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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
May 02, 1908
Page
2
A chaotic tumble in stocks eased as heavy selling paused and short coverings surged. Traders noted hopeful signals that liquidation has halted, with advances in rail complexes and major issuers offset by lingering caution about gold exports and May wheat markets. President indicators for fall demand remained mixed as speculation cooled and volumes declined.
Wall Street notes: Pennsylvania dropped its dividend from 7 to 6 percent. The move boosts the stock and broad market as traders anticipate further rise when the company issues a 1 cent dividend next period. Union Pacific and St Paul show notable gains, while concerns about pools and bond offerings swirl amid questions on future dividends and capital needs for the railroads.
A consolidated report covers Treasury notes, bonds and revenue receipts, with details on gold holdings, trust funds, and currency markets. It lists bank quotations, stock items, and bond yields, noting general fund cash and available cash balance, plus redemption and deposits across several banks and institutions.
Local financials indicate persistent buying for Capital Traction S and Washington Railway and Electric 4s with prices firming. Trading activity eases slightly but demand remains strong for Gas stock and Bell Telephone of Pennsylvania bids. market closes with quotes well supported and no bearish influence seen.
Wholesale price summary by region lists butter eggs poultry and meats with noting receipts tight supplies and steady demand. Markets show mixed butter and cheese trends while eggs, pork, beef, and poultry quotes vary. hogs and cattle receipts cited along with fruit and vegetable offerings and price ranges across apples, potatoes, tomatoes, and grain futures reflecting a slow market.
New York May 1 wheat receipts around 100 bushels with spot bids for No 2 red at 102. futures climbed early on export demand and easing Missouri complaints, before backing off. May futures closed near 107, July around 113 with mixed corn and oats activity and firm spot prices overall, as market balanced delivery delays and strong export demand.
Prices weakened as traders dumped near term positions and heavy liquidation weighed on futures. July led declines while October showed slight gains before renewed weakness. private crop reports suggested an uptick in acreage and favorable planting conditions. Southern spot markets remained unsettled amid ongoing selling pressure and near term dampening factors.
Credit balances at 178 runs with 245788 average 175 608 shipments 147 07 average 179 for Toledo Ghia May 1. North Lima South Lima and Indiana noted. Post want ads are free.
Dun and Company weekly trade review reports cheerful crop prospects and strong rail bond markets boosting sentiment, but mercantile and industrial activity show little net change. Steel and textile sectors face output constraints with delayed deliveries and cautious buying amid rising stock disposals. livestock markets in New York and Chicago show steady to firm tones amid mixed receipts.
Copper markets show weak consumer demand with prices around 12% per pound and 17% elsewhere. Traders cite low confidence, slow construction, and uncertain European demand as reasons for a cautious outlook while some foreign demand may rebound later this month. Copper futures in London and New York show mixed levels with spot and forward trades uneven across grades.
New York market prices show steady or unchanged receipts across multiple commodities including eggs, flour, ry e meal, hay, hides, wool, meats, and oils. Notable items: cheese and eggs steady, pork and lard steady, petroleum steady, coffee steady, potatoes irregular, and cabbages firm at Southern per crate.
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