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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 09, 1917
Page
20
Markets react to Kerensky's fall as shares drop across exchanges. New York total sales reach 1,346,600 with American Telephone most active at 2,957 shares in Boston. Notable gains include National Biscuit in New York and Osceola in Boston, while Calumet & Hecla leads losses in Boston.
Stocks suffered their worst one day drop of the year amid liquidation sparked by the Russia crisis. Bonds also weakened with remittances to Russia and Italy hitting postwar lows as market weakness spread to utilities and major issues including American Telephone and Western Union. US Steel fell to a yearly low as trading totaled about 1.28 million shares and bond activity showed Liberty 4s steady while 3 1/2s slipped.
Market watchers report a sharp downturn after the Russian government’s overthrow and the rapid seizure of Foss affairs by trustee committees. Declines hit Boston Elevated, Massachusetts Electric, Brooklyn Rapid Transit, United Fruit, and American Telephone, with Fruit and Telephone at famed lows. South Lake Mining proposes 100,000 new shares amid fears of weak demand. Lake Copper may absorb them to finance both firms.
Boston market bulletin lists the intraday high and low figures along with the closing quotation for today. Net changes compare current values to the previous session's closing.
The market swung violently after reports Kerensky was deposed and Russia would seek peace with Germany. Initial gains faded as selling intensified and most stocks slid, though Marine preferred and New Haven recovered modestly. Union Pacific boosted dividends, while Boston Elevated faced dividends uncertainty amid Foss holdings and utility stock weakness.
Nov. 8 prices show brokers loans 4 to 5 percent and call loans 4 to 5 4 to 6 percent for various loan types. Bar silver in New York and London noted with fluctuating rates. Clearing House shows substantial exchange totals and Sub-Treasury debits, while foreign exchange markets reflect Italian weakness and ruble depreciation. The Foss committee oversees roughly 10 million in liabilities with 13 million in assets remaining. Sturtevant Blower Works reports strong orders rising to seven million from four, with two years of work on hand.
Sailors at the navy yard led a rally for the Knights of Columbus aid fund. Joseph T. Croke spoke on the organization’s work in the navy. Louis Schworm, based at Commonwealth pier, will speak next with John W. McAcy presiding.
Financial circles say a committee led by Galen L. Stone William A Gaston and Neal Rantoul will take charge of ex Governor Eugene N Foss affairs form a corporation and issue shares to creditors to protect holdings in Sturtevant Blower Brookyn Rapid Transit and other interests amid market shrinkage Foss equities valued over 5 million with large stakes in Boston Elevated Massachusetts Electric and American Can have fallen sharply while Becker Machine and other assets were liquidated to secure a potential residue well above 5 million eventual profits.
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