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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Feb 07, 1918
Page
12
The report notes current prices across brokers and customers loans at 6 percent and year money at 6 percent. Sub Treasury credits and debits are listed with totals for exchanges New York and bank gains yesterday. Foreign exchange remains steady with sterling at 4.767 16 dollars and various other currencies quoted.
Futures opened and closed steady with a 2 to 4 point daily range. Spot cotton dull but steady up 2 points to 23.74d for American good middlings. Sales total 1000 bales, including 800 American. Receipts 3100 bales, 2400 American. New contracts quoted with varied ranges.
Markets show fractional declines in steels rails and coppers with Atlantic Gulf and Marine Preferred leading a weak list while General Motors and Industrial Alcohol show relative strength. overall trading remains uneven across sectors.
Total sales for New York 539 500 shares and Boston 10 381. Most active New York issue Steel 85 700 shares. Boston Atlantic Gulf 1 565. Cumulative 1918 sales New York 16 156 400 and Boston 358 139. Year over year New York 23 085 024 and Boston 1 378 307. Notable gains and losses include Lorillard up 15 to 185 in New York and Edison down to 147 1 2 in Boston.
Steamship shares led a mixed session while industrials and rails showed uneven moves. Domestic fuel shortages and transportation tie ups weighed on trading, with United States Steel under pressure and a late rally failing to offset a near point loss. Marine, tobacco and textiles posted gains as pools kept activity high. Total sales reached 5 35,000 shares and bond market saw small advances on old issues.
New York curb and stock markets report highs and lows for today with net changes from the previous close. The brief list covers major issues traded in New York and Boston on February 6.
In a mixed market yesterday marine issues led in Boston and New York with Atlantic Gulf and United Fruit active while Eastern Steamship lagged. Greene Cananea rose on January output strong at 3 130 000 pounds though full-year 1917 capacity exceeded 5 million pounds. Calumet Arizona gained. United States Smelting fell. Island Creek Coal warned of weak first quarter 1918. Alaska Gold reported poor January gold recovery at 90 cents per ton. Old Dominion rose to 3 400 000 pounds in January, above last year, with only three 1917 months higher. Boston Elevated fell 1 8 points amid light volume. Massachusetts Electric preferred at 14.
The market showed heaviness in leaders while specialties surged. Atlantic Gulf rose to 114 amid high volumes and talk of treasury cash support. Mercantile Marine preferred reached a new high. American Beet Sugar eyed an extra dividend, and industry earnings, notably Midvale and Republic Iron, pointed to varied steel sector strength.
Washington announces allies accept a plan to hand over Atlantic tonnage direction to a new ship control committee. The committee includes Franklin, Raymond, and Sir Connop Guthrie to unify operations, with allies’ governments reportedly in favor of the proposal.
Speakers at the City Club last night urged the nation to expand foreign trade and teach thrift as essential for economic strength. The New England convention drew over 500 manufacturers bankers and credit men to discuss credit and trade policies.
Mrs. Mary Teele of Chevy Chase Maryland wins 3000 from the Boston elevated railway by a Circuit Court of Appeals decision. The November 1916 jury verdict is sustained after she was injured in Somerville on August 24 1914 by a fall between the station platform and a car running board while boarding. Asa P. French and Daniel A. Shea were her counsel while E P Saltonstall represented the elevated.
Walter K. Frew, chair of the New York clearing house committee, sent a telegram to W. G. Lee of the Brotherhood of Railway Trainmen in Cleveland challenging him to prove his claim that four New York banks are backing actions to delay the eight hour law and undermine government railroad operation.
Massachusetts bowling alleys and poolrooms may stay open until 10 30 at night under a special exemption from closing regulations. The concession, issued by New England Fuel Administrator Storrow after a conference with proprietors at the State House, requires establishments to open no earlier than 1 a m.
Washington Feb. 6 Three billion dollars will be raised in advance of the third Liberty Loan via sale of certificates of indebtedness. The plan aims at systematic investment by every bank in these short term securities to be launched in April.
Secretary McAdoo unveils a scheme to issue 500 million dollar certificates every two weeks, totaling 3 billion by mid March. Banks nationwide are urged to reserve about 1 percent of gross resources weekly to buy treasury certificates, with a 4 percent rate dated February 8 and maturing May 9, subscription closing February 15.
A bill to exempt labor organization funds from income tax drew strong support in a Taxation Committee hearing. Boston Typographical Union secretary John Battis urged classing as fraternal societies due to pension and mortuary funds and a printer home in Denver. Henry Sterling noted the union paid tax last year and labor leaders anticipate the bill’s success. AFL agent Charles Hodsdon and street carmen rep Thomas Shanley also spoke in favor.
Andre Tardieu the French high commissioner said France can manufacture enough artillery by July 1 to supply about 500000 troops if the United States shares raw materials from America under an agreed arrangement. He noted France currently has more American troops than the U S forces had at entry, about 212000 officers and men.
A St Ambrose Church whist party at the Dorchester parish hall Adams Street aims to raise funds for comforts for servicemen. Mrs Margaret Mahoney leads the event with strong advance ticket sales and prizes mainly consisting of store orders for needed goods.
Police Commissioner O'Meara told the committee on metropolitan affairs that he does not want the services of William O Roberts Jr of Boston who seeks to form a junior police department to assist in city police business.
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