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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 07, 1910
Page
14
Liquidity pressures hit New York and Boston markets with heavy selling across railways and sugar stocks. Notable declines in Nat. Ry. of Mex outfit and Calumet and Hecla, while St. Paul saw a six point drop. Bond and canal-financing talk weight adds to investor caution.
A year after Shannon bonds vote for Shannon-Arizona railroad. Hulbert B Cary elected president of Pacific Smelting and Mining Company with Sonora smelter restart expected. East Butte directors name Daniel C. Nobe to replace deceased James W. Friend. Henry H Love returns from Nevada mining trip and firm joins New York curb market. Banks vote not to close on Bunker Hill Day June 17. Rolla W Bartlett leaves Bartlett Stranahan & Co and keeps office at 35 Congress street.
A bustling Boston curb market day saw widespread price drops across the list. Notable movers included China, Cactus, Champion, Davis Daly, National Mining Exploration, Massachusetts Coal and Power, Ely Central, and Bay State Gas as the feature names driving the declines.
Local market ends with broad selling and Amalgamated stock near year’s low after opening at 641-2 and slipping to 621-2. Reported earnings under 4 percent and a 2 percent dividend renew concerns of cuts, while merger terms and Anaconda ties cloud valuation. Other issues like Copper, Lake Copper, Wolverine, and Arizona Commercial weaken. sugar and telephone/New Haven show poor support. Market closes weak with modest rallies from intraday lows and local money rates listed.
A weekly local bank statement compares this week with the prior week and outlines the surplus reserve in Boston and New York over the past ten years, highlighting long term liquidity shifts and regional funding levels.
The Nipissing stock will pay a 5 percent extra dividend after yesterday's close, adding 25 cents per share to the annual payout and signaling a possible further extra in three months. Management aims to exceed Kerr Lake and Goldfield in shareholder returns, with 1916 total dividends projected at $2 per share. The Amalgamated Copper Company report shows 3.87 percent earnings on outstanding stock, above last year’s 2.31 percent, with a 2 percent standard dividend and ample surplus.
The Boston market lists stock and bond prices with total sales and a comparison to the previous close. Bond details are provided for traders seeking pricing directions across instruments and maturities.
New York bond figures show Panama Canal securities with total sales totaling $1.547 million. Government issues display strong demand across the market with high participation.
The Westinghouse Electric Company sold 4 million dollars of 3 year 6 percent notes to Kuhn Loeb to refinance an issue coming due in August. Belmont Mass awarded a temporary loan of 15 thousand dollars to Blaixe Bros & Co at a 3.94 percent discount. Waltham treasurer seeks bids for a 40 thousand dollar temporary loan due December 8 1910. Quincy treasurer seeks bids for a 25 thousand dollar temporary loan due October 20 next.
Local fleet cut trips short due to bait shortages. Twelve catches landed at T wharf and 380,700 pounds of mixed fish reported from twelve craft including haddock 83,800 pounds, cod 71,400, hake 175,000, pollock 47,000 and cask 6,500. Prices rose with haddock at 7 cents, hake 2-4 cents, pollock 4 cents, cask 312 cents per pound.
The report lists arrivals and clearances for steamers and tugs, naming ships such as Canopic, Sachem, Herminius, San Jose, Ida Cuneo, Devonian, and others with destinations including Genoa, Liverpool, Rosario, Buenos Ayres, Montevideo, and Port Johnson. It also notes sunrise and sunset times, tides, and the length of the day.
Nipissing Mines Co announces an interim 5 percent dividend on shares with record date June 11 and payable June 20. Buffalo Mines Co declares an extra 3 percent dividend for Aug. 15 with record date Aug. 5. Buffalo Mines Co also declares a quarterly 5 percent dividend payable July 1 to stockholders of record June 20.
The East Butte Copper Mining Company reports six months ending March 21 shipments of 3,645,220 pounds copper 106,485 ounces silver and 882 ounces gold totaling 496091 dollars. Net profit stands at 80475 after expenses with 16170 reinvested in equipment and 43915 spent on exploration and development including major funds at the Dutton mine.
Central and South American Telegraph interests and smelting firms note reading sessions and book closings by Amalgamated Copper as steel spring pfd listings appear.
Coach Jack Graney selected the eight oared crew with Baker Cambridge Latin as stroke and Collins Brookline High bow. Substitutes include Crombie Roxbury Latin Krafts Brookline Rowan Brookline Stebbins Volkmann Swart Rindge Ferguson English High. He sought a Harvard shell and plans for early practice after exams.
The Boston Athletic Association will run invitation scratch games at Tech Field on July 2 inviting top national talent. Events include 100 and 220 yard dashes, 440 yard run, half mile, mile, 120 yard high hurdles, 220 yard low hurdles, shot put, high and broad jumps.
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