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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Apr 26, 1913
Page
14
Rumors claim the M. Rumely Company suffered a defalcation with $800000 missing from assets. Preferred stock dropped 18 points to 89 after a 6 point fall, while common stock slid to 24 from an earlier high of 101. The firm had issued $10000000 of 2 year 6 percent notes, casting doubt on prior dividends.
Hayden, Store and Co sold the entire 38.1 million dollar issue of 5 percent two year notes for the Massachusetts Electric Companies at a 5.75 percent yield. Revere Sugar Refining Co cut current preferred stock dividends due to tariff changes, with common stock unpaid. Giroux Consolidated Mines failed to meet March payroll, stock near two dollars after seven years on the Boston exchange, Greene-Cananea may omit June 1 dividend amid Mexico tensions. Greene-Cananea stock traded at seven dollars yielding 14 percent.
The money market remains quiet amid slowing business and liquidation in stocks. Banks seek easily marketable collateral as New York call money sits at 2 3/4 percent and four to six month paper yields drift around 4 percent with broadening commercial paper demand.
Fall River Gas Works Company of Fall River Massachusetts declares quarterly dividend No 74 of 3 dollars per share. Payment will be made May 1 1935 to shareholders of record at the close of business on April 25 1935.
R G Dun & Co Weekly Review notes persistent confidence amid moderate trade and industrial activity decline. Western and southern outlooks show optimism due to crop prospects in cotton and wheat, while eastern centers remain cautious. Pig iron activity rises on lower prices. textiles slow but dry goods stay favorable. clothiers see solid fall business. footwear steady. leather demand quiet. US failures 307 this week vs 310 last year, Canada 46 vs 28.
Bradstreet notes mixed signals in early April with current demand rising in some regions due to better weather while future orders lag as buyers await tariff clarity. Wool and woolen goods face tariff risk. shoe makers see uneven orders. Bank clearings dip 1.5 percent to 3.14 billion. weekly business failures 273. U S and Canada grain exports show higher wheat and corn volumes year over year.
The Utah Copper Company reports 1912 copper output of 91.37 million pounds at 15.8891 cents each, with 1911 output at 98.54 million pounds for 12.646 cents. Silver output was 811,391 ounces at 60.657 cents, gold 34,265 ounces. copper cost 8.781 to 7.8655 cents per pound. Reserves total 316.5 million tons averaging 1.495 per cent copper, ore grade 1.3642 per cent. 1912 reserves added 165 million tons and 1918 output forecast about 120 million pounds amid prior labor difficulties.
General Electric announces 1911 results with a surplus for dividends of 12.6 million dollars and sales billed totaling 89.18 million. Net profits from sales reach 8.11 million, with total expenditures and interest leaving 6.75 million as expense. The year includes new consolidation of Fort Wayne Electric Works Sprague Electric and National Electric Lamp Company.
Yesterday's market reports show New York total sales of 358000 shares and Boston 19988 shares. Reading led the New York list with 68600 shares and Steel common led Boston with 2708 shares. Year to date totals: New York 29078600 and Boston 2042719 shares. last year to date New York 46445200 and Boston 4706912 shares. Major moves include American Express up 2 to 1 in New York and Rumely Co pref up from 12 1 2 to 52 1 2. Hedley Gold rises 1 1 2 to 34 and Calumet & Hecla gains 12 to 468 in Boston. Call money New York 2 1 2 to 3 percent, Boston 4 to 4 1 4 percent. Time money New York 4 to 4 1 2 percent, Boston 5 to 6 percent.
Pronounced weakness swept through a broad list of less active issues in New York trading on April 25 with many stocks hitting new low records for 1913. Industrials and railroad shares led losses as bond prices declined and demand remained light, with total par value sales at 2,125,000.
Boston April 25 The market showed a quiet session with prices generally sagging. Calumet & Hecla fell 12 points on light volume while others like Superiors Cranbey and Indiana slipped. Boston & Maine hit a new low before recovering. Copper in London eased to 15 1 2 cents amid light demand as buyers paused.
The report highlights price movements of two former Hei tied assets, with Davis Daly linked to a driving cause in that issue and Ohio Cop seeing pressure that cut its price from $1 to 64 cents. Calaveras and Cortes also showed notable activity with further detailed fluctuations.
Wheat stays firm and active with higher cables and liberal export takings. May, July, and September futures show notable gains while corn lags and closes largely unchanged. Oats slump slightly. international markets in Liverpool Paris Antwerp Berlin Budapest mixed with modest moves. Duluth and Chicago grain carloads reported, with export sales around 650000 wheat via Lake Duluth.
