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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 27, 1912
Page
12
Aug 26 report shows higher wheat futures on cables while local and northwest receipts expand. Chicago close for wheat down 1-8 to 1-8, December corn gains 1-4 to 3-8, May down 1-16, oats end mixed. World shipments compare weekly and yearly with notable changes in wheat and corn.
Illinois Steel Co and Indiana Steel Co, subsidiaries of the Steel Corp, sold enough rails to keep mills operating the rest of the year. James J. Hill says Northwest conditions are better than in five or six years. World grain shipments show wheat and corn totals with weekly comparisons. Railroads buy equipment heavily with 17 000 cars 385 000 tons of rails and 280 locomotives this month. Agriculture estimates cattle receipts at six markets are 15 percent below last year. Colorado output expected to exceed gold and silver by five times. Burlington loading up 7 percent with freight gains. No car shortages yet and operations remain strong. Otto H. Kahn to sail September 11. American Smelting & Refining Co raises lead price by 8 a ton to about 4.65 cents a pound.
Ex Dividend Reading 1st preferred stock Rochester Ry and Light preferred stock books close. Central Railroad of New Jersey books close for meeting. Books open Homestake Mining.
Copper firms at New York and London markets push to fresh yearly highs as Amalgamated Copper reports strength while Cananea and Calumet group show similar gains. Canadian Pacific declines to 269 3-4. Merger talks persist among major producers.
Total sales in New York reached 289700 shares and Boston 27219. Reading topped New York most active with 39100 shares while North Butte led Boston with 5941. Jan 1 1912 to date NY 85832200 and Boston 8047606 shares. year ago NY 71157400 and Boston 4021081. Liggett Meyer rose to 21234, Soo fell to 150, Calumet Arizona rose to 811/2, Boston Maine pref fell to 137. Call money NY 3 pct. Boston 3-4 pct. Time money NY 3 1-2 to 4 3-4 pct, Boston 4 3-4 to 5 1-2 pct.
New York markets opened with activity in metal issues led by Amalgamated Copper and affiliated stocks. United States Steel showed firmer tendency amid higher copper by products and increased foreign demand. Rail shares lagged on political concerns over the Panama canal bill, while penny-stock style specialties rode copper and steel demand amid cautious trading.
The Local Market notes Utah Copper Amalgamated and North Butte leading gains as copper sells at 17.8 cents with bids at 17 3 4 to 18 cents for September. Rumors persist that Cole Ryan properties including Inspiration Greene Cananea Calumet and North Butte may merge with Anaconda Copper Company, potentially giving control of about a third of U S copper output.
Curb traders saw a subdued session with Davis Daly Butte Central Mexical Metals receipts Butte London and Chief Consolidated as leading features. Prices moved within a narrow band and detailed quotations followed.
Brooklyn Rapid Transit Co declares regular quarterly dividend of 1 1s4 percent payable Oct 1 to stock on record Sept 9 Wettlaufer Lorain Silver Co sets 2 1 2 percent regular and 2 1 2 percent extra payable Oct 21 to stock on record Oct 6 Globe Soap Co announces 1 1 2 percent regular first second and special preferred shares payable Sept 16 Books close Sept 1 reopen Sept 17 Waltham Bleachery Dye Works Co semi annual dividend of 5 payable Sept 1 to stock on record Aug 21 Regina Lace Co regular quarterly 13 4 percent preferred revive Sept 15 to stock on record Sept 5 Boston Albany R R Co regular quarterly 2 payable Sept 30 to stock on record Aug
Market sentiment is bullish about long term trends yet immediate buying remains subdued. Amalgamated stock climbs to yearly high as speculation on Anaconda exchange and extra dividends shapes prices. Gridley Lunch Company eyes common dividends in 1913.
Interior bank demands pressured Boston rates as firm outlook shifted after New York bank statement showed a cash loss over 7 million dollars. A large currency shipment to Minneapolis reinforced the drift. Immediate call money likely to follow interior and New York demand while time money remains uncertain with varied terms from 30 to 180 days.
Total sales reached 1 278 000 with 568 000 on Saturday and 1 303 000 last week. For year to date 495 560 000 versus 571 633 000 a year ago.
North Attleboro plans bids by Aug 28 for 26000 four percent bonds maturing 1913 22. Chicago and Alton to hold stockholders meeting Sept 20 to authorize 20000000 bonds. Maryland bids due Sept 2 for 600000 four percent ten to fifteen year state bonds for technical schools.
The weekly local bank statement compares this week with last week and shows cumulative reserves for the same periods over the past ten years in Boston and New York. It highlights surplus reserves and year over year movements across the two cities.
Four members of the Boston fire department resigned to join the police reserve. Dennis J. Hurley of Dorchester, John E. Curran of Charlestown, Daniel A. Crowley of South Boston, and Assistant Engineer William J. Leonard of Roxbury were reassigned as reserve police. Hurley, a long-time veteran praised for heroism, earned 1300 dollars yearly and will not regain his prior salary until five years of service in the police. The others had shorter tenures and earned 1000 dollars annually.
The metal exchange closed with a firm tone as copper held steady, lead rising about 10 to 15 points, and tin easing slightly. London’s market echoed modest gains in copper and lead with tin higher on spot and futures, while electrolysis and speller values fluctuated modestly.
Trading in cotton remained light with prices moving in a narrow five to six point range. Liverpool cables lagged, the New York market opened seven points lower, and sentiment cited belt-wide improvement with favorable weather in North Carolina and a near-record crop anticipated in Texas.
The St Louis Southwestern Railway stock on both common and preferred have surged to near record highs amid rumors of a Louisville and Nashville takeover. The Boston Post promises a special financial page tomorrow to explore potential benefits and investment value independent of any consolidation.
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