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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 10, 1914
Page
16
Movements show New York banks adding more than 11 million dollars in cash as gold exports to Canada total about 5.3 million. With improving money conditions, commercial paper in New York near 6.5 percent and calls for emergency currency easing shrink. Analysts forecast a further deficit reduction and note weaker bank loan demand.
Grain markets show oats in various white grades with prices around 45 to 47 and percent changes noted. Wheat futures across New York Minneapolis Kansas City Detroit show opening and closing quotes around 1.18, 1.08 and 1.02 to 1.09 ranges with inconsistent decimals and letters in the data.
Puget Sound Traction Light & Power Company declares a quarterly preferred dividend of 1.60 per share payable October 15 1914 to stockholders of record at close of business October 1 1914. Stone Webster transfer agents.
The Edison Electric Illuminating Company of Boston declares Dividend No. 102 a quarterly payment of three per cent per cont payable November 2 1914 to stockholders of record at close of business October 15 1914 Treasurer Boston October 8 1914.
Boston quotations for Oct 9 show 6 percent and up on broker loans and customers loans, outside broker loans at 5 percent, commercial paper at 7 percent, and year money at 6 percent. New York funds exchanges and balances are listed, with Sub-Treasury debt and New York banks gaining on Sub-Treasury operations.
The New York Cotton Exchange committee urges no trading for now. Sterling near 4.98 1/2 for cables and 4.97 1/4 for demand. Copper exports Oct 1 to Oct 1 4290 tons down from last year. Alaska Gold bid 2% with no stock offered. Detroit quotes Michigan Sugar at 44 3/4, Kresge 100, Reo 19 1/4, Nipissing 5, Kerr Lake 4.35, Hollinger 17.75, Braden 3, Davis Daly 3/8. Grand Trunk Canada gross 809,900 with declines, yearly gross 5,788,200 and net 1,502,500 down. National Railways of Mexico meeting moved to Oct 10. Chicago quotes Commonwealth Edison 7 5/8, Chicago Railways 5s at 4, City Railways 5s at 91 4, People’s Gas 4% bonds at 7, Chicago Telephone 5s at 97 6/8. New York City bonds: 1917s 103 1/16, 1916s 101 3/8, 1915s 100 1/2. Washington crop prospects improved, now about 6.4% above last year’s average, Sept conditions 7% below Oct 1 average.
The Great Northern Railway Company releases its annual pamphlet for the year ended June last showing earnings of 8.85 percent on stock versus 11.69 percent in 1912. The capital stock totaled $250,997,700, up from $209,990,750 in the prior year.
Liberal buying of New York city notes and long term issues dominated today as out of town banks sought 6 percent income near 6 percent. Unlisted bonds and top rated municipal issues attracted demand while time money eased due to stronger local bank positions. Foreign exchange moved irregularly with Amsterdam and Holland activity rising, and a semi annual 2 percent dividend was declared by Southern Railway preferred stock.
Bradstreet's reports a mixed trade picture with lingering war impact in Europe, warm weather delaying retail sales, weak cotton in the South, high money rates, slow collections, restricted industrial output and tight credit. Some cheer comes from East jobbers and export demand for leather goods and textiles, while U.S. and Canada business failures rise versus prior years.
Maxwell Motor Co Inc released its first annual report covering operations to July 21. Net earnings from operations 1,436,445 and other income 339,979, total income 1,770,424, depreciation 264,958, resulting surplus after costs 1,505,407, equal to 12.25 percent on 12,279,532 first preferred stock. Assets and liabilities total 38,723,693 with net working assets about 6,000,900, over 1.5 million cash, no dividend paid.
Protective Committee for Atlantic Gas and Electric is organized by bondholders of first lien sinking fund gold bonds series A and B. Members include Charles H. Sabin chairing, F W Allen, W H Bennett, and Frank B Newell. William C Bradley named secretary. offices at 104 Broadway. Deposits requested with Guaranty Trust Co of NY and American Trust Co of Boston. Atlantic Gas & Electric is in receivers hands.
The Pacific Mills management disposed of prints totaling over 750000 in recent weeks. Color prints fueled by dye shortages boosted sales and cut inventory to about 2500000 from 3500000 earlier. Pacific Mills stock traded around 106 with bids at 107 to 108 at month end.
