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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 01, 1914
Page
14
Clarence W. Barron asserts that stock exchanges closing pending European crisis avert financial panic in the United States. He warns war would strain capital, raise prices, and that German banking strength and Reichs Bank planning would shape a broader global economic response.
American Graphophone Company pays 13-4 percent preferred dividend on record August 1 and payable August 15. Blackstone Valley Gas and Electric Company declares 2 dollar quarterly on common payable September 1 to August 15 record. Franklin Savings Bank offers 2 percent semi annual payable August 1. General Asphalt Company declares 11-4 percent preferred payable September 1 to August 15 record. General Chemical Company declares 11-2 percent on common payable August 20. The Standard Silver and Metal Lead Mining Company pays 7 12 percent monthly on record July 321 and payable August 10. Books will not close.
Tampa Electric Company of Tampa Florida announces a quarterly dividend of 2.50 per share on its capital stock payable August 46 1914 to stockholders of record at the close of business August 3 1914. Stone Webster transfer agents.
Paul M Warburg of New York informed the White House he will appear tomorrow before the Senate banking committee, out of deference to the President's wishes.
President nominated Mr Warburg to the Federal Reserve Board amid Senate opposition. Thomas TD Jones faced adverse reports over ties to the International Harvester Company, leading to withdrawal. Warburg initially refused to testify, then agreed to appear before the banking committee after renewed pressure.
A group of 14 dealers and exchange reps met at George S. Ware’s office on Friday July 31 to vote on suspending dealings in outside securities and halting quotations. The resolution calls for no quotes for publication and seeks cooperation from the Street to aid the situation.
Thomas P. White, 51, of 16 Johnson terrace Dorchester, slipped on a lighting from a train at Dorchester station last night and broke his left leg. He was taken to City Hospital for treatment.
Bradstreet's notes that European war tensions disrupt American markets including grain cotton and coffee while delaying stock exchange activity. Trade shows mixed signals with dry goods moving faster in the west, steel improving in July, copper suffering, and overall business failures higher than 1913 in both the United States and Canada.
The Cotton Exchange opened with a 13 to 46 point drop that quickly reversed as heavy spot buying pushed prices up 30 to 40 points. Within an hour the exchange suspended trading until next Tuesday, touching off a panic as S H P Pell Co and others failed.
The current export movement totals 7.2 million dollars begun July 28. London receives 7.1 million and Paris 100 thousand today with Paris to London distribution of the year’s shipments 28.2 million to London and 1 million to Berlin. Canada also receives 1 million.
Goldfield Consolidated Mines Co executive secretary treasurer says no dividend due to cash limits after initial Aurora property payment. Cash on hand 415 000 and 154 000 in transit. Aurora ore reserves placed at 895 000 with 476 000 fully developed. Quarterly report shows tonnages up to 84 326 with net 445 813. Purchase of 592 000 Aurora shares for 877 075 at 1 28 per share. payments extended to October. initial disbursement 388 800 on June 25 with three more 100 000 installments.
Flower & Co a longtime NYSE member firm assigns its business to Charles H Werner of New York City as liquidation proceeds. Frederick S Flower notes death of a partner spurred retirement plan and says loan collateral remains well secured.
Trustees of Franklin Savings Bank declare the semi annual dividend of 2 percent payable August 1. Deposits made through August 5 will participate. interest as of August 1.
President William A. Gaston of the National Shawmut Bank says the U S situation is affected only in U S relations with Europe and that there is no domestic change. He notes foreign turmoil has frozen trade and European cash liquidation pressures, but adds banks remain healthy with ample cash and loans to depositors totaling 2 750 000 while others are paying down debt.
Stock bought and sold only through the board of directors as listed in the latest public statement dated June 20, 1914.
Shannon Copper Company reports for the quarter ended June 9 1914 net earnings of 40900 with production of 3118156 pounds, higher than the first quarter but below the last quarter of 1913. Cost per pound averages 12.695 cents. compare with 12.687 cents for Q1 and 12.37 cents for Q3 1913.
