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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 13, 1912
Page
10
A quiet open gave way to stronger activity as a bullish supply report boosted grain futures. Wheat posted modest net gains after early declines, corn rose on short covering and cash sales, oats stayed steady with mixed closes across September December and May contracts.
The current weekly local bank statement compares this week with last week and presents the surplus reserve for the same periods over the previous ten years in Boston and New York. This summary notes the banks’ reserves and financial stance in a concise regional snapshot.
The cotton market opened about 10 points lower, with actual opens 15 to 20 points down across markets. Ongoing spot selling and favorable weather prompted further declines, finishing 35 points below opening and at the day’s low.
Canadian Pacific climbs to 281.4 marking a historic high as General Chemical reaches 225 in a broad market rise. Louisville shares hit 168 a 1912 high amid a substantial uptick in copper stock prices.
Yesterday’s totals show New York with 503200 shares traded and Boston at 32958. Reading leads New York gains with General Chemical up 10 to 225 while Havana Electric falls to 89. Calumet & Hecla rises in Boston and Edison Electric declines. Call money in New York at 2 3 4 percent. Time money ranges from 3 1 2 to 4 3 4 percent in New York.
Stocks climbed early and held gains despite some late selling in Reading. Crop prospects boosted the market with Canadian Pacific leading gains among grain carriers and steel and coal shares advancing. United States Steel and copper issues rose as bonds moved in broad, irregular fashion. Total sales totaled 2,509,000 par value.
Trading on August 12 showed broad advance in copper shares with 32,658 shares changing hands. Mayflower and Old Colony led gains as No. 2 drill reached 49 feet of copper, boosting sentiment and lifting most issues. The market closed with a strong tone and many prices up.
Yesterday's curb market dealings show active stocks including St. Butte Central around 71 2, New Baltic up to 33 4, and Contact rising from 65 to 90 cents, closing at 8 cents. Detailed fluctuations follow.
At Iron Cap copper mine on Copper Hill development continues under Manager F A Woodward. Williams shaft equipment overhauled and drifting resumed on 650 and 80 foot levels with east drift at 95 feet and west drift at 310 feet on 650 level while 800 foot level west drift reaches about 110 feet. Production data from Mason Valley Mines and Emerson Brantingham finance news follow, with ore shipments from the Cobalt camp totaling 631 tons for week ending Aug 9.
Melrose in Massachusetts awards sewerage water and surface drainage bonds dated July 1 1912 with varying maturities 1913 to 1942 while Yonkers New York advertises 1 150 million dollars in municipal bonds including revenue notes and local improvements. Glens Falls invites bids for sewer refunding bonds and Dallas seeks sealed bids for 1 025 million dollars of four and a half percent gold bonds with semi annual interest.
The piece surveys dividend expectations for Westinghouse Electric common, noting a $3 per share payout next month and a $4 annual dividend for the year ending March 31, while forecasts suggest 6 percent may not hold. It also covers American Malt earnings, bonds, and other capital actions shaping 1912 financing and stock prospects.
The bond market tone remained cheerful with notable issues including Atchison Southern Pacific and Union Park convertibles Atlantic Coast Line collateral 4s Mercantile Marine 44s and New York Railways adjustment 5s. United States government bonds noted.
Interior demand linked to crop movement presses New York banks for remittance. Call money holds at 2 3 4 percent in New York while time funds show 3 1 2 to 4 1 2 percent across maturities. Current local money and exchange quotations list various call and time loan rates along with Boston and New York clearing figures.
Washington reports indicate disquiet among Taft supporters with senators and congressmen signaling waning backing. The national contest appears to hinge on Colonel Roosevelt versus Governor Wilson as the most viable presidential contenders.
Analysts note Taft backers plan to block Roosevelt and push Wilson as the likely next President. White House rumors quote Taft judging the national party must defeat Roosevelt to preserve self respect and future usefulness.
Astronomers at the United States Naval Observatory expect a meteor shower in Perseus starting around midnight and peaking before dawn. The display, visible to the naked eye, should continue through tomorrow and Wednesday nights as Earth traverses dense meteoric debris.
Market brief showing bid and ask quotes across multiple securities. Notable entries include Am Cement 51 52 percent, Am Railways 48 44, Elec Co of Am 12, Lehigh Valley 86, Penn Steel 60, Welsh col 93. The list reflects varied trading levels and preferred shares across industries.
Copper prices rose modestly with Aug through Oct futures lifting. Electrolytic and lake copper advanced, tin held steady, lead firm, antimony quiet, and iron prices edged higher across Northern and Southern grades. London quotes echoed gains with copper and lead up and tin firm.
A Boston Post financial page preview indicates copper railway and industrial shares remain near or at 1912 highs. The article promises analysis valuable to investors and speculators by examining current market conditions and outlooks for these three stock classes.
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