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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 13, 1913
Page
14
Trustees consider issuing notes at 5 percent to retire preferred stock for cash or notes. Plan targets wiping out $10.50 back dividends and funding repurchase while not changing common stock. A May 22 stockholders meeting will decide on the plan amid uncertainty over final terms.
The plan suggests issuing 1,000,000 dollars of new 7 percent cumulative preferred stock with a 10 percent bonus in new common stock. Existing preferred becomes second preferred with 7 percent dividends when earned. Present common stockholders receive one new common share for every two held, resulting capitalization of 1,000,000 first preferred 3,000,000 second preferred and 1,500,000 common stock if creditors approve.
Management indicates United States Envelope Company earns 30 percent on common stock and dividends will be declared shortly. The firm recently paid back dividends on preferred stock. Only $1,000,000 of this issue remains outstanding, with $50,000 of its 5 percent bonds due annually starting this year.
The annual meeting of the Wyan do Copper Company elected directors Joseph Dorr Ashley Watson Frank L Van Orden Frederick Hoitt and Charles E Adams. Ashley Watson and F Hoitt succeed John C Watson and M A O Neil who resigned. The New Arcadian Copper Company annual report shows cash on hand 625 dollars and profit and loss surplus 160611 dollars for the year ending May 1 1913. The entire issue of 1 000 000 dollars Robert Gair Company 7 percent preferred stock offered by Hayden Stone Co at par has been sold. Miller Co of Boston to close their Shawmut Bank building office. Joseph H Cody moves to Paine Webber Co. Shannon Copper Company quarter to March 31 1913 shows production 3649564 pounds copper 724 ounces gold and 338695 ounces silver. Average copper price in the March 21 quarter was 15.354 cents versus 17.3856 cents for prior four months. Net profits for the three months after all expenses including 23437 dollars in development costs were 75847 dollars.
Winthrop awarded 30 878 12 per cent municipal bonds dated April 15 with annual maturities from 1914 to 1992 and a lump 8873 maturing April 15 1928 to Estabrook Co. Other bidders included Blodget Curtis Sanger and Day Co and Collins Spaulding Co. Chicago St Paul Minneapolis Omaha Railway debentures for 2 500 000 were heavily over subscribed with Rhoades Co and White Weld Co handling. New Bedford granted a 200 000 temporary loan due November 13 1918 to National Shawmut Bank with Curtis Sanger and Morgan Bartlett as other bidders.
American Sugar falls to 108 percent its lowest since February 1908 and Shannon delivers a weak quarterly report. Boston suburban Electric announces notes to retire preferred stock as part of a new refinancing plan for U S Finishing Company.
Yesterday's market totals show New York sales 161600 shares and Boston 16135. Reading led New York with 48400 shares and Steel common topped Boston with 1400 shares. Year to date totals compare 33008000 NY and 2314580 Boston vs last year's 55175900 NY and 5319163 Boston. Liggett & Myers rose and Cent. of N. J. fell in NY. Vermont & Mass rose while West End pref fell in Boston. Call money ranged NY 2 1 2 to 3 percent. Boston 3 to 3 1 2 percent. Time money NY 3 3 4 to 4 1 2 percent. Boston 4 3 4 to 5 1 2 percent.
New York May 11 2 The stock market opened lifeless aside from a brief bear drive as early volume showed 32 000 shares. New low records appeared across many leading issues while coalers faced pressure from anti trust action reports. Steel held up despite weak tonnage figures and labor troubles added to bearish sentiment as the Supreme Court awaited a Minnesota rate decision. Bond tone was easy with total par value sales of 1 140 000 dollars.
In a dull session Mexican Metals fell to 98 cents from 1 dollar, and Davis Daly slid 4 percent to 24 cents. Verde Extension dropped from 74 to 70 cents as traders watched price moves and noted persistent volatility.
Mrs Gabbleigh nudges her snoring husband telling him to keep quiet. He wakes half as a reply and retorts that she should do the same. The playful exchange captures a domestic moment.
Boston traders followed New York as prices drifted lower. Shannon Inkolation’s quarterly report showed profits of 75000 dollars on 300000 shares, while copper bought at 15.78 cents a pound failed to move markets. American Sugar stock traded around 10.85 to 11.12, Fitchburg preferred and Old Colony shares also changed hands at about 108 and 160 respectively.
May 12 saw the strongest market activity in months with coarse grains leading. May delivery corn and oats rallied on congestion, while July and September futures moved in mixed directions amid outside gains and profit taking. Total sales reached 1,143,000 dollars, compared with prior weeks and the same period last year, with year-to-date figures noted.
The opening day activity was muted with two and three month maturities dominating. Banks eyed small call money, while reliable sources flag a likely $4,000,000 Paris gold shipment this week, lifting total moves toward $10,000,000.
With Liverpool closed for Whitsuntide, cotton trading was dull until mid afternoon as prices rose 9 to 11 points from Saturday. Rain fell in Oklahoma Arkansas and the eastern belt with Montgomery Alabama reporting .70 inch. traders expect some crop damage but doubt the extent due to moisture and cool weather. Replanting will be needed but can wait if the season improves.
