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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 29, 1917
Page
12
Collateral Trust 6% convertible gold notes issued by American Trust Co Boston as trustee are callable as a whole or in $100000 multiples at 101 with interest on 80 days notice after July 1 1918. Earnings are reported to us. Wm A Read & Co recommends these notes for investment in 1917.
The market advanced but traders showed discrimination with high priced rails like Atchison Boston & Ohio and St Paul failing to match Thursday’s opening highs while low priced issues such as Rock Island Erie Missouri Pacific Southern Railway and Wabash posted new highs. Government plans on dividends and earnings loomed as speakers debated, with McAdoo promising to meet maturing railroad bonds boosting New Haven shares and calming the market as Rock Island declared full dividends on its preferred stocks and other rail stocks eyed improved funding through government guarantees.
Stewart and Rand dissolve the firm once at 6 Beacon Street with Stewart remaining and Rand moving to 50 Congress Street. United States Trust declares a 5 percent semiannual dividend and an extra 1 percent payable December 29 to stockholders of record December 28, 1917. Walter C. Trefry was elected assistant treasurer of Fidelity Trust Company, not treasurer as previously reported.
Current prices show six percent rates across brokers customers loans outside brokers call loans and commercial loans. Bar silver prices in New York and London are listed. Federal Reserve notes detail maturities for paper within 15 days and 16 to 90 days with securities such as United States certificates and Liberty Loan bonds referenced.
A Christmas tree fire at Frank P. Benson’s residence on Edgemere road Quincy destroyed several hundred dollars of contents. The blaze started when a gasoline toy engine touched a lighted candle on the tree as children and neighbors watched.
Rock Island posts an 8 to 10 point lead as other rails inch up 1 to 3 points. Police and steel sectors show slight improvement while the local market remains firm.
Market totals show New York sales of 1 191 500 and Boston 22 099 while the most active issue in New York is Steel at 188 900 and in Boston New Haven at 2133. For the year to date New York has 229 039 446 shares and Boston 6 072 200, compared with last year at 228 854 037 and 12 970 685 respectively. Rock Island 7 percent pref leads gains in New York at 10 to 65 1 2, Norfolk & Western pref tops losses at 678 to 71, Calumet & Hecla gains 5 to 425 and Amoskeag pref drops 2 to 77 in Boston.
Amid rising belief in government backed rail benefits, Rock Island pref shares jump 13 and 11 points, New Haven notes advance on expected debt, and utilities and industrials gain. Total sales reach 1,185,000 shares with strong bond demand keeping rails buoyant.
The New York stock exchange reports bond transactions in the bond market on December 28. Prices for new United States bonds are given in units and fractions of a hundred. The subjoined table displays the hundredths in price quotes.
Boston market gains outpaced Thursday with New Haven and Boston and Maine leading the rise. New Haven hit 33, Boston and Maine rose to 26 amid broad optimism in utilities and copper issues. Traders foresee possible limits on dividends if Congress guarantees earnings. however, investors expect higher yields to endure and a business upturn ahead of war.
Central powers delegates at Brest-Litovsk agree to a 10 day recess with talks to resume January 4 at an undecided location. Bolshevik foreign minister Leon Trotzky is reported drafting a new note to entente embassies urging participation in the peace conference.
Officials with the National City Bank of New York told the State Department that the Bolshevik government in Petrograd seized its New York branch and arrested manager R. R. Stevens.
National City Bank of New York reports Petrograd branch manager R R Stevens, a Maine native, arrested by Bolshevik soldiers under Menshinsky orders. Officials await ambassador Francis reports and Russian banking law review before any action beyond seeking Stevens's safety. Bank expects US protection and steps to safeguard interests.
Petrograd on December 27 reports Finance Commissioner Menshinsky ordering the seizure of all private banks in the city. The National Bank of New York branch was seized. manager R R Stevens was arrested briefly. Several directors were taken into custody and some surrendered vault keys. J B Wright of the American embassy visited Stevens in the afternoon.
In Harbin Manchuria on December 25 to 26 Bolshevik forces faced Chinese demands to withdraw two reserve battalions. The 618th Regiment fired, killing a colonel and others before surrendering, followed by the 559th Regiment. Bolshevik leaders fled, and Chinese authorities now control the area with foreigners protected.
London dispatches report the creation of a republic in White Russia with a Minsk assembly to issue a decree sealing independence. The Brest-Litovsk peace talks rumors prompt Bolshevik anxiety as German Austrian delegates floated a plan to occupy strategic Russian points to pressure the Entente.
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