Secretary McAdoo stated the Treasury Department will assist as far as it legitimately may in New York or elsewhere as the present situation requires. He emphasized continuous coordination with the ongoing situation and readiness to provide support where needed.
President Wilson moves to fast track the Federal Reserve Board and launch the new system. He notes 500 million dollars in treasury currency ready for issue and plans relief deposits in Chicago New York and Philadelphia while awaiting senate confirmations and a Warburg decision. He supports NYSE closure as precaution. He will stay at the White House to monitor the crisis.
At South Boston, three vessels, including a swordfisherman, reached the fish pier yesterday. Albert W. Black brought a trip of swordfish. Lucinda I. Lowell carried haddock, cod, and pollock. Hattie Heckman loaded haddock, cod, and pollock. Dealers posted prices for haddock and cod. Captain Henriksen reported seeing a large steamer offshore near Nantucket, possibly Cunard or Lusitania. The Allan liner Pretorian sailed from Mystic wharf with passengers and cargo, unimpeded by wartime trouble.
A long list details steamers arriving and sailing plus tows and barges. Names include Bowden Henriksen Hawes Hawkesbury Kinney Nacoochee Munson Orion Breckenridge Princess of Avon Onward Mercedes Freddie Eaton Stony Brook and more. Ports span Port Antonio Port Morant Halifax Charlottetown Yarmouth Gloucester Boston New York Baltimore Norfolk Newport News and Portland.
The French cruiser Friant left St John s Harbor after coaling in a hurried stop She will delay on the Grand Banks to pick up French fishermen then proceed to Brest where the fishermen will be distributed among warships.
The European conflict impacts Boston firms engaged in leather export and footwear import. Thomas F. Anderson, secretary of the New England Shoe and Leather Association, says many Boston firms have received cables from European customers canceling shipments.
New England shoe firms halt orders amid a looming European war. Prominent Boston manufacturers travel abroad while a broad association warns of chaos in leather and footwear trade due to exchange embargoes, suspended stock exchanges, and scarce insurance. American consuls in Europe prepare traveler guidance and possible aid requests if war escalates.
The report notes 1913 exports of sole leather to affected countries totaling 7,057,030 dollars and upper leather exports at 13,853,991 dollars. Boots and shoes exports reached 4,593,163 dollars. Imports from European countries included calf and hip skins 18,563,722 dollars and cattle hides 18,004,734 dollars, with goatskins 4,990,469 and sheepskins 7,729,302.
Flour dealer Daw son argues wheat prices fell six cents despite the crisis as export channels shrink and a war could demoralize foreign trade. He warns of a large domestic surplus lasting a year or more and questions how to dispose of it while urging caution on war costs. Bernard Rothwell agrees a general war would curb international commerce and may raise food prices if England Germany and France engage.
Readings list dozen churches with Sunday services in Boston area including Advent Church 160 Warren Street Dr Martin preacher 10 30 am and Union service 7 15 pm. Ruggles Street Baptist near Tremont 10 30 am sermon by Rev C T MacGregor. Tremont Temple Baptist large crowd 10 30 am and 6 pm with Dr MacArthur. many congregations list hours locations pastors and soloists for Sunday worship throughout streets: Warren Street Roxbury Dudley Street Clarendon Street and Park Street churches.
The Cathedral Church of St. Paul lists Sunday services including Holy Communion at 8 a.m. and 11 a.m. with a sermon by Rev. Edward T. Sullivan and an evening address by him. Weekday services cover noon, 5 p.m. prayers, and varying morning Holy Communion times.
First United Presbyterian Church at Warren and Brookline hosts preaching at 7:30 p.m. by Rev. W. W. Logan of Louisville. First Reformed Presbyterian at Ferdinand and Isabella hosts 10:30 a.m. preaching by Rev. W. J. McKnight on The Christian's Pilgrim age Heavenward with strangers invited.
A long list of religious and spiritual events across Boston and nearby towns invites attendance. Denominations include Church of the New Jerusalem, Bible study groups, Unity Camp in Saugus Centre, and various séances and lectures led by noted mediums and pastors. Multiple venues share dates around Aug 2 with free seats and diverse programs.
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