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This newspaper page contains 12 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 02, 1912
Page
13
An editor analysis argues the Boston & Maine Railroad must issue stock at par to fund subsidiary purchases. It notes a 4 percent dividend not earned, stock prices plunging to $9, and New Haven’s control shaping ownership. The piece traces 10 year earnings, deficits, and the need for new capital to restore credit and invest in infrastructure.
The August output reached 6,551,030 pounds, the highest in company history, surpassing 6,084,274 pounds in July and 3,249,514 in August 1911. Other notes include changes in partnerships and leadership at several firms as market data shows New York Central’s August gross $26,049,011 with net $8,519,807 and year-to-date gains across the period.
Copper moves faster with slight recessions for late months while tin weakens with spot off nearly one cent and higher asking prices. Lead and antimony hold firm as London market lists copper and tin prices, with spot and futures varying and metal sales reported.
A Boston elevated report notes deficit signals for 1912 while Granby New England Telephone and Northern Pacific list irregularities. Old Colony Trust plans to raise capital, signaling shifts in financial markets.
Total sales in New York and Boston, with most active issues. Kresge Co. leads gains in New York while Del Lack West shows a large loss. Calumet & Hecla tops gains in Boston and Boston & Providence logs the biggest loss. Call money and time money rates differ between cities.
Heavy Balkan driven selling and high call money gave way to a mid day slump, then a sharp recovery as the market strengthened. Woolworth led gains while rails and steel stock lagged. government bonds held steady with total activity around $1.82 million par. Readings showed varied bank results and currency transfers to New Orleans.
Boston stock session shows East Butte sinking to 1618 while American Zinc and Steel common drifted lower. Butte & Superior rises 114 points to 473 4, Edison Electric rights show strong demand, overall market ends irregular.
The 1912 fiscal year for the Boston Elevated reported a deficit of 491000 after dividends, wiping out a decade of surplus due to a spring strike. Net earnings fell to 30 percent of gross from 35.2 in 1911 while call money rose to 8 percent signaling restraint. Treasury deposits paused and currencies debated as promoters benefit from 6 and 10 cent store stock gains, Woolworth and Kresge hitting new highs. Old Colony Trust issues 1 million new shares, valuing a share at about 858.33, leaving 1.5 million still authorized. East Butte copper activity suggests an upcoming price rise and potential stock issue vs convertible bonds. Louisville & Nashville to issue 12 million new stock, Union Pacific strengthens Chicago & Alton control with Kruttnschitz joining the board.
A dividend of one per cent on the preferred stock is declared payable October 15 1912 at the Treasurer’s office 131 State Street Boston to holders of preferred stock of record at close of business September 28 1912 American Telephone and Telegraph Co A dividend of two dollars per share will be paid on Tuesday October 15 1912 to holders of record at close of business September 30 1912 William R Driver T
After William H. Nichols became president of the Granby in a vote, directors discussed financing options. A convertible bond issue vs a new stock issue at $35 a share to raise 1.5 to 1.7 million dollars are weighed against delaying dividends and funding Hidden Creek development. The company holds about 800k to 900k cash, with Hidden Creek needing 1.5 to 1.7 million to develop.
The Boston Elevated Railway Company issued its annual report for the year ended June 30 detailing 310,310,009 passengers carried, up from 305,498,665 the prior year. The report notes a loss last year due in part to a strike, with depreciation charges included and a nine month deficit referenced.
Old Colony Trust Co raises capital by issuing new stock at 150 per share adding 1 000 000 to capital and 500 000 to surplus. Total capital becomes 6 000 000 and surplus 8 000 000. Rights issued to stockholders 1 new share for each five shares held as of Oct 5 with expiration at close of Oct 17 and payment due by then.
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