Nipissing Mining Company for the year ending December 31 1912 shows total income of 2 947 365 with net earnings near prior year despite slightly lower silver production 4 688 260 ounces. The company added a low grade ore mill costing 325 000 paid from earnings and increased ore reserves by more than 1 750 000 ounces. General Manager Watson cites average silver price 61 457 cents per ounce in 1912 versus 63 682 in 1911. cost per ounce 17 89 cents and profit 44 4 cents.
The New York Stock Exchange stock list committee orders that all transactions in Central Trust Company certificates of deposit for Allis Chalmers preferred and common stocks will be fourth instalment paid until further notice. A Davis Daly telegram notes Hesperus mine exposure of a rich copper glance and high grade silver, with the 1404 drift opening a substantial ore body and smelter shipments showing mine expenses paid since the 12th.
The cotton market eased to new lows across all options as frost forecasts failed to materialize in the Southwest. A Western belt forecast sparked a small rally but no uptick in activity. Traders noted steady selling ahead of next Monday's first notice day for May deliveries and weekend reports showed weaker spinner demand.
The market faced renewed selling, led by Baltimore and Ohio convertibles and several rail issues. Bond transactions totaled 2,124,000 dollars in volume, well above yesterday but below the week and year-ago figures. From January 1 to date, sales reached 191.656 million, higher than the prior year.
Following a Senate session on the white slave commission Lieutenant Governor O'Hara sent telegrams to President Wilson and Missouri Lieutenant-Governor Paynter urging attention to the disclosures. The telegram to Wilson reads as follows.
At a hearing of the Illinois Senate Vice Committee the conditions for girls employed at the Springfield International Shoe Company factory drew sharp criticism. Senator Neils Juul denounced the corporation amid claims it backs a Washington lobby opposing tariff measures to keep European wage competition at bay.
In Skutari fortress near Cetinje on Wednesday last Essaad Pasha, the Turkish commander, capitulated to Montenegrins amid extreme exhaustion from hunger. Victors found half starved people, hospitals in dire condition, and many unburied corpses in the streets. Desperate natives demanded bread or surrender whenever he appeared.
Seaconnett Mills 1 percent payable 4 26 Amalgamated Copper 11 2 percent payable urallys Georgia Southern & Florida 1st 2nd pfd 21 2 percent payable 5 10 Island Creek Coal com percent payable 5 1 Parrot Silver & Copper lic 5 26 Buckeye Pipe Line Books Close for mtg Buckeye Book Open Chicago Pneumatic Tool Co Du Pont de Nemours Powder Co ptd Utah Copper Co Books do not close
Fresh fish prices declined at T wharf yesterday as thirteen vessels discharged groundfish fares. Swell reported a 35 000 pound haddock catch plus cod hake pollock and scrod. Several ships like Spray Pontine Cabral Olivia Sears Leonora Silveira Elva L Spurling and Squanto carried substantial cargos. A fire damaged boiler rooms on barge Tunkhannock and Bucknall line freighter Karema faced possible loss. several steamers departed for Hamburg Glasgow and Copenhagen while molasses and bananas arrived. The Hebron era port activity included wrecking tugs Tasco arriving to raise Clara A Comee and government oversight.
Sun rises at 4 47 and sets at 6 38 with a 13 hour 51 minute day. High water at 3 10 pm and 9 ft sin rise at 9 am. A long arrival and sailing list notes steamers and schooners visiting and sailing to and from ports such as Liverpool Santa Marta Barbados New York Norfolk Gloucester Portland and Lynn including barges and tugs like Ply mouth and E L Pillsbury.
Merchants Manufacturing declares a regular quarterly dividend of 1 percent payable May 1 to holders of record April 2. Lackawanna Steel sets a quarterly dividend of 1.34 percent on preferred stock payable June 1 to record May 31. Pope Manufacturing declares a regular quarterly dividend of 1.125 percent on preferred stock payable April 30 to record April 28. American Bank Note Company announces 1.125 percent on common stock payable May 15 to record May 1.
William Corcoran Eustis, chair of the Washington Inaugural Committee, rejected a proposed ceremony saying it would look odd and like Scrooge. The anecdote from the Manchester Union recounts Scrooge using a 2 cent stamp as a makeshift bandage and placing a 1 cent stamp on his wound.
Proposals will be received by the Navy Department in Washington for naval supplies to be furnished at Boston yard including hose steel wrought iron pipe chain blocks oils redwood steel bolts and nuts with schedules required and blank proposals from bureau of supplies. Behaled proposals for quay wall repairs at Boston yard will be opened May 10 1913 with estimated cost 4000. Plan and specs available from the Bureau or the Boston yard commandant.
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