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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 05, 1914
Page
20
Markets display a firm undertone as business remains light. United Shoe Machinery posts another new high for 1914 while Bank of England keeps its rate unchanged at 3 percent. Hilton Dodge Lumber Company to be reorganized.
Total sales in New York 184700 shares and Boston 22956. Most active New York issue Steel 35000 shares. Boston most active Shoe Machinery 7870 shares. Year to date sales Jan 1 1914 New York 35100000 shares Boston 2051610 shares. Versus last year New York 37707300 shares Boston 2387414 shares. Greatest gains and losses listed for American Can pfd C St L pfd United Shoe Machinery and Boston Maine pid. Call money New York 1 5 percent Boston 3 percent. Time money New York 2 to 4 percent Boston 3 4 percent.
The New York market opened dull with narrow fluctuations and modest improvement. Gains came from Canadian Pacific, New York Central, Delaware and Hudson, Harvester and Beet Sugar as professional traders led an uneven session while outsiders stayed on the sidelines.
The local market report from Boston notes dull but flashes of strength led by Shoe Machinery, which rose to 615 8 and hit a 1914 high before retreating to 605 8. About 7870 shares traded with a net gain of 14 58 points. Telephone Boston Elevated and New Haven eased while Pneumatic Service and Isle Royale strengthened market activity.
The foreign exchange market opened steady this morning with bank transactions showing Sterling cables at 4.8905, demand 4.8855, sixty day 4.8610, commercial bills 4.851. Francs quoted at 5.15 cents, marks at 0.953, guilders at 0.404.
The Charles River National Bank, Cambridge oldest bank, formed as a State bank in 1832 and national in 1864, petitions for a trust company charter. It has 190000 capital and plans to double it. stockholders will receive two new shares per old share. The national bank is expected to liquidate at about 270 per share, near its book value. There are fewer than one stockholder.
Trading yesterday kept steady with light buying from bears covering previous shorts. Lehigh Valley weakened near 134 as copper prices lagged and a 10 percent dividend rumor resurfaced. Hilton-Dodge Lumber plans a 6 million dollar preferred and 6 million common stock reorganization to avoid receivership. Government suit against American Can Company looms near Baltimore hearing June 17 with a two year potential decision period. Western Maryland stock weakness reflects slim margins after past assessments.
The International Smelting Company will be organized under Montana law with 15 million dollars capital, wholly owned by Anaconda Copper Company, to absorb the International Smelting and Refining Company of New Jersey assets in Utah and Arizona. Anaconda also controls the New Jersey company’s other holdings including Raritan Copper Works and International Lead Refining Company, with plans to acquire Tooele Valley Railway and Raritan Terminal and Transportation. Tennessee Copper reports May output of 1 336 000 pounds, down from April and May 1913 figures.
All national banks in Boston will close June 17 in observance of Bunker Hill day. The action also binds trust companies and clearing houses to close. Historically banks did not close on June 17 except in two years, with June 1 the usual closing date otherwise.
The States Government Bonds section notes total sales of 1,592,000 dollars on June 4 in New York, compared with 2,690,000 the previous day and 1,901,000 a year ago. Cumulative sales from January 1 total 327,182,000 dollars versus 253,082,000 a year earlier.
Kuhn Loeb and the National City Bank of New York offer for public subscription 30 million dollars of 4 1/2 percent general and refunding mortgage gold bonds of the Chicago Milwaukee and St Paul Railway Co. due January 1, 2014 at 96 1/2 with accrued interest yielding 4.66 percent. First payment is five dollars per thousand. balance due in New York funds between June 16 and July 10 on one day’s notice. Bonds are legal investment for savings banks in New York Massachusetts Connecticut and elsewhere. Proceeds to be used for double tracking betterments and additions and reimbursements. Public debt including this issue stands at 36 60 per mile. last year’s earnings applicable to interest charges exceeded fixed charges by over 18 million dollars.
Bond notes report Cuyahoga county Ohio firm Blodget & Co and E. Deni hgh or 4 Venn Stranahan Co Providence offer first mortgage six percent gold bonds of the Tennessee Light & Power Company at a price yielding about 6.20 percent. The company supplies electric light heating and power in 15 towns within 40 miles of Chattanooga. The territory is a major industrial area in the South.
More than 1000 guests attended the formal opening at Watertown yesterday afternoon. Governor Walsh observed the ceremonies and delivered an address.
The event opened with a buildings and grounds inspection led by over 50 teachers. Pupils rang London bells, then a 3 o’clock prayer by Rev. Paul R. Frothingham. Prof. Henry M Howe and Prof. Francis G. Peabody spoke, with blind alumnus William B. Perry addressing the crowd. The Vagabonds song closed the program before gym and pool exhibitions and a May pole dance by girls.
A historical report notes Toronto as the strongest financially among Canada’s four major cities. It cites assets exceeding 50 million, rising population and assessment figures from 1834 through 1914, and sharp growth in bank clearings, customs receipts, and building permits during the early 1900s. Toronto is highlighted as a leading commercial and financial centre with substantial real estate and utilities value.
Fresh groundfish mostly fell in price yesterday with dock prices up 8-4 of a cent and medium hake unchanged. Seven schooners and a beam trawler were at the fish pier with strong catches while haddock cod pollock and hake prices varied. Maritime news covers immigration-station plans and vessel movements including the Saga sighting wreckage and the freighter Michigan's cargo and voyages.
The Viator, under Hollis Burgess Yacht Agency for Merrill Hunt owner of the Eastern Yacht Club, is at Neponset fitting out for summer. The United Fruit steamship Sixaola sailed to Havana with a vast cargo including over 10 000 bags of potatoes, 2500 bushels of vats, 100 cases of paint, lumber, paper, meat and more, marking the largest shipment for the Cuba route. After Havana, Sixaola proceeds to Bocas del Toro. The Landman.
Shipping news records numerous ships and steamers arriving at Norfolk Newport News and Philadelphia then sailing to Liverpool Havana Port Antonio and other ports. Vessels include Caesar LeCain Saga Jacobsen Prince Arthur Kilney Yar mouth and City of Philadelphia with towing barges and schooners such as Charles W Church and Gardiner G Deering.
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