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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jun 05, 1907
Page
8
A June rally on Wall Street drove securities to the day’s high with gains of one to five points as traders covered shorts. News favored values with better crop reports and easing credit fears offset by gold movements to Paris and suspected delays in government action against Harriman interests.
The New York bond market and stock exchanges see wide swings as the first government crop report of the season triggers steep declines followed by a late rally. Prices ease across rails and utilities amid liquidation, with near term futures showing sharp moves and sentiment turning bearish before a partial recovery.
A thin gallery attended yesterday's local stock exchange session while members showed strong presence. Notable activity included a first straw hat sighting, bids for Railway and Electric preferred stock, and several trades including ten shares of Southern Public. Headlines mention capital stock rumors, Capital Traction bonds trading near 110, and Greene Consolidated Copper transfers. Washington Savings Bank building rental transfer via the United States Revenue Bureau is noted, with District of Columbia Paper Manufacturing securing $60,000 in new mortgage bonds to support growth and debt relief.
Washington Stock Exchange listings show Halee-Capital traction at 109 percent with 318 trading, Capitals traction at 133 and 6 at 133, while Washington Railway and Electric report 45 with 1,000 at F1th and Sh9 1,000 trades. Prefers, gas and electric segments display varying 100 share lots at 71 percent and gas at 66 percent amid unclear bids.
The article describes a day of oversold conditions with a shift in short interest, possible large trader manipulation, and a rally driven by rumors Washington may drop plans to disrupt the Harriman network. It notes cotton and grain outlooks, dividends boosts, and stock moves including American Smelting and Refining, Car and Foundry, Steel common, Canadian Pacific, and London market activity.
Wholesale market notes tight hog receipts with demand firm for arrivals. Butter quality improving amid larger receipts. New York and Western factory prices shown. live poultry arrivals light with mixed demand. turkeys in fair demand, ducks and geese dull. dressed meats steady with country cured ham and calves in good supply.
The list shows varied farm goods and prices including potatoes onions carrots cabbage celery and lettuce from regions such as Florida Western New Orleans and Maine. It notes strong apple market activity with Baldwin apples and California navels as well as assorted fruits and berries with price ranges per box or basket.
New York market notes show lively poultry with alive steady spring chickens at 30, fowls 16, turkeys 42, and mixed prices for Drewed Sim turkeys. butter and cheese steady with sizable receipts. flour dull and lower with exports and sales. goods across grains fats oils and raw materials show firm or steady trends including rye flour cornmeal hay hides and lard. Freight and sugar details appear quiet. peppered by miscellaneous items from cottonseed oil to petroleum and coffee markets.
New York June 4 Wheat prices rose late after dipping to under 203 for July as favorable crop prospects in Kansas and improved weather in the West outweighed weak cables and a bearish Ohio State report. Corn and oats showed firmer activity on weather worries with various futures closing higher or steady. Receipts and spot prices varied across grades with elevator and parcel markets reflecting mixed demand.
Chicago June 4 Wheat prices in the local market declined amid favorable weather and liquidating pressure. July and September futures swung, with July down and September lower at closing. Primary receipts totaled 99,009 bushels, while liver pool and other grain activity showed mixed shifts as corn and oats followed wheat trends.
Chicago June 4 Bulls led by James A. Patten dumped nearly 4 million bushels causing riotous trading on the board of trade. Prices fell from yesterday's close with July wheat at 41-4 cents and December near 98-1/3. Bears sold heavily as shorts bought to profit, later recovering some losses. Patten allegedly dumped wheat and sold cotton after a government report.
New York June 4 cotton prices slid after the government crop report showed the 1906 acreage revised to 32,049,000 acres and a May 25 condition around 70.6 percent. July to January contracts dropped from late-night highs, then recovered some but closed 14 to 22 points lower. Trading volume hovered near 80,000 bales as market participants weighed revised acreage and near-term demand.
Cattle market remains steady with unchanged cattle and lighter receipts of veal calves. Lambe in good demand and prices show firm tendencies across categories including prime and common cows, with figures listed for per cwt and per pound ranges.
Money on call stands at 2 percent with bids and offers near 2 percent. Time loans: sixty days 3 and 5 percent, thirty days 3 percent, six months 4 and 5 percent. Prime mercantile paper around 6 percent. Sterling exchange firm with Packers' bills at 2604.0868 and 4. Prices quoted for bills and other currencies. Government bonds steady. railroad bonds irregular.
Baltimore markets report steady to unchanged prices across grains including wheat corn oats and rye with receipts and exports noted for June. Bids hold on live stock with hogs at 17 17 1 2 and sugar steady. American Telephone and Telegraph announces a new stock issue at par after a dip in share value.
New York June 4 The Seaboard Company stockholders meeting in Jersey City rejected a motion by John Skelton Williams to dissolve the holding company. He argued the directors are dummies and that assets should be distributed to shareholders as the holding company can no longer aid the Seaboard Air Line Railway. Directors for the next year were re-elected: Achenbach Kelly Porteous Weyant Hand Sherman Herson Denton Quimby.
At the June 4 annual meeting in Pittsburg Pennsylvania Railroad stockholders re elected the old board. The 1906 report shows gross earnings 46 026 206 22 operating expenses 32 889 128 39 net earnings 13 147 778. An increase of 2 226 429 46 over 1905. Tonnage up 15 38 percent and passengers up 12 62 percent. The age limit for new employees rises from 35 to 45, effective across the system.
Columbus, Ohio June 4. The Supreme Court today decided the suit of the city of Cleveland against William Reynolds, a victory for the Cleveland Consolidated Railways Company and a blow at low fares. The case, heard in Cuyahoga County Circuit Court, upheld the validity of street car franchises on Erie and Central avenues, and the Supreme Court sustained it, knocking out the low-fare franchises.
New York on June 4 reports 1 038 cattle receipts with steady to firm bids. calves steady. sheep and lambs active. hogs steady. Chicago sees 3 500 cattle, 16 000 hogs, and 10 000 sheep on offer with varied ranges. cattle steady to strong, hogs slightly lower. sheep strong with yearlings and lambs firm.
In London trading June 4 tin declined further closing at £125 17s for spot and futures around £125 lower. Locally spot tin around £41.00-41.20. Copper steady at £98 15s spot and £94 10s futures in London. Lead dull at £5 75-5 85 locally and £20 in London. Spelter down to £24 12s 6d London, £6 4s 6d locally. Iron weaker in England while local iron market shows firm bids for various foundry grades.
The board of managers of the Associated Charities met at 81 G Street NW and voted to elect one member from each of eight conference divisions. Charles F. Weller was elected delegate to the national congress of Charities and Corrections in Minneapolis July 11. A new set of by laws was adopted and the secretary noted expenses will be paid until November.
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