Stocks Rise as Steel and Reading Lead Market Advance
The stock market moved upward with Steel Common and Reading leading the advance. Anaconda Copper issues its 1913 annual report as the Butte and Superior decision spurs a four point rise to 38.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 05, 1914
Page
16
The stock market moved upward with Steel Common and Reading leading the advance. Anaconda Copper issues its 1913 annual report as the Butte and Superior decision spurs a four point rise to 38.
Yesterday's figures show total sales in New York 317,400 shares and Boston 21,991 shares with steel leading in New York at 53,400 and Butte & Superior in Boston at 6,152. Year to date totals: New York 30,647,600 shares and Boston 2,262,503 shares versus last year. Notable movers include Wisconsin Central up in New York and Conn River R R down in Boston with various call and time money rates across both cities.
The New York stock market resumed its forward movement after a light Saturday pause. Leaders rose 1 to 2 points on steady gains with commissions showing more presence. Railroads led the rise on favorable crop reports and Western volume, while lower money rates and a broadening long side sentiment supported the upswing.
May 4 Boston notes strong New York buying lifting metal stocks led by Butte & Superior which rose about four points on San Francisco court news. New Arcadian hit 65 8 while Greene Cananea climbed two to 52. Chemical lower, Massachusetts Gas down, Steel firm. Overall market tone firm with unusually good demand.
A dense OCR dump lists numerous company names such as Gen Motor, Int Harvester, Lehigh Valley, May Dept Store, Reading, Union Pacific, US Steel, Westinghouse and others with various percentage figures and numbers, resembling a historical stock or dividend table.
The market shows a broad recovery with gains in Reading Union Pacific and Amalgamated while Anaconda and Steel lag on deficits and supply. Butte & Superior wins a royalty-free filter patent in a San Francisco court ruling, potentially boosting profits. Analysts anticipate a favorable rate decision and a strong wheat crop outlook, with high May conditions and possible record yields.
Henry W. Keyes elected director of New England Telephone & Telegraph succeeding W H Elliott who resigned. H Wendell Johnson Endicott elected to International Trust of the East Boston Land Co. April cash on hand $20 427 down from $18 265. Keweenaw Copper levy $1 per share. April copper outputs Shannon 1 012 million pounds Mohawk 970000 Wolverine 762000 Miami 8227600. Ware moves to 50 Congress St. American Public Utilities Co subsidiary earnings show gross for month 225 786 vs 210 529 in 1913. February 14 811 vs 9 858. 12 months end Feb 28 net 1 007 900 with 215 356 after fixed charges and preferred dividends.
A. B. Leach & Co and Continental and Commercial Trust and Savings Bank offer three year 5 percent gold notes of West Penn Traction Company at 99 with 6 3 8 percent yield. The territory served includes Pittsburg and surrounding valleys with over 900000 people per 1910 census. Proceeds fund expansion in electric lighting power and street railway service.
Attleboro bids due May 6 for 60000 in tax notes. Ann Arbor Railroad reports 760000 yearlong notes. new 750000 two year 6 percent secured gold notes underwritten by F J Lisman & Co. Cambridge bids May 6 for 250000 temporary loan. Biddeford offers 50000 4 percent refunding bonds and 25000 4 percent sewer bonds. Massachusetts Electric to sell 1045000 4 percent bonds May 12. 285000 Boston & Northern refunding 4s and 760000 Old Colony refunding 4s due July 1954. Baltimore 7 million bonds awarded to a syndicate. Insular Affairs invites bids for 4 percent Porto Rico government bonds. Great Western Power dealings noted with New York Banking connections.
The Harlem River and Port Chester one year five percent notes are approved as legal investments for the savings banks of Massachusetts if purchased before June 30, 1914.
The Zopeigs exchange market opened easy with bankers active. Sterling-Cables quoted around 4.8785 to 4.8790 dollars, demand 4.8750 to 4.8755, 60 days 4.8510, commercial bills 4.8410. Francs at 5.155%, marks 954, 40 5.16 guilders.
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