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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 16, 1912
Page
10
The money market remains easy with bankers reluctant to push call loans under 3 1 2 percent while borrowers show tolerance for near that level. New York call money sits at 2 7 8 percent. time loans hold 3 1 2 to 4 1 2 percent for various terms. Commercial paper is dull with strong supply and weak demand.
The cotton market shows irregular activity with spot interests bearish while a strong speculative group holds a bull stance. They liquidated much cotton on the break and pursue a fresh campaign. The National Ginners' Association reports 77.5 against last month’s 77.6. Weather remains favorable with light showers in the Eastern belt and Texas, heavy rain in El Paso outside the growing area.
Adventure Mining reports a new lode 70 feet wide with copper distribution similar to the Lake lode, south of previously drilled lodes, and a cross cut has just finished through it. Massachusetts Gas subsidiary earnings for July rose 22.26 percent to 162206. Ohio Copper Company extends payment deadline for the 50 cent instalment of the $1 assessment to August 28. July profits reach 35000 versus 27600 last July. United Copper Company moves to Ohio reorganization via a loan after injunction blocks asset arrangements. Anaconda Company buys the Oro Fine mine for 250000, adjoining Southern Cross, signaling growth in Georgetown district as the Butte, Anaconda and Sir R. R. work accelerates.
Stock markets edged lower with total sales in New York at 463100 shares and Boston at 32522. The busiest issue in New York was Steel common at 68500 shares, while Boston saw Superior & Boston at 4497. Year to date totals show New York at 83028300 shares and Boston at 7802693 shares. Major gains included Weyman Bruton & Company in New York and New Haven R A in Boston. notable losses featured Am Tobacco in New York and Calumet & Hecla in Boston. Call money stood at 2 1/2 percent in New York and 3 to 4 percent in Boston. time money ranged around 3 1/2 percent New York and 3 1/2 to 5 percent in Boston.
Liquidity and short selling dominated trading with heavy losses in Hill shares Union Pacific St Paul Reading Lehigh Valley and U S Steel despite some strength in copper and Canadian Pacific new highs from stock increase plans. Optimism in crop reports steel demand copper gains and easing London markets offered bull hopefuls.
The wheat market is firm in the morning with Kansas City up over a cent a bushel due to heavy southwest rains that will delay threshing and movement. Chicago sold 460000 bushels of cash wheat yesterday and premiums remain, while northwestern markets stay firm on good quality new wheat and strong export orders despite high ocean freights.
Boston opened regular and edged higher before selling pressure and short covering pushed prices down about a point. New York, New Haven & Hartford stock rose to 1041/2 after the system reported it had more than earned the 8 percent dividend. Hayden group copper issues, led by Butte & Superior and Superior & Boston, attracted interest but showed nominal activity.
Butte Central led the local curb trading yesterday with prices fluctuating between 71 4 and 73 4, while Butte & London and Oneco were mentioned nearby in the session.
Dividends payable to Canada Cement preferred Ex-Dividend Detroit United Ry National Biscuit Pittsburg Steel preferred U S Envelope preferred Iowa Central books close for meeting Books open American Radiator preferred Conn Ry and Light com and preferred National Carbon preferred Va Carolina Chemical com Ex-Interest Canadian Pacific subscription Recta.
Inside sources report strong demand and rising stock value across American Radiator and Crucible Steel. News covers shifts at Clover Leaf and Alton lines, Cana dian Pacific stock plans, Stewart Mining profits, Chino Bay Consolidated results, Raven Copper cash position, and ray and other mineral stocks with quarterly earnings and dividend considerations.
A list of regular quarterly dividend payments with amounts and pay dates. Companies include Calumet & Arizona Mining Co. Superior & Pittsburg Copper Co. Laclede Gas Light Co. McKinley Darragh Savage Mines Co. Brooklyn Union Gas Co. Standard Oil Co. of New Jersey American Express Co. Blackstone Valley Gas and Electric Co. Galens Signal Oil Co. Chesapeake and Ohio Railway Co. Boston Woven Hose and Rubber Co. specifies payment dates and record dates.
Brookline Massachusetts has awarded an issue of 190000 dollars in one year bonds to Perry Coffin and Burr. Other bidders included R L Day Co Brookline Trust Company Estabrook Co Blake Bros Co and Curtis Sanger.
In the latest metal exchange session activity was quiet with copper dipping 1 4 cent for near contracts and 1 4 cent for late months. Tin remained steady while lead and spelter were unchanged. London’s market closed with copper and tin lower, lead and spelter steady, and tin weaker on spot and futures.
The salaries of 24 federal officials in Boston including three judges are being held up after President Taft vetoed the legislative executive and judicial appropriation bill. Names include LeBaron Colt William Putnam and Frederic Dodge among others.
The President vetoes a bill ending the commerce court and limiting civil service terms, arguing it harms pensions and prompts unfair suspensions. Deputy marshals fear delayed salaries will strain large families, while some officials see no quick passage expected in the Senate. A proposed fix contemplates extending last year’s appropriations to December 2 and adjourning without the bill.
Washington reports the Senate committee investigating campaign expenditures will request George W. Perkins of New York to testify on his donations to the 1904 and 1908 presidential funds. The timing hinges on Congress adjournment as Democratic members are away, leaving Chairman Clapp short of witnesses.
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