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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jan 17, 1908
Page
15
Market traders note fitful recessions with underlying strength in the securities sector. Northern Pacific shows concentrated buying in the last hour while smelter liquidation pressures ease as money becomes more available.
In New York the market showed weakness as stock prices fell from early gains. Missouri, Kansas and Texas faced renewed scrutiny after earnings, while Amalgamated Copper cut its dividend and Northern Pacific rumors sparked renewed buying. Banking actions and money market moves added to volatility as traders anticipated further adjustments in prices.
Receipts and prices across cattle calves hogs and sheep show mixed tone. Steady to firm bids prevail for choice Virginia cattle and imported beef, with calves and hogs trading unevenly. Demand remains cautious as market totals and reserve figures hint at broader financial conditions.
Market report from Washington shows lambs with calves steady and cattle varied by grade. Extra cattle at 5.25 per cwt, butcher at 4.50, common 2.50, rough 2.00. Hogs gross 4.755, sheep clipped 4.50, lambs spring 0.71 per lb, calves prime 0.68? per lb. Cow prices range from 29 to 50 dollars per head depending on grade.
New York and Washington stock reports show money market rates steady with call money at 2 1/2 percent and short term loans firm at 60 and 90 days around 6 percent. Mercantile paper and commercial bills quoted near 7 and 4.82 respectively. Sterling exchange at 4.8542 for demand and 4.8195 for sixty day bills. government bonds weak and railroad bonds heavy.
Wholesale price ranges for eggs butter poultry and meats in Washington markets. Notable items include egg receipts and regional price spreads, butter demand and quality, dressed poultry and meats with calf hog hams and country cured hams, various vegetables and fruits with per unit and per container quotes, and regional fruit prices from Florida California and Oregon.
Washington Loan and Trust advanced from 116 to 16 on the exchange as bids on trust company shares drew attention to the low level. National Savings rose four points to 18 with no better offers than 19. Washington Railway and Electric preferred active at 7, with an optional buyer taking over 1% shares at 73. Capital Traction slipped, small lots sold around 11-2 to 123. Mergerghaler steadied. brokers paid 90 while a closing bid of 1903-4 appeared. Washington Railway and Electric closed up to 76 1-8 with no faults observed. Bell Telephone Company of Philadelphia not yet listed in Philadelphia. outstanding shares quoted at 48. Chesapeake and Potomac holders valued at 66 for the new stock. Troubles at Capusaya Mining Company in Washington DC, with capitalization of 45,000,000 and 1,000,000 shares. some stock unaccounted for and possible surplus in another block. French stockholders fear surplus stock. plans for reorganization likely this month.
An advertisement urges protecting business ventures with life insurance. It highlights ship ventures, wealth if one lives long enough, and the risk of dying before profits. The Equitable Life of New York promotes a policy for insuring business enterprises, citing GEO. C. JORDAN as Washington Manager at 10 Bank Building.
New York market items show mixed movements in produce and grains with steady receipts for butter and lard, firm oil and petroleum, and unchanged freight rates. Prices cited include eggs at firmer tones and various flours and cereals holding steady. regional state references include Pennsylvania and Minnesota.
Fresh reports of insect damage to winter wheat and a Southwest drought boosted late-day buying. May wheat rose to near session highs while corn pressed higher on strong cash demand and tight Northwest supplies. Provisions also firm as pork and lard closed higher amid steady activity and cautious sentiment.
The New York cotton market remained active and rallied to new highs, closing steady with gains up to 3 8 points. Trading showed strong overnight buying, bull support, and export demand, with hopeful signals from Liverpool and Lancashire trade, and estimated daily volume around 160,000 to 400,000 bales.
Credit balances list six figures for January 16 with runs 189 780 and shipments 170. Averages show 259 601 for runs and 130 882 for shipments. No further details or entities provided.
A wave of officer and director changes swept several banks in Washington. Traders National Bank named Widridge E. Jordan president and Julius J. Peyser second vice president, with Charles E. White added as second vice president of the National of Washington. American National Bank installed William T. Galliher as first vice president, replacing William H. Saunders who resigned to focus on other work. The directory at Traders National expanded to seventeen, with plans to reach twenty-five. New directors at Washington Exchange Bank include Charles G. Allen and others, while the National City Bank and Riggs National Bank re-elected their officers without changes.
Bridgeport and several other cities report resumption of factory work after December slowdowns. Major employers like Columbia Phonograph Company and Singer Manufacturing Company bring workers back, some at full time and others at reduced hours. Other firms including American Tube and Swooping, Bullard Machine Tool, and Locomobile show improved activity. Maryland Steel plans to restart rolling mill and furnaces with about 60 workers. Pittsburgh Steel orders full force to Monessen affecting around 2,000 workers. Atlanta Furcing House Association issues clearing-house certificates amid financial stringency.
The State Department reports an agreement signed by China with an English German syndicate for a £5,000,000 loan at 5 percent for thirty years to finance the Tientsin Chinkiang Railroad. Ownership will rest with the Chinese government. Northern stretch to be German supervised, southern by English engineers. German and British materials favored. Security by likin revenues. Construction to start within six months, four year completion, £590,000 available within six months.
New York readers see a softer London tin market with futures around 15 and spot near 124. Copper prices fall in London to 53 12 8d, with local quotes ranging 19.75 to 14.00 for take. Lead and spelter show mixed moves while tungsten remains steady in London and local markets quote varying prices across foundry grades and copper products.
Chicago Credit Men's Association launches a commercial clearing house to settle debts among 380 large firms without banks. A special committee will develop methods to implement the system, adapting the bankers clearing house model to mercantile affairs.
Market notes from Baltimore dated January report dull and unchanged figures across commodities. Corn and oats show mixed spot and futures with prices varying by grade. butter and eggs steady to unchanged. Grain freights stable with slight shifts in white and yellow corn values and receipts noted. dairy products list creamery and store packed levels.
Whitney and Kitchen bankers and brokers of the New York Stock Exchange are assigned. The firm, comprising Girard N. Whitney and James V. Geraghty, faces temporary embarrassment from a need to correct issues and seeks a few days to recover. The assignee’s counsel said all debts would be paid in full and business would resume shortly.
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