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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 10, 1915
Page
18
An editor notes money remains abundant as New York banks hold ample idle cash and loan rates stay low. The piece compares current conditions with 1914 and explains how a federal reserve system and high bank reserves fuel continued industrial expansion and stock market strength.
War stocks are targeted by bear selling with sharp declines. Studebaker jumps early by 23 points while U S Steel remains firm and copper prices soften. Local market shows overall weakness as trading opens.
Total sales in New York and Boston yesterday were 1 079 100 and 53 807 shares respectively. The Steel issue led NY activity with 169 400 shares while American Zinc topped Boston with 7 275 shares. For Jan 1 1915 to date NY totals reach 148 022 600 shares and Boston 10 131 856 shares, versus last year’s 46 500 900 and 3 268 807 shares. Major NY gain Manhattan Shirt pfd with 6 to 108, major NY loss Willys Overland 21 to 215. In Boston Galveston Houston ptd rose 83 4 to 853 4 and Calumet & Hecla fell 15 to 560.
Boston stocks show opening movement with low and last prices listed for securities traded on the Boston Stock Exchange. The report compares current figures to the previous close.
Bond notes indicate the retirement of 2.38 million dollars of 10 year bonds at 6 percent will lift Ray Consolidated's annual dividend from 1.50 to an expected 2.50 per share next month. The conversion removes the sinking fund burden of about 325 thousand dollars annually. Greenwich Connecticut invites bids by November 22 for funding bonds dated December 1 1915, with series and ranges to 1988.
The New York market extended heavy liquidation with fresh minimums across listings. Foreign offerings weighed in with London sales estimated 35 000 to 60 000 shares amid pessimistic abroad news. Total volume reached 1 183 000 shares as declines dominated and few high grade issues held value.
Boston traders pull back after another poor New York report on copper with local prices falling and liquidity rising. London copper gains pace while New York quotes stay near 18 1/4 cents. rail transport cost may rise with Great Lakes navigation closed. zinc and lead stay firm. Boston and Maine advances on rising earnings and possible reorganization impact. Central Leather may issue another dividend next year on top of the $4 already declared.
The E I du Pont de Nemours Company offers 4 1/2 percent bondholders exchange at par for 6 percent cumulative non voting debentures of Du Pont de Nemours Company. For each $1000 bond, $1000 par value of new stock issued. Terms include a 6 percent dividend, potential call at $125, and voting rights only under specified defaults. The company may withdraw the offer on December 1 1915.
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