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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 12, 1918
Page
12
Banks call loans prompting share declines and liquid position urging. Steel trades about 150000 shares between 108 1 2 and 104 1 2 with total near 200000, as professionals churn within a five to eight point range amid a cautious market. Rock Island changes top leadership to Hayden and Amster signaling broader management reconciliation.
Customs at Bar Harbor Washington July 11 The Senate passed house bills establishing customs ports of entry at Oswego New York and Bar Harbor Maine.
Stocks open lower with losses of 1 to 3 points across many issues. U S Steel declines to 103 5 8 as steel and equipment sectors show weakness while rails hold firmer in a sluggish local market.
Total sales for yesterday were New York 618,200 shares and Boston 11,845 shares with U S Steel as the most active New York issue at 200,400 shares and Island Oil at 710 shares in Boston. For the year to date January 1 1918 New York has 67,368,485 shares and Boston 1,795,230. Compared with the prior year New York shows 112,561,100 shares and Boston 3,711,477 shares.
Markets in New York drifted lower as reports that large equipment and munitions firms sought federal aid spurred selling. Bethlehem Steel and United States Steel led declines with substantial losses across Crucible Steel, Republic Iron, Pressed Steel Car, Baldwin Locomotive, General Motors and shipping shares. Rails fared relatively better though still slipped. Bond trading was uneven as total par value sales reached 3.775 million.
Local trading in Boston yesterday mirrored a muted session as New York markets closed for ex mayor Mitchel. Steel and Araconda traded with limited gains while Fairbanks Century Steel held strong and United Shoe stayed near 39. Massachusetts Electric preferred slipped but regained some loss. Copper stocks are seen as stable with anticipated dividend cuts offsetting higher metal prices.
New York July 11 report lists the day’s high and low quotes and closing figures for major stocks with net changes from the prior close. Prices reflect active trading in the market and indicate overall movement for the session.
Boston July 11 following are the high low and quotations today and net changes from previous close.
Morristown reports William L Edison son of Thomas A Edison enlisted in the tank division of the United States Army and departed for Fort Slocum. He is named honorary chairman of the navy consulting board.
The market reported steady rates with brokers call loans at 54 to 6 percent and commercial paper at 6 percent. Rediscounts included various terms. U.S. certificates of indebtedness secured by Liberty Loan bonds noted. Afternoon exchange rates showed Sterling cables at 4.767-16, francs 5 1/2, guilders 5144, lire 8.81, pesetas 27.50, and Argentine pesos 98.30.
Cotton futures opened quiet and steady in Liverpool with 14 to 22 point day gains not going lower. Spot cotton remained quiet with a 22.77d price for American middling uplands and sales totaling 3 700 bales. Receipts included 12 900 American and 30 000 ce. New contracts were quoted today as allows.
A catch of 212000 pounds of groundfish landed by the schooner Bay State tops local records for her class. Cod made up 200000 pounds with ex vessel prices ranging from four to eight cents a pound for docked fish. Two four masted schooners changed hands Malcolm Baxter Jr sold to South American Steamship Corp and Robert H McCurdy sold to Rocurdy Navigation Co for about 100000. The Landsman.
Earnest E. Smith reports Century Steel Company in Poughkeepsie has completed extensive plant additions and increased capacity. The firm, in Class A for war materials, supplies high speed tool steel to government contractors, with shell contracts increasingly awarded in the Midwest. Net earnings for the quarter ending Sept. 1 are expected to be three times the 16 percent dividend, while consol idations are not commented on.
Boston letter writer JOIN F. FITZGERALD urges the Governor and public authorities to organize woodlands to supply affordable fuel during coal shortages. He cites high wood prices, insufficient supply, and calls for congressional pressure and shipping support to avert a winter crisis.
Woodward Emery longtime Boston lawyer died at his Cambridge home in his 76th year. Born Sept 5 1842 in Portsmouth New Hampshire he graduated from Harvard and Harvard Law School and was admitted to the bar in 1867. He served as Cambridge Police Court judge legislator and chairman of the Commonwealth Harbor and Land Commission and was a charter member of the Boston Bar Association. Survived by widow, son Frederick I. Emery of Brookline, and daughter Mrs Alfred C. Cox Jr of New York.
The Middlesex Sportsman's Association has posted the small island in Spy Pond Arlington owned by the Boston and Maine railroad as a bird sanctuary. The association will prosecute anyone who steps onto the island to disturb the birds.
Dorchester Mary E. Anderson July 11 wife of Charles F. Anderson res 583 Saxton street funeral later Ellen M. McNicholas Roxbury July 11 wife of Patrick J. McNicholas funeral from 689 Parker street Monday July 15 solemn high mass at Mission Church relatives and friends invited
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