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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Mar 16, 1907
Page
44
New York markets opened with sharp gains as London quotes for American stocks rose and bargain hunters piled in. Large banking houses aided by buying orders helped steady prices, offsetting yesterday's losses and signaling renewed investor confidence despite ongoing credit concerns. Bonds remained active with total sales around 3.75 million dollars.
New York bond market report dated March 13 lists a wide tapestry of securities with prices for American Tabasco and American Tobacco, railroads such as Atchison General 4A and Baltimore and Ohio biases, Central of Georgia, Chicago and Pacific, and many others. The compendium includes certificates from Japan, Mexico, and various railroad consolidations, alongside United States Steel and Pacific entries, reflecting a broad market snapshot for traders.
New York traders faced a dramatic shift as the market opened with strong gains and quick recovery from the day’s late panic. Analysts cite fleeting relief from the clearing house outcome and upbeat whispers about banks buying government bonds to stabilize liquidity, while large blocks of Union Pacific stock fueled speculation and margin pressures evaporated.
New York March 15 treasury report notes money on call at 15 percent, ruling rate 12, closing bid 3 and offer at 4. Prime mercantile paper 66 percent, sixty days 74 S, ninety days 247 gix month CEL percent. Sterling exchange weak with bankers bills at 4.83259 4.8310 for demand and 4.1585 4.7810 for sixty day bills. Government bonds firm, railroad bonds irregular.
Baltimore market report shows flour receipts 6 905 barrels and mixed changes across grains. Wheat futures on Western red and No 2 red steer bids while Corn markets present mixed futures and steamer shipments. Rye No 2 Western domestic bids hold firm as butter eggs cheese and sugar maintain steady to firm tones.
Local financial news notes a steadying influence from New York price recovery. Langton leads activity opening 115-8 rising to 127-8 with 500 shares traded. Mergenthaler shows 10 shares at 2071-2 ex dividend. American National holds at 168 with 10 shares traded. Capital Traction bid up 2.25 points. Henry A. Bishop elected director of American Graphophone Company.
Yesterday's market sheet lists numerous bonds and stocks across railways and utilities with mixed quotes. Notable items include Washington Railway and Electric common at 38 and preferred at 0, Potomac Telephone at 104, and various bonds from District of Columbia, Metropolitan and Chesapeake and Potomac Telephone among others.
Irregular butter receipts 118 packages and strong cheese with 2,050 packages in all. Eggs 19,865 cones. Western poultry steady with turkeys 18 cents per pound. Flour receipts 14,271 barrels with exports 2,420 barrels and sales 7,400 barrels. market quiet and lower. Prices for hay, hides, leather, wool, beef, pork, turpentine, rice, sugar, coffee, peanuts, potatoes, cabbages vary with steady to dull tones and several items unchanged. Transportation rates steady.
Wholesale quotations for eggs butter cheese and meats show steady to firm markets amid light receipts. Eggs range mixed by region while butter declines tempered by cautious dealers. cheese current demand steady. Live poultry and dressed meats provide active sales with varied prices across processes and cuts. Vegetables and fruits list numerous regional items with per unit and per case pricing.
New York market reports show wheat receipts of 26 000 bushels with prices fluctuating amid export activity. Wheat futures closed lower on weak lumber and crop news while corn receipts reached 112 876 bushels with option market softer on liquidation and better weather.
Chicago opens with mixed gains then broad selling drives May wheat and corn lower. Wheat May opens up then falls to 1 1 2 higher. corn May slips from 46% to 40% late. oats and provisions drop as liquidation broadens. Receipts total 60,003 bushels. Bradstreet’s exports about 1 million bushels.
New York March 15 The cotton market was less active today but closed with a net advance of 1s. Prices rallied at the open on better cables and short covering, then eased slightly as receipts rose and weather remained favorable. May futures showed strength but overall demand was uneven with selling on local exchanges and subdued spot news.
Market notes describe choice calven and lamb demand with forty pound weights in good demand while thin lambs are unwanted. Cattle prices include extra per cwt six dollars twenty five cents and common rates. hogs list per hundredweight with various grades. calves show prime and medium values. Shippers are cautioned against sending calves too young to avoid condemnation.
At the Board of Fire Underwriters meeting held yesterday in the District, key topics included a proposed consolidation of inland fire insurance companies and potential changes in rates. Propositions met stiff opposition from some members, but a peaceful settlement is anticipated in the next day or two.
R G Dun & Co notes spring trade shows healthy growth vs last year with strong demand in textiles and steel while footwear prices curb fall shoe orders. Pig iron and structural steel demand rise, especially in Birmingham and rail equipment. Cotton goods keep prices firm as mills sell ahead, with Western jobbers still receiving liberal orders and exports lagging.
The bulletin records Mar 15 pricing for Reeves Reeslots stock with steers cows bulls and calves. cattle and sheep receipts show varied demand with price ranges for steers 6.00 to 4.35, cows 1.75 to 4.35, veals 5.00 to 9.00, lambs at 7.75 to 3.10. Chicago figures list cattle 4.25 to 6.75, hogs 4.96 to 6.80, sheep 4.76 to 6.00, with broad market tone steady to lower across categories.
London IM market closed lower with futures and spot declines across copper tin and lead. Local market held steady with standard ingots and foundry prices largely unchanged amid weak sentiment and speculative activity.
Secretary Hestar reports the global visible cotton supply at 6,418,495 bales, up from 5,487,682 last week and 4,988,453 a year ago. American cotton stands at 4,081,409 bales with 1,462,000 bales from other kinds. Britain and Europe hold 20,730,000 bales afloat, India 490,000 bales, and the United States 1,508,000 bales in the year’s tally.
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