the assignment February 7 for benefit of creditors. Assets total 531000? including furniture stock 5000 dollars, horse and wagon 90, fixtures 50, debts 4445.80. Many accounts due are found but of doubtful value.
The Virginia State corporation commission appeal of Judge Pritchard’s injunction blocking a six cent passenger fare was docketed in the U S Supreme Court yesterday. The suit, filed by several Virginia railroads, claims the rate is conficatory and seeks review. The record is extensive with six cases involved.
Charles W. Newman of 125 Twenty first street brings suit in the District Supreme Court against the Chesapeake and Ohio Railroad for 10,000 damages claiming injuries from being struck by a train near the tracks at Maryland avenue and Hughth street southwest on December 2, 1907. He reports injuries to the face back and head and says he is permanently disabled.
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