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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 10, 1912
Page
10
1912 price uplifts show higher General Chemical and Studebaker shares while London metal prices spark hesitancy in copper trading. Westinghouse Sears Roebuck and other major names pull gains as overall market tone improves after earlier declines.
Summary of stock market activity with today's and year to date totals for New York and Boston. Highlights include top shares traded Reading in New York and Butte & Superior in Boston, with notable gains and losses in General Chemical N Y Dock pref Edison Electric and Boston Elevated. Interest rates shown for call and time money in both markets.
The New York market saw little movement until the government crop report. Prices hovered with slight advances and declines as crops improved overall. The report indicated higher corn yield and promising wheat and oats output, aiding an eventual strong close. Bond prices declined modestly while total sales reached $1,407,000.
The Boston market opened with an easier tone as London copper fell this morning. Trading favored shares showed slight fractional declines while philosopher traders held to the belief in copper’s position. Principal features included Butte & Superior Isle Royale Shannon and Superior in copper and United Fruit Swift and Boston Elevated in the industrial group. United Fruit bought well with a narrow range near 192, Boston Elevated up a point to 128, but the close ended on a weak tone.
Butte Central and Lion Hill Consol dated led yesterday's curb market with selling up to 73-4 and closing 75-8 while Lion Hill hit a new high of 89c. Lion Hill property management reports a recent ore sale netting over 1500 dollars as other issues like Corbin Copper Butte and London and United Verde Extension show fluctuations.
New York Metal Exchange reports a quiet market with prices easing across most metals. Tin remains firm yet quiet with spot around 45.20 and August 45.10, while copper shows varied bid and ask levels and London futures rise slightly on limited activity.
Stock market notes Sears Roebuck General Chemical Westinghouse Studebaker rise on stronger earnings and anticipated dividends. Edison Consolidated Gas and Copper Range show strength as investors expect higher payouts and special distributions amid rail and utility stock actions.
The wheat market was dull and easier with some late upticks as traders awaited the government crop report. Conditions improved in the American and Canadian Northwest with harvesting progressing. the report, issued promptly, was favorable and cited 1911 comparisons. Corn showed 2.11 percent below July 1 but above last year, oats up 1.1 percent, spring wheat up 1.1 percent for the month with big gains year over year.
Peekskill awards 30000 in five percent bonds to E H Rollins Sons. Watertown solicits bids by Aug 13 for multiple 4 percent bonds including drainage sewerage street and water mains loans. Winston Salem issues 310000 in bonds to A B Leach Co and Washovia Bank Trust. McArthur Ohio seeks 17000 four percent street improvement bonds. Brookline bids invited for 190000 of ten thousand dollar bonds dated Aug 1 1912 payable Aug 1 1913.
Demand held light with mercantile activity down from recent days. New York call money at 2 3/8 percent. time loans quoted at 3 1/2 to 4 1/2 percent for various terms. commercial paper around 5 1/4 to 5 3/4 percent. New York and Boston clearing figures, balances, and foreign exchange rates listed with various currencies.
Ex Governor Frank W. Rollins of New Hampshire head of E H Rollins & Sons was chosen as vice president of the Investment Bankers' Association of America. The new body includes a wide range of banking houses and trust companies and aims to uphold high standards in investment securities.
Bradstreet's state of trade notes broad improvement with stronger demand for iron, steel, lumber and dry goods. Rail traffic rises, labor is well employed, and money firms as crops, especially non corn, boost confidence. wheat and corn prices ease while exports rise.
R G Dun and Company notes crops near maturity with prices for cotton and textiles easing while dry goods markets show steady expansion. Woolens remain active with dress goods and spring lines up. footwear makers ready August and September shipments amid firm leather prices and limited supplies.
Weak Liverpool quotations pulled cotton prices lower with many stop loss orders hit, dropping 20 points from last night's close. A later rally of 10 points followed as short covering rose, while further rains were reported across most States in the cotton belt except the Carolinas.
American Writing Paper Company declares semi annual dividends on $1 preferred payable Oct 1 to stock of record Sept 14. Grand Trunk Railway Company sets regular semi annual 21/2 percent on second preferred. Silversmiths Company pays quarterly 11/2 percent on Aug 15 to stock of record Aug 8.
The bond market remained firm with notable activity in Atlantic Coast Line 4s Atchison convertible issues Allis Chalmers 56 Interborough Metropolitan 414s and Westinghouse bonds reflecting steady demand and cautious trading.
The Gas and Electric Light Commission approved Edison Company of Boston agreements to buy Hyde Park Electric Light property and Western Electric Light property. It also approved issuing 26,007 new Edison shares at 215 each, with stockholders to vote Sept 25 on a one-for-six issue. Payment timing to be determined.
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