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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 03, 1913
Page
18
Markets show a strong undertone with higher price levels on moderate volume. Alaska Gold hits a new high at 243 8. Bank of England raises discount rate to 5 percent. United Fruit cuts melon by 2 percent, signaling varied sector movement.
New York total sales 281 200 shares and Boston 27 913. Most active New York steel common 51 300 shares and Alaska Gold 11 840 in Boston. Year to date New York 66 332 200 and Boston 4 220 218 shares. Last year New York 98 803 900 and Boston 9 096 573. Largest gain New York Pittsburg Coal ptc 31 percent to 911. Largest loss New York International Harvester 3 to 107. Boston gain Ahmeek Mining 10 to 290. Boston loss Calumet & Hecla 3 to 437. Call money New York 234 to 3 percent. Boston 314 percent. Time money New York 454 to 5 percent. Boston 51 percent to 6 percent.
Stocks crept higher with little urgent bidding and scarce offerings. Canadian Pacific rose 3.5, Amalgamated led gains, Steel and Reading also up, while money rates edged higher after Bank of England rate rise. Bond market steady. Southern Pacific 4s up 2, US 4s at 109 1/2 on call.
Ex-dividend notes show total sales of 27 913 shares bonds 17 000 and rights 360 across Boston markets reflecting reduced prices and investor activity.
A dated investment notice from H L Nason & Co based in Beston Massachusetts highlights yields around 4.29 to 13.94 percent and an 8 percent overall yield as a promising option. The snippet references 55 Congress and a Boston address.
The Edison Electric Illuminating Company of Boston declares Dividend No 98 at three percent payable November 1 1918 to stockholders of record at close of business October 15 1933 Treasurer T K Cummings Boston October 1 1915
The Boston market followed New York higher with gains in copper and industrial shares. Amalgamated, Granby, North Butte, Old Dominion and Calumet & Arizona led advances while Alaska Gold reached a new high of 243 8 and turnover topped 11 840 shares. American Telephone slipped on talk of a government take over long distance lines, closing down 11 8 points. United Fruit rose modestly ahead of an anticipated 2 percent extra dividend. The overall tone ended firm.
Boston curb listings show Calaveras, Mexican Metals, Butte & London, Davis Daly and First National Copper as yesterday’s featured stocks. Calaveras fell to 1 34, from 1 54 earlier, Mexican Metals traded at 22 cents down from 26, with other items easing in step as gains faded.
Maryland four percent bonds totaling about 10 006 were awarded yesterday to White Wedd Co of New York and Bawina and J H Wilson Jr Co of Baltimore at 97.081. The Hartford bid clock shows 2 p m on the 16th for all or part of 1 million in 20 year municipal building bonds dated November 1 1913 and maturing 1933.
Dividend notices show United Fruit declaring an extra percent cash dividend payable November 1 to holders of record October 20. Pittsburg Coal declares a regular quarterly dividend of 1 14 add-on preferred, payable October 26 to holders of record, with further details listed.
Yesterday the Bank of England increased its minimum discount rate from 4 1 2 percent to 6 percent marking the first change since April 17. The bank shows a reserve ratio of 53.26 percent amid deposit declines and a bullion loss of over 3 million pounds in a single week. Bank bullion withdrawn to India and sterling exchange near the gold import point accompany the shift.
James L. Martin of Harbrook & Co. comments on crop damage, grain prices, and bank liquidity. He notes limited impact on Western buying, strong Chicago bank reserves, and easier money with 6 percent loans. He cites Illinois crop forecasts of 50 to 75 percent and Kansas farmers having good recent yields. He says tariff and currency settlement could spur business, but current activity lacks seasonally expected vigor.
United Fruit announces an extra cash dividend payable November 1 to stockholders of record October 2. For the fiscal year ending September 30 the company reports net profits over 36 million dollars, about 11 percent on the outstanding capital stock of 36.59 million. The 1912 fiscal year earnings stood at 13.41 percent, with a five year average near 1.42 percent net annually.
United States Government bonds finished with a softer tone on October 2 as registered .2s and AT&T convertible bonds faced pressure. Southern Pacific collateral 4s and Fires were in fair demand while traction issues remained firm.
The Springfield Street Railway Company offers its first mortgage 4 percent bonds at 3 ¾ to yield about 4.70 percent. The $1,700,000 bonds are followed by $3,708,100 stock, with dividends of not less than 7 percent since 1893. Fiscal year 1913 gross earnings $2,089,515. net $596,644. earnings for debt service about $428,060, over four times interest. Bonds appear a legal Massachusetts savings bank investment.
Victoria Copper Company reports a September output of 122 tons, the largest monthly total in its history. Anaconda produced 240,000 pounds in August and 24,000,000 pounds in September. Nine month 1912 production totals reach 205,400,000 pounds, versus 223,050,000 for the prior year and 194,500,000 for nine months in 1911. Vulcan Detinning directors approve a quarterly 4 percent dividend on preferred stock payable Oct 20, following a 4 percent payout on April 21.
An issue of 300000 four percent State Maine bonds was awarded to Boston bankers. A bid of 100.52 by Perry Coffin Burr and A B Leach Co was accepted. Bonds dated Sept 1 1913 mature serially 1 to 40 years. Other bids included N W Harris 100.287 Maynard S Bird 100.23. Fidelity Trust Portland submitted four bids at varying prices.
Despite late season, mackerel crowds persist at the Nantucket wharf with 11 600 tinker mackerel caught by Whileaway. Nineteen trawlers including the Billow report sizable hauls and extra catches of haddock and cod. Dock workers strike at Fowey is settled, enabling discharge and cargo loading. The Numidian sails for Glasgow with passengers and cargo as U S battleships depart for foreign cruise. Pollock Rip Bell Buoy No 2 C to be renamed and a spar maker marks the wreck of the Landsman.
Shipping news lists multiple vessels arriving and clearing including torpedo boat destroyer Jouett Cronan at Newport and steamers Cymric Cibao Prince Arthur Yarmouth and others. It also notes schooners, tugs, barges and the battleships Rhode Island New Jersey and Nebraska sailing for Hampton Roads.
A dense list of death notices and funeral details from Cambridge and surrounding towns. Includes Bridget Barry, James Brannan, Elizabeth Brickett, Pemele Cleveland, Edward Connor, Mary Coveney Gillan, Annie Cullen, Henry Farrow, Ann Flood, Anna Gallagher, Margaret Gustafson, Joseph Hayes, Timothy Herlihy, Ellen Hugo, Elizabeth James, Mary F. Lanergan, John Lannin, Lars Lundberg, Annie Macdonald, Margaret McGinnis, Mary Noonan, Helen Normanly, Ellen OLeary, Mary Parker, Joseph Parkman, Christina Potter, Ellen Redman, Eugene Robbins, Dennis Ryan, William Sullivan, Annie Webb, and a Massachusett Old Guard item. Funeral services span St Marys Annunciation, Holy Cross Cathedral, St. Patricks, Mt Hope Cemetery, St. Anns, and other local churches with masses and private burials noted.
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