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This newspaper page contains 14 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Apr 08, 1915
Page
14
The Federal Reserve Board announced an understanding with the Federal Reserve Banks to create a gold fund in Washington for clearing and settling balances. The plan is expected to take effect next month.
The Fed plans a general gold fund in Washington to settle transfers between Federal Reserve Banks. Banks will transfer title to the fund as needed to settle funds across districts. The plan, discussed with governors, should take effect mid May with full details coming later.
Industrial and copper averages rise as rails dip slightly. U S Rubber shows surprising strength and activity. General Motors climbs 7 3-8 points while Kresge remains a strong spot. Massachusetts gas falls 2 2 points to 79.
Yesterday's total sales were 522,700 New York shares and 35,174 Boston shares. Reading led New York with 45,400 shares and Butte & Superior led Boston with 3,565 shares. Year to date readings show New York at 19,889,600 and Boston at 2,104,473 shares, compared with last year's 23,442,100 and 1,781,361 shares. Major movers include General Motors up in New York and Cuban American Sugar down. Calumet & Hecla rises in Boston while Mass Gas falls.
New York stock action mirrored yesterday with autos pushing to new highs up to seven points. Petroleum, fertilizers, small steel firms and various issues rose, while Bethlehem Steel General Electric Cuban American Sugar and others fell.
The Boston market showed a mixed day with gains and losses. Massachusetts Gas hit a fresh yearly low near 79, Copper Range rose on big copper sales and potential dividends, and United States Smelting advanced to 26. Testimony by Thomas W. Lamont linked high foreign rates to domestic borrowing costs, suggesting tighter money for longer maturities.
Current quotations show call loans at 3 1/4 to 3 1/2 percent for brokers and 4 1/4 to 3 3/4 for outside loans. Commercial paper 3 1/2 to 4 percent, year money at 4 1/2 to 5 percent, and bankers’ reserves figures with sub-Treasury credit totals in New York and Boston. Foreign exchange firmer with sterling at 4.79 dollars demand and euros at quoted rates.
Manager John S. Nolan of the Cathedral YMCA announces three state legislators will each donate a prize for the Saturday 8:00 cross country run. John A. Donahue pledges the first prize for Ward 9, John F. Sheehan offers the second cup, and Edward F. McLaughlin provides the time prize.
The government projects a winter wheat yield near 619 million bushels with potential to reach 700 million as weather and acreage conditions improve. Copper production and low unit costs appear in Old Dominion reports while Butte & Superior stock lags amid high shelter prices and possible profit reductions due to smelting capacity constraints.
The American Hide and Leather Company reports strong earnings on preferred stock for the December quarter and March quarter, with year projections rising. The piece also surveys Rock Island stock volatility, financing needs, and potential new issues to fund overhaul and future operations.
Sealed proposals in duplicate for subsistence stores to six month term starting July 1 1915 were to be received by the Marine Corps Depot in Philadelphia and vendors listed including Portsmouth Boston Hingham New York Town Island Dover Annapolis Washington Winthrop Indian Head Norfolk Charleston Port Royal Pensacola Key West New Orleans San Diego San Francisco Mare Island Bremerton. Also Massachusetts Harbor and Land Commissioners invite sealed bids to dredge a six foot channel at Bass River Dennis and Yarmouth. Sealed bids also invited by Coast and Geodetic Survey for ship chandler supplies for wire drag parties. Bids due by May 5 1915 April 15 1915 and April 24 1915 respectively.
The market notes 17,000 nine six per cent bonds canceled, 431,000 outstand, 850 more shares listed bringing listed total to 175,520. Malden bids on a 150,000 temporary loan due in six months. American Rolling Mills issues 2.5 million in 6 per cent notes with varying maturities. city bonds bought in Buffalo at 102.68. Chicago Junction Railways mortgage bonds bought by several firms and quickly resold.
Classified page lists overhauled Winton six for 350 dollars and an open cabriolet with roadster potential. Also five passenger Mitchell for sale and various painting and paperhanging offers from Simon Liner to J Paerman. Motorcycles, tires, and repairs promoted by Thor Motorcycle Co. in Boston area classifieds.
A compact list of items including counters priced at $3 and $4 for sos and gtools 501. A coffee urn is $10, with wire chairs and scales at $1. The address 32 Portland St. appears with the note 47-8.
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