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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Feb 11, 1908
Page
9
Stocks weakened as selling prompted by foreign account pressures and Denmark’s finances plus British shipbuilding woes drove prices down. Declining railroad earnings and tax changes weighed on confidence while New York City bond sales loom as an index of conditions.
The Washington Post reports a gloomy Wall Street day with widespread rumors of forced liquidations and bankruptcies. Comptroller Glynn questions tax collection on stock transfers, noting many mining and curb stocks trade below par yet drive large volumes. Weakness tied to labor costs, union power, and strategic selling by major holders influence futures, with U S Steel showing resilience amid volatility.
The New York market drop weighed on local activity with few buyers for current securities. Capital Traction 55 sold at 110, Washington Railway and Electric fell, Lanston shares moved at 101-4, and Mergenthaler slipped to 198 as gains remained scarce. There was chatter about Capital Traction’s presidency favoring Henry Hurt, who would avoid direct Congressional duties.
Receipts by W B Hibba & Co bankers and Fork Stock Exchange Chicago Board of Trade summarize activity. Trading centers include Washington and New York markets with stock movements and financial notes.
The New York bond market showing mixed performance features a list of stock and bond prices with notes on Treasury balances. Included are figures for American Tobacco, Atlantic Coast Line, Central of Georgia, and Northern Pacific among others, plus bank note and metal reserves and the latest cash balances. The report records February 10, 1908, balances, deficits, and securities holdings, ending with an unrelated medical ad.
Baltimore markets show steady flour and firm oats amid dull corn and mixed wheat futures. Receipts total 240,007 bushels with rye softer. butter and cheese hold steady while eggs and grain freights remain quiet. Treasury buys 100,090 ounces silver for delivery in New Orleans.
A bustling market report lists wholesale quotes for eggs butter cheese and poultry across Virginia and surrounding states. It notes firm prices for dairy and meat, heavy demand for creamery butter, mixed poultry supply with varied prices for hens turkeys and ducks, and active vegetable and fruit markets with crates and barrels of potatoes carrots peppers and apples.
Price list shows cattle, sheep, lambs, calves, and cows with per hundredweight or per pound figures. Also mentions personal typewritten letters campaign effort and address details for an office at Metropolitan Bank Building, Fifteenth Street.
Sharp declines in wheat and a general weakness across grain futures weighed on Chicago trading. May delivery for wheat fell as selling accelerated amid bearish weekly data and European declines, with setbacks in corn and oats following suit. Despite early rallies from short covering, prices closed lower as heavy selling persisted and buying interest waned. Local receipts and exports showed mixed movement, underscoring a cautious market outlook.
The New York cotton market opened steady with a small advance but moved irregularly as trading declined. Sales reached about 150,400 bales while active months fluctuated, with gains on oil positions and declines mid-session before a late squeeze and general uncertainty in Southern spot markets.
New York market notes show dressed poultry steady with Western chickens at 10 1 1, turkeys at 12 17, fowls varied. Mixed dairy, cheese and egg quotes posted with receipts around 6,287 eggs and flour exports around 18,54. pork, lard, and cottonseed oil prices listed. potatoes, cabbages and peanuts cited with regional price ranges.
Wheat receipts reach 15 000 bags with exports at 124 200 bushels. No. 2 red and No. 1 Northern futures show slight declines. market remains light with minor gains in some months. Nearby May and July futures close mostly lower as prices drift and exports vary. N/A
Cleveland and other cities report mass rehiring as plants reopen after layoffs. National Tube, American Steel and Wire, and several rubber and related manufacturers bring thousands back to work, with full-time operations expected soon and optimistic production forecasts across Ohio, Illinois, Massachusetts, Connecticut, Maine, Rhode Island, and Pennsylvania.
Copenhagen February reports that Folketing members except the social democrats backed a government guarantee for the liabilities of the Freeholders Bank and the Detalhandlers Bank, both in disrepute after a local financial panic. A five member board formed by the bank commission will run the Detail Handlers Bank. Saturday saw a stamp on the institution with deposits and withdrawals returning to normal today.
Cattle, hogs, sheep and calves markets show receipts and price shifts across New York and Chicago with steers, cows, bulls and stockers varying by weight and region. London copper and tin markets cited, with local prices steady to lower. First National Bank of Brooklyn reopens after stockholder settlement clears a 365000 deficiency.
Jas W Bevans buys a lot on Oliver Street for a Chev y Chase bungalow to cost about 850 with seven rooms on the first floor and three on the second. Ashbaugh buys Newark Street site in Cleveland Park to erect a one-story house similar to his Michigan home while Maurice Soule sells a 128 Corcoran Street NW brick dwelling for investment. Harry Wardman sells a two-story colonial front on Fourteenth Street NW for 5 000 via Stone and Walrfax. Yeakle sells to Chas Thomas a two-story six room house at 1 O Street NW for his occupation.
Justice Gould in Equi Court No 2 directed Harold Deland and others as trustees to show cause next Friday morning why the Deland Lunch Company should not be dissolved and a receiver appointed to manage its affairs. James M Russell filed a bill alleging he organized the company with 50 shares and claims Deland and Francis Deland refuse to recognize him as trustee. He seeks a receiver for the lunch rooms at 48 Tenth Street Fifteenth Street and West Street.
H Winship Wheatley an attorney was yesterday confirmed as assignee by Chief Justice Clalwugh of the District Supreme Court for Edwin Clark trading as The Davenport Company in furniture. Wheatley bond fixed at 10000. Clark assigned February 7 for benefit of creditors. Assets listed total 5300 plus furniture stock 5000, horse and wagon 90, fixtures 50. Debts amount to 4445.80. Many accounts due were found but of doubtful value.
The Virginia State corporation commission appeal was docketed in the U S Supreme Court yesterday. Railroads there filed suits claiming the six cases and voluminous record show the five cent passenger fare enforced by Judge Pritchard is confiscatory and wrong.
Charles W. Newman of 125 Twenty fist street filed a district supreme court suit against Chesapeake and Ohio Railroad seeking 10000 in damages for injuries from a December 2, 1907 train strike near Maryland avenue and Hughth street southwest. He alleges facial back and head injuries and permanent disability.
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