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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jan 20, 1916
Page
14
A slow trading day clouded by weak steel earnings expectations and sparse advances in other issues. Investors eyed next Tuesday’s Steel meeting while war order data and United Fruit rights sales added mixed signals to a market already dampened by earlier January gains.
Boston January 19 reports show high impact last prices of securities on the slopes with comparisons to prior levels. The piece notes bonds trading activity and price movements amid market shifts and broader economic signals.
The Columbia Trust Company of East Boston held its annual meeting on Tuesday and elected nearly all officers. John H Lane was added to the board after years of rapid business progress. Once considered unlikely, the 25 year veteran now stands among East Boston’s progressive men. He was born on the
Yesterday's market activity shows total sales in New York at 575,514 shares and Boston at 49,184 shares. Bethlehem Steel led gains in New York while Texas Co. posted the biggest drop. Mergenthaler rose in Boston and Nipe Bay fell.
Trading in New York on Jan 19 saw advances in U S Industrial Alcohol American coal products and Cuban American Sugar while U S Steel faced heavy selling and Bethlehem Steel swung to a gain then mixed. Oil shares rose with Texas Company but a new stock issue trimmed gains, and total volume reached 590 000 shares amid firmer steel and base metal prices.
Boston market summary notes United Fruit weak, Boston Elevated strong as non tax stocks attract buyers. Copper stocks lag despite higher metal prices. fears copper shares need metal price surge. Atlantic Gulf & West Indies profits for 1915 leap to about 2.9 million, up from 936 thousand in 1914 for a 200 percent gain.
Copper production reached 15 882 914 pounds with a 19.07 pound per ton yield, up from 17.08 and 15.28 previous years. The Texas Company may raise capital stock 20 percent at par. Commonwealth Trust and Naumkeag Cotton elected officers. U S Department of the Interior notes Tungsten ore output above $2 million in 1915. United States Steel plans a $3 million coke by product ovens plant at Youngstown. International Petroleum to acquire Lobitos Oil Fields, Ltd of Peru. Tuolumne mine plans to run with small profit margin after ore grade improved in the last 10 days.
Current quotations show call loans at 3 percent for brokers and outside brokers. Commercial loans range 3 to 6 percent. collateral loans 4 to 6 percent. Treasury and commercial paper quoted. year money at 4 14 percent. Exchange rates and New York banking balances noted with steady foreign exchange. afternoon business at 4.76816 dollar for pound, francs 5.85, marks 7.4143, guilders 4.414. Sterling and cables listed with rates, New York funds and sub-Treasury activity summarized.
Copper prices unchanged in the domestic market at 241-2 to 241-4 cents for time deliveries. London Metal Exchange quotes G M B spot copper steady at £85 1s, with futures down £0 6d. Electrolytic and lead and zinc futures rise while tin trades in spot and futures volumes.
New York based Springfield Body Corporation organized with 1,000,000 dollars in 8 percent cumulative preferred stock and 1,600,000 dollars in common to take over the Springfield Metal Body Company in Massachusetts, with Renskorf Lyon & Co. as bankers. The preferred will share profits with the common after 4 percent on the latter, redeemable at 206 dollars at the company’s option. Mohawk Mining Co. reports 829,783 tons of rock treated in 1915.
Southern Railway plans to pay off its $5,000,000 three year 6 percent notes, due February 1, in cash. No public financing will be undertaken for this issue at the present time. Receiver Dickinson of Chicago Bog Island Pacifico has been authorized to oversee the process.
The issuer plans new certificates to replace July 1 1915 issues due January 3 1916 totaling 2 600 000 with full interest to that date. Utah Securities Corporation also retired about 1 050 000 of its 10 year 6 percent gold notes, accepting all tenders from 94 3/4 to 96.
One vessel, the schooner Conqueror, delivered 35 000 haddock 11 000 cod 200 pollock 3 500 hake 38 500 scrod and 100 halibut as dealers faced scarce supplies and strong Thursday demand. Weather blocked trawling, markets fear further price hikes unless a large shipment arrives today.
Shipping reports show U S coast guard cutter Gresham and numerous steamers and tugs sailing to Norfolk Newport News Philadelphia and Boston with barges in tow. Multiple Greek and British vessels appear among the arrivals and departures from Hampton Roads Gloucester Salem and New York ports.
A playful feature notes Colonel Corn’s personal end to a conflict, framed as a whimsical chapter on a Sunday Post page.
The British stern schooner Louis Cottingham laden with lumber from Halifax for New York is ashore and a total wreck off Seal Island. All crew are safe. Deck cargo swept away before striking. stern battered after running onto ledges. The Cottingham, once American, was towed in last year as a derelict and later sold and repaired.
Futures opened quiet as markets moved to a weak close.cotton price data for Oct-Nov to Mar-Apr shows minor fluctuations with spot at 8.28 and a sales total of 8000 units.
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