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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jun 19, 1905
Page
9
Wall street shows calm on surface while a reform wave moves through influential houses. Old fashioned business morality gains force as insiders clean up operations, expose misuses of trust, and debate civil and criminal action against powerful offenders.
Analysts note failed forecasts for future bull markets, with past optimism giving way to a dull market. A minimal new activity, extended short interest, and the Equitable settlement influence trade, while midyear bond demand could lift stocks. The state pension debate and stock transfer tax loom as factors. DANIEL F. KELLLOGG
The New York clearing house banks report for the week shows loans at 1 104 860 000 deposits 1 149 204 800 circulation 47 389 000 legal tenders 96 423 900 specie 906 867 400 reserve 22 280 700 reserve required 285 071 200 surplus 1 200 060. The daily average clearings were 240 000 000, with Saturday’s total 291 599 711. Banks generally increased loans and deposits while the surplus reserve declined but remains ample given foreign and domestic capital movements.
William B Hibbs known as Billy Hibbs, beloved president of the Washington Stock Exchange, praised for leadership, wit, and broker’s instinct. Under his tenure the exchange expanded, notable deals include Alexandria Ferry Company merger with Norfolk and Washington Steamboat Company, and strengthening Washington Railway Company assets. He also holds memberships in New York Block Exchange and Chicago Board of Trade while planning a dedicated exchange building.
The Washington Stock Exchange list shows bids on Washington Railway and Electric and other issues with prices for common and debentures. Closing quotations cover National Safe Deposit, Metropolitan Railroad, capital Traction, and utilities bonds, with district bonds and various rail lines. The report notes market conditions and cash prices, with butter and beef prices and a market summary for June 17 1906.
New York June 17 market report shows tepid movement across commodities. Dairy items such as cheese and butter hold steady. hogs, poultry, and meats mostly unchanged amid varied receipts. Cottonseed oil, rosin, turpentine, and rice show firm to steady tones while sugars and raisins display mixed quotes.
Money on call nominal no loans. Time loans firmer sixty day 9 percent ninety days 14 63 percent six months 3 percent. Prime mercantile paper 4 64 percent. Sterling exchange firm with actual business in bankers' bills at 4.27 to 4.87 for demand and 4.3515 to 4.9525 for sixty day bills. Posted rates 4.86 to 4.88. Commercial bills 4.94 percent. Railroad bonds and government bonds noted as already.
A promotional notice claims Dr Agnew's Cure for the Heart relieves palpitations and smothering spells in minutes. Testimonial from W H Musselman of Wellsport Pa says two bottles cured him. products sold by P G Ameck and Stone Poole in Washington DC area.
Light sales of large leaf tobacco limited dealer stocks as bidding remained animated for limited wrap and smoker lots. Droughty weather slowed growth. Durham and South Region reports show mostly light activity with total crops around 7.5 million pounds at about 10 to 12 cents. Wasley’s warehouse to reopen for the new season, boosting regional capacity.
An editorial argues that universal peace comes not from armament but a triple alliance of America Britain and Japan possibly with France Germany Austria Italy Scandinavia China and Russia. It calls for disarmament open door and tariff reciprocity with nations cooperating to dominate global commerce and end warfare under liberty and union.
Henry B. Blackwell reports dull wheat with spot contracts around 2.81 per 100 pounds, July 69% asked, August 69% asked, September 84 asked. Corn ready for export with Southern White and Southern Yellow noted, oats receipts 17 041 bushels, rye dull with No 2 Western, butter firm with fancy grades, eggs easy at 17, cheese firm and large, sugar steady at 5.98 for fine granulated.
Live stock markets show receipts of 20 head with no trading. Cattle and calves offerings small with limited activity and weak to steady prices. Sheep and lambs receipts 9,16 with steady sheep and slower lambs. hogs 2,087 head with soft demand. Also an unrelated ad on monthly investment payments from U S Hearty Co appears.
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