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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 12, 1912
Page
12
Prices opened mixed with gains of 8 lower to 1 higher as Liverpool’s cables supported trade. Large selling orders pushed March and May briefly lower by 27 and 40 points respectively, with December and January down around 21 and 39 points. May closes near day’s lows.
The money market remains uncertain amid unresolved foreign troubles but peace talk eases sentiment. Funds flow back to centers supports call and time funds with New York call money near 5.25 percent and time funds quoted around 5.125 to 6.25 percent for various terms.
Investors N. W. Harris & Co. of Federal street Boston issue a free booklet titled Why Bonds Are Safe Investments. It explains in simple terms the purpose and uses of bond classes and indicates value of bonds as safe investments for individuals and institutions. The subject is very ably handled.
Daily market summary shows New York total sales 547100 shares and Boston 55896 with steel common 108900 and Superior & Boston 5678 as top issues. Year to date New York totals 114,725,800 and Boston 10,068,815, against prior year highs. Major gains include North Ohio Traction in New York and Calumet & Hecla in Boston, while Am Tobacco and Wolverine Mining fell. Call money in New York 5 1 4 to 6 percent, Boston 5 1 2 to 6. Time money New York 5 1 2 to 5 3 4 percent, Boston 5 1 4 to 6. Further detail on Calaveras and others follows.
After four hours of up and down trading, New York stocks fell in the final hour with United States Steel dropping to last week’s lows. noon news from Washington delayed court decisions on coal cases and the Union Pacific Southern Pacific merger. London and European markets contributed to the downturn amid Balkan tensions and political instability. Call money rose to 6 percent, though rates eased later. rail traffic showed strength in the middle west while bonds moved lower on ample offerings.
Boston November 11 opening prices were moderately higher with Granby rising from 73 to 77 3 4 as buying intensified. Traders cited short-covering and new orders, noting Hidden Creek ore value and a potential Granby control contest. Utah Consolidated gained on its $1 dividend, while Steel common weakened to 74 3 4 from 76 1 8, ending on a soft note.
Bay State Gas was the leading feature of yesterday's curb market activity, trading between 27 and 28 cents. Butte Central weakened, slipping from 9 16 to 6 1 8.
A dense scan of bond prices shows varied yields across U S and international issues with references to Norf & W div 4s Pacific 38 Erie cvt 48 and several 5s and 4s from major issuers. The summary notes weekly trading volumes: Saturday $2,137,000 and year-to-date $605,572,000 versus prior year totals.
Market ticks show bids and asks for various stocks and bonds. Listings include Chicago market figures for Cal & Dek Ch El Ry Ch Sway T & T Tel Pne u Tool and railway and utility issues with percentages and price figures.
Reorganization committees propose a plan for Toledo Railways and Light Company to form Toledo Tight & Railways Company. Holders of 4 percent bonds would swap to 6 percent preferred, underlying bonds retired via a 7.2 million five year note issue, new company to have 8 million in 6 percent preferred and 8 million common. Henry L. Doherty & Co would finance and operate five years, with stockholders offered rights to purchase new preferred and common plus an assessment of 7.50 per old share.
The Atlantic Rubber Company of Hyde Park sells all buildings and real estate and some heavy machinery. Due to rapid business growth it will relocate to a larger plant, leasing Hyde Park quarters for six months while pursuing a nearby factory or new reinforced concrete plant on a three acre site outside the city.
Franklin Massachusetts will receive bids until November 13 for thirty thousand dollars of four percent school bonds dated November first nineteen twelve and payable two thousand dollars annually from nineteen thirteen through nineteen twenty seven.
Preliminary results for Goldfield Consolidated indicate October gross of 401000 with expenses at 185000 producing a net profit of 216000. George Napier Towle of Thompson Towle Co is making a brief visit to New York City.
Lee Higginson Co with Kissel Kinnicut Co of New York offers 5 220 000 New York Central Boston and Albany equipment trust bonds. Interest 4 12 percent yearly installments 548 000 from 1913 to 1927. Total issue 7 500 000 with 2 280 000 reserved. New Haven Railroad provides half funding, NY Central and New Haven to jointly own once retired, enhancing security.
The Portsmouth Mining Company board voted to shut down its mine in Portsmouth Rhode Island and halt all work except pumping to keep it dry. Directors will report to stockholders at a soon planned special meeting based on A D W Smith's examination.
The London market remained weak with lighter selling and a late rise in optimism. Amalgamated and Reading fell from yearly highs, Steel and Union Pacific slid, as traders weighed Home Rule defeat and Balkan war effects against a rising domestic earnings outlook.
Copper eases while tin and lead show small shifts as trading in New York and London reflects flat futures and steady cash prices. Markets report limited activity with selective tonnage sold and bids barely moving across copper tin lead and spelter. London close maintains little change across base metals.
The Chicago Milwaukee and St Paul directors cut the common dividend from 7 percent to 5 percent after a decade of 7 percent. Wall Street ponders a quick return to the old rate if first quarter earnings promise lasting improvement. The Boston Post’s financial page promises a special article examining whether temporary factors or a genuine turn in fortune justify restoring the 7 percent.
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