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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jan 04, 1908
Page
9
Stocks rose with American Sugar leading gains as call money near normal, while most industrials climbed except Amalgamated and Smelters. Markets reacted to money flow from banks and investors, with heavy volume and renewed earnings optimism for railroads and utilities.
Prominent banker remains cautiously optimistic about money conditions as 1908 opens with improved liquidity. Interior deposits, call loans, and a rising bond and stock market signal stronger finances, with Sugar and other issues rallying while Reading faces rate bill scrutiny.
The report notes major Colombo Company liquidation support from large holders and institutions, with meetings likely at the New Willard park. It also says national banks will hold annual elections on January 14, while Washington Railway and Electric seeks 423,000 extra consolidated mortgage bonds to fund retirements, new cars, and terminal improvements. Mergenthaler closes up further at 1931-8.
Washington Stock Exchange figures show credit balances at 31/78 and runs for January 1 at 720,010 with shipments January 2 at 38,004. The average is 161,681 with an 8,421,000 total, reflecting New York market activity and city data.
Quotations show wholesale prices with receipts of fresh goods. Butter and cheese cited as steady with active demand, live poultry brisk with turkeys in demand. dressed poultry and meats quoted with local price ranges. Vegetables active with various barrel and crate prices noted across regions including Virginia and North Carolina.
The vast resources of this country are only now beginning to be developed and while financial readjustments are severe they are temporary and beneficial. A safety across the chasm is essential and life insurance is the steady security that does not fluctuate. George C. Jordan, Washington Manager, 210 Bond Building.
New York market notes show steady to firm tendencies across commodities. Butter oats, flour, rye flour, corn meal, and feed remain steady or firm. meat yields steady. lard, tallow, and petroleum hold firm with mixed chestnut notes. Sums reflect regional receipts and varied grain and sugar prices with several anomalies and wide ranges.
New York grain reports show No 2 Western wheat steady at 1.07 to 1.08 per bushel with futures ending lower on weaker demand and overseas price shifts. Corn and oats trade amid firm opening, later declines, with May and July contracts closing mixed. Chicago notes Argentine harvest weather, wheat down slightly, corn down as well, exports strong and receipts high.
London tin and copper prices show a sharp shift with weak local markets in New York. Reeves reports brisk cattle and hog receipts in Chicago with steady to higher prices for steers and sheep, while lambs and calves vary by category.
Market notes show cattle and hog prices per ewt and per pound for various categories. Lambs and sheep quoted with clipped and common grades, calves listed prime and grass options. Bulls and other entries appear garbled but indicate price ranges and unit measures.
New York money market shows easier money on call at 7 to 8 percent, time loans at 6 to 7 percent for sixty and ninety days, prime mercantile paper at 10 percent, sterling exchange firm with bankers' bills at 4.9515 for demand and 4.8025 for sixty-day bills. Commercial bills at 4.89. Gold price 55 1/2, Mexican dollars 494. Government bonds steady, railroad bonds firm.
New York January 4 The cotton market was less active with nervous and irregular fluctuations. The close held steady, net 6 points higher to 1/2 point lower. Estimated sales reached 209000 bales as March and May slipped while December months fluctuated. A rumor of a large January ginnery report circulated but lacked credibility. Secretaries figures show world visible supply at 4,800,786 bales with American cotton 3,748,000 and Britain and other nations holding 2,596,000 locally.
Boston dispatch reports Walkers Copper Letter predicts copper strengthens with domestic demand limited to small lots while foreign buyers stock up for 1808. Output curtailments hit refineries, December electrorefining down 40 to 80 percent from November, big smelters to resume gradually. Market sees broader revival with power plant and infrastructure demand improving later in the year.
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