Canadian Pacific Railway declares 2.5 percent quarterly on common stock payable July 1 to holders of record June 16. S. S. Kresge 13.5 percent on preferred stock payable July 1 to holders of record June 16. Pittsburg Youngstown Ashtabula 18.25 percent on preferred stock payable June 2 to holders of record May 20. Southwestern Utilities initial dividend 1.5 percent payable June 2 to holders of record May 20. Philadelphia Germantown Norris town Railroad 3 percent quarterly payable June 4 to registered May 20. Chestnut Hill Railroad 11.25 percent quarterly payable June 4 to registered May 20. Essex County regular semi-annual 3 per share and extra $2 payable June 2 to stock of record May 12.
Historical market page shows bid and ask quotes across multiple lines with percent changes and company abbreviations. Entries include Ch R No 42 and 1, Nat Carb, Swift Co, Quak Oats, Ch Subway, T Tr, Com Eai, Pneu Tool, and others with varied price figures and dopf indicators.
Harry A. Barber manager of the Adams Dancing Academy confessed after three hours of questioning by City Marshal Patrick J. Lehan to attempting to burn the Nuankeng building by placing a time set fire trap in a room off the dance hall Saturday.
Barber reportedly confessed after hours of interrogation to attempting to burn the block for settling financial troubles and to collect a $1000 insurance on his dance hall property though the policy was not yet active. Walter P. Rogers, a musician in the building, spotted the fire trap and alerted police. Barber, 11 Addison Street, Gloucester, has run the dancing academy since last fall.
Edward Clark aged 20 opened a door to an air shaft at his home at 440 Newbury Street around 12 40 am and fell 35 feet. Police from Station 16 arrived with an ambulance but Clark ordered them out, according to officers.
The Order of Railway Conductors of America began its biennial meeting in Detroit with an executive session. Officials discussed a proposed general pay raise on 48 Eastern railroads as part of the broader effort that may affect freight rates. President B F Garretson of Cedar Rapids declared that railroad managers’ refusal to raise wages is part of a larger strategy to push for higher freight charges.
The Somerville fire department answered four alarms in quick succession. The heaviest loss was at the Rescue Mission wood yard behind 84 Chestnut street, with $150 burned in bundled wood. Two fires started by children playing with matches damaged John Fitzgerald’s home at 301 Hanson street, with losses of $25 and $100.
President Wilson donated 300 dollars to a hospital emergency fund in Washington and expressed regret at not giving more. The gesture underscores support for the capital’s hospital needs during the drive.
Leo J. Breau of Cambridge was elected captain by the Boston College High crew candidates meeting in the college small gym. A graduating James Street School student Breau has stroked this year’s crew from the first practice with consistent finished work.
Ex-Dividend payable date on Int. Smelt. Ref. 2 percent noted as 5-31. Books open and close dates for Wyandot Copper Co and Guggenheim Exploration for meetings. Lists meetings for General Electric, Kansas City Southern Ry, Mutual Gas Light Co, Public Service Inv Co.
The Customs Court ruled that European nations have free entry to US wood pulp and paper under their treaties, as Canada already enjoys under reciprocity. The Franconia sails from East Boston at 3 pm with 49 cabin passengers, 113 saloon, 275 second cabin, and 600 steerage, plus 42,000 bushels of corn and 64,000 bushels of wheat aboard. The Victoria reports a rock strike off Cape Negro causing heavy damage and lumber loss, while the Princess arrives delayed by snow squalls with piling and poles.
The court ruled the Treasury Department correctly interpreted the Canadian reciprocity act by admitting wood pulp and paper free without reciprocal action by Canada. Dissenters spoke. Norway, Russia, Austria-Hungary and Germany requested free entry. Taft declined to seek review, sending the issue to the courts, and it was unclear if the government would appeal to the Supreme Court.
A quartet of steam trawlers arrived at T wharf bringing a heavy haddock and cod haul. The day’s receipts included 249000 pounds haddock and 224100 pounds cod, plus hake, pollock, cusk, scrod haddock and lemon sole. Prices ranged from 2 1 4 to 5 1 2 cents per pound. The Manitou of Red Star line anchored at quarantine before entering Charlestown harbor.
Shipping items list arrivals and clearances of steamers and schooners, including Cretc, City of Macon, L. V. Stoddard, and Victoria, with multiple routes via Naples, Newport News, and Baltimore, plus tug and barge movements and last readings on high water and tides.
Dartmouth overwhelms Massachusetts Agricultural College 6-0 in tennis winning all singles matches. Nelson defeats Archibald 6-0 6-0. Webber beats Roehrs 6-8 6-2 6-4. Knutt over Draper 6-3 6-2. Husen bests Epstein 6-0 6-4. Nelson and Knutt win doubles 6-1 6-1. Webber and Husen win 6-0 6-4.
The Eastern railways seek a 5 percent freight rate hike, with the InterState Commerce Commission soon to decide. The 1911 case showed higher returns but improved service and lower cost, questioning if today’s request will be approved. The Boston Post previews the upcoming financial article on tomorrow’s page.
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