Industrials Buoyant as Banks Prep to Repay Treasury Sums
The stock market showed quiet gains amid expectations that banks will repay about $45,000,000 to the Treasury. Corn rose while other grains fell and steel trades showed improving conditions.
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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jul 14, 1908
Page
9
The stock market showed quiet gains amid expectations that banks will repay about $45,000,000 to the Treasury. Corn rose while other grains fell and steel trades showed improving conditions.
The Georgetown Gas Light Company, at an adjourned stockholders meeting, authorizes issuance of 250000 ten year 3 percent gold certificates of indebtedness, with 225000 offered at par on August 1 and convertible to stock after five years. Company praises financial strength amid growth west of Rock Creek and summer use. Market notes show Washington Railway and Electric as the feature with about 20000 in trades, and Wall Street betting five to one on Taft's election.
The Washington stock exchange report lists quotations and market activity across sectors. It notes weakness in the Mehw market, a lower local market, and softer futures. It also references railroad lines, utilities, and commodity movements with several named firms and locations.
New York financial notes show 1 percent on call money, stronger but dull bond dealings with varied yields. Government bonds offered at 14 percent as rates and exchange steady, while commercial bills hold near 4.87 for demand and 4.8873 for sight. Clothing and farm goods prices listed, with livestock values and a Maze Puzzle feature teased for page 2.
Market bulletin notes steady wholesale prices across districts with moderate hogs and poultry supplies. It lists varied rates for potatoes, vegetables, fruits, dairy, eggs, meats, oils, and grains across multiple regions, including Virginia, West Virginia, North Carolina, and New York observations, with mixed quality and firm to easy movements.
Market notes show strong wheat receipts at 100.900 with gains on cash wheat sales lifting prices to new highs as Sep crosses 91. Reports of heavier new wheat arrivals and rain in North Dakota spurred buying, while July and Sep futures moved up but closed with modest net changes. Corn and oats activity remained subdued with spot strength and limited transactions, while various winter wheat grades showed mixed quotes and afloat movements.
United States Steel hit a new yearly high and led a broad rally with heavy activity. Rumors tied to bond allotments and railroad financing suggested a wave of new issues, while reports on Union Pacific, Great Northern, and Canadian Pacific drew mixed reactions and cautious speculation across the market.
Northwest heat spurs price advances in wheat and oats on the Chicago exchange while corn slips slightly. Strong trading from Minneapolis and Duluth reflects crop damage estimates of 2 to 30 percent, with visible supply down and primary receipts up year over year. Provisions remain active as pork and lard demand steadies and hog prices rise amid broader market bullishness.
New York markets show varied beef and calf prices with cattle receipts around 3,200 and calves over 6,100. Sheep and lambs trading steady to lower, hogs higher, with Chicago errors and regional notes on credits, ships, and Lima reports across several dates.
The Washington Prot reports signs of renewed activity as about 1000 idle workers in Wheeling return to jobs at North wood Glass, Warwick Pottery, La Belle Iron Works, Whittaker Mill, and Wheeling Steel. Steel chiefs Schwab and Stone note improving conditions, railroads hire more workers, and several plants in Ohio and New England resume full operations after closures.
Interstate Commerce Commission orders Adams American and Wells Fargo Express to cut the rate for transporting raw furs in bundles from St Paul to New York City from 4.50 to 3.50 per hundred pounds. Effective August 1. The complaint by Joseph Ultman prompted the action, requiring they extend inland export rates to him and other fur shippers.
New York July 43 The cotton market opened with a loss of 24 points as cables fell short of expected gains. After the opening the decline widened to about 16 points in new crop positions with few rallies. Selling arose from weak spinning reports and favorable crop news, amid chatter of Southern spot weakness. Some covering appeared on a Southern newspaper claim of crop deterioration from rain. Leading year interests shifted to October and later months, leaving July barely unchanged. Estimated sales around 75,000 bales.
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