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This newspaper page contains 16 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Feb 09, 1916
Page
17
The article questions why copper shares lag despite strong copper prices, noting copper at 28 cents a pound the highest in 43 years while copper stock prices remain far below 1910 and 1907 highs. It cites widespread public interest, strong market days in 1915, and shifts in investment from war stocks to copper shares.
The table shows copper metal high prices by year, the average high price of 20 active copper shares, and the high price at which Anaconda or Amalgamated copper stocks sold since 196. The data illustrate copper shares’ muted response to metal price peaks versus prior years.
The article notes copper share firms post their largest profits in history driven by high metal prices, larger production, and lower costs. Ten years ago production costs were near 11 cents a pound, now below 10 cents with some mines under 9 cents. With copper around 26 cents, profits exceed three normal years.
Irregularities noted in yesterday's markets with total New York sales at 434,666 and Boston at 30,614 shares. Baldwin Locomotive led New York activity at 37,400 shares, while U S Smelting topped Boston with 6,862 shares. Year to date totals show New York at 20,312,814 shares and Boston at 1,342,493 shares, versus last year's periods. Notable changes include Electric Storage Battery rising to 66 from 4 in New York, Willys-Overland dropping to 224 from 514, Nipe Bay advancing to 127, and Greene-Cananea frac. slipping to 46 from 2.
Optimism fades as trading slows and prices drift downward after a small rebound. Shares in United States Steel, Crucible, Mexican Petroleum and Baldwin Locomotive lead turnover amid rumors of deals in the steel sector and intermittent pressure on U S Steel despite favorable earnings forecasts.
Leading producers report buyers locking in output far ahead into 1916 with expected earnings surging. Local bankers say speculative capital has shifted to war related stocks and munition makers, motor shares, and small arms firms, delaying the copper share discount. If war stocks remain dominant, copper prices may adjust gradually or suddenly as official earnings become clearer.
Boston market shows dull trading with copper at 28 cents a pound, highest in 43 years, while New York sees a mixed close. Analysts say near term prices may hover around current levels as January reaction unfolds and profit expectations for the year shape the next major move.
Boston market report lists high and low prices and bid changes for securities. It compares current close with prior session and notes overall market movement on the exchange.
New York curb reports Lowell Massachusetts invites bids by 10 a m February 10 for purchase at discount of a $200000 loan dated February 10 1916 and due November 10 1916.
Copper Range directors are expected to meet Thursday for a dividend discussion. In December the firm paid $3 a share from 1915 operations.
Current quotations show call loans at 3 percent for both brokers and outside brokers. Commercial loans range 3 1/2 to 6 percent. Year money at 4 percent. Foreign exchange steady with sterling around 4.76, francs 5.89, marks 7.53, guilders 42, lire 6.76.
Shannon operates near full capacity with output exceeding 10 million pounds yearly and a rough forecast of 750000 pounds for February. A 13 cent cost suggests earnings above 4 dollars per share on a 26 cent copper market, after bond retirement of 1960000. Anaconda officials expect the new zinc plant finished by July 1, projecting about 4 million dollars annual net profit if shelter prices stay high. Isle Royale reports record rock tonnage and aims for break-even on a low copper market. Willys-Overland reaches NYSE with convertible 7 percent preferred stock. Maine Central lists 30000 preferred shares on Boston exchange. Harmony Mills approves increased preferred stock to 2250000 and plans to pay all accumulated 15 3-4 percent dividends. Western Pacific bond deadline extended to February 16. Lee Rubber & Tire outputs 1200 tires daily. January Puncture-Proof tire sales double prior year totals.
January 1915 reports indicate 70 percent higher tire sales than a year prior. Old Dominion outputs 3 121 000 pounds versus 1 745 000 in January 1914. Greene Cana January production totals 3 348 000 pounds copper 113 691 ounces silver 716 ounces gold, excluding custom ores. Winona Copper plans to lift refined copper from about 200 000 pounds monthly with over 25 cents per pound average price on year’s shipments.
The market reports extended notes and new public bond sales including Rock Island 7.5 million dollars 5 per cent two year notes to be extended six months at 6 per cent secured by 10 million refunding bonds and 4 million Kansas City Short Line and L A & Arkansas bonds later joined by Manhattan Railway offering 4.528 million second mortgage bonds for public sale. Bristol county issues 150000 dollar loan at 2.68 percent discount. Quincy sells 100000 dollar temporary loan at 2.62 percent discount plus 75 cents. Augusta seeks bids by Feb 11 for 16000 dollar 4 per cent refunding bonds.
Westfield Mass February 8 David Co Hull widely known whip manufacturer and inventor died today at 87. He spent 70 years in the whip industry and 20 years directing whip making at Charlestown State Prison. He invented many machines still used in the trade.
James A. Jenness assistant engineer at the New Manchester House was ordered held in 400 bonds for the May term of Superior Court after his wife complained he married her without divorcing his first wife.
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