Specialty Issues Feature Trading Outlook for Steel
Outlook for steel issues shows a dull yet firm local market. Cuba Cane endures a poor year while American Beet Sugar drills for oil and B M holders approve a strategic plan for future offerings.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jan 10, 1919
Page
22
Outlook for steel issues shows a dull yet firm local market. Cuba Cane endures a poor year while American Beet Sugar drills for oil and B M holders approve a strategic plan for future offerings.
Traders note varied activity with American Can rising on dividend hopes while United States Steel weakens amid anticipated dividend cuts. Cuban Cane and Cuba Sugar report disappoints. oil and tobacco issues gain, and Boston & Maine reorganization gains approval.
In New York on January 9, stocks showed uneven activity with rails thinly traded and oil, tobacco, sugars and leather shares moving erratically. Texas Pacific land trust led gains, while Mexican Petroleum and United States Steel fell. total volume reached 585,000 shares. Liberty bonds stood firm as most domestic and international issues eased slightly. old US bonds were unchanged.
A banking group led by J P Morgan Co Kuhn Loeb Co Kidder Peabody First National Bank National City Company Harris Yorkes Co and Lee Higginson Co offers 40 million five year 6 percent notes of American Telephone and Telegraph and 25 million twenty year 6 percent sinking fund debenture bonds of New York Telephone. The notes retire equal maturing notes and the debentures are backed by 150 million stock paying 8 percent. For nine years American Telephone has net earnings at least 5.5 times interest and dividends of 6 percent have been paid for 22 consecutive years.
New York Jan 9 The banking syndicate offering 49 million dollars of American Telephone and Telegraph five year 6 percent notes and 25 million dollars of New York Telephone fifty year sinking fund 6 percent debenture bonds closed the books with heavy over subscription.
Ledger style note lists bond quotes and prices for several issues including Beth Steel Liggett Lorillard and Union Pacific. Mentions city and broker references with brief price indicators and market stamps.
Current prices show brokers' customers' loans at 6 per cent outside brokers' call loans at 6 per cent customers' commercial loans at 6 per cent individual customers' collateral loans at 6 per cent commercial paper at 6 per cent year money at 6 per cent.
Washington Jan 9 Opposition from several Senators blocked Senate action on a Federal Reserve Board proposed banking reform. The plan would let reserve banks raise surplus to 100 percent of capital and permit discounting notes up to 20 percent of capital, instead of current limits.
Boston's fuel department and the Board of Election Commissioners convert voting booths into municipal coal stations. After a successful test in Ward 9 Precinct 8 on East Third Street, more booths will operate where school buildings are impractical. Coal costs 11 dollars per ton with 25 pound bags at 18 cents each. Delivery orders and firewood services also available.
The Supreme Judicial Court will rule on Trinity Church Boston removing the St Gaudens statue of Phillips Brooks and replacing it with a Bela Pratt work in Copley Square. The case involves trustees heirs and the churchs 1909 agreement and Mrs Gaudens rights with a Cambridge estate to receive the statue.
Death notices for Elizabeth Mary Bigley in Providence and Frank Manning in Dorchester. Details include birth parents, home addresses at 98 Cross Street West Quincy and 92 Craver Street Dorchester, funeral times, and masses at St Marys St Theresa s and St Peters Church. Also Walter J Hennessy obituary in West Roxbury with mass at St Theresa s.
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