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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 01, 1916
Page
20
The Boston market shows high and low figures and the last price for securities with comparisons to the previous close. Bond data accompany the report highlighting market movement for the day.
The New York bond market May 31 reflected a constructive but buoyant mood with gains in French and Canadian 5s and several city and corporate issues. Notable entries include Baltimore and Ohio, Bethlehem Steel, and West Coast electricity bonds, alongside Fort Worth and Texas public offerings. Total sales reached $4,234,000 versus $6,800,000 the prior Monday, while annual figures showed $457,234,000 versus $339,032,000 last year. Cosden & Co plans a $6,000,000 stock increase and a cash dividend of 50 percent with a reallocation option for shareholders. Hampden, Massachusetts approves a $140,000 four percent training bonus, payable June 1, 1916, to Harris, Forbes & Co., at 101.91.
The latest rail earnings report highlights substantial April gains. Erie rebounded with an 8 percent net earnings rise and 20 percent gross growth. St Paul reports 27 percent gross and 33 percent net gains for April, pushing ten month totals toward new highs. Reading and Chesapeake & Ohio show smaller net gains but solid ten month surpluses. Canadian Pacific posts near 50 percent April gross growth and 40 percent net gains, with ten month net earnings at $41.164 million. The note also covers cotton prospects, International Harvester divisions, Nevada Consolidated output, and market sentiment ahead of political conventions and wage talks impacting railroad stocks.
The report lists call loan rates at 5 percent for brokers and 3 percent for outside brokers. Commercial loans range 34 to 6 percent with collateral loans at 4 to 6 percent. Commercial paper 3 to 4 percent and year money at 4 percent. New York funds and Sub-Treasury operations are noted, with five months' bank clearings totaling 12.56 billion dollars for May and 80.1 billion for five months. Foreign exchange market remains steady with rates for cable and demand around 4.75 to 4.76 dollars per pound and other major currencies quoted.
The report notes Lehigh Valley active but sold off in afternoon trading. Butte and Superior show soft to elevated weakness while Winona remains active and strong in local market activity.
Yesterday’s totals show New York 337 995 shares and Boston 26 767 in sales. Gulf States Steel 2d puts led gains in New York while Willya Overlan fell. In Boston, Wolverine rose to 57 while Boston Elevated dropped to 71 percent. Year to date figures compare New York 53 491 641 and Boston 5 471 698 shares. The period last year shows New York 51 205 800 and Boston 5 205 207 shares.
Market activity showed pools and cliques dominating a prone session. Norfolk and Western hit a new high, automaker gains led by Chandler Motors and Lee Tire, while readings and munition issues weakened. total volume 355000 shares. Gold imports from Canada boosted bullion demand and exchange rates, with bonds firm on war issues and Canadian 5s at a new high.
Boston market dull with mixed price moves and several declines. Butte & Superior drops as dividend windfall fades. American Zinc weakens after recent decline. Boston Elevated and Massachusetts Electric dip. Boston & Maine holds strong. United Shoe rises on anticipated dividend. Copper and silver slip from recent highs with London copper easing. Utah Apex posts record April earnings over 3 a share while stock trades under 5.
Boston Post reader letters suggest leased lines form a joint bid to acquire New Haven holdings from Boston & Maine at cost, as a bold plan for a future reorganization. The writer argues such a move would protect leased lines interests and tighten control of management.
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