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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 19, 1914
Page
12
Market report notes a rate hike boosts rail shares with Illinois Central standout while Boston and Maine and New Haven among the movers. Other rails generally weaker as Boston Butte and Superior shows renewed activity, with New York lines featured in later session listings.
Yesterday's market report shows total sales 215300 shares in New York and 13284 in Boston. Steel led New York activity with 54500 shares. Butte & Superior led Boston with 2050. Year to date totals reach 47673300 in New York and 3412730 in Boston, down from last year's 81040500 and 5241634 respectively. Illinois Central rose 6 to 110 as a top gain in New York. General Motors fell 434 to 804. Boston gains include Boston & Maine up 3 to 36, while Boston Elevated dropped to 944. Call money rose to 3-342% in New York and 5% in Boston. time money ranges 4 14 to 5% in New York and 5 4 to 4% in Boston.
New York markets fell early on news of a restricted five percent freight advance for Eastern railroads by the Interstate Commerce Commission. Prices recovered later as bears covered, but losses resurfaced in the final hour while coal coke and iron ore were excluded from higher rate protections. Bond demand cooled and the rail news left overall impact modest despite a volatile session.
New England Power Company declares a quarterly dividend of 14 percent on its preferred shares for the three months ending January 1st. The dividend is payable on that date to stockholders of record at the close of business December 31. Baker, Ayling & Co., transfer agents.
Connecticut River Power Company of Maine declares a semi annual dividend on common stock totaling 1 percent payable January 1 1915 to stockholders of record December 19 1914. Baker Ayling & Co transfer agents. Eastern Texas Electric Company prefer dividend declared 5 per share payable January 1 1915 to stockholders of record December 3 1914. Stone Webster transfer agents.
Directors declare a quarterly dividend of 60c per share on common stock payable February 1, 1915, to stockholders of record at close of business January 2, 1915. Fr. W. BATCHEDER, Treasurer.
Boston market notes sharp advances in New Haven and Boston & Maine shares following the rate decision. Banks expect to retire nearly all emergency currency by year end as tax rates rise to 4 12 percent on January 1 and money rates ease.
Boston market report lists high and low prices on the Boston Stock Exchange as of December 18, with quick price spreads and comparisons to the previous close for bonds and related securities.
The Interstate Commerce Commission approved higher rates than last August, with most lines gains around 3 12 percent and some routes seeing full five percent increments. New England roads gain was modest, while New York Central and Erie fare better. coal lines gain little as coal rates were not raised. Analysts note improved sentiment for railroad securities as commissions relieve financial strain, though market prices show mixed reaction and expectations of gradual recovery into spring. Boston Elevated reports solid net earnings gains despite ongoing regional declines in gross revenue.
Indiana Pipe Line cuts its dividend to two dollars, down from two fifty three months ago and four a year earlier. Waltham bids by 10 30 a m December 21 for a temporary twelve thousand dollar loan due April 12 1915 totaling seventy six thousand dollars.
Trading in New York bonds today was largely quiet with irregular price moves though many issues held above yesterdays levels. The session notes substantial activity in United States government bonds with varied yields and several prominent issues cited, while overall daily sales totaled 1.39 million dollars versus 1.30 million yesterday and 1.48 million a week ago. From January 1 to date total volume reached 450.63 million dollars, compared with 481.96 million a year ago.
Worcester Mass awards a temporary loan of 300000 to Morgan & Bartlett at 3.635 percent discount, due April 2 1915, with bidders including Merrill Oldham Co and Farmers Loan and Trust Co of New York.
A roundup of declared quarterly and monthly dividends payable January through February 1915. Companies include American Multigraph, Connecticut River Power Company of Maine, Electric Light & Power Company of Abington and Rockland, First National Bank, General Baking, Hollinger Gold Mines, Indiana Pipe Line, Kolb Bakery, Massachusetts Thighting Companies, MacAndrews & Forbes, New England Power, Renfrew Manufacturing, and Union Twist Drill. Records close on various dates in December.
Wheat No 2 red at 1.203 to 1.214 dollars per bushel. No 3 red at 1.194 to 1.20. No 2 red Winter 1.204 to 1.214. No 3 hard Winter 1.20 to 1.203. Corn No 2 white 654 to 660 cents. No 2 yellow 654 to 653c. No 3 white 654 to 653c. No 3 yellow 644 to 65c. No 4 yellow 64 to 64 4c. Oats No 2 white 50 to 5034c. No 3 white 49 to 49 inc. No 4 white 4844 to 48c. Standard 49 to 50c.
Receivers of the St. Louis and San Francisco railroad have sold 3 million dollars in one year 6 percent certificates to New York bankers. Proceeds will retire the present issue of receivers certificates due January 2, 1915.
Bradstreet's notes expanded buying of finished steel and cotton goods for future delivery with attractive quotations. Cold weather boosts retail trade and jobber demand for fillers, while holiday distribution is modest. Shoe factories operate below normal except for war orders. leather firm, domestic trade light. US weekly business failures total 466 versus 427 prior week and 878 year-ago. Canada 77 versus 81 prior week and 33 previous year.
The California Railway and Power Co reports no funded or floating debt with assets of 49.9 million. It owns United Railroads of San Francisco Sierra and San Francisco Power Co and Coast Valley Gas and Electric Co. Dividends of 6 percent on prior preference and 6.25 percent on preferred are paid. United Railroads shows gross earnings 8.51 million and net surplus 1.40 million after charges. Sierra and San Francisco Power Co reports gross 1.14 million and net 0.63 million with 253 thousand available for second mortgage bonds. Coast Valley Gas and Electric Co posts gross 239,984 and net 90,871 with 29,510 surplus after charges. Gross increases 17 percent and net 11 percent for the year.
The Wave brought the day’s sole fresh catch to the Fish pier, listing 15,000 pounds of haddock and 1,000 pounds each of cod hake pollock and solefish with 17,000 pounds of Atlantic haddock. Prices quoted range from 3 to 7-12 cents per pound for various fish as haddock and cod demand remained light. The Norwegian steamer Progreso docked with 14,700 bags of sugar and will discharge at Boston after seven days from Antilla Cuba. The coal laden Norwegian steamer Sygna arrived iced and ready to unload 6755 tons at Mystic wharf after sailing from Sydney. The British schooner G M Cochrane, en route from New York to Yarmouth, was beached inside Yarmouth harbor after a gale. damage assessment pending.
Shipping report lists U S cutter Gresham and many ships and steamers arriving at and sailing from Atlantic ports including Portland Halifax Gloucester New York Philadelphia Norfolk and Baltimore with tugs barges and schooners named such as W M Moody Coleraine Tulpehocken L & W No 15 Metacomet Pilgrim Smyrna and Annie H Smith among others.
The Proctor Academy Alumni Association held its fourth annual reunion and dinner at the Parker House in Andover New Hampshire last night. Ty man K Clark class of 95 of Worcester presided. new officers elected include President Fred E Emerson class of 86 Vice President Stella M Stone class of 84 Secretary Hazel N Currier class of 09 and Treasurer Emily C Olding class of 94.
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