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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jan 17, 1908
Page
9
In a volatile session the market shows a fitful retreat amid fears of recession, yet buying pressure restores some strength. Northern Pacific experiences concentrated demand in the final hour, while liquidation pressures hit heavy industry including smelters and metal shares.
Special to The Washington Pit notes a broad market wobble with Missouri Kansas and Texas and American Smelting and Refining under pressure. Traders speculate on bank influence and possible dividends, while Amalgamated Copper halves its rate triggering a late rally as money conditions tighten and Northern Pacific rumors spark renewed interest.
Prices and receipts for cattle calves hogs sheep and lambs shown with mixed demand and steady to firm values. Beef and veal modestly steady while stockers and feeders and hides mirror market conditions. financial and currency notes and gold silver figures accompany market data.
Market report shows cattle and hog prices per 100 pounds and per head with ranges for steers cows and calves. Lambs and sheep listed by weight and quality including prime prime and common cattle and hogs with rough and ordinary categories.
Washington Stock Exchange and New York Market summarize rates and bids. Money market shows call 2 1/2 percent to 4 percent, time loans 6 percent, mercantile paper to 7 percent. Sterling at 4.854 for demand and 4.8195 for sixty days. government and railroad bonds listed as weak or heavy respectively.
Wholesale receipts and price ranges for eggs butter poultry and meats across regional markets. Wholesalers note steady demand for creamery butter and varied dressed meats with country cured hams and calves priced, while vegetables fruits and staples show active markets and regional price spreads.
Report notes advances and bidding activity on Washington Loan and Trust, National Savings, and Washington Railway and Electric. Dividends declared on Washington Loan and Trust stock, while Bell Telephone of Philadelphia trades out of exchange. Capusaya Mining TOMA faces capitalization issues and potential over allotment amid reorganizational plans.
An advertisement warns that a merchant risks loss if his ship sinks and death interrupts plans. It promotes an Equitable Life of New York policy to insure business enterprises, naming GEO C. JORDAN as Washington Manager at 10 Bank Building.
NY produce bids show steady butter eggs and flour alongside firm oil and petroleum. Market lines list Turkney, chickens, pork, lard, cornmeal, rye flour, buckwheat, and various grains with mixed regional quotations and freight rates.
Fresh reports of insect damage to the winter wheat crop in the Southwest and rising Argentine offers boosted the market late day. May wheat closed with a net gain near the day’s high, corn rose on strong cash demand, oats steady, and provisions mixed with gains in pork and lard. Primary receipts totaled 61,000 bushels of wheat and 24,575 of corn with continued Northwest pressure and export outlook shaping prices.
The New York cotton market remained active and firm with prices hitting new high points for the movement and closing very steady. Futures for March, May, and July showed gains amid strong export demand, bullish spot conditions, and bullish Liverpool cables, with trading volumes estimated around 160000 to 400000 bales and inquiries from buyers and traders continuing.
Credit balances list runs 189,780 with average 259,601 shipments 170 and average 130,882. Figures reflect the Ol City market data for January 16 and summarize daily balances and shipments.
Washington banks reported multiple officer elections with minor changes. Traders National Bank appointed eight new directors as part of a planned expansion to twenty five, while Jordan S. Widridge became president of Merchants and Mechanics’ Bank. William T. Galliher replaced William H. Saunders as American National Bank first vice president, and Charles E. White was added as second vice president of National Bank of Washington. Other institutions re elected officers including Riggs National, National City, Lincoln National, and Farmers’ and Mechanics’ National Bank with no changes. New directors were elected for Washington Exchange Bank, expanding its board.
Bridgeport and other U S industrial centers report resumption of factory operations after December slowdowns. Major employers like Columbia Phonograph and Singer Manufacturing bring workers back, some at full time, others at partial capacity. Additional plants including Bullard Machine Tool and Salts Textile resume, with Pittsburgh steel and Maryland rolling mill also restarting, while Atlanta Clearing House calls in certificates amid financial strain.
The State Department reports an agreement signed by China with a English German syndicate for a loan of £5,000,000 at 5 percent for thirty years to finance the Tientsin Chinkiang Railroad. Ownership will rest with the Chinese government. Northern section to be supervised by a German engineer, southern by an English engineer. German and British material favored. Security is likin revenues. Construction to begin within six months, funded £590,000 within six months, and completion in four years.
New York wire reports a lower London tin market with futures at 15 and spot 124. Locally prices for copper, lead, zinc, and castings remained largely steady or unchanged, with quotes across electrolytic and casting grades, while London and Cleveland warrants hold firm in thin activity.
Chicago Credit Men's Association launches a mercantile clearing house to settle debts and collect bills without banks. Enthusiastic reception from 380 large businesses. A special committee will devise ways to implement the adaptation of the bankers clearing house system for merchants.
Pallimore Maryland January market summary shows dull and unchanged prices across grains and dairy. Corn and oats show mixed spot and forward quotes, with receipts and export figures reported for white corn and other grains. Butter and eggs hold steady, cheese prices mostly flat, while grain freights remain steady.
New York bankers and brokers Whitney and Kitchen of the New York Stock Exchange were assigned today. The firm, Girard N Whitney and James V Geraghty, is temporarily embarrassed by inability to make corrections. Counsel said the assignment will give a few days to work out the trouble and that all creditors will be paid in full and business would resume shortly.
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