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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jan 22, 1914
Page
14
New York bond sales totaled 641 200 shares yesterday with New York leading activity at 98 700 shares for Reading. Boston traded 47 360 shares while Cananea and Alaska Gold showed notable moves. Jan 1 to date totals show New York 5 810 800 and Boston 361 0? shares. Time and call money eased slightly in both cities.
In New York on Jan 1 dealing in stocks and bonds expanded with rising prices. Buyers pursued securities across classes as bullish sentiment grew after the anti trust message and a strong state bond issue. New York State sold 51.9 million of 4 1/2 percent bonds at above 30.6, over subscriptions signaled improved investment climate.
Market activity shows uneven moves with the Dow and S&P 500 fluctuating as traders weigh earnings. Stocks exhibit thin volume and mixed breadth with some sectors led by tech and energy while others retreat.
Trading shows declines with Beth Steel leading the slide as the market absorbs cautious sentiment. Investors weigh higher interest rates and potential steel demand shifts amid mixed corporate guidance.
The commission calls for radical reorganization of the Boston and Maine railroad system, arguing its leasing structure is unsound. It urges consolidation of leased lines, end to joint operating pacts, and to foster direct competition between lines while retaining the Fitchburg division as part of the system.
Fall River Gas Works Company of Fall River Massachusetts announces a quarterly dividend of 3 per share payable February 2 1914 to stockholders of record at close of business January 28 1914 Stone Webster transfer agents. Amalgamated Copper Company of 42 Broadway January 15 1914 reports a dividend of one and a half percent payable February 23 1914 to stockholders of record January 24 1914 Secretary A H Etretary.
The Boston market notes a bullish wave spreading from New York bonds to local stocks. Granby Consolidated Hid den Creek smelter shares rose to 214 as new financing and underground finds sparked demand. Granby convertible bonds of 1.25 million were reportedly placed with investors by Speyer & Co. Greene-Cananea rose to 39 on dividend hopes, with $1 quarterly payouts eyed. Other active issues included Amalgamated Alaska Gold Butte & Superior Calumet & Arizona Mayflower and Old Colony, while Telephone, Chemical common and Woolen preferred showed strength. Trading remained brisk with a strong tone at close.
Savannah Georgia has awarded 600000 in sewer bonds at 4 1/2 per cent finance. The allocations include 250000 to New York Life Insurance Company 65000 to R M Marshall and Son 25000 to Savannah bids and 260000 jointly to Alexander Brown and Son and A B Leach Co.
The foreign exchange market was firmer with bankers trading in afternoon sessions. Sterling rates quoted around 4.86, with demand near 4.56 and sixty day at 4.83 to 4.84, while francs around 5.18 and guilders near 0.40.
Charles P. Curtis yesterday became president of the Mutual National Bank succeeding Charles H. W. Foster who declined reelection. Walter S. Crane was reelected vice president and William W. Stickney was reelected cashier and joined the board. Curtis was added to the board along with reelected directors. Tampa Electric offers stockholders par subscription to $274,000 new stock raising total capitalization to $2,618,000.
A dense snapshot of bid and asked prices shows varied figures for several securities across New Jersey and Philadelphia listings. Notable entries include percentages for bonds and preferred stocks, with references to Gen Asph and Phila co, alongside miscellaneous percentages and prices.
The Public Service Commission urged separate management for the Boston and Maine from the New Haven to secure independence, keep Fitchburg as part of B M, separate trolley from railroad, and reestablish rail water competition. It also calls for immediate B M reorganization and forbids receivership, noting potential $55 million bond authority against a $49.7 million net income.
Frank E. Vogel testified before Special Master Holt that money deposited in Henry Siegel & Co's private bank financed loans to various Siegel Stores Corporation outlets. He said his investments in Siegel ventures totaled about 1.4 million dollars, with only a few thousand left in his possession. He blamed bank credit cuts for hampering solvency as the crash loomed.
American Window Glass Company declares 8 percent preferred stock on record January 21. Kellogg Switchboard issues 25 percent stock dividend on record January 26 and 3 percent quarterly cash on February 3 for January 31 records. Proctor & Gamble pays 4 percent quarterly on February 14. St Louis Rocky Mountain Pacific Railroad 12 percent on common stock payable February 15. Books close February 2 reopen February 15. Fall River Gas Works pays $3 a share quarterly on February 2 to January 23 records.
Bid results for 51 million dollars of 4 1/2 per cent New York State bonds showed strong demand, with Kuhn, Loeb & Co and Read & Co syndicate bidding 106.077. The issue yields about 4.21 per cent, suggesting easy absorption above par. Reading stock trades exceed 1 million shares in a month, hinting at a big near term move. Reading company plans two new offices including a chairman of the board and chairman of the executive committee, with appointments undecided.
Directors raise the dividend rate from 2 to 3 percent annually as earnings improve. The move keeps railroad bonds eligible for savings bank investment. Copper market shows buying at about 14.12 to 14.60 cents per pound with large weekly sales. Granby Consolidated copper stock hits 82, highest in four years, then drops to 20 on ore reserves concerns. New American Felt Company officials appointed.
Despatch from the Lake reports the Winona mill steadily improving its ability to secure copper from rock. Rock runs 2 to 23 pounds per ton, with 10 to 18 pounds secured so far. The mine is well opened and $23 per share has been paid in on a par of $25. Manager Dickinson directs continued experiments with Mayflower and Old Colony companies. Strength in Western Union rises on optimistic Vail forecast of steady, increasing profits and ample liquidity.
The six months ending December 31 1913 show gross earnings near 1912 levels but net earnings fall about 8 percent due to higher operating expenses rising 2 237 000 while maintenance costs drop 600 000. Had maintenance matched 1912 the earnings would have fallen 2 000 000. The piece notes investors shorted B and O on Union Pacific extra dividend plans, but stock was given away rather than sold, limiting float.
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