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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Mar 04, 1908
Page
23
Midday on the stock exchange shows cautious trading with small gains and losses. Bear movement dominates rails and wheels while industrials show some strength and speculation grows about Hepburn bill impacts on taxation and market behavior.
Local financial activity favors investments with trading in Capital Traction Seat 10 and Potomac Electric first 5s rising, while Chesapeake and Potomac Telephone 6s hold firm. Gas demand timid with small sales, railways led by Washington Railway and Electric preferred near 81/2, big block bids around 63. Talks of uptown bank amalgamations persist amid routine trades and no forced selling. Col Greene confirms Greene-Cananea resumption planned for late April or early May, with Cananea Cananea Duluth projects expected to cut copper costs. Bank leaders Stevens and Smith report health and travel updates amid a quiet business climate.
Curb market activity is noted as received by W HR Wibbs and Co bankers and by the New York Stock Exchange and the Chicago Board of Trade. The brief item indicates interactions with leading financial institutions and markets.
London tin steady to lower. copper weak with spot at 156 pounds, futures at 47 pounds. Local markets dull. electrolytic and cantering prices slip. Lead down locally. spelter unchanged. Foundry metal quotes mix. copper and tin show limited improvement amid reduced supplies.
New York March 3 money markets show rates at 2 percent for caustic loans with steady time spans. Closing bids reveal 1 percent on some issues while longer terms hold at 4 percent and 44 4th per cent on others. Sterling exchange remains steady with bankers' rates around 4.8670 to 4.8680 for demand bills and 4.860 to 4.990 for 60 day bills. Bar silver and Mexican dollars quoted as figures, government bonds and railroad bonds reported heavy activity.
Wholesale quotes show heavy egg receipts and quiet trading. Butter supplies tight with steady demand, cheese firm, and wave of poultry items including ducks turkeys and chickens in varying per pound prices. Market also lists dressed meats vegetables fruits and staples with mixed regional figures and barrel, crate, and box pricing.
Market summary from Washington shows cattle and hog price data with various grades. Cattle rates include butcher grade and ordinary per ent, with figures around 4.75 to 4.56. Hog values per weight range from 4.25 to 4.64. Sheep and lambs list clipped and spring offerings with per pound prices. Calves priced by pound across prime, mid, and common grades. Cow prices show prime fresh cows and per head values around twenty dollars.
New York market notes firm fowls and higher tendency though official quotes unsettled. Quist receipts and cheese steady, eggs mixed to steady with white fancy and brown styles listed. In Baltimore and Chicago Wheat surged on strong demand futures showed gains, corn and oats up with local receipts and exports. hogs firm, lard higher, and overall grain and meat markets fluctuating amid brisk trading and expectations of reduced Northwest wheat stocks.
New York commodities note gains with bullish Northwest wheat outlook and higher oats. Wheat futures rise amid active commission buying and short covering. corn and oats show small advances. Sheep and cattle markets steady with mixed receipts. Berwick plant resumes operations, restoring 4,000 jobs at the American Car and Foundry Company after a two week shutdown.
Special to The Washington Post from New York on March 3 describes the ticker chatter signaling rising prices as market activity returns. The piece notes fear over the Hepburn tax on stock transfers could push business to London, where commissions differ, potentially shifting investment away from Wall Street. It covers reactions to Bonaparte's denial about dividend restraint, fluctuations in National Lead and United States Steel, and a hopeful note on Great Northern's increased rail orders boosting sentiment.
Experienced agents testify that writing life insurance is easier today with 38 top quality policies issued by Equitable Life of New York. The firm’s financial strength and promptness have earned world wide reputation. George C. Jordan, Washington Manager, seeks capable men to represent this liberal, prompt line of business.
Harriman faction defeats Bruynesant Fish in Illinois Central stockholders meeting. Fish succeeds in blocking a 41 million bond issue for equipment, while E. H. Harriman is elected chairman and J Ogden Armour set to replace Wish. Proxies and stock votes trigger protests as legal action heads toward higher courts.
Butte Montana March 3 Work has started again at Amalgamated North Units and Coalition mines after a December 9 suspension. About 30 percent of the normal force is back, with 540 men employed last Saturday and 5 800 soon expected. The North Butte Company added 250 men last night and Red Metals plans to add 720 by week’s end.
The taking of evidence in the government suit against Standard Oil moves to Cleveland on March 11 to examine competitive methods. Government attorneys Morrison and Graves will present testimony. Kellage, lead prosecutor, travels to California for rest. Some minutes may follow in Chicago and St Louis, but the government has largely finished its case.
The Canal Record shows Panama’s revenues for 17 rising over 1908 figures with notable increases in imports taxed at various duties. Liquor, tobacco, salt, matches, and coffee imports all up by substantial percentages while overall duty collections traced to 1907 total $2,489,301. The Isthmian Canal Commission also pushes furniture supply contracts for the Isthmus to alleviate dining room equipment scarcity.
The New York cotton market opened steady but declined slightly as May futures rallied on bull support and nearby demand. Futures fluctuated with a net early gain of points before easing, while Southern spot markers held firm at modest gains and overall receipts stayed light amid cautious trading outlook.
A Hoard's Dairyman article argues against compulsory tuberculin testing, warning its safety and effectiveness are unproven. It cites expert opinions, cites costs, and urges caution to prevent harming cattle herds while seeking tuberculosis control. It notes legislative debates on testing plans and farm inspections.
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