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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 13, 1912
Page
10
American Tobacco rises five points to 295 while notable bullish momentum lifts People's Gas by 14 percent to 116. Union Pacific registers heavier trading as copper shares mostly fall.
Total sales in New York reached 306 300 shares and Boston 21 892 shares. Most active New York issue was steel common at 49 400 shares while Boston saw Superior Copper at 2 583 shares. Year to date totals show New York 73 014 300 and Boston 7 160 262 shares, with last year’s figures at 54 397 400 and 3 578 899 respectively. Notable gains include American Tobacco and General Chemical in New York, and Boston & Albany and N E Telephone in Boston. notable losses include Pacific Tel Tel prof in New York and Ahmeek in Boston. Call money stands at 3 1 4 per cent in New York and 3 1 2 to 4 per cent in Boston, with time money at 3 1 4 to 4 1 2 per cent in New York and 4 to 4 3 4 per cent in Boston.
A dull July 12 stock market opened with slight gains but soon faced selling in Amalgamated Copper Union Pacific and St Paul, plus Chicago & Northwestern. St Paul fell to its lowest level in almost five years amid dividend worries and potential bank statement weakness.
The Ohio Copper Company announces a reorganization plan with a New Company named Ohio Copper Mining Company. Stockholders must deposit shares and subscribe by July 26 1912 with a 50 cent first installment due by July 25 1912 and a second 50 cent installment by September 16 1912. Unparticipating stockholders receive 25 cent per share upon final liquidation.
Bay State Street Railway Co announces a three dollar per share semiannual dividend payable to shareholders of record at close of business July 13 1912. Treasurer R Rockwell signs the notice dated June 26 1912.
A noted manufacturing company with capital stock of 100000 seeks to borrow 5000 dollars on its notes in sums to suit, at a rate of 6 percent for one year. Address D 257, the Post.
The Boston market reports New York copper shares falling to 80 amid weak copper demand. Miners in the Lake district threaten strikes over pay as Franklin mine halts operations. Small lots of electrolytic copper trade around 16 3 4 to 16 7 8 cents with anticipated 17 3 4 cent bottom price on a larger buy. labor unrest and wage demands shadow the market.
In a steady curb market Bay State Gas and Ohio Copper led with 2900 and 3720 shares traded. Nevada Douglas remained firm around 3.58 as broader prices moved. Detailed quotes follow.
Blake Bros. & Co won a $25,000 Medford temporary loan. Bidders for $100,000 4 1/2 to 5 percent 10 year South Norwalk bonds included Estabrook & Co and Curtis & Sanger. California State Treasurer Roberts sold $1,200,000 of $2,000,000 4 percent highway bonds with several bankers handling the issue. Unsold bonds to be offered October 1. National Trust Co of Montreal seeks bids by July 25 for $88,583.62 Dominion Iron & Steel first mortgage bonds. Interstate Telephone & Telegraph Co asked to issue $1,525,000 5 percent 30 year bonds denied by the State Public Utility Commission. St Louis & San Francisco offers New Orleans Texas & Mexico division bonds at about 5.35 percent. Nantucket Railroad asks authority to issue $66,000 five percent 20 year bonds convertible into preferred stock.
The market slipped early then recovered later as traders noted potential recession risk. St Paul stock fell to 100 amid dividend doubts, with bonds and large rail names like New York Central and Boston Maine facing weak equity prospects.
July 12 stock summaries show American Cities at 321 2 1 3, Cambria Steel 43 1 4, Philadelphia Electric 21 1 2, Storage Battery 54 3 4, Tonopah Belmont 97 8 15 16, Tonopah Mining 66 8 3 4, Lehigh Valley 82 5 8 3 4, Rapid Transit 24 1 4 3 4, Tr. dfs. 24 1 4 3 4, Union Traction 50 1 2 a5 8, Lehigh Navy 9 a3 4, Tr. difs. % a3 4, Lehigh Val Trans 12 3 4 a13, pfd. 28 1 2 a29, United Gas 88 3 8 a5 8, Lake Superior 38 a1 8, Phila. Co. 511-2052, Asphalt 18 1 2 a119, pfd. 613-4 a62 1-4.
Yesterday's grain quotations rose about a cent a bushel with buying influenced by rumors of black rust in the Northwest. Weather there could foster rust, but its recurrence and impact remain uncertain. Southwest conditions stayed favorable and new wheat offerings increased.
The cotton market saw renewed buying by bulls after partial liquidations. Weather improved with hot Texas temperatures and scattered heavy rains in Georgia and the Carolinas. Despite heavy selling earlier, the market absorbed pressure and closed with bullish weekend figures as spinner takings rose and visible supply shrank.
Dull session with largely nominal quotes on the New York Metal Exchange. Copper options range 16.45 to 17.00, tin around 44.25 to 45.70, lead 4.60 to 4.80, spelter 7.20 to 7.40, with electrolytic copper near 16.75 to 17.25 and London close showing copper at £74 2s 6d and tin futures around £197 15s.
Market figures show Ohio fuel and oil prices, natural gas, and various Pittsburg stock quotes. Listings include Pitts B commission lines, Pitts C, Pitts P G, and West Mach with bid and ask ranges, ex-d values, and percent changes where shown.
Bradstreet's state of trade notes encouraging crop progress and building demand, with improved sentiment for fall and steady textile output. Jobbing shows dulness, while wholesale activity remains challenged. building expenditures rise across cities. Bank clearings up, but business failures jump versus 1911, 1910, and 1908.
R G Dun & Co weekly review notes seasonable business volumes with markets in a transitory phase awaiting crop data. July harvests seen higher than last year per government, while wheat estimates miss expectations. Dry goods buyers stay cautious. mills and textiles hold steady. Exports and leather trades show varied activity across regions and commodities.
A moderate advance in money rates occurred as merchants prepare for larger scale operations. In New York money on call stood at 3 1 4 percent, time money at 3 1 4 to 3 1 2 percent for 60 days, 3 3 4 to 4 percent for four months, and 4 to 4 1 2 percent for six months. Local money and foreign exchange quotations followed these trends.
Operations in New York Railways influenced over 40 percent of the day’s bond transactions. Third Avenue adjustments carried a strong tone while St. Paul convertibles fell slightly and Rock Island debentures weakened modestly. United States Reduction trade slipped about 20 points as Texas Company convertibles remained steady.
The Franklin mine at the Lake is shut down by a workers strike demanding discharge of some staff and a ten percent wage increase. Management may reinstate only desirable workers after a return, with a follow up ten percent raise promised. President Earl of Nipissing Mining Co. joins Tri bullion Smelting & Developing Co. board. Copper ore on good quality found at Kelley mines New Mexico. Mass Mining to resume. new hoist and steel shaft house installed during month long shutdown. Allen Curtis of Curtis and Sanger returns from overseas trip.
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