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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 11, 1917
Page
14
An in depth Wednesday financial column weighs whether postwar stock prices reflect inflation. It argues most major issues trade below prewar peaks, with only a minority surpassing them. Railroads copper and industrials show wide declines while some steel and metal names hold or rise modestly.
Total sales in New York and Boston are listed with shares traded. The piece notes most active issues in each city, year to date totals, and changes from the prior year. Industrial Alcohol leads gains in New York, while Pere Marquette and Calumet and Hecla show notable declines.
Broad market firmness emerged in New York trading with 2 to 5 point gains in many issues and rails, United States Steel and major steels advancing 1 to 3 points. Strength in tobacco shares and industrials accompanied larger bond activity, while francs and roubles showed foreign exchange strength and total sales neared 675000 shares.
The Boston market shows little change with mostly small losses and some gains despite big market strength. Atlantic Gulf outperforms marine issues. Island Creek and Pond Creek coal stocks rise, Pittsburg Coal up, while Butte copper strike wanes. U S Steel reports June unfilled tonnage down 503,000 tons as orders slow to reserve capacity for government needs. The war in Germany suppresses peace hopes while a large scale rise in home war orders is anticipated.
Current figures show brokers' customers loans at 5 to 5 1/2 percent and outside brokers' call loans from 5 to 5 3/4 percent. Customers' commercial loans range 5 to 6 percent and individual collateral loans 5 to 6 percent. Commercial paper stands at 6 percent and year money at 5 1/4 to 6 percent. Gold and silver quotes noted with 1704 1/4 to 61 Mexican dollars per ounce.
A substitute bill would keep government control limited to food feeds and fuel while authorizing federal purchase and sale, a $1.50 per bushel wheat price floor, and a food board. Leaders expect a compromise instead of the Smoot amendment, with final action set for July 21 and extensive debate over sugar prices, cotton, and excess profits taxation.
Senator Lodge, Republican leader, denounces the sweeping food control bill in the Senate. He warns it would regulate prices and the entire business system, threatens economic law, and cautions against abrupt cloture before amendments are settled. He questions action on the prohibitive issue while noting possible impact on passage.
Hearings on the administration's 639 million dollar aviation bill were concluded by the House committee and the measure will be reported before week’s end. Pretary Baker did not appear before the committee as expected. Financial notes mention A B Leach Co offering Mobile and Ohio first mortgages due Dec 1, 1927, at a yield around 4 28 percent, legal for Massachusetts savings banks and eligible for postal savings deposits.
Allen's Law Office advertises general legal services including bankruptcy probate and real estate matters. Located at 28 School Street with specialists in various cases and free advice by mail or person. Contact Room 31 Main 1250 for confidential consultations across states.
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