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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 01, 1913
Page
12
Prices move irregularly as profit taking steadies the advance. Baltimore and Ohio declines on news the Maryland Public Service Commission refused to sanction the railroad's new bond issue. Local lists show strength in spots with Superior and Boston leading the trading futures.
Yesterday and year to date figures show total sales in New York at 238 100 shares and Boston at 24 537. Reading led New York gains at 38 000 and Ahmeek Mining rose to 290 in Boston while Nor Texas Elec fell to 105. Call money traded 3 to 4 1 2 percent in New York and 4 to 4 1 2 in Boston. Time money moved 4 1 2 to 5 percent in New York and 5 to 5 1 2 in Boston.
In New York trading, stock demand was weak and price moves were small. Can, Woolworth, Sears Roebuck and Goodrich led declines early, while the money market firmed with call money near 4.5 percent. Bankers abroad showed renewed rate pressure, and Can preferred dividends were priced in before market close.
Boston traders saw a quiet session with Superior & Boston up 11-8 to 43-8 after a West report of a rich strike between levels six and eight. Arizona Commercial joined with modest volume as Old Dominion rumors circulated. United Fruit climbed three points to 176 while East Butte notes retirement of a third of a $100,000 issue. Ahmeek and Calumet & Hecla gained 10 and five points. Market tone remained moderately bullish into close.
Local curb trading centered on Butte Central with a firm price near 8 dollars and a closing at 8.25 dollars. Buying noted as excellent in both New York and local markets while Mexican Metals remained around 11 2. Nevada Douglas Majestic Mexican Metals and Consolidated Arizona showed fair totals with subsequent fluctuations.
Chicago Railways Company offers $4,000,000 first mortgage 6 percent bonds due 1927 through N W Harris & Co at 99 1/2. Total first mortgage bonds outstanding reach $49,915,000. City ordinance guarantees equity above bonds of at least $30,779,874. Company keeps 45 percent of receipts, city 55 percent, aiming to lift net receipts. Annual gross earnings now $17,919,574 after a $7,000,000 rise in three years. Since 1907, 75 percent of mileage rebuilt or newly built.
Charles B. Greenough retires from Carr & Moore and will take desk space with Bartlett Bros. & Co. Charles J. Chapman of the Boston office joins Thompson, Towle & Co. Dana de Cordova and A. E. Norley join William G. Nickerton & Co. The Wettlaufer-Lorraine Silver Co. pays a regular 21-2 percent dividend plus 21-3 percent extra.
The article notes meager trading volume and irregular prices as a cautious recovery stalls. It highlights bond market steadiness and bank liquidity concerns, with Utah Apex earnings and American Can preferred trading at 100 to reflect back dividends and future payouts.
METAL MARKETS notes copper prices firm up for all deliveries through Feb 28 with gains listed and tin holding steady. STANDARD COPPED.
The New York bond market report lists prices and yields for several issues including Pacific, Western Electric, Western Gas Manufacturing and others. Quotes show firming levels with small spreads and par values around 58 to 59 on several 5s and related issues.
Wheat futures ended net negative with a steady undertone as futures closed 1444 to 116 lower. Corn held near unchanged after late covering demand while oats slipped fractionally. Export sales reached 240000 Manitoba wheat and 96000 corn, total $1,827,000 for yesterday.
The end of February shows a steady money market with subdued demand for call funds in New York and fair supply. Quotation stands at 8 percent for call funds, time funds from 4 1/2 percent to 5 percent, most transactions around 4 3/4 percent. Balkan peace talk circulates without affecting markets as Sterling exchange stays steady. Current rates on local money and foreign exchange are listed in the market barometer.
Spot activity centers on March cotton with 365000 to 40000 bales in circulation as 10 000 bales sell. March cotton opens lower then climbs to 12 42, up 21 points. other options rise modestly. Afternoon trading dulls with a setback, while bulls favor stronger demand for actnei.
Vancouver offers $1,088,000 in 4 percent gold bonds to yield 6 percent. Brown Bros & Co and N W Harris Co handle the issue. Vancouver lists 1912 tax roll at $212,676,524 with total debt $23,604,378 and net indebtedness $19,119,111 after sinking fund and water debt. City assets approximate $25,000,000 and the city has never defaulted on debt.
The fourth annual report of Bingham Mines Company shows net earnings of 128 thousand 118 dollars for 1912, up from prior years. It notes 81 thousand dollars in bonds canceled leaving 465 thousand outstanding and cash and loans totaling 165.9 thousand with notes receivable 17.50. Hagle and Blue Bell report 191% net earnings of 99 thousand 876 dollars, the company’s largest to date.
Fourteen vessels formed the fleet at T Wharf with several arrivals noted on Thursday and fares recorded for haddock cod hake pollock and cusk and scrod. The Hansa line steamer Gutenfels from Calcutta and Colombo reached port after gales with 8000 tons to discharge at Mystic wharf. The Zuiderdyk from Rotterdam and the City of Augusta back in service after repairs at East Boston. Immigration Inspector Bingham resigns after 18 years. Boston & Maine drawbridges over the Charles River reopen today after rebuilding.
Arrived steamers Gutenfels Wischbeck Calcutta and Colombia via Malta Zulderdos Liverpool Queenstown City of Columbia Diehl Savannah Prevett and Silvernia, Rotterdam, Calcutta. Tide rises and length of day noted. sunrises and sunsets listed for March.
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