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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 03, 1912
Page
14
Boston firm Richardson, Hil & Co located at 50 Congress Street is identified in trade listings with an associated entity Preferred Bought and Lord Richardson, Hil & Co. The note confirms the company address and a linked partner designation in local business records.
Directors of Superior and Boston Copper announce a $1 per share assessment payable January 4 for all stock of record December 14. Books close December 14 reopen December 19. Year end report shows working capital of $81,381 and year expenditures of $247,376. November Mohawk copper output climbs to 1,810,090 pounds from October and November 1911 figures. A new vein at Hancock mine cut in foot wall promises major strike progress. Also notes Island reports October gross of $7,108,127, up $914,804, four months gross $25,773,411, net $6,861,258. Henry L. Doherty & Co purchase St Joseph Railway stock at $60 per share. target is Cities Service Company. Chesapeake & Ohio reports October gross $3,107,620, net $1,066,342. four months gross $12,056,322, net $4,155,127. Wolverine November output 1,000,000 pounds, down from October. Old Colony drill No. 19 hits Mayflower lode at 71 feet depth, 14 feet wide. St. Paul October gross $7,944,754. four months gross $25,918,521, net $8,616,185. Iron Cap Copper nets $622 per car for four ore cars in November. Miami November copper output 2,972,050 pounds.
Markets show a heavy tone with gains and losses across exchanges. Key figures include New York total sales 362 300 and Boston 25 391 shares. Union Pacific led New York with 78 800 shares. Superior & Boston topped Boston with 3 286 shares. Call money rose in New York to 16 percent, Boston to 9 percent. time money moved up to 6 1/2 percent in both cities.
The Supreme Court decision on the Harriman merger jolted Wall Street in a tepid morning session. Union Pacific led losses with a 2 1/2 point drop, Southern Pacific fell, while prices later rebounded as traders speculated the ruling could force Union Pacific to distribute Southern Pacific holdings. Some Harriman bonds advanced and overall market conditions remained tense despite late rallies.
The Boston market opens irregularly but improves with London G M B copper gains and a firmer foreign visible copper stock. Superior and Boston announces a $1 per share assessment, refinancing East Butte, Pittsmont property transactions, a 110,000 share transfer to Reed interests, and notes settlement. Calumet and Arizona raises dividends to $5, while Superior and Pittsburg dividend rises eighty cents per share. Amalgamated Greene Cananea Hancock Pond Creek Coal aid overall volume as Massachusetts Electric shows a substantial year surplus pending official report.
A busy curb market with Alaska Gold reaching a new high of 103-8 while Mexican Metals rose from 8 to 11-16. Boston Ely edged up 1-2 to 13-4, Butte Central fluctuated near 91-4, Nevada Douglas eased to 31-2, and Eagle & Blue Bell slipped a quarter to 1. Bay State Gas Majestic and Michigan Utah stayed around Saturday’s close as the full table shows detailed moves.
The weekly local bank statement presents a comparison with the prior week and lists the surplus reserves for the same periods over the past ten years in Boston and New York. Data highlights include reserve levels, growth rates, and noted fluctuations affecting liquidity.
Calendar notes emerging connections with International Nickel and New York Central lines. Meetings scheduled for Rome Watertown and Ogdensburg with settlement day actions and Louisville and Nashville rights flagged in market notes.
Call money ranged from 12 to 15 per cent for most of yesterday but closed at 7 per cent as large scale gold imports reassure markets. New York banks report reserves below legal requirement. options to raise reserves include calling loans, government deposits, or importing gold.
Worcester sold 55,000 dollars of 4 percent 10 year bonds to N W Harris at 102. Other bidders included Old Colony Trust, Blodger, Estabrook, Day, Merrill, Oldham, Blake, Raymond, Adams, and Clement Parker firms. Elmira Water Light & Railroad bonds offered at 95 yield 5.30 percent. Lowell bids for 5,100 dollars were not received.
The money market remained tight with smaller call fund gains than Saturday. A high 15 percent call rate was reached before easing to 7 percent, as bankers eyed importing about 2.3 million dollars of gold. Time money in New York posted dull but firm quotes: 60 days at 6 1/2 percent, 90 days at 6 1/4 percent, four months at 6 percent, and five to six months at 6 3/4 to 6 percent. Local money and forex quotes followed.
Foreign wheat markets declined while world shipments exceeded expectations by about two million. Visible supplies rose slightly though not as much as predicted, with 113 million dollars of exports for the week. Wheat was mostly inactive, with prices around half a cent lower. December and May futures fell modestly with early losses partly recouped. Corn held steady, especially December, which gained. May was flat and July rose. December wheat futures showed strength on gains, while oats rose on short covering and May and July showed mixed movement.
A list of quarterly and semi annual dividends declared across firms including Calumet & Arizona Mining, Guggenheim Exploration, Texas Company, Indianapolis Street Railway, Arkansas Valley Railway, Muskogee Gas & Electric, and National Sugar Refining, with payment dates, record dates, and special rates. Also notes book closures and stock preferences for several issuers.
The Supreme Court rules that combining railroads to create a dominating control in one company violates the antitrust act. Justice Day rejects arguments that unions or partial stock purchases escape scrutiny, noting the broad effects on interstate commerce and competition. DOJ officials foresee widespread impact on railways and markets.
Officials of the Harriman system gave no surprise when learning the Supreme Court ruling against the Union Pacific merger. They declined to comment on the broader significance while noting that readjusting the securities of Union Pacific and Southern Pacific will demand greater legal skill than in the Northern securities dissolution. Union Pacific holds about half of Southern Pacific, with Southern Pacific owning all of it by stock in a tightly linked structure.
Oral arguments began in Washington before the Supreme Court on the constitutionality of the newspaper publicity law. Robert C. Morris for the New York Journal of Commerce challenged the act as curbing press freedom while Solicitor General Bullitt defended it as a condition for second class mail.
The cotton market eased with prices down 17 to 22 points from Saturday. Heavy selling at Liverpool for leading spot interests spurred liquidation across all three markets. The Times-Democrat census projection suggested a crop near 14.4 million bales, with last year at 14.86 million. Trade remained unsettled though moderate bulges found some demand. A census to Dec 1 was anticipated showing about 11.7 million bales ginned.
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