Declines in Prices Noted in Market Report
Volume of business remains very light as Weyman Bruton falls 25 points to 275 while Union Bag and Paper issues also show weakness. Copper shares respond indifferently to bullish news on the metal outlook.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 16, 1912
Page
13
Volume of business remains very light as Weyman Bruton falls 25 points to 275 while Union Bag and Paper issues also show weakness. Copper shares respond indifferently to bullish news on the metal outlook.
Point totals show New York sales at 2888100 shares and Boston at 31162. The report highlights top movers Lorillard Co. and Calumet & Hecla with notable gains, Weyman Bruton and Tamarack Mining among losses, and call and time money rates in both markets.
Trading in New York stocks today showed little overall change with prices fluctuating mildly. A late selling rally lifted some issues while others fell, notably Bag and Paper, and International Paper, Union Bag and Paper, with preferreds under pressure. Call money 5 to 6 percent, funds mixed on Commercial paper. cash forecast shows a possible $2 to $4 million loss for the year.
Wanted a first class bond salesman with a clientele to sell a high grade industrial bond in Boston and vicinity. Address the Federal Financial Construction Co. 1025 Munssey Building Baltimore MD.
At a board meeting of the Utah Consolidated Mining Company of New Jersey a dividend of one dollar per share on the capital stock was declared payable in December 1912 to stockholders of record November 23 1912 at noon. The stock transfer books will close November 25 1912 at noon and reopen December 2 1912 at 9 a m MISLIN Secretary
The Boston copper market showed a declining trend despite bullish metal outlooks. Butte & Superior led activity with 3404 shares, dropping from 49 3 4 to 49 1 8 and closing at 48 1 2. Other active issues included Copper Range North Butte Old Colony Mining and Santa Fe amid slow trading and losses.
The Boston stocks column notes ex-dividend status for Woolworth Co and other issues. It lists figures such as 600 W&LE pf, 1,200 W&LE Pa, 14% yields, and 2700 Woolworth Co details, reflecting market activity.
Boston curb markets show price jumps from 65 16 to 77 16 with odd lots at 71 2 as no news accounts for the rise. Alaska Gold trades to 9 on New York buying and closes at 85 8 while Butte and London move between 50 and 60 cents. Smokey Development accumulates on Western orders as fluctuations continue.
Early year, Union Bag & Paper stock weakened on rumors of insufficient earnings to cover the 4 percent preferred dividend. The common has never paid dividends, while the 18 percent back dividends on preferred remain unpaid since 1905, signaling weak backing for the speculative issue.
Associated Merchants Co declares regular quarterly dividends of 18 4 percent and 1 2 percent extra on common stock payable in January to stock of record November 23. General Chemical Co pays an extra 5 percent in common stock with payable date February 1 to stock of record December 31. Standard Oil of New Jersey declares quarterly 5 dollars payable December 16 to stock of record November 20. Standard Oil of California issues initial 2 50 dollars payable December 8 to stock of record December 2.
The American Zinc, Lead & Smelting Company started its new retorts as its acid plant has run a week. Five feet of ore were found on the 800 foot level of the Iron Cap Copper Company, and Quaker Oats stockholders call a meeting for November 20 to ratify a capital increase. Lester Leland joins the Second National Bank board, and Crown Chartered Gold Mining Company plans a Porcupine reorganization. Minneapolis & St. Louis reports fiscal gains, while Associated Trust oversubscribes its $1,000,000 issue and offers new mortgage certificates to the public.
The cotton market opened lower after weak Liverpool cables and fell about 20 points as liquidation intensified without buyer support. October consumption reached 511000 bales vs 437000 in September, with market sentiment firming on new crop estimates appearing in recent days.
Money rates remain steady in the local market as the Austrian Bank lifts its rate to 6 percent due to Balkan troubles. No strong impact felt locally with Christmas withdrawals anticipated. New York call money swings 5 1 2 to 6 percent, closing at the low, time money steady 5 1 4 to 6 percent. Local money quotes and foreign exchange rates are shown.
Lowell Mass awarded 26200 four percent water bonds dated Sept 1 1912 with annual maturities of 8750 1920 24 to R L Day Co Other bidders were N hes Harris Co and Blake Bros State Treasurer Stevens retired 4250000 notes the last of about 8000000 notes issued by the Commonwealth earlier this year
R G Dun & Co reports continued business expansion in both domestic and foreign markets led by iron and steel demand. Dry goods and textiles show strength with higher prices and robust orders, while footwear hides and leather markets remain firm amid tight supply. Failures fall in the U S and rise modestly in Canada.
Bradstreet's review notes unabated trade activity across channels with higher volumes post election. Purchasing for spring grows, rail and iron sectors stay strong, bank clearings rise 9 percent, and retail trade expands especially in colder regions. Canada reports solid wholesale activity amid mild winter effects.
Wheat futures extended losses amid bear influence and hedge sales with December, May, and July declines. Corn followed weaker with improved weather and new offerings, while oats barely moved. International markets showed mixed moves as Paris and Berlin varied. Winnipeg/Duluth/Minneapolis receipts noted along with export sales of Manitoba wheat and corn. New York and Chicago cash bids quoted for No 8 yellow corn and old No 2 wheat.
The Bond Market notes Colorado Midland at 48 hitting a new low while overall prices held steady. Government bonds show total sales of 1,575,000 dollars with year over year comparisons and cumulative 612,507,000 dollars since January 1.
Quiet wharf as only five vessels reached port with Teazer bringing 10,000 halibut and 2,000 haddock. Hauls include 86,000 cusk and other species. prices listed for haddock, hake, cod, and cusk. Vessels Genesta Etta Mildred Allan Parisian Bay Store Bay State Hesperides and others discharge at East Boston. The North Star and North Land report buoy outages. Morrill cutter en route for repairs. Evelyn steamer to run New Bedford Cape Verde routes. Cunard Franconia sails Boston on last voyage of year.
Copper remains firm at the metal exchange with small gains while tin softens. LMAC voice case holds at 4.70 4.75, speller steady, lead quiet, antimony steady, iron unchanged. London close shows copper spot £78 1s and futures £79 with other metals mostly steady.
Calendar shows Navana Electric Railway Light and Power com and pfd ex dividend May Dept Stores com National Biscuit pfd Portland Railway Light and Power Books Open Coun Ry and Lighting com and pfd International Silver pfd National Carbon pfd Warwick Iron and Steel with ticker style entries and financial notes
Berlin reports a new shield claimed to stop rifle bullets during guards’ experiments on the Di range. A nickel plate quarter inch thick deflects some rounds, while a nickel steel plate about a quarter inch thicker allows bullets to penetrate. Tests show varied effectiveness at short range under rifle fire.
Shipping entries list numerous ships and barge movements, towing assignments, and arrivals in ports from New York to Portland and Hampton Roads. It notes steamer and schooner departures, quarantine statuses, and cargo tugs, with several named vessels such as Badger, Beattie, Harvard, and Warren & Potter, among others.
Twelve miners and workers, eight miners and four Wistters, including the foreman's two young daughters, were imprisoned by a cave-in at the Horn Silver Mine in Frisco. They were rescued this afternoon and are reported well.
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