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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 16, 1912
Page
12
The American Glue Company reports a surplus after dividends of 139 388 for the year ended May 31. Net earnings were 242 SA, down 18 979 from last year and 3 501 from 1910. The firm includes 184 140 premium from a 400 000 preferred stock issue and charged off 100 000 for depreciation. Comparative figures for the year show 963 509.
Yesterday's total sales show New York at 202 465 shares and Boston at 14 810. Reading led New York with 59 600 and Butte & Superior led Boston with 2 140 shares. Year-to-date New York total 73 381 365 and Boston 7 184 705. Compared with last year New York 54 600 100 and Boston 3 598 676. Major gains included American Tobacco in New York and Calumet & Hecla in Boston. losses included Adams Express and Ahmeek. Call money in New York at 3 percent and Boston at 3 1 2 to 4 percent. Time money New York 3 4 to 4 1 2 percent and Boston 4 to 4 3 4 percent.
Steady stock gains led by speculative names and a two point rebound in St Paul as last Saturday’s strong bank statement revived confidence. Union Pacific and Norfolk & Western attracted demand while express stocks lagged amid new ICC rates. American Tobacco posted a sharp advance as money loosens and Western markets firm on revived trade. Bonds stayed dull with total sales at 2.53 million par.
The Boston copper market shows weakness as New York trading dips. Boston ships inexperienced labor to Lake Superior mines to relieve a labor shortage. The New York Evening Post outlines four copper positions and the Engineering & Mining Journal cites London market breaks signaling potential smelter production recovery.
The piece discusses uncertain crop forecasts as early price levels suggested bumper yields but recent government data on condition and acreage has fallen short. Authorities question the reliability of official reports in predicting final harvests and compare this year to past indicators.
Transactions were light on the New York Metal Exchange as copper prices stayed firm. Quotations in London ranged from 165-8 to 171-2 cents for various copper forms, with tin, lead, antimony, and iron showing steady to firm levels across listed grades and dates.
Chronicle reports June bond sales reach 47.95 million in the United States and 5.96 million in Canada. First six months show a record 23.88 million in the US, with prior periods and annual comparisons noted. Also tied to municipal borrowing: 13.25 million in temporary loans and a Baltimore paving loan bid around 8.3 million. Consolidated Gas Co renews 5 million notes with National City Bank for one year at 5 percent. New York notes mature Aug 1.
Last week on the New York Stock Exchange featured continued demand for convertible and semi speculative issues. Brooklyn Rapid Transit convertibles moved about 400000 dollars while Inspiration Copper convertibles topped 300000 dollars in sales amid rising mining bond prices.
James J. Phelan of Hornblower & Weeks sails for four to five weeks on a European trip. The Boston News Bureau reports no foundation to claims of Clark versus Butte & Superior conflict with proposed joint exploration to resolve vein ownership.
Regular semi annual 312 percent on preferred and common stocks payable Aug. 2 to stock of record Aug. 2.
May or Fitzgerald declares opposition to the inverted lamp method urged by the Finance Commission and Public Works Commissioner Rourke He will not sign any street lamp contract and will wait for Rourke's return He calls the Finance Commission plan experimental and cites a Technology man in support of his view.
The Finance Commission urged instant contracts for Graetzin inverted lamps to replace 11 000 street gas lamps. Mayor Fitzgerald questioned the plan noting technical doubts, higher costs, limited maintenance capacity, and potential failures under weather and with ordinary lamplighters.
New England interests say they are all at sea over the impact of proposed express rate changes. Express agents await the Interstate Commerce Commission Lane report for unpublished data. Boston representatives expect bulletins on the rate cuts within days.
Ellen R. Donovan of Boston sues Arthur F. Dow a stock broker in equity court claiming Dow retained her stocks after an May 18 accounting. The stocks include 110 National Copper shares 50 Kerr Lake Mining 150 Bay State Gas 10 Colonial Catering preferred 1 Colonial Catering common. Dow owes $126.17 and must transfer the shares.
Mrs. Mary Rinehart of Cambridge files a five thousand dollar suit in Suffolk Superior Court against Paul H. Jacot proprietor of Hotel Jacot. An attachment was filed in the registry of deeds yesterday. The plaintiff will claim she was underpaid for attending the daughter of Jacot who is an invalid and that she relinquished a Cambridge apartment lease incurring rent liability.
Representative Augustus P. Gardner of Massachusetts refused to sign the majority report of the House steel trust investigating committee. He moved to submit a progressive minority report for Republican members urging definite industrial legislation from a Republican source and action regardless of current politics.
The ten tative majority report on the steel inquiry is debated by Rep Stanley of Kentucky and Rep Young of Michigan. Rep Gardner pushes for an A&R unanimous minority with remedial legislation. Other minority members include Danforth of New York and Sterling of Illinois.
Seventeen year old James Killen admitted to Buffalo police after questioning that he stole a bag with about $500,000 in checks and $222 in cash from United Cigar Stores after leaving a New York Central train in Albany. He said he planned to see the world, later claiming he used the name Joseph McCarthy and had worked for the firm. He will be held for New York authorities.
Washington July 15 copper salts used to Greening canned peas and beans will be prohibited after January 1 next by a pure food decision signed by Secretary Wilson. The Remsen Board found copper salts used in greening may conceal inferiority and even small quantities are injurious, so vegetables freshened with copper salts will be adulterated under the pure food law.
John A. Gale vice president of Somerville National Bank faces a $10,000 suit from Samuel A. Fuller for $980 in professional fees. The case, filed without service or property attachment, aims to protect Fuller from statute of limitations.
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