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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Nov 15, 1907
Page
29
The report traces market weakness to Pittsburgh and notes mixed reactions across stocks. While overall declines appear heavy, some shares show resilience and others advance on selective demand amid cautious trading.
Special to The Washington Post describes banks retreating from loan certificates to ease money stringency. It notes Pennsylvania events, a surge in sentiment from liquidity fears, odd stock moves like Pacific, and a private bank offering 6 percent on sixty day deposits.
Local financial notes show holders patient and discerning as the market remains muted with few forced liquidations. Large institutions reportedly bought New York exchange, signaling a shift in mood between Washington and New York. Ches Speake and Potomac stock could be purchased yesterday with deposit privileges for conversion into Bell Telephone of Pennsylvania stock, and about 5 percent of outstanding capital has been deposited under the agreement. Uptown insurance directors discussed the sector, leaning toward reinsuring if terms are favorable, while cut rate premia issue continues to vex the industry. Traction and refining sectors showed limited activity, with some Brooklyn liquidations and bank deposit concerns reflecting savings banks preparing for withdrawals.
The article outlines a proposed spur from Ch vy Chase Lake to Georgetown via Glen fwico along the canal bank, aiming to improve freight flow for West Washington. It also covers a Mitchell Mining Company plan to finance via a New York syndicate, offering stock swaps, and reports on broad market activity including copper, cattle, butter, eggs, and grains with mixed futures and domestic price movements.
The New York cotton market opened steady with a slight advance after a closing rally. Trading reflected mixed sentiment as buyers and sellers weighed Wall Street influences and Bullish support from English markets while domestic demand remained cautious.
New York November 14 markets report steady poultry and cheese receipts with multiple items unchanged. Commodities listed include flour, buckwheat flour, hay, cottonseed oil, petroleum products, turpentine, sugar, coffee, and cornmeal with mixed readings and occasional references to prime grades and seasonal yellow corn.
New York grain markets show futures mixed as wheat and oats trade under pressure while closer bids signal softening demand. Reports highlight soft cash basis, prices near mid November levels, and broad weekly volume across No 2 white and No 2 yellow corn.
The report notes Russian wheat exports will be drastically curtailed over the coming months, with December futures for wheat showing gains while corn and oats ease. Trading rallied after early weakness, with December climbing to 66 1/2 and other contracts mixed, as export hopes and distant stock-market declines influence prices.
scattered OCR text shows market activity in Baltimore with references to December and February, prices, and social reads. The garbled line includes what appears to be stock or price letters and mentions a Sgt Ne and area changes. The fragmentary notes suggest a brief market summary and local notices.
New York November 14. A.B. Hepburn to chair Hughes commission to align state banks with federal statutes. The panel, all experienced bankers, aims to report by December 168. Public hearings unlikely. trust companies to be included with similar laws under review.
Commercial and manufacturing interests show comparatively sound conditions with some reductions in production and layoffs. New England reports partial reductions but no crisis, while Southern centers like Richmond Lynchburg and Savannah pass along generally fair industrial conditions. Clearing house certificates are widely used in the South, especially Georgia, though farmers find them less acceptable for cotton payments. Norfolk faces softer conditions with delayed exchange, but shipments have since improved and cotton trade is moving again.
Special to The Waanmatan reports the $10 900 000 new steel works at Jones and Laughlin in Aloquippa Pa were abandoned amid rumors United States Steel Corp may take over Jones and Laughlin. Officials deny a takeover but halt on mill work, blast furnaces, and 1000 model town houses slows expansion. Vice President Hillis King offered no timetable for resumption.
Merchants and Farmers Bank of Blanchester Ohio shuts doors today due to cash shortage. It plans to reopen Monday. Bank reports 75000 capital and about 200000 in deposits. Also notes a new zinc trust organized in Chicago to control mining and manufacturing. Frank Nicholson named president. Germany reports two lumber firms Albrecht Co and Goldhamer suspend payments with Ha uncertain futures. Financing efforts aim to keep operations alive.
Two British interests have been chartered in London to transport Russian steel rails for Harriman extensions into Mexico. Societe Metallurgique Russo Bergs, with Black Sea works, secured the contract. United States Steel Export Company bid but Russian quote is said more favorable. Exact contract figure remains secret. Original contract calls for 6000 tons.
Pennsylvania Railroad tests reveal steam locomotive No 606 covering a mile at 96 miles per hour in Layton New Jersey on November 14. An electric locomotive also ran two trials, first at 72 mph and then at 79 mph, in the same special test.
Directors of the Union Pacific Railway Company declare a quarterly dividend of 2 1 2 percent on common stock, unchanged from the prior year’s rate. Southern Pacific follows with a semi annual 3 1 3 percent on preferred stock and a quarterly 1 1 2 percent on common stock, unchanged from the previous quarter.
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