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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 03, 1912
Page
14
Government report triggers sharp fall in issued issues with cotton prices sliding. Tamarack leading feature in local listings as selling forces falter and market activity slows on revised data.
Total sales show New York at 637100 shares and Boston at 36866. Reading led in New York with 97300 and Butte and Superior led in Boston with 3228. YTD totals: New York 8137800 shares, Boston 9048042 shares. Compared with last year New York 90612200 and Boston 4752415. Notable changes include Kresge common up 7 to 87 in New York, Cuban American Sugar down 7 to 35, Tamarack Mining up 6 to 49 in Boston, and Boston & Maine pref down to 138. Call money New York 5 3 4 pct, Boston 5 1 2 to 6 1 2 pct. Time money New York 5 1 2 to 6 pct, Boston 5 1 4 to 6 pct.
Enormous selling of stocks for European account driven by the Balkan situation dominates today's New York Exchange action. Over 100000 shares traded, with London Paris Berlin and Vienna liquidating joint positions including steel and Amalgamated Copper. Prices opened weak, rallied briefly, then declined again, closing with heaviness and short covering.
Yesterday's curb market showed quotes for Boston Curbs Butte London and Alaska Gold around 93 to 4, 92 to cents, with Mexican Metals receipts at 62 to 60 cents. Butte Central sold 30 units at 73-8 to 71-4 as official sales data was published.
State Street Topics notes a shift in market behavior since 1907 with old leading stocks losing their barometer role. It highlights tabled changes from 1911 to 1912 across railroads industrials and specialties, where specialties led with 18 to 23 percent gains, while railroads rose modestly and industrials surged. The piece also reports on cotton conditions and predicts a record 14 million bale crop for the year.
Street chatter about an abolitionist stance on the New York Stock Exchange swirls amid alleged insider shorts. Tamarack Copper climbs on hopes of imminent dividends. the firm drills at high cost but expects profits above seven dollars per share if copper stays strong.
Weakness in New York issues pulled prices lower in Boston with uneven activity. Tam arack rose from 42 to 60 on 2047 shares before closing at 49, while Isle Royale Butte & Superior Old Dominion and East Butte faced selling pressure yet attracted buyers on the dip. Trinity showed liquidity with 1889 cash, 6400 last year, and 19 two years ago, trading 16 shares at 61-4 as Steel common hovered near 78-3 and Exitson Electric lights found strong demand around 9. Overall, the close carried an irregular tone.
The October circular from Turner Tucker & Co discusses two buyer classes in listed securities. It contrasts traders seeking immediate profit with investors seeking safety and steady income, emphasizing principal safety, adequate return, and liquidity as key investor criteria.
Fragmentary OCR notes show market bid figures and percentages with unclear entity labels. The text lists ACL references, percentage bids, and various codes, but lacks coherent context or identifiable parties.
Subscription books for General Electric 5 percent debenture bonds opened yesterday and closed almost immediately. The $10,000,000 issue is heavily oversubscribed with allotments to be cut. $50 per bond with $300 due Oct. 15 and $300 due Nov. 11. English allotment via Morgan Grenfell and Higginson also oversubscribed.
Boston Stock Exchange expelled Stephen R Dow. Thomas JF Cole and associates plan flotation of a large Butte mining company and have taken control of Butte London Development Company. Ground includes Greendale placer, Extension placer, and undeveloped claims east of Butte London ground with limited prior shaft development. Copper and ore shipments data from Missouri Kansas Texas, Miami copper, Calaveras Copper, Rock Island, Copper Range, and 1911 comparisons are provided in financial notes.
Bearish interpretation from two government reports on October cotton figures. The census shows 3,015,000 bales ginned to Sept 25 and the crop condition at 69.6. Both imply yields above earlier estimates, potentially around 15 million bales, with final output depending on frost timing. Trading shifted from restraint to a sharp late-day break.
Oct 2 metal exchange shows quiet trading copper softer for late months while spelt er bids fall by 10 points. Spot levels around 17.60 to 17.62, with November and December bids near 17.25 to 17.63. London market notes copper at £82 for lead and other minor shifts in antimony and iron.
The bond market stayed firm as Atchison areas showed steady activity with Pacific counters and Rapid Transit 4s noted. Interborough-Metropolitan bonds also traded, indicating overall stability amidst regional movements.
Foreign wheat markets rise on Balkan war advisory notes fueling short covering and investor buying. Northwest receipts lag last year with Minneapolis and Duluth totaling 812 cars vs 1020. Paris Antwerp and Budapest show gains across futures, while corn remains subdued. Minneapolis car receipts 391 vs 499 year ago, Duluth 421 vs 521. Chicago quotes show mixed wheat and corn prices.
A long list of quarterly or regular dividends with payment and record dates appears for Sierra Pacific Electric Brooklyn City Railroad Savoy Oil Oklahoma Natural Gas Lehigh Valley Transit Commonwealth Trust Hirman Manufacturing General Gas Electric Mechanics Mills Steam Pump ca Pay-as-you-enter Car Storage Battery Car Company and related entities. Dividends include 1 to 2 percent and several preferred shares with varying pay dates.
The Louisville and Nashville Railway Company reports year ended June 30 with total income of 17 159 551 and operating income of 14 722 597. Surplus climbs to 10 200 358 before deductions, available for dividends 9 560 772. declared dividends remain 4 200 000 and new surplus 5 860 772. Includes notes on capital stock yield 15.9 percent and prior year 14.26 percent on 60 million dollars.
The call money rate fell from 6 percent to 3 percent with most business at 6 percent earlier and late offerings at 3 percent. Disbursements due Oct 1 have returned to banks aiding easing conditions while time funds remained light with rates around 5 1 2 to 6 percent for five and six months. Local call money and foreign exchange quotes are listed with New York and Boston figures, reflecting a generally steadier money market.
Public Service Investment Co declares a quarterly preferred dividend of 1.50 per share. Payable November 1, 1913 to stockholders of record at the close of business October 15, 1913. WE & WEBSTER Transfer Agents.
Augusta Maine invites bids by 10 a m October 8 for 333000 four percent school building bonds dated June 1 1912 and maturing 1912 to 1922 inclusive Southern Pacific of California first mortgage six percent bonds series EK due 1912 have been stricken from the New York Stock Exchange list.
The Senate committee heard claims of large Roosevelt era fund disbursements with J P Morgan called to testify and Charles Taft potentially summoned. Dixon alleged major contributors and asked for all pre convention fund handling to be disclosed while Clapp denied slander and defended Roosevelt alignment.
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