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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 12, 1912
Page
10
Union, Reading and Steel contribute over half of 1,200,000 share dealings as prices fall. Union Pacific at 1535-8 and Beet Sugar at 471-4 set new 1912 low marks. Dividend for Union Pacific to be cut to 7 percent. Butte and Superior lead declines in local issues.
Yesterday's market data show New York total sales 1,255,500 shares and Boston 65,017. Reading led New York on the most active list with 293,000 shares, while Butte & Superior topped Boston with 9025 shares. Year to date totals reach New York 125,906,000 and Boston 10,881,324. year-ago figures were 119,006,900 in New York and 6,426,284 in Boston. Major moves include U S Rubber 2d pref up to 79 1 2 and Union Pacific down to 155. Union Pacific also fell in Boston to 155 3 4, while Mass Gas prof rose to 94 1 4. Call money in New York 4 to 5 percent and Boston 6 to 7 percent. Time money New York 5 1 2 to 1/2 percent and Boston 5 1 2 to 7 percent.
New York reports a sharp stock market selloff centered on Union Pacific. Prices sank in heavy volume with 368 000 shares traded in one hour and a total day volume of 1 266 500. Reading Steel Amalgamated and Lehigh Valley also slid, while money rates eased and bond trading softened.
Dividend No. was declared at the Copper Range Consolidated Company meeting. It becomes payable on Wednesday January 1 1913 to shareholders of record at the close of business December 31 1912. Eric Tanwood treasurer confirms.
The Island Creek Company directors declare a regular dividend of 1.50 per share on preferred stock, payable January 1, 1948, to stockholders of record at the close of business December 31, 1947, at Batchelder, VT.
The Island Creek Coal Company announces a regular half year dividend on common stock and a separate preferred stock dividend. Dividends payable February 1913 to stockholders of record at the close of business January 25, 1813. Details include per share amounts and record dates.
Under Butte & Superior leadership, Boston’s local market trend turned lower with bearish pressure and lighter activity. Total shares traded reached 65,017 as copper issues weakened, with Granby Old Dominion Smelters common New Haven Shoe Machinery and Lake Copper closing near day’s low and sentiment remaining weak at close.
The Boston curb yesterday featured Alaska Gold Butte London Lion Hill Nevada Douglas Chief Consolidated and Bay State as leaders with mixed results. Lion Hill swung from 91 cents to 68 cents then 90 cents while Alaska Gold Bay State Gas Majestic and Butte London fell. Detailed fluctuations followed.
The Maiden Massachusetts six months loan totaling 150000 dollars will have bids opened December 12 1912 and be dated December 18 1912.
Liquidation after nine days of decline marks heaviest equity selloff this year led by Union Pacific which fell nine points. Steel common Reading and Union Pacific provided about two thirds of the day’s volume as experts compare the drop to 1907 panic though the outlook remains brighter than last year. The Post reports a proposed Union Pacific plan to cut the dividend to 7 percent and to distribute Southern Pacific stock, provoking the intraday drop as traders weigh the potential three-for-five distribution value.
Market activity stays feverish with broad government and corporate bonds trading in Atchison and major cities. Reports detail Interborough Metropolitan 44s Nailway Wabash issues and several 5s and 4s from utilities railroads and steel firms alongside a summary of overall turnover and weekly totals.
The record notes an eExtra dividend with Par value $10 for unlisted securities and a separate ex-dividend event with Par value $50. The terse entry indicates financial adjustments related to shares and distributions without additional context.
Trading at the metal market today was quiet and steady with copper prices up for nearby deliveries. London market closed with copper and spelter steady, copper spot £75 108, futures £76 10s, sales volumes noted.
December grain trading opens with a muted wheat market and price slips in May and July contracts. Corn resumes moderate activity with early gains fading to declines by month end. Oats hold fairly steady with minor moves. Global wheat and corn prices edge various directions with city receipts and next day estimates noted. Export sales tally shows Manitoba wheat and corn figures.
The cotton market stayed narrow and firm, trading near yesterday's level with a limited range. Traders expect the upcoming report. estimates range from about 13.7 to 13.9 million bales, with bulls favored by numbers under 13.8 million.
Money on call in New York yesterday ruled at 43-4 percent with little business volume. Banks meet drafts against interest and dividend disbursements, signaling ongoing uncertainty. Time funds ranged from 6 to 6 1 2 percent for 60 to 90 days and up to 6 1 2 to 5 3 4 percent for longer terms. local rates and exchange quotations were noted.
The Old Colony Copper Company shows cash on hand 69641 and year expenditures 32814 for the year ended Oct 1 1912. International Steam Pump Company directors resignations prompt H H Tener to join. Lion Hill ships low grade ore to American Smelting Company smelter, avoiding a new mill. Greene Cananea posts 5064000 pounds copper in November. Calaveras Copper nettes 23062 from 22 train car ore shipments. Library Bureau business strong, 20 percent ahead of last year.
A list of quarterly and semi annual cash dividends declared by many firms including New York Edison, American Woolen, United Fruit, Nipissing Mines, Canadian Westinghouse, Empire Steel, Western Union, New York Central & Hudson River, Ohio lines and others with payment dates ranging from Dec 31 to Jan 20 and record dates in December. Includes preferred and common shares, with several 1 to 4 percent levels and extra payments.
The Spray led arrivals at T wharf with high prices for cod and haddock as dealers quoted haddock at 6 to 7-1/4 cents and cod around 2 to 58-4 cents per pound. A new Gloucester schooner from Essex, built by A D Storey, enters service. lobsters dip in price due to overcast conditions and new laws in New Brunswick and Nova Scotia. The article notes a 20-pound sturgeon, a Belfast and its collision libel, a damaged three masted schooner from South Amboy, and several voyages including the John J Hansen from Porto Rico amid rough seas.
A list of regular quarterly dividends with rates and payment dates for firms including Pittsburg Plate Glass Detroit Edison Julius Kayser Hedley Gold Mines Eastern Michigan Edison Cincinnati Street Railway J I Case Threshing Machine American Type Founders and related record dates. Several entries note preferred and common stocks with payable dates. Books close and reopen dates are noted for some issues.
The page lists bid and ask values for oats and various securities. Prices show U S Carb at 195 199, Arm y 449s at 91, CC Ry 58 at 1005 10114, and other bonds and utilities with slight fluctuations. Also includes notes on do 48 and related do bonds with mixed reads around 95 to 98 percent.
Calendar lists daily movements in mining and oil shares. Notes include McKinley Darragh Savage Mines 3 per cent and 17 per cent extras, Niles Bement Pond 112 per cent, Reading 1st preferred 1 per cent, Savoy Oil 5 cents, Ex Dividend American Tobacco, Nevada Consolidated Mining, Ohio Oil, Old Colony Copper for meeting, Utah Copper. Also mentions Butte Electric and Power special meeting and Prairie Oil and Gas.
Bishop Lawrence issues a pastoral letter urging clergy to observe Forefathers Day on December 22. The ceremonies should include a second collection to aid completion of Christ Church in Plymouth, which is under construction.
Charles Conway, former left fielder for Youngstown and a one time Washington recruit on Jimmy McAleer’s list, announces he will quit baseball due to disappointment at not advancing to higher company next season. He works as a bookkeeper and will keep his job.
Shipping notices list arriving steamers and tugs along with towed barges from New York Philadelphia Newport News Norfolk and Gloucester to Salem Portland Weehawken and other ports plus details on schooners and sailings. The mini almanac records sunrise sunset length of day high water and rise times for the day.
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