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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 10, 1913
Page
14
Liquidation drives average prices down to new lows, with 1913 marks and a sharp drop in copper producers’ surplus. Local stock registers report a substantial decrease in metal inventories amid persistent selling pressure.
Yesterday’s market data shows New York total sales of 452,300 shares and Boston 31,467 shares with Steel common leading activity in New York at 79,300 shares and Butte & Superior leading in Boston at 3330 shares. Year-to-date totals favor New York with 39,421,700 shares and Boston with 2,493,679 shares, compared to last year’s 65,141,900 and 6,138,274 shares respectively. Notable gains and losses include Liggett & Myers up to 197 in New York and Lorillard Co down to 151.5, Chicago Junction pref up to 105 in Boston, Calumet & Hecla down to 415. Call money ranged 2.5 to 3% in New York and 3 to 3.5% in Boston, while time money moved 4.25 to 6% in New York and 5 to 6% in Boston.
World markets slid as Union Pacific, Steel, St. Paul and about 70 other stocks reached new lows amid renewed Balkan tensions and European selling. London bids biweekly settlement. foreign pressure dampened demand. Copper stocks fell despite May surplus drop, with exports lighter and production up, while bonds weakened and overall turnover totaled $2,040,000 par.
General stock decline sweeps Boston as copper shares lead losses. Eighteen issues including Alaska American Zinc General Electric and Butte & Superior hit 1913 lows. May copper data fail to halt downward price trend amid overall market liquidation.
At a board meeting Copper Range Consolidated Company declares Dividend No 38 of 75 cents per share payable July 1 1913 to stockholders of record at close of business June 7 1913. Paric Stanwood treasurer Boston May 29 1918.
On June 9 the grain market showed steady to inactive trading with traders seeking to adjust old contracts before the government report. Wheat rose 4-½ to 4-¾ cents, corn up 1-16 to 1-8, oats up 14-34 to 4-14. Liverpool wheat held, Paris and Berlin slipped, Budapest jumped. Minneapolis receipts 466 cars versus 186 last year. Duluth 39 versus 39. Chicago car lots: wheat 13, corn 509, oats 192. Projections for tomorrow and the next two days: wheat 44, corn 779, oats 447. Ex it sales Saturday: 64,000 No. 2 hard winter wheat of Chicago.
The curb market closed Lion Hill stock at 45c, its lowest level after a late decline. Quotations hovered around 65c to 68c earlier, with Mexican Metals rising to 58c before settling at 54c, and Ohio Copper fluctuating 63c to 67c. Butte & London stood out alongside these movements.
Renewed liquidation yesterday pushed prices to five year lows with steel Union Pacific and Amalgamated hitting new lows. Reading outperformed, remaining well above its low, while Union Pacific traded at the lowest priced 10 percent railroad stock. Banks’ liability reduction drives the market dullness as Balkan tensions and currency calls weigh. Government grain reports show a near record wheat crop. spring wheat strong, winter wheat steady, crop outlook remains favorable overall.
Copper Producers Association reports May surplus dropped by over 8 million pounds, mirroring a fourth monthly decrease this year. Since January the net reduction totals 38 million pounds, with the May production and consumption setting new May records and exports and domestic deliveries running above prior May figures.
Washington figures show producers receive lower prices for staple foods than any date in the last five years. On June 1, 1918, staple crops averaged 28 percent below June 1, 1912, with declines of 5.1 percent from 1911, 9.2 percent from 1910 and 17.3 percent from 1909. Meat prices on June 1, 1913, stood 10.7 percent above last year, 27.7 percent above two years ago, yet 4 percent below three years ago.
The cotton market opened with a about three point setback before reversing course as weather largely favorable and rains noted across the belt. Under old crop leadership the market climbed, with July and August options attracting strong buying from shorts and spot houses, Liverpool firms supplying most cotton as prices reached around 12 cents in early forenoon trading.
Today's market mood sinks further with new low marks in several issues. Baltimore & Ohio convertibles, Rock Island bonds, Chicago Great Western 4s, United States Steel 5s, and Wabash 4s all register record lows as investors seek safe havens in United States Government bonds.
Reports show Boston and Corbin plan deposits reach 81,000 shares of 100,000 outstanding and 200,000 bonds largely deposited. Stock payments exceed 40,000 from 0.50 per share, Granby copper shipments rise to 1,828,000 pounds in May. Old Dominion May output 2,749,000 pounds, five month total 13,750,000. NYSE and banks open June 17. comptroller and banking officials call for condition reports as of June 4.
Chicago market today shows total sales of 2 015 000 dollars, up from Saturday and last week, with year to date 255 219 000 against 871 786 000 last year. Fourteen vessels moved fresh fish at the wharf, led by the Fannie A Smith with 30 000 pounds of halibut and other cargoes including haddock, cod, hake, pollock, cask, and sole. Live lobsters reach Boston. three cargoes arrive from Nova Scotia and Maine. Steamer Evangeline brings 1 111 barrels of mackerel, while delays shift arrival times for the Menominee and Marengo. The Cymric sails for Portland then Boston with 150 cabin and 604 steerage passengers.
The Boston Post previews a financial page feature examining the St. Louis and San Francisco railroad’s receivership focus and how other weak roads compare with the Frisco System on safety over fixed charges. The piece surveys stock and short term notes trading at distressed prices and ponders prospects for further large receiverships.
Vessels bound for Europe load wheat and other cargoes at Boston docks. The Hobtby loads 200,000 bushels for Copenhagen while Spilsby prepares a full grain cargo from Las Palmas. The old Wabash, Civil War era receiving ship, will soon be beached and salvaged for its metals. Imports for the week ending June 6 total 2,194,121, with exports rising to 1,385,539 compared to last year. THE LANDSMAN.
Shipping notices list numerous steamers arriving or sailing to and from places like Halifax, Baltimore, Newport News, Norfolk, and Boston. Vessels include Bodwen, Henriksen, Evangeline, Charlotte town, Hawkesbury, and many tow and barge operations. The report notes numerous tugboats such as Joshua Lovett and Weehawken, with barges Marion, Mingo, and Lincoln among others, all connected to routes in Atlantic ports and coastal towns.
A long shipping ledger lists vessels arriving and clearing from Boston and Newburyport. It includes steamers Franconia Governor Cobb and other schooners and steam lighters, with tows of barges and fishing craft to ports such as Philadelphia Savannah Charleston and Baltimore.
Lenox Mass June 7 two weddings announced by clergy. Rosamond Dixey and Gorham Brooks of Boston wed at Lenox. Also Josephine Whitney to Francis Boott Duveneck in Boston. Civil and religious details noted. Obituaries list Cahoon Clows Coles Considine Dailey Dana Angelis Donohok Dorn Douglas Harrington Howe Humphrys Hutchins Kirsch Lagorio MacMillan McMahon Moynihan Mullen Murphy Pangherlini Reagan Seaverns Simonds Springer Weyler White.
In loving memory of little Walter Kerr who died June 10 1912 from an accident. Inserted by his father mother sisters and brothers.
The brothers and sisters of the late Patrolman Frederick Sullivan thank friends for kindness sympathy and the many beautiful floral offerings at his death.
St Columkille Court No 65 Massachusetts Catholic Order of Foresters schedules a special meeting at Parnell Hall Tuesday June 10 at 8 pm to take action on the death of late brother Dominick Mullen. All brothers invited. Secretary John H Moran and R L Muldoon sign.
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