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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 02, 1920
Page
20
Stock market advances with New York and Boston activity led by Steel and Orpheum. American Telephone reports strong earnings and plans a bold 50 percent authorized stock increase to raise future financing, while reserve bank data keep bears wary and prices recover late in trading.
The six month report shows American Sumatra To bacco Company earning about 9 percent on common stock, with potential 20 percent for the full year. Oklahoma Producing & Refining Corporation of America may declare 8 percent dividends after a reorganization. Gillette Safety Razor reports January net of about 1.07 million, a record month. Trading opens on Will & Baumer stock with strong six month earnings and record January. Financial notes discuss railroads under new law, possible higher dividends for high grade roads, and high financing costs for traders in February. Harvard notes bearish outlook and potential commodity price recession in coming months.
Demobilization of railroads and a Supreme Court ruling in favor of United States Steel Corp drove gains in early trading and a broad rally in steel and related shares. Indices closed mixed with rails slipping after initial strength as high priced issues faced selling pressure. Total volume reached 775000 shares with Liberty bonds recovering slightly.
Deposits in Savings of Interest from various trust and national banks list the dates they begin accruing interest. Institutions include Charlestown Trust Co Boston Commonwealth Trust Co Cosmopolitan Trust Co Federal Trust Co Fidelity Trust Co Hanover Trust Co United States Trust Co Fitchburg Bank & Trust Melrose Highland Somerville Somerville Trust Co Boylston National Bank Union Market National Bank with start dates in late March to early April.
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