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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Feb 25, 1909
Page
15
A Washington market report notes a temporary exhaustion of liquidation after a sharp stock market decline. The Reading company ownership and transport rights are discussed amid court rulings, with focus on the Reading and related line shares, the steel sector, and overall market mood improving into the close.
Early trading in London steadied, with Steel, Reading and other rails higher while Americans slid from intraday highs. A suspected manipulation by U S brokers caused a sharp opening reaction in New York, prompting speculation that Readings big pool forced liquidations as shorts covered.
Quotations furnished by Thos L Hume Co on the Washington Stock Exchange show Capital Traction and Washington Railway and Electric Company listings with various lot sizes and prices. Potomac Electric Power Company and Capital Traction figures appear. several entries include fractions and odd lot details.
New York trading notes a lower London tin market with spot 117d 108 and futures 1131 while U S markets show steady or mixed livestock quotes. Cattle hogs calves sheep and dairy products fluctuate, with receipts varying across regions and days.
Quotations received by W. HW Hibte & Co. bankers and by the New York Stock Exchange and Chicago Board of Trade are repeated. The note discusses identical market quotes and inquiries about trade listings and membership. No clear date or firm action is specified beyond reiteration of quotations.
Local market recap notes Traction securities sold near 21 percent with bids near 26 for small lots while Lanston stock moved to 182. Real estate activity includes sale of a three story residence on Cah Heights and two three story apartment houses with six units each. Washington Gas stock touched 943-4 amid broader declines. Mergenthaler shares traded at 211-2 as market softness persisted.
In Baltimore, spot wheat strengthened with No 2 red traded at 1.23 for March and 1.92 for May and receipts tallied 6 729 bushels. Corn futures held firm with February at 0 00 and March at 0 00. receipts reached 44 675 bushels. Oats showed mixed prices for No 2 white and No 2 mixed with total receipts 4 258 bushels.
The market shows active cattle and calves with strong demand for better grades. Hogs and sheep mixed with solid showings in prime cuts. lambs and calves command higher prices while common grades lag. New York financials drift with mercantile paper and sterling steady amid overall market uncertainty.
In New York clearly, Argentina gold engagements reached 1.7 million for the day, with a total of 10.2 million since January. Banks like National Bank of Commerce and Heidelbach Co. contributed sizable sums as market notices detail poultry, dairy, and commodity price movements across the day.
Wheat receipts reach 48 000 bushels with exports at 50 889 while foreign news lifts hopes for a strong market. May and July futures move to new highs on weather expectations, with near term gains noted and mixed spot firmness across No 2 red and No 2 northern Duluth. Corn receipts 3 099 bushels with spot firm No 2 and 0 b west offerings. oats and rye show quiet to steady activity as barley remains steady.
In Chicago and Pittsburg reports, United States Steel Corporation and National Lead Company announce open market pricing for steel shapes bars and lead products. Price cuts of about one to four dollars per ton are noted, with widespread industry confusion and renewed labor-cost concerns shaping response across independent and major firms.
The New York cotton market was unsettled with a sharp mid session rally and a late recovery to near top prices. Trading showed 200000 bales sold as reports of Southern markets and Wall Street liquidation influenced sentiment amid ongoing drought worries in the Southwest.
Chicago and New York markets saw July wheat futures surge nearly seven cents as May holders shifted focus to the July option. Cash grain activity rose with broad buying by shorts and cash buyers, while corn and hogs also influenced the market with steady to firmer closes and strong cash demand across ports.
The rush for the Argentine loan of fifty million dollars was so intense that the subscription lists opened this morning were closed immediately. London reporters note strong demand across financial markets and anticipate further funding steps in Argentina’s debt program.
A passenger train on the basin line near Rio Bamba in Ecuador toppled 109 feet into a ravine after a misplaced rail. Twenty-five persons were killed and four were wounded. Rescue and investigation teams work amid the debris.
In Chicago on 24, United States District Judge Anderson weighed how to define offenses in the Standard Oil Company of Indiana rebate case. Defense argued settlements of 36 freight charges form the basis. prosecution contends each shipment counts as a separate offense. Consequences range from 720000 to 10000000 dollars.
Paris Feb 24 The tariff commission replies to criticisms of its proposed all country duty increases. It says the total rise would be less than half of France’s recent tariff surcharges. The board agrees to reduce duties on several items including canned meats but upholds its oil decision.
President Roosevelt issued a proclamation granting sparkling wines imported from Spain the Dingley act’s reduced duty under section 4. The rates detail per dozen charges for bottles, varying by size, with adjustments for quantities over one quart, including 1.50 and 6 per dozen brackets and an additional 1.90 per gallon for excess over one quart.
Chicago February 24 Royal Trust Company Bank transfers all business to Central Trust Company led by president Charles G Dawes. Patrons will close accounts at Royal and open at Central in the morning. Central reportedly paid about 300 a share for Royal stock and gains control of North Side State Savings Bank.
Samuel Keys of Eaton Rapids Michigan reports severe morning headaches eased after using Dr Miles Anti Pain Pills for years and would not be without them. Mrs Carl Heckman of Minster Ohio says they provide prompt relief for frequent headaches and she keeps them on hand. The first package will benefit if no relief your druggist will refund your money.
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