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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Feb 06, 1913
Page
14
Unlisted securities traded between 43 and 46 cents while Mexican Metals held near 134. Alaska Gala reached about 1912, and Lion Will advanced from 838 to 8 cents. Rhode Island Coal rose on news of resumed operations from 13 to 15 cents, then slipped to 11 to 14 cents. Volatility followed as closing prices reflected fluctuating activity.
The bond market closed with mixed bids across U S government and corporate issues. Total sales totaled 2.33 million dollars, compared with 2.23 million yesterday and 3.38 million a year ago, with year-to-date activity at 62.6 million versus 128.5 million prior year.
On the Boston curb, Ohio Copper led the session with a decline from 80 to 73 cents and closed at 75 cents. Corbin Coanne fell from 49 to 85 cents, while Boston Ely moved 82 to 76 cents and Cortez dropped from 50 to 46 cents. Maiostic showed further fluctuations.
The Galveston-Houston Electric Company declares a semi annual dividend of 38.00 per share on preferred stock and 2.50 per share on common stock to stockholders of record February 0 1913 payable March 15 1918. Tone and Webster are transfer agents.
Market snippet lists steel and related materials with bids from Philadelphia area firms. Entries show prices, percent bids, and percent changes, including Tonopah and Ton Belmt. 15-16UTr notes, plus gas and im markets and week figures.
Daily totals show New York sales at 221,900 shares and Boston at 24,040. Reading leads NY activity with 30,300, while Boston's top issue is Superior & Boston at 2,621. Jan 1 to date NY 9,528,000 shares, Boston 732,038. Compared with last year NY 12,477,900 and Boston 1,344,011. Wisconsin Central tops NY gains, Pennsylvania leads losses. N E Tel & Tel gains in Boston, Calumet & Hecla falls. Call money NY 2 3-4 to 3 pct, Boston 3 to 3 1-2 pct. Time money NY 3 1-2 to 4 1-2 pct, Boston 4 to 5 pct.
Stocks moved downward in subdued trading as bearish sentiment grew. Disappointments over American Can back dividends, subway negotiations, and copper trade signals weighed on the market while railroad shares showed brief resilience. Copper issues led declines in related stocks. Pennsylvanian stock pressure and a possible new issue were noted. a 5 percent quarterly dividend on American Tobacco helped recover some losses. Bonds showed irregular, lower moves with total par value of 2.3 million.
The Boston market notes a bear tone with electrolytic copper at 1512 cents for Apr May delivery. Lake Copper hit the low of 18, lowest since 1909, while Giroux Consolidated’s Dec 31 report shows assets of 715,073 and liabilities of 649,008, with ore value on dumps at 367,085. Shipments rose to 140,877 tons with 71.1 percent copper recovery. direct smelting yielded 3,817,088 pounds copper. The market closes weak amid heavy telephone rights activity and declines in Shoe Machinery, Amalgamated and Superior & Boston.
The Butte and Superior Copper Company announces a new board with N. Bruce MacKelvie as president, K. R. Babbitt as vice president, and C. W. Peters as treasurer. Directors reduced from nine to five, electing MacKelvie, Babbitt, D. C. Jackling, A. B. Wolvin, and Peters. Charles Hayden initially considered but Peters and Hayden, Stone & Co. of New York were elected.
Houghton and Dutton Riding Trust offers 500,000 dollars of 5 percent cumulative preferred stock at 105 net 434 percent to F S Moseley and Co, tax exempt in Massachusetts, followed by 1,500,000 dollars common. The trust holds real estate totaling 25,901 square feet with buildings, cost expected to exceed 3,400,000 dollars after improvements, creating about 1,000,000 dollars equity above mortgage and preferred. The property is leased to Houghton & Dutton Company for 32 years from Oct 1, 1912, with rent covering taxes, insurance, repairs, expenses, bond interest, sinking fund, and dividends.
Beverly Massachusetts sells 159000 dollars of 4 percent sewer bonds dated June 1 1912 payable 10500 annually 1913 1919 and 86000 annually 1920 1935 to R L Day and Co Other bidders include Blake Bros Co N W Harris Co Blodget Co Estabrook Co and Curtis and Sanger The town also issues 140000 dollars of 4 percent bonds for Cabot street reconstruction Ward 1 schoolhouse and a supplementary schoolhouse bond maturing serially to Estabrook Co Other bidders were Merrill Oldham Edgerly and Crocker R L Day Co and Curtis and Sanger
The market showed dullness with little significance to price moves. Pennsylvania slid below 120 for the first time in over two years amid talk of a new stock or bond issue. Copper shares were pressured by New York sale reports, while copper producers eye January results. Trust company mergers loom in New York and Boston, reshaping bank and trust landscapes. American Can earnings hint at dividend potential despite برrising debt, and American Tobacco and American Writing Paper report notable results. Drift of the Market and copper books released by Massachusetts publishers summarize sector trends and price fluctuations for 1912.
Newly elected Portsmouth Coal Mining Company directors gather to organize for the year with a successor to President Robert M. Burnett and a new treasurer to succeed William J. Carlin. The director list includes Weeks, Whitney, Dwyer, Souther, Durfee, Taylor, Hoyt, with Hay as secretary.
The gold export movement adds 19.6 million dollars yesterday to Buenos Aires with 11 million for Paris and 8.6 million for Argentina. January bank clearings rise 7.5 percent across 128 cities to 16.2477 billion, led by gains except New England due to Boston. New York call rate at 2.25 percent. time deposits ranging 3.5 to 4.5 percent across 60 to six months. Current local money and foreign exchange rates are listed.
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