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This newspaper page contains 14 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 09, 1914
Page
14
The Boston Post presents a weekly selection of mortgage bonds and municipal debentures from Bancroft Realty Co and issuers in Vancouver, Fort Worth, Harwood Electric, Laclede Gas, San Francisco and more. Listings include due dates, denominations, interest terms, prices, yields, and collateral details with note of insurance and tax status.
Monday inquiries to the Financial Editor cover listed and unlisted New England stocks and bonds from industrials utilities banks and mills. Responses aim to be impartial, sourced, and nonadvisory with strict submission rules and complete contact details.
A reader asks about New York Railways Company 5 per cent adjustment income bonds. The answer explains the 1911 merger creating the company, its capitalization, and that the bonds act like preferred stock with non cumulative interest. Litigation over reserves affects price, but earnings trends suggest eventual full 5 percent payments. risk remains higher than gilt edge.
Question and answer discuss first mortgage bonds of public utilities. Leading utility bonds are generally high grade investments, but each bond must be evaluated on its own merits. Choose a bond carefully based on its specific terms and security.
Question asks for opinions on Central Arkansas Railway and Light first lien 5 per cent bonds and Berkshire Cotton Manufacturing Company stock. Answers note Central Arkansas bonds appear well secured with earnings covering interest twice and a guaranteed dividend by the parent Federal Light and Traction Company, but market trading is nominal with recent quotes around 93. Berkshire Cotton stock paid 10 per cent dividends in 1918 and trades around 160 bid to 160 ask, with historical 18 per cent in earlier years, though balance sheets show fluctuation between 1913 and 1916.
The growing cost of capital drives bankers to favor serial bonds as a stabilizing financing device. New York city and other large borrowers see annual maturities reduce debt size, avert lavish long term borrowing, and offer reinvestment and stronger security for lenders. Real estate loans backed by first mortgages increasingly use serial bonds to facilitate refinancing and strengthen equity.
The corporate commission notes a $750 000 drop in profit and loss surplus while cash and debts receivable fall by over $1 million and inventory rises by $167 000. On $2.5 million capital stock the quick asset loss equals 30 percent, with past dividends at 46 percent and earnings at 16 percent. Despite lean years, experts foresee improved prosperity in the coming years.
Winthrop Massachusetts bids due March 9 for a 25000 temporary loan due October 1914. Chesapeake and Ohio five year 5 percent notes oversubscribed. Kuhn Loeb and National City Bank of New York jointly offered. Chicopee Massachusetts bids due March 11 for 50000 temporary loan due November 1914. NYSE received applications listing Chicago and Western Indiana R R Co mortgage bonds and People’s Gas Light & Coke Co refunding bonds with totals of 4,914,000 and 2,154,000 respectively.
Comparative earnings figures for United Light & Railways Co and its subsidiary companies for the year ending Dec 31, 1913 and 1912. Includes gross earnings, operating expenses, net earnings, interest, and net profit of subsidiary concerns with allocations to dividends on preferred stock and available earnings for dividends.
President William De Witt Hyde of Bowdoin College told Bowdoin College friends and other business men at Central Congregational Church vespers that today’s businessmen must pursue social righteousness in all dealings or be seen as crooks, thieves, and scoundrels.
The railroad group led last week’s decline as 20 active railroad stocks closed at December 1 levels, erasing most of the January to March rally while industrials held firm. Bear pressure intensified after the St Paul accounting controversy, with investors reassessing rail finances and rate petitions amid weaker copper and steel indicators.
In Rome on March 8 Pope Pius held a private audience with Rt. Rev. Edmund Michael Dunne bishop of Peoria Illinois. Dunne said the pontiff was in normal health after the lengthy talk.
No fishing vessels docked at the wharf yesterday as prices were expected to rise with the exchange opening. The Ixia molasses steamer aims to sail after two weeks unloading, hampered by congealed cargo. The Canopic with 1600 passengers nears Hoosac Tunnel docks by afternoon, while the Devonian is due at the harbor by dawn. The Indianola sailed for New Orleans after delaying for lifeboats, with more lifeboats to be taken on later. Two Norwegian sugar boats arrive with captains' families aboard, and the Argentine battleship Rivadavia awaits coal from the Melrose for offshore trial spins and gun tests. A British trunk freighter with cutaway sides drew attention as it completed a rough passage through bad weather.
Shipping report lists arrived steamers including Pretorian Hains Vinland Schroit Macoris St Patrick Yoko hama Tiogo Foo Chow Manila Langstad Emimuanuelsen Banes Sixaola Glenn Port Limon Barcelona Luning Kershaw Johnson Nor folk Lexington Thacher A M Whitney Colberth Bay State Strout and City of Gloucester with tugs Gettysburg Minford and others. Also noted are barges towed and vessels left at Fall River Selem Nemasket Hammond Vineyard Haven and Newburyport.
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