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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 08, 1910
Page
14
Editor notes a bear market after the 1907 panic with price lows and highs through 1909 into 1910. The piece analyzes declines, rail and bank indicators, and the lack of capital as the cause, detailing monthly rail earnings and bank clearings and comparing 1909 and 1910 trends. It discusses foreign bond sales and the costly refueling of securities.
The article analyzes a weighted index from 32 rails and industrials. It notes the latest low is near last year's low, but above 1903 and 1904 highs. It forecasts downward prices for the year unless crop and money conditions improve, warns a poor crop would threaten security prices, and discusses currency and trade influences.
In New York the local market shows an improved sentiment with aggressive trading. Lake Copper climbs from 50 to 51 1/2 and closes 51 1/2 while Steel common opens 78, peaks at 79, and ends at 79 amid 6364 shares traded. Other notable issues include Amalgamated 5488, Shoe Machinery 2251, American Telephone 2755, North Butte 2515, North Lake 1272, and Mass Mining 1775 shares. Afternoon activity cools slightly but the market remains firm with United Fruit at 191 and Steel common steady. Current money rates and foreign exchange follow.
A year has passed since Nevada Douglas and Willet Silver joined the local curb market, Calumet and Hecla acquired the Larium Company, Stephen R. Dow was chosen president of the Rhode Island Copper Company, and Southern Pacific decided to retire its preferred stock.
Across New York and Boston markets, trading surged with 1,044,400 New York shares and 49,963 Boston shares active. The greatest gains and losses appeared in key issues like Great Northern pfd and Calumet & Hecla, while call and time money rates fluctuated in both cities.
Yesterday traders absorbed an agreement between the administration and railway presidents that delays new freight-rate schedules while awaiting a forthcoming rail bill. Prices swung with gains then profit-taking, led by St Paul, Reading, Union Pacific, Steel, Pennsylvania, Southern Pacific and Amalgamated. The market ended buoyant near session highs as the plan envisaged a 120 day review window and possible rate suspensions. The McKinley Darragh Company dividend record reached 31 percent since formation.
Thompson Towle and Co have opened a cotton department under HM S Shonnard, formerly of Craig Jenks. Edward Low Ranlett heads publicity and statistics for cotton. Lawrence B Fletcher of W C Langley & Co sailed for Europe.
The Boston Market reports the course of stock and bond prices with totals of sales and comparisons to the prior close for June 7. It lists price movements, turnover, and notable shifts across leading securities and markets.
The Boston curb market shows a mixed tone with most issues slipping slightly while few cases resist. Ely Central falls to 94c and National Mining to 23c as Massachusetts Coal and Majestic ease, with Boston Ely at 21-8. Chino and Rhode Island Coal edge up and National Mining recovers to 30c.
Agawam awards 5000 dollars in notes to Old Colony Trust Co at 4.05 percent discount dated June 3 1910 maturing November 3 1910. Peabody seeks bids for 12000 dollars 4 percent water bonds dated June 1 1910 maturing 1911 16 and 20000 dollars 4 percent water bonds maturing 1911 20. International banks including Disconto Gesellsch aft and others to buy 25000000 Southern Pacific bonds. Medford grants 25000 dollar temporary loan to Blake Bros at 3.96 percent discount and 75 cent premium. Manchester grants 40000 dollar temporary loan to Old Colony Trust at 3.97 percent discount. City Treasurer Slattery borrows 1600000 in anticipation of taxes, total 2600000 borrowed this year.
A roundup of declared dividends from national and regional firms with payment dates from July 1 to July 15. Notable entries include National Sugar Co and New York & Harlem River Railroad Co with preferred and common shares, plus several railways and mining firms announcing quarterly or semi annual payouts. Books close dates and stock record deadlines vary by company.
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