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This newspaper page contains 14 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 10, 1909
Page
14
New York reports 775,100 shares traded with American Telephone and others rising, while Boston shows 47,817 shares. North Butte and Ohio Copper activity hints at a copper merger, with Guggenheim options on First National Copper Company and other sector moves shaping a firm close.
Dec 9 State Street report notes Bank of England rate cut boosts optimism with Reading Union Pacific Steel and Pennsylvania leading gains. Norfolk & Western climbs past par as Eastern rails rally and Wall Street braces for Taft’s potential trust reforms. Copper shares such as North Butte show mixed moves amid dividend concerns.
Major stockholders including Guggenheim Exploration Company held a large option on most shares last October. Management reports diamond drill results show strong value increases and pledges fair treatment for all stockholders. The company remains profitable at 13 cents per share and expects mergers to boost future dividends.
The Board of Directors declare a quarterly dividend of three percent payable December 31, 1909 to stockholders of record December 24, 1909. Transfer books close at 3 p m December 24 and reopen at 10 a m January 2 1910. Frank W Holmes Treasurer.
Ely Consolidated, Chino Copper and First National led today's curb market in Boston. Ely rose from 31 8 to 39 16 then back to 31 8, Chino climbed to 103 4 before retreating to 101 4, and First National moved from 65 16 to 67 8 and then 61 2. Full fluctuations follow.
Portland awarded a temporary 85 000 loan at 4 39 discount with interest to follow. Bristol county issued 20 000 loan at 4 12 per cent with two year maturities. Toledo Railways and Light default bonds see committee action. readjustment plans pending. NYSE listings include Kansas City Southern Sao Paulo and Washington area bonds. New Haven plans 4 per cent 22 year bonds. Ely Central Copper to issue 600 000 6 per cent bonds due 1920. Underwriters arrange stockholder rights for bond subscriptions.
A compiled list shows dividends declared by multiple firms including United Gas Improvement Co, Chicago Junction Railways, Philadelphia Baltimore & Washington Railway, Uncle Sam Consolidated Mining, Twin City Rapid Transit, Canadian Consolidated Rubber, Sao Paulo Tramway, American Cigar Co, Little Bell Mining, Phelps Dodge & Co, and Seattle Electric Co. Records close and reopen dates vary from December to January.
Calendar items show dividends payable and books close or open for various firms including Am. Car & Foundry Am. Tobacco Brooklyn Rapid Transit Central Leather Chesapeake & Ohio and others. Settlement day features for Am Sugar Ref Colorado & Southern and National Lead among others with rights noted.
Earning 5 percent with a 2 percent dividend, Northern Ohio Traction & Light Co trades near 37 a share on the NYSE and other exchanges. The system spans 214 miles serving 700000 in Cleveland area plus Akron Canton Massillon. operates Akron electric light and interurban lines from Cleveland through Kent Ravenna and beyond. total equity listed at 10.55 million in bonds and 9 million in common stock with no floating debt.
For the year ending October 31 1909 net surplus reaches 443254 dollars about five percent of stock. Tables show gross net and surplus for 1906 1907 1908 and 12 months ended October 31 1909 with figures 1703340 696498 213324 190...
The Akron franchise is the shortest among Northern Ohio Traction and Light Company agreements and ends in 1924. Interurban mileage relies largely on private right of way and highway use is being phased out rapidly. About 40 percent of all franchises are perpetual.
In 1908 Northern Ohio T and L expended 13.01 percent of gross earnings for maintenance. 1906 1907 and 1908 saw over $700,000 charged to operating expense for maintenance of way structures and equipment, with $384,000 added to surplus after dividends. The company has no floating debt or maturing bonds for years except short-term notes to be retired from surplus earnings. The first serial note of $100,000 matures in 1911 with expected earnings gains to cover it and still leave 5 percent for dividends.
The board declares no further extensions of the company's lines and plans liberal charges from earnings for depreciation and new developments. Northern Ohio Traction & Light stock will move to the New York Stock Exchange as familiarity with the stock grows. Insiders hold strong faith with Henry A. Everett the largest stockholder refusing to sell his holdings.
Brokers familiar with the property view it as a purchase for income and investment. The dividend history shows 2 percent in 1906 1907 then 1 percent in 1908 and 2 percent currently. With financing complete and a 2 percent yield far above the required amount the stock is presented as low risk. The writer notes broad investor interest and urges careful verification of the facts to support buying for investment or speculation based on present value and future potential.
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