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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Mar 21, 1907
Page
29
New York trading closed with subdued action as speculation waned and bears maneuvered. Smelting and Tennessee Coal and Iron showed notable weakness while money markets eased slightly and rumors about credit were thinned amid bankers assurances.
Special to The Washington Post reports on Tennessee Coal and Iron pool activity, sharp intraday moves, and a crowded scene around the stock as traders test the pool, with prices ranging from 140 to 150 12 and a note on the absence of actual stock for sale. Reading, Du Pont Pacific, and Missouri Pacific earnings are discussed amid market caution and rumors of house support to avoid failures.
New York reports a renewed sharp drop in London's metal market with spot at £186 and futures at £193 1a for tin, amid widespread selling by speculators. Copper in London shows higher spot at £1083 with futures near £107 14, while lead and zinc edge little changed, and domestic foundry values hold steady amid overall quiet trading.
New York money market steady with call at 4 3/16 percent and rates for 60 days at 6 percent. Sterling exchange shows bankers' bills at 4 89 for demand and 4 78 for 60 days. Government bonds steady while railroad bonds vary. Bar silver at 66 2/3 cents, Mexican dollars at 51 cents.
On City Pa March 2 credit balances 1731 rane 108,309 average 117,899 shipments 29,608 average 163,564. Toledo March notes North Lima 4 South Line end Indiana 89.
Closing bid quotations show extensive listings across railways electric utilities gas and telephone bonds and preferred stock holdings. Notable entries include Washington Railway and Electric common 26 percent Washington Gas 64 percent Chesapeake and Potomac Telephone 48 and various municipal and trust stocks with minor percentage changes.
The Washington Produce Market notes firm egg quotations amid steady gold demand. Butter receipts rise with cautious dealers. creamery and dairy prices listed. Cheese demand remains good with several regional factory and Virginia prices shown. Live poultry supplies light and dressed meats and vegetables priced across multiple regions.
New York grain notes a steady to lower tone in wheat with spot prices for No 2 red at 82 percent to the elevator and contracts for May and July slipping from gains. Corn receipts reach 150000 bushels with No 2 yellow and No 2 white quoted, while oats show mixed white and clipped varieties amid firm spot demand.
The New York cotton market was active and irregular, driven by the Census Bureau's report. Prices opened higher on strong cables but soon fluctuated, with May dipping after the census forecast before closing near last night's levels. Trading remained brisk, with gains on short-covering and bull support amid revised 12,290,677 bale figures and 281,180 bales of lint.
New York market notes show butter and eggs firmer with varied local and state prices. Cheese, flour, and oils steady. pork and lard mixed. cotton seed oil irregular. coffee quiet. freight rates stable. potatoes steady in the south amid uneven demand.
Market notes show sweet potatoes quiet while cabbage demand remains dull. Prices listed include 9.08, 116.65, and crude Cara Mims with limited trading activity and a reference to AOL MT. ing and Wo. 4 Sntod.
Baltimore markets report steady prices across grain futures with dull wheat and corn bids. No. 2 red Western wheat around 764 76% in March and 70% May. corn mixed with No 1 white near 61% May and 68 bid July. receipts and exports tallied for corn and oats, with Southern whites and yellows noted. Freight rates steady, and market terms show limited activity amid changing entitlements.
The Washington cattle market shows choice calve grades selling at quoted rates with watergrades neglected. Spring lambs over forty pounds in good demand while thin lambs are unwanted. Rigid inspection warns against sending calves too young. Reading declares a 2 percent semiannual dividend on the second preferred stock of Reading Railway Company.
Grain and livestock prices move through a volatile session with cattle receipts near 920 in New York and 71,000 in Chicago. Cattle, calves, sheep and hogs show varying demand while grains wobble on rumors of crop conditions and weekend selling. futures close mixed with slight declines in wheat and corn.
Flood severely banks 38 furnaces and cuts about 50 000 tons of iron production in Pittsburgh steel works. Carnegie Steel 27 furnaces idled. Jones & Laughlin 5 stacks idle. finishing mills closed four days to a week. Other plants inoperative include American Sheet and Tin Plate, National Tube Company eight plants, and several Bessemer works. Demand revival noted as New York Air Brake seeks 6 000 tons foundry iron and others report large inquiries. Prices and contracts extend into April to June with heavy steel orders from Carnegie, Cambria, and American Bridge, plus rail and riveted pipe orders for California and San Francisco buildings.
The Baltimore and Ohio Railroad earnings and expense statement for February 1907 compares with February 1906. Gross earnings rose to 5 959 293 while expenses fell to 4 476 967 yielding net earnings of 1 462 326, a 421 091 drop from the prior year. For eight months ending Feb 28 the group shows increased gross earnings and expenses with net earnings down. The report covers multiple affiliated lines including the Baltimore and Ohio companies and several connected railroads.
The Census Bureau final report for 1906 sets cotton output including linters and counting round as half bales at 12,290,677, with an average bale weight of 610.7 pounds. The crop in 500 pound bales equals 13,576,226, and 155,704 bales remain to be ginned. Ginneries operated during the season numbered 28,702.
At the annual meeting in Baltimore Missouri the retiring board of directors was re-elected. No stock increase was decided yet and a special meeting is likely to be called to consider capital changes after directors finalize the contract with New York New Haven and Hartford Railroad to acquire Boston and Philadelphia Steamship Company. The board later re-elected all current officers.
Secretary Wixon of the Department of Agriculture sent to the Department of Justice a list of 29 new railroad cases charging violations of the rule requiring food water and rest for livestock housed on freight cars. Penalty max is 500 dollars per case. Cited railways include Chicago Burlington and Quincy eight. Baltimore and Ohio Southwestern six. New York Central four. Salt Lake, Los Angeles and San Pedro two. Great Northern three. Cincinnati New Orleans and Texas Pacific Union Pacific Northern Pacific Chicago Milwaukee and St Paul Santa Fe New York Central and El Lous one each.
The Enterstge aters Commission issued an order requiring railroads under the interstate commerce act to duplicate tariff copies for the commission after April 1. The extra copy will raise railroad expenses, described as a small matter. A fragment from Meggendorfer Blatter recalls Sophie speaking with her mother about a red haired doctor, who is predicted to age before marriage.
The Philadelphia Press cites Mr. Bryan and others arguing that global conditions point to potential business stagnation next year. It notes Britain faces financial strains post Boers war, Germany trims industrial output, and worldwide gold wealth may not meet demand. The piece ponders how prolonged downturns could affect the US Presidential race, wages, and labor demand.
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