Exchange rates ease then rally in late trading
The foreign exchange market opened softer but recovered by close. Afternoon rates show Sterling-Cables at 4.7214 with demand 4.718, Francs at 5.87, guilders 42, and lire 6.57.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 09, 1915
Page
20
The foreign exchange market opened softer but recovered by close. Afternoon rates show Sterling-Cables at 4.7214 with demand 4.718, Francs at 5.87, guilders 42, and lire 6.57.
Wheat, corn, oats, pork, lard, ribs trade with mixed moves. Dec wheat opens around 1.16 and closes near 1.15. corn prints 87% to 68. oats around 43% to 45%. pork futures hover near 17.25. lard sees 9.70 to 10.39 range. outside markets show varied sessions in New York Minneapolis and St Louis with several closes near 10.14 to 12.34.
Benjamin Joy of the National Shawmut Bank of Boston argues at the International Trade Conference that the US should extend direct banking overseas due to three factors. He cites the Federal Reserve Act expanding lending by 2 billion dollars, a surge in foreign trade, and a shift of the trade balance toward credit as funds accumulate, encouraging United States investment abroad.
Worcester awards a 150000 loan to N W Harris Co at 1 95 per cent discount due April 3 1916. North Attleboro sells a 30000 loan due April 8 1916 to Bond Goodwin at 2 40 per cent discount. La Belle Iron Works sells 3600000 first mortgage sinking fund 5 per cent bonds due 1940 to Lee Higginson Co. The refinancing retires 1680000 six per cent bonds, creating a single first mortgage on the property.
Total sales in New York 459600 shares and Boston 34975 shares. Steel led New York with 57100 shares while Alaska Gold topped Boston with 5665 shares. Year to date totals show New York 162454600 and Boston 11390027. Gains and losses highlighted include General Motors up to 546 in New York and American Express down to 125, with United Fruit rising in Boston and Atlantic Gulf falling in Boston.
New York market sees active trading with early losses and brief rebounds. President's message and Berlin tensions affect sentiment while railroads report gains, steel and GM lead gains, and Anglo French notes slide to 96 for future delivery.
Stocks in New York open with mixed results as notable names show small shifts. Market trackers report modest gains for some industrials and losses for others amid cautious trading.
Boston on December 8 reports the high low and last prices of securities traded on the Boston Stock Exchange with comparisons to the prior close.
Moderate activity and uneven prices mark the Boston market with Alaska Gold selling heavily to a new low of 23. Island Creek and Fruit rise, while United Fruit and coal stocks advance. Porphyry mining dividends are discounted. Western Union adds a special dividend, and Waltham Watch secures a war order for 2,000,000 time fuse units.
Local holders see dividend increases from Utah Copper to Butte & Superior with Utah Copper doubling 1914 levels and Butte & Superior declaring an extra 7.50 per share, total 18, while United Fruit soars on new stock issue ahead of subscription terms. Steel prices hover near 88 with hopes of a new high tied to tonnage data from the Davis Daly Copper and Old Colony reports.
Orders at the W H McElwain eight factories exceed capacity by 25 percent over the last two months. Cluett Peabody November sales hit a record $1 147 040. Schwab acquisition claims denied for American Tube Stamping. Edgar Palmer named director of National City Bank of New York. Autocar Ardmore doubles authorized capital to 2 million. Electric Bond buys Utah Power en stock from Utah Securities. Geist acquires Indiana Lighting and General Service holdings. Kennecott Copper outputs over 10 million pounds in November with final figures pending.
A Reuters dispatch from Athens states that one German and one Bulgarian regiment entered Monastir yesterday. Anglo French troops are withdrawing toward the Greek frontier as part of the retreat in Serbia.
One thousand cases of German toys arrived yesterday on the Norwegian steamer Mesna, with a portion consigned to Boston dealers. The ships voyage was delayed by storms, risking late delivery for the Christmas trade, and the Holland America Line must absorb the high costs of the long passage.
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