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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 01, 1917
Page
10
The United States Steel Corporation reports 1917 first half net earnings of 257.6 million and six-month potential to 300 million. Analysts expect a third quarter rise, with prices and demand driving profits despite tax deductions and looming government controls.
Market activity shows declines as peace rumors spread. New York and Boston totals list volume with steel leading in both cities. Notable moves include N. O. T. & M. gaining 11 percent in New York and Nova Scotia Steel rising in Boston while Industrial Alcohol falls in New York.
New York July 31 The stock market edged upward on hopes of a favorable United States Steel second quarter report though late selling trimmed gains. Steel rose to 125 1 4 late 123 1 4 after earnings showed 90,579,204 with war income and excess taxes. Rails gained on higher coal rates while alcohol and related stocks faltered on potential Congressional action. Total stock trades reached 520000 shares with bonds largely quiet.
The bond table shows prices in units and fractional fiftieths. It lists NYC 44s 1966 and NYC 4s 1958 with decimals representing fiftieths in the quoted values.
The Boston market remained fairly firm as early gains held into noon then faded after a late scare. Wright-Martin and Curtiss shares slipped from recent highs while Industrial Alcohol lagged. Steel common rose on earnings expectations before a late drop, with new figures showing annual earnings of 144.5 million after tax and profits deductions.
Boston reports the day’s high and low prices and bid offers with net changes from the prior close.
July 31 current prices show brokers loans at 4.4 to 5 percent for customers and 4.4 to 5 percent for outside brokers call loans. Commercial and collateral loans range 5 to 6 percent, commercial paper 5 to 5 1/2 percent, year money 5 to 6 percent. Notes detail maturities from 15 days to 180 days and collateral by Liberty Loan bonds or U S certificates of indebtedness.
Official closing sales show futures up about 10 points while spot cotton fairs up 10 points. Demand is uneven with American middling grade quoted around the Oasis price and receipts totaling about 9,700 bales, including 1,300 American and 7,000 non American.
U S Steel reports second quarter earnings at 90. six million dollars after deducting 53.9 million in estimated taxes. an extra 33.9 million was provisioned for war taxes. If taxes were absent, quarterly earnings would top 144.5 million. Dividends remain in place with extra common stock. The piece notes broader implications for war finance and global power balances.
Barron argues Germany exhausted its man power and wealth after three years of war. He cites a 25 billion dollar debt projection and notes Germany’s industrial and shipping decline while the United States provides copper and cotton and leads Allied support. He warns of four looming defeats, dominated by manpower losses and economic collapse.
The U S Treasury offered 30 million dollars in Treasury certificates of indebtedness as the first step toward financing the second instalment of the Liberty loan. The issue is the largest block yet, bearing interest at three and a half percent, a quarter of a percent higher than prior offerings.
The extraordinary session of New York lawmakers convened in Albany to consider food control legislation summoned by Governor Whit as a heat wave drove temperatures near the hundred mark. The Governor urged creation of a core authority with broad powers to manage all facets of the food situation before adjourning until Thursday afternoon.
In Roxbury July 31 Johanna Cronan widow of Michael Cronan. Funeral from the home of her daughter Mrs Catherin Kelly 896 Parker St. Notice of time and date to follow. In Roxbury July 31 Edward Breen husband of the late Ellen Breen nee Golden. Funeral from the home of his daughter Mrs Susan Dwyer 65 Smith St Thursday Aug 2 at 745 am High mass of requiem at St Mary of the Assumption Church Linden St Brookline at 945 am Relatives and friends invited. In Melrose July 31 Lillian F Kimball widow of Fred T Kimball 51 years HeLa.
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