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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 16, 1916
Page
16
Reported total sales in New York and Boston show profit taking. Westinghouse and American Zinc led in activity in their markets while Mexican Petroleum and Nipe Bay posted notable gains and Bethlehem Steel and Superior Copper led losses.
New York trading shows speculation heightened with Reading rising 2 3/4 to 89 8 on heavy volume amid rumors of Rockefeller buying. Westinghouse, General Electric and other munition issues advance while profits-taking in late session leaves a irregular close and total volume near 912,000 shares.
New York stocks move as the New York Stock Exchange presents high, low and last sale prices for the day with comparisons to the previous close. Market activity reflects price ranges and turnover across listed securities.
Boston market sees mixed activity as profit taking follows a spring rise. American Zinc jumps to a new high of 8, Butte & Superior lingers above American Zinc by five points. Inspiration Copper hits a new peak ahead of expected dividends, and lead soars to 7.65 cents. Shannon Copper reports 1915 earnings of 209000 versus 95648 in 1914.
Local curb market showed uneven prices with Eagle and Blue Bell notably active closing a point higher. Bingham led gains up 8 percent while Chief Consolidated Davis-Daly Humboldtnal Zine and New Cornelia edged forward modestly. United Verdes and others eased slightly. No issue moved more than half a point. Detailed fluctuations follow.
Boston on March 15 reports high and low prices and last prices of securities traded, with comparisons to the previous close, focusing on bonds.
Rudolph Guenther argues corporations should openly publicize annual reports via intelligent advertising. Open ads build investor confidence and curb rumor. He cites Missouri where honest advertising helped defeat a rail bill by about 200,000 votes, urging broader use to sway public choice.
Tide Water Oil Company will increase its authorized capital from 25 million to 30 million dollars with pro rata rights at par to stockholders. Proceeds will fund Oklahoma oil properties and Bayonne refinery extensions. Also noted: new directors at United States Industrial Alcohol Company. New Haven Railroad orders locomotives. Lake Torpedo Co offers 10 000 shares. Claude W. Peters becomes partner at Hayden Stone & Co.
The Western Pacific first mortgage bond plan is extended to April 16 1916 with manager consent for deposits and subscriptions. A Missouri Kansas & Texas railway of Texas first mortgage 5 percent bond protective committee is formed with Jules S Bache of J S Bache Co as chairman. Quincy Mass awards Estabrook Co a 200000 loan at 2.31 percent discount. North Adams Mass invites bids by March 17 for a 50000 loan due November 3. Portland Me invites bids by March 22 for a 150000 loan dated April 1 1916 and due October 2 1916.
Current quotations show call loans at 3 percent both brokers and outside. Commercial loans 3.44 to 6 percent. collateral loans 4 to 6 percent. Commercial paper 3 to 4 percent. Year money 4 duty percent. New York funds steady while Clearing House figures show mixed balances and Sub-Treasury credits with slight declines. Foreign exchange opens firmer with Sterling cables at 4.767, demand 4.761. Francs 5.94, Guilders and marks quoted.
Ralph H. MacLeod of Roslindale elected president of Boston Boomerang Club at its first annual meeting at Quincy House. Officers include Grant Tr. MacGillivary as vice president, William H. Burns secretary, Senator Sanford Bates treasurer. Mayor Curley to speak on civic efficiency at March 28 banquet. Congressmen Tinkham Gallivan and Gardner invited.
The House defeated a bill that would change liquor questions from an annual vote to a petition threshold trigger. The measure would require 10 percent of voters in a city or town to petition for a vote before the liquor question could be reconsidered.
In New York on March 15 the bond market shows modest improvement with activity concentrated in Anglo-French 6s Inspiration Copper 6s and Rock Island refunding 4s among others. Total sales reach 3.32 million, with year-to-date figures at 234.1 million, versus 134.3 million a year ago.
The legislative committee on federal relations recommended resolutions urging Congress to back Jewish relief in Europe and to lift the Baltic blockade to allow Polish food imports. Representative Simon Swig pressed the Jewish relief measure, while Henry Chmeliniski advocated the Polish resolutions.
Spencer reports Peter Ravio drowned while cutting ice at Sugden reservoir this afternoon.
The market featured oil stocks led by Mexican Petroleum jumping 7 points to 110 while California Petroleum and Texas Oil attracted attention. Texas Oil may post $45 a share earnings for the year to June 90 with planned stock rights issued in blocks. Lead prices rose to 7.65 cents a pound boosting United States Smelting Utah firms and related mines. Reading rose near its record high on Rockefeller control bets, and Westinghouse Electric showed strong activity ahead of an expected 5 percent extra cash dividend and Anglo-French bonds.
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