Price recession deepens across markets
Prices slip further as steel drops nearly two points and war stocks weaken. Baldwin locomotive shares fall about 6 percent while rails and coppers also retreat amid broader market declines.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 09, 1915
Page
16
Prices slip further as steel drops nearly two points and war stocks weaken. Baldwin locomotive shares fall about 6 percent while rails and coppers also retreat amid broader market declines.
Total sales for yesterday show New York 748 800 shares and Boston 54 682. The most active New York issue was Steel at 95 200 shares and United Fruit led Boston with 6 000 shares. From Jan 1 1915 to date New York totals 146 943 500 and Boston 10 078 049. Compared with last year New York 46 500 900 and Boston 3 268 807. Major moves include General Motors up to 390 in New York and Baldwin Locomotive down to 117. Calumet & Hecla rises to 575 in Boston while Great Northern pref. falls to 126.
New York market shows dull professional trading with a mid day buoyancy in some war shares. In final hour Canadian Pacific slides from 18 75 8 to 18 13 4. United States Steel slips from 86 7 8 to 84 with others shifting gains to losses. Total volume 825000 shares. bonds steady then weak.
Earnings for 1915 barely meet the 7 percent common stock dividend after a weak August September downturn in raw sugar prices. The three year average fell below the requirement, though a new selling policy aims to reduce speculative losses and restore profitability.
Boston market closes mixed with gains and losses, copper advancing while Anaconda lags on profit taking. United Fruit jumps to 145 1 2 in Boston and 146 in New York amid surprise trade and strong steamship earnings. Copper demand remains high and most future production already contracted. Woolen stockholders rush to deposit shares before tax status changes. two thirds required.
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