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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 29, 1913
Page
12
Call money stood at 10 percent with activity light. Utah Copper Ray Consolidated and China declared regular dividends. Nevada Consolidated announced regular and extra disbursements as New York and Boston markets report totals and top movers for the day and period.
A quiet New York market on November 28 sees call money jump to 10 percent curbing active stock speculation. The market drifted downward with minor changes in leading stocks, while concerns over December payments and a large gold outflow to Canada raised fear of a weak bank statement. United States Realty fell after a real estate firm’s failure, and Mexican Petroleum preferred rose eight points amid overall mixed bond activity.
The City Realty Trust announces Dividend No. 5 a regular quarterly dividend of 1.50 per share and an extra dividend of 1.00 per share both payable January 1, 1914 to preferred shareholders of record at the close of business December 1, 1913. Trustees Norris W Norris Chester J Campbell Louis H Parkhurst.
Blackstone Valley Gas and Electric Company Pawtucket and Woonsocket Rhode Island declares preferred dividend No 2 of 3 per share and common dividend No 2 of 2 per share. Both payable to stockholders of record November 14 1918. Stone & Wested travel agents.
Prices show a clear drop with thin activity as copper quotes ease to 14 1 2 cents. The mining list weakens, though Boston & Maine Telephone North Butte Calumet & Hecla and Granby hold limited gains. A strong note favors Telephone due to broker orders. A social note highlights William L. Garrison Jr's article urging tax reform to modernize Massachusetts taxation to attract capital and labor.
Isaac M Bucher, once a body guard to President Lincoln during his Gettysburg address, died at his Gettysburg home. He joined the Twenty first Pennsylvania Cavalry as a private and left service as a captain three years later.
By order of the Board of Directors A E Clark secretary. The note records official action and identifies A E Clark as secretary.
The Post notes call money in New York rose to 10 percent on the last trading day of the week. Loans rolled over into Monday amid month end and December payments, with expectations rates stay high through year end though unlikely to persist after December. Boston and Maine reports four month earnings show a slim net after taxes, with gross earnings down and expenses up, signaling underused fixed charges.
Editor Carey of Poor's Manual reports in the Post that U.S. Steel and Pennsylvania Steel each show about 500 million in stock, with Steel poised for a 70 million surplus this year and Pennsylvania about 38 million. He cites that Steel common at 56 is cheaper than 8 in 1904 and that surplus per share favors Steel more than Pennsylvania over ten years. Copper price sits around 14.0 cents per pound, with demand fair but cautious buying. Banking signals suggest the coming weekly statement may be the worst in months, as call money rises to 10 percent and New York banks face large cash losses unless loans and deposits are cut. gold shipments to Canada aid but still leave pressure. Iron markets drag with falling orders and reduced capacity utilization, while prices drift downward and wire products fall $1 per ton.
Herman W. Hoppy elected a First National Copper director to fill a vacancy while T M T Raborg is reelected for four years. Ohio Copper October profits reach 20500 with 14000 net after charges from 720300 pounds of copper mined. Hood Rubber offers to holders of preferred one half of new 1 million preferred at par in a 1 for 3 ratio. Reorganization deposits urged for Sealships Oyster Company before December 2. NYSE lists several securities including Moline Plow, Manila Electric bonds, Louisville & Nashville bonds, St Louis Rocky Mountain & Pacific, and New York City corporate stock bonds with large totals.
The bond market showed little activity with some gains and firmer moves in select issues. American Telephone 4145 moved higher in sympathy with stocks while Virginia deferred 63 edged up fractionally, Chicago Great Western 45 finished down 1, and New York New Haven and Hartford convertibles held steady. United States Government Bonds 201 10134 Stl noted.
R G Dun and Company reports reduced industrial activity amid uncertainty about the future. Merchandize distribution remains large for now but retrenchment dominates. labor is down and iron and steel mills idle. Shipping firms face funding issues, copper shows consumption contraction, and weather slows heavy apparel distribution. Failures total 356 in the United States and 41 in Canada versus last year.
Bradstreet's notes quieter trade and industry conditions as mild weather dampens demand for winter wear. Dry goods show mail orders for quick delivery while spring textiles stay conservative. Holiday trade remains cheerful with Northwest and Southeast reporting best distribution. Bank clearings fall 4.8 percent to 2.717 billion. New York down 7.1 percent. Wheat and flour exports total 5.896 million bushels. corn 14,964. Mild Canadian weather limits trade. some Northwest collections improve but overall payments lag.
Miss Jennie R. Morse sisters with Charles W. Morse sues to prove the New York New Haven Hartford railroad violated the Sherman act by gaining control of the Metropolitan Steamship Co and shipping the Yale and Harvard to the Pacific coast to remove competition. Congressman Martin W. Littleton serves as counsel in the petition filed in the New York Supreme Court.
Congressman Littlet on obtains Supreme Court order for witness examinations on Dec 4 regarding control of the Metropolitan Steamship Company by the New Haven and the Metropolitans stock and bond transfers in 1910. The suit targets lease cancellations of Yale and Harvard to Pacific Navigation and removal of Metropolitan directors.
President Wilson arrived in New York with companions, late train, was recognized in a theatre box decorated with flags. A burst of applause followed his entrance as the orchestra played The Star Spangled Banner.
President Wilson visits in response to an Army-Navy game invitation at the Polo Grounds. He travels with Col. House and Dudley Field Malone and comes for amusement, planning no speeches or public remarks. The party includes Sayres and other officials. photographers face security as they tour New York terminals.
St Paul and Newport note offerings include a 30 year library issue and a 41.2 percent naval like note sale. A California harbor bond issue of 4 percent due 1985 with a 4.27 percent yield is purchased by a syndicate led by E L Rollins, Blodget, Estabrook and Remick Hodges and Co. The California issue is callable 1950 and backed by a sinking fund.
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