Germany poised to back down amid market copper surge
Report claims Germany will retreat as copper market heats up next week. Traders warn of a bullish copper run with buyers urged to acquire all available copper shares.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 06, 1916
Page
14
Report claims Germany will retreat as copper market heats up next week. Traders warn of a bullish copper run with buyers urged to acquire all available copper shares.
Stocks advance sharply after an early downgrade as market strength grows on news of a German note. United Fruit and Shoe Machinery lead gains in the local list as buyers step in and close strong.
Yesterday's market data show New York total sales 894 740 shares and Boston 66 978. United Fruit led gains in both lists while Bethlehem Steel and Anaconda posted declines. Mercantile Marine pref and U S Smelting were most active in their cities.
Stocks opened lower on a German note but recovered as a calmer view of Berlin’s message took hold. United Fruit led a strong rally with a large price gain while United States Steel and other shares also advanced. trading totaled 875,000 shares with par value around 2.87 million.
New York exchanges report high and low prices for the day May 5 with quick comparison to the previous close. The rundown highlights notable shifts in active stocks across the market.
Boston May 5 The local market saw sharp shakes with few sensational breaks. United Fruit surged 10 points to the year high 163 and Nipe Bay rose 7% to 160, with expectations of strong earnings. United States Smelting recovered, United Shoe Machinery stayed strong in late trading, and Atlantic Gulf stock hit new highs as earnings projections improved.
The Boston Stock Exchange lists the day’s high and low prices for securities, with fast trades and a comparison to the previous close. Details show market activity and price ranges among listed stocks.
Rock Island issues stayed in fair demand while Mercantile Marine 4s moved with five share fluctuations. Anglo-Irench and Canadian 5s remained steady in New York trading.
After an initial wild opening and a frightened selloff, markets recovered as traders concluded Germany’s note did not justify a break in diplomatic relations. Many stocks rose late, with United Fruit and Nipe Bay surging on sugar price gains and hopes for strong earnings this year.
Trading was fair as the Boston curb dipped slightly with many fractional losses. Maxim Munitions fell 1 34. Nixon Nevada slid to 34 cents. National Zine closed at 2 15 16. Iron Cap and Mojave Tungsten led gains among few bright spots.
The Boston Elevated stockholders list shows large changes with George R. White reducing to 300 shares, Joseph H. White selling 600, and Ihr W. Stearn and Mrs. H. J. Bradbury no longer listed. Kidder Peabody adds 636 to 7093 shares, Hornblower Weeks drops 480, R L Day buys 1430, and John J Hill holds 774. The American Beet Sugar Company reports 19.17 percent earnings on common stock after prior year .64. Granby Consolidated expected to earn about $2 a share for the year ending June 30, with profits for four months near $1.8 million and a $6 dividend continuing.
Letter to the editor argues the state income tax comparison is flawed. It cites that savings banks pay one half of one percent, with exemptions lowering the effective rate to about two per thousand, and contends individuals would face similar reductions. It notes dissenters urging no lower tax on intangibles than savings deposits.
An early 20th century classified item advertises to let for stores in a new Highland block at the corner of Cherry Street in Somerville with a basement for six bowling alleys and four pool tables and mentions steam heat gas and electric power. It directs applying to Henry J Morrison in Boston and lists other rental and sales notices for typewriters and desks.
A handsomely illustrated brochure describes summer resort areas along Lake Champlain and in Vermont. It lists hotel, farm, and village home accommodations and includes a mailing address for ordering copies. The brochure targets vacationers seeking seasonal accommodations and getaway ideas.
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