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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 23, 1912
Page
12
Sharp recession over profit taking as Calumet & Arizona and North Butte show strength in Boston. Rumor of North Butte absorption by Anaconda questions copper firm prospects. NY totals 487000 shares. Boston 34889. North Butte leading in Boston with 10248.
The New York market fell on August 22 as Panama Canal legislation dominated sentiment. Rail stocks weakened amid fears over outcomes, readings and Lehigh Valley declined amid out of town selling, and copper shares stalled after an initial rally. Bond sales were weak with total par value at 1.61 million.
The Boston market reports profit taking after strong prior gains with North Butte and Calumet & Hecla rising. Rumors of North Butte absorption by Anaconda swirl but lack confirmation. Copper prices have stayed resilient, with Utah Copper posting July production 10 percent above its best previous high, while August sales lag July.
Money market news notes ongoing deadlock with some call money as low as 3 percent and general rate near 3 1 2 to 3 1 2 percent. Interior bank drain expected to lift rates in New York while local balances fall. New York call money at 2 3 4 percent. time money firm with limited lending. Commercial paper at 5 1 2 percent for top names. Regional figures list Boston and New York clearings and balances, along with foreign exchange rates and currencies Measured, cautious tone throughout.
Aside from Raven there was little of interest in the local curb yesterday. Prices showed very little change from Wednesday with only minor fluctuations noted in the detail.
Ex dividend calendar lists faded entries for Federal Mag and Smelty preferred General Chemical Manufacturers Rubber National Lead United Cigar Mfrs and United Dry Goods preferred stock items.
Tennessee Railway Light Power declares 1.5 percent preferred dividend payable September 3 to stockholders of record August 20 1912. Transfer books close August 20 to September 3 Great Lakes Towing declares regular quarterly dividend 1 3/8 percent payable October 1 books close September 16
Local brokers report hints of a North Butte takeover by Anaconda at 40 a share while Amalgamated may be absorbed. Amalgamated stock trades amid lingering losses. Amalgamated and Anaconda ratios could yield arbitrage profits. Alaska Gala Mines Company subscriptions show strong demand near issue price. New Haven seeks Ontario & Western control as shares rise from 33 to over 39.
P. G. Beckett, formerly assistant superintendent at Copper Queen mine Bisbee Arizona, becomes general manager of Old Dominion mine Globe and takes charge succeeding G H Dowell who moves to Copper Queen Company as assistant general manager with office in Douglas W P Scott of Union Pacific named president of Southern Pacific lines in Louisiana and Texas replacing Thornwell Fay whose resignation was accepted effective Sept 1 in Houston Texas Ore from Superior Boston mines Limestone and Great Eastern veins at about 10 percent copper and a correction on American Malt Corporation profit and loss surplus listing $1 913 498
Attleboro awarded 100000 dollar 4 percent school bonds for 1913 to 1924 with bids from N W Harris Co and others. Pullman Whitman county bids due Sept 5 for 11000 dollar gold 4 year water refunding bonds at up to 6 percent. Waltham approved a 20000 dollar temporary loan from Blake Bros Co. Medina invites proposals for 628 5 percent coupon street assessment bonds dated July 15 1912 and payable 1883? annually through 1923 with annual interest.
The bond market shows firmness in Armour & Co real estate 4s and Wabash-Pittsburgh Terminal first 4s while a broad weakness persists elsewhere. Atchison convertibles, Brooklyn Rapid Transit 4s, and Distilling 5s also traded amid mixed sentiment. United States Government bonds are listed.
Liverpool cables supported the market with strong demand in Manchester and private reports of small offerings. Local prices opened higher but fell back as offerings overwhelmed demand while rains in northern and central Texas tempered buying and kept gains modest. The market stayed dull early then steadied, improving slightly above opening levels.
Metal exchange shows firm ness with copper up 1 8 cent bid and tin rising 1 8 in asking. September and November copper prices quoted with multiple ton sales and spot and futures levels in both U S and London markets.
Embroidery made easy series presents a coat collar design in medieval stitch on next Sunday's Post. The feature guides readers through stitching steps and historical context for hobbyists and needlework enthusiasts.
Max the bull terrier, 50 pounds, served as a watchdog at the Y W C A rooms at Berkeley and Appleton for 15 years. He was hit by a car and died, then buried at Pine Ridge Cemetery in Dedham. Miss M L Thompson and Miss Harriet L Walker oversaw the burial as neighborhood dogs gathered nearby and a unique floral tribute from a neighbor cat adorned the mound.
Grain notes from Aug 29 show wheat opening steady and climbing 1 to 2 cents as light offers persist. Northwest harvest weather boosts prices while Manitoba remains steady with harvests due by month end. Foreign markets mix with better England weather and favorable Russia crop outlook. Frost rumors in Manitoba aid morning advance.
Firefighters battled a basement blaze at 274 Tremont Street in the former Doggett house site. Paymaster Stevens appeared with a cash box to distribute payroll as crews regrouped. The explosion caused by denatured alcohol and gas leaks from meters led to about 2000 dollars in damage.
The Post Magazine will publish another installment of L. J. Beeston’s Dagobert's Children in its next issue. The feature continues the ongoing series with the author’s distinctive tone and plot developments.
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