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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 11, 1912
Page
12
Early trading showed an irregular tone with tobacco shares under pressure, followed by broad weakness in later sessions. New stock listings surfaced as Washington B. Thomas resigned from the presidency of American Sugar, while copper metal advanced, signaling mixed sector momentum.
New York total sales 513000 shares and Boston 36832 shares yesterday. Most active NY issue Steel common 111800, Boston North Butte 4400. YTD NY 72786100 shares, Boston 7146501. YoY NY 53985900, Boston 3561536. NY assets realization led gains 212 to 126, American Tobacco fell 77-8 to 2871. Boston General Motor prof rose 11-4 to 7514. Ahmeek Mining dropped 5 to 350. Call money NY 3 percent, Boston 3.5 percent. Time money NY 3-4 percent, Boston 4-4.5 percent.
The government crop report drove early stock gains as cereals looked strong and copper rose on abroad conditions. United States Steel posted June 30 unfilled tonnage of 5,807,346, with a bearish late selloff in major issues while bond prices fell and government stocks remained steady.
Interest centered on New England Telephone after directors voted to issue stock to shareholders at par. Rights valued about 4.50, with 10 shares yielding one new par share. North Butte gains on underground developments, while Utah Consolidated faces rumors of a strong management position. Close prices sit a quarter point lower on average.
Ohio Copper led curb trading with prices from 42c to 32c and a final close at 33c. Houghton Copper First National Calaveras and Davis Daly were noted among other active issues as detailed fluctuations were reported.
Hotchkin & Co report the Walpole Rubber Company seven percent preferred stock fully oversubscribed. The accompanying common stock is trading around sixty dollars per share as a bonus.
Reading 2d pfd pays 1 percent while ex dividend Great Northern pfd noted. Atlantic Coast Line common shares books open. Butte Electric & Power for mortgage listed with details in this calendar item.
After a firm start led by Amalgamated Copper, the market weakened with heavy selling pushing stocks below recent highs. Steel fell to 673 4 from 721 2 a week earlier, while speculation around dividends and crop reports framed broader sentiment. The government crop outlook mixed, with corn acreage at a record, but wheat and other yields forecast to lag. New England Telephone announced a 10 percent stock increase, signaling solid subsidiary strength.
Market report shows mixed close with gains and declines across steel, electric, transit and mining stocks. Notable movers include Tonopah Belmont and Lehigh Valley issues, while Union Traction and Rapid Transit show active trading.
Directors authorize issue of 309178 shares at par with one new share for every ten held by record date July 20. Rights expire August 31 1912 and subscriptions due August 31 with full payment due September 12 1912. Dividends payable before October 1 1912. Washington B. Thomas resigns Amer Sugar Refining presidency due to ill health but remains a director. NYSE lists United States Rubber securities and expanding totals for first and second preferred and common stock. Charles J Paine leaves for visit to Winona Mayflower and Houghton properties.
Grain markets rose as traders priced in government estimates of wheat and corn condition and acreage. July wheat gained 11 4, September 13 8, December 11 2. corn moved mixed with modest gains and July oats up 1. Futures overall were fractionally lower.
Money rates hold steady yet show a hardening tendency. Boston cash shipments to New York total about 2,000 dollars, with at least 1,500,000 moved this week. A New York exchange shortage drives the movement, limited by a shortage of large bills. The drop in funds last week and reserve showings will further curb banks loaning ability. Local money rates and foreign exchange quotes follow.
The bond market mood was somber with the tone heavy as traders note the strength of New York Railways adjustment 5s as a notable exception amid softer issues.
New York Metal Exchange shows copper holding firm with bids and asks at 16.50 to 17.00 for July and August. Lead and spelter stay firm, tin steady around 44.45 to 44.60 with August at 43.75 to 44.50, and iron unchanged. London market quotes copper spot at £74 15s with futures £75 12s 6d, tin £202 10s spot, lead £18 7s 6d, spelter £26, with high days noted.
Torrington Company declares regular semi annual 4 percent on common stock payable Aug 1 to stock of record July 19. United Cigar Manufacturers Company declares regular quarterly 1 percent on common payable Aug 1 to stock of record July 24. H. B. Claflin Company declares regular quarterly 4 1/3 percent first preferred payable Aug 1 to record July 24. Second preferred at 2 1/2 percent quarterly payable Aug 1. United Dry Goods Company declares regular quarterly 2 percent on common payable Aug 1 to stock of record July 24.
The fifth national congress of the Esperanto Association of North America in Huntington Hall featured a council election for president and secretary, with reports from delegates and a public Esperanto program. Joseph Silbernik of New York spoke on Dr. Zamenhof’s language and its growth as over 100 attendees toured Revere.
Washington reports the Lorimer Senate seat decision to come within 48 hours after closing pleas. Senators Lea Thornton Johnstone and Dillingham address the issue while attacks on Theodore Roosevelt and Roosevelt Taft influence color the debate.
Washington reports an executive order to redesign the five cent piece within weeks. The buffalo will replace the Goddess of Liberty on the obverse with an artistic Native American head on the reverse, reflecting an American symbol choice.
The cotton market rose to new highs on opening buying after reports of heavy rains across the Carolinas Georgia Alabama and Mississippi and a bullish note from Cardill about crop deterioration in Mississippi. A late session pullback narrowed gains to about ten points as unfavorable belt reports and drought fears spread.
Market closing levels show mixed results with Pitt-Bradford, Kanawha, and Midwest fuel issues noted. Key quotes include Pit Co com, 21 to 23 and do pf movements, Wes Air Br, 187 to 138, and Ok Na Gas fluctuating around mid 60s.
Medford Massachusetts invites bids until 9 a m July 12 for a temporary loan of 25000 dollars maturing April 3 1913. Harris Forbes Co were the successful bidders for 954% school bonds of Johnstown Pennsylvania.
George JF Fletcher of Tilton New Hampshire was appointed second deputy commissioner of internal revenue by Secretary MacVeagh to succeed the late J P Wheeler. Fletcher has long served as the internal revenue agent in charge of the Philadelphia district.
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