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Newspaper
Wilmington Dispatch
Location
Wilmington, North Carolina, United States of America
Date
Mar 13, 1917
Page
3
Market news from New York on March 13 describes a volatile session in cotton with Southern selling, fears of rains in the Eastern belt, and a rally from intraday lows. May touched 16.68 and October 16.72 while July hovered near 17.50, and the market closed on a firm note despite earlier declines.
New York spot cotton quotes for March 138 show quiet trading levels with middling grade at 18.10 cents per pound. Market observers note limited activity and steady prices amid thin turnover.
Irregular trading in New Orleans cotton today saw early gains from fair cables fade as February consumption forecasts from American mills prompted selling. By noon the active months were down 9 to 29 points from yesterday, with a late rebound lifting prices off the session lows to close with modest advances.
New Orleans spot cotton market shows daily movement with 2630 bales sold and 4190 to arrive. Ranges listed include good ordinary 16.25, strict good ordinary 16.75, low middling 17.25, strict middle 17.50, middling 17.75, good middling around 18.37 with other variations. Stock tally stands at 426,358 bales.
Savannah Naval Stores in Savannah Georgia reports March 13 receipts for turpentine sales. Receipts totaled 93 with nominal quotes ranging from 600 to 670 for various buyers and marks.
Raw sugar prices were firm at morning trading, with May at 442, July 464, and Sept 468. Trading showed covering and buying early, then selling by commission houses pushed prices down. by noon the list was nearly unchanged and late-session selling left futures 5 to 16 points lower. Sales reached 35,050 tons.
New York reports coffee futures unchanged on March 13 with No. 7 grade at 95-8. May futures at 7.55 and July at 7.70.
New York on March 13 saw stocks under pressure at the open as threatened railroad strikes hit leading rails. Reading and Union Pacific fell more than 2 points with fractional declines in lower priced issues. United States Steel, Associated Industrials, metals, Central Leather and major specialties suffered sizable losses before supporting orders trimmed losses.
Market notes from Kansas City Chicago St Louis and New York show butter change minimal with steady to firm eggs. Poultry prices mostly unchanged with hens roosters turkeys quoted in various centers and descriptive ranges for dressed birds.
Reports that late export purchases exceeded forecasts spurred a firm close in wheat with May at around 181.75 and July near 155. Large receipts later aided corn bulls, closing modestly higher. Navy stores and lard also move, while cattle and rib futures show mixed action amid active trading.
Mercantile paper and multiples quoted with 4 to 1 4 bid. Sterling 60 day bills at 471, commercial 60 day bills on banks 471, 570 3 4 for 60 day bills. Demand 475 7 16 cables 476 7 16. Frances 585. Guilders 40 5 16 cables 40 3 8. Rubles 27 7 8 cables 28 1 2. Bar silver 74 1 4. Mexican dollars 57 1 4. Government bonds steady railroad bonds easy. Time loans easy 60 days 31 2 90 days 31 2 3 83 4 6 months 33 4 4. Call money firm high 21 2 low 2 ruling rate 21 2 last loan 21 2 closing bid 21 4 offered 21 2.
The Cape Fear river level at Fayetteville North Carolina at 8 a.m. yesterday was 12.9 feet and falling.
The Hardware Association of North and South Carolina will hold its annual convention at Wrightsville Beach June 19 20 and 21 drawing 250 to 300 hardware dealers from across the Carolinas. Rotary Club committees will plan receptions and civic projects while other notes cover a clean up campaign and hospital area improvements.
Governors of Maine New Hampshire Vermont Connecticut and Rhode Island meet Governor Samuel W McCall at the Massachusetts State House to discuss military and industrial preparedness plans amid unsettled conditions Major General Leonard Wood may attend the session to discuss common efforts across the region.
German forces defend a barrier as French success at Soissons and raids across the Avre Meuse are reported. Austrian troops Pulse: a snow tunnel raid on the Italian front yielded 1 officer and 120 men captured. French, British actions near Arras and Beauvais fail with heavy losses.
The arrival of Count von Bernstorff in Europe renews Berlin debate on the submarine blockade. German naval attaches in neutral countries are called to Berlin for a conference. Authorities hint at altering but not raising the blockade to avoid war with America.
Ministers and laymen from across the South converge on Atlanta to attend the Southern Baptist Laymen's Conference. The three day program starts tonight with about a thousand delegates expected, featuring speakers Governor Sidney J. Catts Lieutenant Governor A J Bethea Dr E J Mullins Dr W L Pot e at and Dr Len G Broughton from several states.
The Atlantic Coast Line train from the North arrived on schedule this morning with connections at Rocky Mount and Goldsboro. The train carried all mail and business leaders express hope for continued better service on this line.
A nationwide strike was anticipated with President Wilson likely to use all efforts to prevent it. Brotherhood leaders tell the President they will meet March 15 with the National Conference Committee of the railways to press an eight hour controversy settlement. They pledge support to the nation in case of war.
About 100 Southern union officials from four large railroad brotherhoods met to discuss renewed eight hour day demands. A statement on the conference results was likely to be issued late today. Some reports said definite action could be announced soon, and others suggested next Saturday as the strike date if demands are not met.
Washington March 13 Appeals of officials of the Louisville and Nashville Railroad from a lower court ruling requiring testimony of campaigns in the Interstate Commerce Commission investigation were set for hearing in the Supreme Court on October 2 by an order announced today by Chief Justice White.
President Wilson nominates William H. Edwards known as Big Bill to be collector of internal revenue for the second district of New York. The appointment highlights a prominent political figure receiving a federal post in Washington.
Delegates gathered in New York for a confidential session on the railroad brotherhoods. They refused to disclose outcomes and suggested statements would only cover the conference and general situation, with no firm plan on a Saturday strike. Leaders W G Lee, W S Stone, W S Carter, and J B E Sheppard avoided specifics on any strike call.
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