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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
May 06, 1914
Page
2
Speculation was slow and uncertain as traders avoided heavy commitments. Market activity hovered with minor fluctuations. London prices barely moved and oil shares tumbled on the curb. Northern Pacific fell on bond issue rumors denied, while Missouri Pacific showed brief strength before retreating.
In New York trading and the daily cotton market report, prospects for better Southwest weather and July equification tied to local interests sparked a sharp decline. General business waned as the bullish weekly weather report failed to prompt fresh buying, leaving prices near session lows with a net drop of about five to ten points. Futures opened high and closed near the lows, with December and other contracts showing similar weakness.
New York money market figures show May call money at 2.467 percent with a ruling rate near 1 percent and closing around 19 cents. Time loans weak with 60 days at 2 percent, 90 days at 3? percent, and 6 months around 3.5 percent. Mercantile paper quoted at 4.24 to 4.7 percent. Exchange steady at 4.8533. Commercial bills about 4.94 percent. Bar silver at 9.0? Mexican dollars at 45 percent. Government and railroad bonds steady.
New York Wheat prices show irregular trading with No 1 hard winter at 102 1/2 cents and No 2 red at 104 cents. Futures steady to lower on light receipts and clearances. May at 103, July 91 1/2, September 92 1/2. Corn spot firm at 76 cents for No 3 yellow. oats and other grain bids include No 7 rye at 60 1/2 cents. Navigation openings noted for Buffalos.
Brief market chatter notes no major bear account growth after today’s rise while cautious traders limit purchases. Lake Shore sells 20 million dollars of one year notes in London and Paris at a flat price on a 4.5 percent basis to fund maturing obligations. Rock Island board to meet to review a financial readjustment plan potentially avoiding receivership with radical securitization cuts already priced in.
The Belmont proposal to build a deep water Cape Cod Canal drew parallels to New York subway ventures. Belmont argued steam power and inland waterways could sustain the canal’s commerce, a project once deemed speculative but now seen as a potential economic catalyst alongside Panama and the Erie Canal openings.
New York market notes show varied receipts and steady to easy prices across dairy eggs flour feed and fats. Creamery butter and state whole milk move at mixed levels while poultry and cottonseed oil hold firm or ease slightly. Coffee and raw sugar quote firmer to steady with refined goods stable.
Baltimore markets report mixed commodity quotes for wheat poultry eggs and dairy. Prices listed include No 2 red wheat at 98 percent along with No 3 red 98 and 36 percent, standard white 48 or 44, and various butter, eggs and poultry prices across Maryland Pennsylvania and nearby regions.
Live Stock markets indicate beef hogs cattle and sheep receipts with varied strength. Hogs receipts around 10 002 cattle 2 500 calves 525 19.00 sheep 17 000 natives 5 10 5 85 lambs 9 00 6 75 7 30 calves dressed meat 12 00 16 00 beef 600 etc.
Philadelphia markets report a mixed grain and livestock scene. Wheat steady, corn higher, oats unchanged, poultry prices soft for live fowl and spring chickens, with prints and local terms noted in the weathered market column.
Copper market notes mixed prices for spot and futures with electrolytic and castings shown. Descriptions include quiet activity and a range of price figures, with references to London and wartime securities.
The Washington market showed little revival as selling orders cooled first bid prices. Bonds like Capital fractions and Washington Gas moved only slightly, while stocks such as Lan and Electric bonds fluctuated. Attorneys for financiers pursue petitions across major lines, and Frederick K. Keupel filed for bankruptcy in District Supreme Court with $868.25 debt and $250 assets.
National banks subscribed to Federal reserve bank stock totaling 6 611 yesterday, up 181 from the day prior, with subscriptions reaching $90 184 300. Three days remain for the remaining 1 995 banks to file their entries as attorneys for several railroads in receivership seek a clearer Supreme Court ruling on when a reorganized firm is liable for the old debts.
Local stock exchange notes regular call with bids and prints for Washington Gas Ba and Washington Gas. Railroads Chesapeake and Telephone and Washington Railway and Electric show several bids at varying percentages and par values. Merger Linotype and GAS BONDS appear with small lots and fractional pricing. after call preferred Washington Gas at 84 and 6 at 84 for preferred.
London May 6 A vast art collection built by Max Lyon of Paris over 40 years and including early Italian marbles and bronzes will be dispersed in a six day sale at Christie’s starting May 18 in King Street St James. Highlights include a Mino da Fiesoli marble and a Julia daughter of Julius Caesar bust. A Michelangelo Atropos bronze bust, noted for its powerful anatomy, is among the prized works in the strong rooms.
London May 5 David Lloyd George chancellor of the exchequer introduced the budget in the house of commons and estimated the deficit for 1914 15 at 26 68 million dollars. He warned that to cover the deficit and added charges the nation would need to raise about 49 million dollars next year through higher income and death duties. The new income tax would rise to nearly 13 percent with death duties up to 20 percent. He proposed tax relief on improvements based on spending. Revenue was put at about 1 00327 million and expenditure at 1 02993 million.
United States Treasury data reports May 4 revenue receipts of 890 544.94 and ordinary disbursements of 1 751 805.18. Fiscal year to date revenue stands at 60 594 558.95, with assets across general fund totaling 227 437 587. Subtractables and gold reserves are listed, along with cash assets of the Treasury at 2 008 858 455.00. An export note discusses Cape Cod canal potential to boost Boston grain shipments and reduce risks compared with New York routes.
Treasury officials worked to standardize and reduce the number of income tax return forms by more than half. The current system has 35 certificates and creates confusion across collection districts. Taxpayers and collectors alike struggle to choose and use the correct form amid a heavy workload.
Virginia Maryland and Delaware fruits and vegetables in good demand with moderate poultry and rising market figures. New York eggs potatoes onions lettuce cucumbers tomatoes and citrus appear with varied pricing. receipts from nearby stock and equipment storms support a firm market.
Market notes show fair lambs and hog prices per hundredweight with veal calves and pork data. The fragment lists show lamb and hog quotes, with small, rome, and spring lambs terms and a reference to dressed beef and veal, indicating a busy livestock market snapshot.
Toledo and nearby markets report daily oil quotations with May and June figures. Prices listed include North Lima 129 South Indiana 122 Wooster 131 City Pa May and Credit penances 200 June 125 05L. averages show shipments 65 176 average 66 7.
Mrs Nora Barker of Washington sues Potomac and Chesapeake Steamboat Co and Colonial Beach Co for 10000 dollars claiming injuries after a falling stanchion on the steamer St John July 1912. Jury reported a disagreement and was recessed until morning.
Augusta Ga May 5 Changes in the Severe United States cotton futures bill were recommended by the executive committee of the national cotton conference. They favor a pure cotton law and a bill requiring tag Bollies on cotton ginned in the boll to prevent mislabeling. The committee seeks tax shifts to burden dealers, expansion of contract tender rules, and spot market standards set by the Agriculture Secretary. In a separate note, a fire in Melroneche, Mexico, nearly wiped out the town following an attempted bank robbery.
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