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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 03, 1920
Page
12
The market opened brisk with New York and Boston volume higher in early hours. Gains spread across several issues including Baldwin and Mexican Petroleum, with Vanadium climbing over five points and United States Steel nearby.
New York July 2 a 95 million appropriation to raise city employee salaries was approved by the Board of Aldermen. Increases take effect Aug 20 with a minimum $200 yearly raise for each worker. A motion to cap increases at 600 for higher earners was defeated.
The Harvard University committee on economic research notes the present index resembles 1907 in speculation and liquidity risks but differs due to high money rates and wartime legacies. It cites a likely continued liquidation in commercial lending, while some stocks show partial recoveries and the market overall awaits a potential rebound.
Joseph A. Herron president of Southwestern Zinc Lead Mining and Fred W. Langhorst broker were indicted in New York on promoting a fraudulent mining venture. Herron bought 200 acres in Missouri with a lead mine. He formed a company capitalized at 1 million dollars and sold 150000 dollars of stock.
Allan A. Ryan former chairman of the Stutz Motor Car Company and recent expulsion from the New York stock exchange had his seat sold for 93 000 dollars, announced by the exchange board of governors.
The New York Stock Exchange opened strong and advanced to weekly highs as call money ease, favorable industry news, and expected July reinvestment boosted demand. Steel, oil, motors, and rails led gains with notable action in New Haven and Southern Railway toward close. Bond market firm with Anglo French bonds and new Belgian 7 1 28. Sales reached 465000 shares.
In San Francisco on July 2 a convention opened with bands and soon turned violent. A Kentucky advocate of universal disarmament drew a five inch dirk from his pocket while trying to force harmony, and a frightened Pennsylvania Quaker fumbled a loaded cane as an incident outside the hall echoed into the dispute inside.
New York district attorney Swann reexamined Miss Viola Kraus in the Elwell murder inquiry. Kraus denied threats toward Elwell and testified on eight-year acquaintance, while investigators pursue Miss Wilson and bootleg links in a widening probe of the whodunit.
Concord, New Hampshire reports a one month old baby, Andrew Louie MacMillan, son of Dr. Andrew L. MacMillan, died from scalding after a coffee urn toppled from a table and spilled hot liquid on the child during breakfast.
Magdalen College Oxford defeated the Union Boat Club of Boston in a heat for the Stewards' challenge cup at Henley on Thames. The English crew won by three lengths in 8 minutes 41 seconds after leading from the start. The Boston coxswain steered badly as Magdalen pulled clear by the quarter and half miles.
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