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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Feb 04, 1914
Page
14
An editorial review details General Motors growth from 1910s assets and earnings, the complex corporate structure, rising common stock value, and a potential refunding of notes. It notes strong 1913 1915 earnings, a large asset write down in 1910 1911, and prospects for long term financing and dividends.
Common advances 3 4 points to 63 an advance of 25 points in one month Railway and copper shares participate in general price uplift Granby particularly strong feature advancing 2 5 8 points net to 89 3 4.
Total sales across New York and Boston show 427 306 shares in New York and 26 378 in Boston with New York leading in steel and Grandy Copper dominating Boston turnover. Year to date totals to date January 1 1914 show New York at 11 246 200 shares and Boston at 707 182 while last year’s figures were 9 306 100 for New York and 707 998 for Boston. Major moves include General Motors up 5 to 56 in New York and Tamarack Mining up 3 to 35 in Boston, with Southern Pacific and Western Union notable losses. Call money in New York 1 2 to 2 1 4 percent, Boston 3 percent. time money New York 2 3 4 to 4 percent, Boston 3 1 2 to 4 3 4 percent.
Quoted stock market moves show a steady investment demand with several representative shares up one to two points. Bonds attract buying, New York State bonds hit a new high, and Louisville & Nashville bonds are oversubscribed. GM rose sharply before giving back gains as Rock Island and Burlington rumors circulate.
The New York market showed an improved tone with investors covering shorts and buying actively on the local board. Granby Copper led, advancing to 84.34 after 3704 shares, while copper prices remained strong at 147.8 cents a pound. Telephones Boston Elevated and United Shoe posted solid gains as the session ended firmly.
In Boston and New York the money markets show call loans at sixty to ninety days and four to six months with rates near 4 percent for commercial paper and corporation notes. Subtreasury balances and bank operations at the clearing house fall yesterday with net losses of about 210000 and 1714000 in foreign exchange markets show sterling at 4.85% and francs near 5.18% with other currencies quoted in bankers' terms.
Waterbury sold 25000 4 12 per cent bridge bonds to N W Harris Co with other bidders listed. Goldman Sachs and Lehman Brothers bought 2500000 Stern brothers 5 year 6 per cent notes. Newport asked bids by Feb 5 for a 50000 temporary loan due Sept 5 1914. Hocking Valley sold 800000 4 12 per cent equipment trust certificates to Kuhn Loeb Co. near Medford Mass bids due Feb 6 for a 100000 temporary loan with staged repayments in 1914. A syndicate led by J P Morley (text truncated).
Gan and Co. First National Bank and National City Bank of New York sold to investors a 7.4 million dollar general mortgage bonds issue for the South and North Alabama Railroad Company. The bonds run 50 years at 5 percent and are guaranteed by the Louisville and Nashville.
The Fisk Rubber Company, funded by Boston and New York bankers, reports year ended Oct 31 1913 with 606000 net profits after expenses and depreciation. A special charge of 117688 reduced crude rubber inventory. Dividends on first and second preferred totaling 285858 left 202479. Net profits lagged due to 20 percent lower gross than planned. Plant additions cost 982745 with 106918 repairs and 71431 depreciation. Net quick assets stood at 3216087. Production failed to meet three consecutive years of sales demand despite 24/7 plant operation.
Copper on the New York Metal Exchange showed firmness with Standard spot to April at 14.75 for electrolytic 14.87 15.00 nominal casting 14.62 14.75.
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