Amalgamated Sells Highest Since 1910 Figures
Amalgamated reports record sales not seen since 1910 with strong demand across segments. Analysts note broad participation from institutional buyers and retail investors driving volumes to new highs.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 07, 1912
Page
16
Amalgamated reports record sales not seen since 1910 with strong demand across segments. Analysts note broad participation from institutional buyers and retail investors driving volumes to new highs.
Total sales and leading issues in New York and Boston for yesterday and the year to date. Notable gains include American Snuff in New York and Calumet & Hecla in Boston, with losses for C. St. P., M. & O. in New York and Torrington pfd. in Boston. Call and time money rates shown for both cities.
The New York market rose for the third consecutive session with heavy trading concentrated in industrials. Copper shares climbed with Amalgamated reaching 88, United States Steel advancing, and American Smelting in demand. Progress continued late with renewed buying, while rail issues lagged.
The Associated Trust declares the regular quarterly dividend at the annual rate to mortgage certificate and contract holders of record June 15 1912. Checks will be mailed July 1 1912 by Blanchard trustee of record.
Trading in Boston shows a broad buying movement with 19 708 shares. Greene Cananea leads with a New York and Duluth block of 6600 shares rising to 101 2. Amalgamated stock hits 847 8 in New York, highest since 1910, as several copper and mining names set new 1912 highs.
Local curb trading yesterday saw Laramie, Majestic, Mexican Metals, Calaveras, Bay State Gas, First National, Nevada Douglas, Davis Daly, Consolidated Arizona and Southwestern Miami top the list. Prices moved with mixed gains and losses, Mexican Metals advancing to 115-16 and Southwestern Miami dipping to 8-8, while others like Laramie and Davis Daly showed varied quotes.
Grain market sentiment was largely bearish with Chicago showing the heaviest selling at the open. Prices fell on news despatches that the rainy weather had visited Kansas and Nebraska, but other cities held firm and a rally followed, ending the day on a firm tone.
The article notes lower bids for New York State 4 per cent bonds versus last December and estimates a sale price near 100 percent. It discusses stock market activity with Amalgamated leading, rising copper prices amid supply changes, and predictions about public buying and money trust investigations amid political campaigning.
Copper holds steady with fractional gains while tin rises 1 4 on the New York Metal Exchange. Quotations show Lake copper at 178 8 to 171 2 cents, electrolytic 171 4 to 171 2, casings 168 4 to 17. London closes with copper at £78 12s 6d spot, futures £79 1s 8d and best copper £83 15s. tin spot £203 and futures £195 5s.
The cotton market yesterday showed stronger activity with prices up 20 points. Crop and weather news favored the bulls as the Southwest region reported being bare of cotton and offerings were absorbed, especially in spot cotton.
Chester L. Dane resigns as director and vice president of Adventure Consolidated Copper, succeeded by Charles G. Lund who is tied to Fitzgerald Hubbard & Co. Adventure reports 45930 on hand as of June 6. Quincy Mining elects W Parsons Todd as vice president, replacing W P Bliss who resigns. Ohio Copper pays 84000 loan to Stewart Mining and reduces debt to Davis Daly to 20000 from 50000. British Columbia Company records 1054000 pounds copper in May, best on property. Giroux ships 1200 tons rock daily to Nevada Consolidated smelter. New River Company board named. meeting in New York June 12 to appoint president. Calaveras starts concentrating plant with own smelter due August, planning shipments to customs smelter until plant is ready.
Slightly improved demand emerged in money markets amid cheerful crop news and renewed speculative activity. Call money near 4 percent. time loans varied 3 to 4 percent across six days to over a year with mixed quotations on foreign exchange and international balances.
Calendar notes books closing for several issuers including Calumet & Ariz Copper Ranges Copper Mergenthaler Linotype Mackay Morris & Bussex National Lead Nevada Copper N Y N H Ry Swift & Co Union Trac Phila Electric and Utah Copper Also opens Des Moines Ft Dodge meeting and Philadelphia Electric for dividend and assessment.
The Pennsylvania Railroad sold $6,000,000 in equipment certificate notes to Kuhn Loeb. City and county offices issued bids for bonds including Moscow loan and school bonds in Omaha and Ashtabula with certified checks required. Other bids cover Oregon City improvements and Alameda County school bonds as markets report diverse issues and rates.
A long list shows many companies declaring regular or initial quarterly and semiannual dividends. Firms include Lanston Monotype, Weyman Bruton, Lorillard American Tobacco, Central Trust Cambridge, Sears Roebuck, Old Dominion Steamship, Appleton, West End Street Railway, American Snuff, Lowell Machine Shops, Toronto Railways, Commonwealth Power Railway & Light, Consumers Power, Michigan Light, Union Railway Gas & Electric, East Mahanoy, Little Schuylkill, American Pipe & Construction, South Porto Rico Sugar, International Packing Machine, Canadian General Electric, Pittsburg Terminal, Mohawk Valley, New York State Railways, Utica Mohawk, Syracuse Rapid Transit, Chicago Junction. Payments span June to August with various record dates and book-closings.
Market data from Philadelphia on June 6 lists trading figures for Adv. we Am Rys and Cam Steel at 43 and 48 percent with other items such as El Stor B and Phil Co shown around mid fifties. Listed preferreds include Phil Blec and Phul Tract with varying percentages and gas investments at 88 percent. terminal note notes $17.50 paid.
New York June 6 Harry T Tur tle an importer of Irish and Scotch Maintains was arrested and held $15 000 bail for examination June 20 on a charge of defrauding the government of duties by undervaluing imports The case charged a shipment appraised at 13000 with a declared value of 12881 Treasury agents say frauds total about 100000 across investigations
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