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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jul 16, 1907
Page
9
Market summaries flag gains with limited selling pressure on Wall Street as stocks climb. Harmiman report seen as less drastic than feared, while Washington Post notes easing money rates. Optimistic tone prevails amid cautious sentiment and muted profit taking.
New York bond market notes focus on Reading stock behavior after the 2 percent dividend deduction, market manipulation questions, and short covering dynamics. London buyers gain then profit as sentiment shifts to earnings and intrinsic value. Amalgamated Copper and United Metals factors discussed amid underwriting and Union Pacific notes.
A dull summer market was interrupted by renewed gas stock activity as buyers moved to push prices higher. Trading included round lot sales from 7 1 4 to 79, with a 100 share net at the closing price. other sectors showed little movement while Potomac Electric and Washington Railway and Electric saw minor activity. Mc Howard Moran, treasurer of the Home Savings Bank, left for a two week stay at Atlantic City.
The Washington stock exchange closed with varied prices across bonds and mercantile paper while London and New York markets showed mixed activity. Copper, wheat, and corn futures moved lower or steady, with butter, eggs, and dairy products fluctuating amid broad commodity trading. government bonds held steady as industrial and trade readings indicated modest shifts in the financial landscape.
Wheat futures eased as receipts remained light and supplies steady. July wheat at 88 and December at 1027. Corn receipts steady, spot prices for No 2 yellow and white varieties similar. oats firm with mixed weights and steady spot demand. Market closed with little trade activity and no elevator transactions reported.
Market reports show egg and butter prices rising with good demand in Virginia, North Carolina, and Southwest Virginia. Poultry, meats, seeds, vegetables, and fruits list varied items with price ranges and regional supplies noted across the Washington area markets.
Market notes show Western chickens priced at 2 fowl and 15 turkeys listed, with other entries indicating newly framed items and various quantities. Butter prices remain active with a firm stance and creamery prompts a 20 percent prize consideration.
The Chicago wheat market fell on favorable Northwest reports and weak closing. September delivery eased from open to close around 93% to 94%. Corn declined amid rain and crop prospects, while pork and lard provisions showed strength early but faded as the day progressed. Local receipts and trucking activity influenced meal and hog prices, with mixed signals across futures and cash markets.
The cotton market shows quiet trade with July and August moving modestly while new crop positions gain slightly on shorts cover. Weather remains favorable and volumes steady as reports point to tighter supplies, with real estate and textile goods noted. Sovereign Bank of Canada closes local office and shifts NY business to JP Morgan & Co amid retrenchment policy.
Washington Chamber of Commerce subcommittee meetings this afternoon at American Security and Trust Company offices to select a site for a proposed chamber building. Chairman Charles J Bell presides as options are pursued, with a board meeting to follow if a site is chosen and stock subscriptions discussed as investments rather than contributions.
President Winchell of the Rock Island Railroad announced the company is out of politics and will end lobbying in Des Moines and in state capitals and Washington. Jean Sebastian added the line will not cut passenger service due to the cent fare law, and aims to stay in touch with business leaders.
Moody's Manual is enlarged to cover new topics in railroad and corporation securities for 1907. It expands coverage of steam railroads in the United States and broader corporate enterprise topics. The financial investment role in the United States is now vast and affects all businesses. The eight decades of publication have seen continual additions to keep pace with market development. The present issue is attractively compiled, thoroughly organized, and invaluable for ready reference.
Preliminary Bureau of Statistics figures show Cotton exports up by 1509 bales to 83 849 8 pounds valued at 0 78887 in the year ended June 30, a new high in volume and value. Bread exports fell to 176 029 889, provisions at 15 and MT declined 1701343, and oils decreased with weaker shipments across staples.
Market summaries show cattle receipts around 3500 with steady to slow demand. Hogs quoted higher with mixed weights and strong late activity. Sheep and lambs receipts about 1700 with prices easing. veal and calves mixed, noting export demand for tomorrow.
Market prices for cattle hogs sheep and calves shown in crude OCR form. Lambs in offal supply and demand mood noted with various quotes. Beef prices include per ewt and per pound figures for common prime medium and aged categories with miscellaneous notes.
New York reports the market pushes Goldfield Consolidated and related issues as top picks. Diamondfield Black Butte and Tramps Consolidated rise, with Daisy and Combination Fraction also strong. Analysts predict rapid gains as production prospects lift 19 percent year estimates, urging immediate purchases of Goldfield shares and several smaller miners amid a buoyant lower priced stock segment.
French Porto Rico coffee growers urge a revision of the Franco American understanding to prevent punitive duties on Porto Rico coffee. A telegram to the French ambassador in Washington expresses hope for a favorable solution to the trade dispute between the United States and France. The polemic reflects fears for production and market stability in Porto Rico amid tariff tensions.
A report describes the tax status of a local money scrip issued by a Cleveland bank and the government’s temporary suspension of a 10 percent circulating medium tax. It notes officials will monitor issuances and purposes while the Southern Railway announces several accounting department appointments and changes.
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