Members of the New York Central syndicate have unanimously agreed to extend the refunding and improvement bond program of 40 million dollars. The extension is subject to termination in ten days if notified by the syndicate managers J P Morgan and Co. The original agreement expires October 11.
Edison Electric Illuminating Company declares regular semi annual dividends payable November 2 to record stockholders. The action sets a routine distribution reflecting steady earnings and corporate policy for shareholder returns.
Charles S. Mellen ex-president of the New Haven links ex-Governor John F. Hill of Maine to a mysterious 1.5 million dollar Billard company note found in Hill s strong box after his death. Samuel Hemingway treasurer of the Billard company testifies before the Interstate Commerce Commission, later named as a defendant in the suit to recover over 3 million dollars from Billard and others.
Testimony at the commission shows Hemingway recalling a $1,500,000 loan to an unnamed party and a plan by the Billard Company to boom New Haven stock, with 13,000 shares sold and 13,200 returned as the price slid to 137 1 2. Mellen disputes note ownership, while lawyers for Charles W. Morse seek Hill estate information in Maine.
Trustees of ex Governor John F Hill of Maine plan to show in days that the 1 56 0 000 note held by him was not profit from the Billard deal with the New Haven. A Boston meeting with Norman J Bassett will present the claim that Hill had no part in profits and the note was merely an accommodation to friends.
At an Interstate Commerce Commission hearing Mr Polk for the commission questioned a figure of 2,748,700 dollars alleging the profit went to the directors. The testimony focused on where the profits accrued and who benefited from them.
Charles W. Morse told his Bay Shore home today that he first learned of the Hill note in June last year. He said the note related to stock of the Eastern Securities Company formed by E D Robbins to hold Metropolitan Steamship stock and to show where the $2,700,000 Billard funds were meant to go. An associate familiar with New Haven affairs said the note was created by the New England Securities Company dated March 6, 1911 and signed by George A. McIntosh. The company allegedly was formed for Beverly M. Davis of this city by Warren D. Chase, who at the Interstate Commerce inquiry in New Haven was Robbins’s aide in forming corporations to handle New Haven matters.
Augusta Me October 9 Norman L Bassett counsel for the Hill estate today refused to discuss the mysterious note for 1500000 found in the late Governor strong box maintaining his position of not talking until ordered by the court.
New Haven sold a 41 2 percent park bond issue dated 1914 to H. G. Warren Co. at 105.40. Boston's National Shawmut Bank, N. W. Harris & Co., and Butler Coffin & Burr also bid. The sale attracted several prominent bidders in New Haven and beyond.
The Baltimore & Ohio directors issue a circular to stockholders calling a special meeting on November 15 to approve a new mortgage covering the entire system with bonds not to exceed 600,000,000. The proposal would issue bonds serially under this mortgage.
The Western Electric Company, a unit of AT&T, bought about 5,000,000 pounds of copper in the past week at roughly 20 cents a pound, its first sizable purchase in over two months, signaling renewed demand from heavy copper buyers.
Immigration officials press Carlton case as Boston fugitive allegedly vanished to England after bond posting. Counsel William H. Lewis and Daniel H. Coakley seek proof Carlton left US. Officials wire London consul general to locate Carlton at Ritz Carlton London and link him to a New York voyage passenger. Carlton identities tie him to James Weldon and James Warren across 1913 14.
A car crashed into a tree on Commonwealth avenue near Hobart road Newton Centre injuring Mrs. Robert L Summers her three year old daughter and a nursemaid. They were treated for severe facial and hand cuts at the Summers home 1463 Beacon street Brookline.
Portsmouth N H fails to attract bids for a proposed 57000 bond issue and decides to offer the refunding bonds over the counter. The 4 percent issues mature in equal installments from 1916 to 1934, offered at par in denominations of 100 dollars. A circular has been sent to investors inviting subscriptions.
Directors of the Boston Land Company declare a dividend of 60 cents per share in liquidation, dividend No. 5, payable Oct. 25 to stock of record Oct. 12. The company has sold its holdings to the East Boston Company, also known as the East Boston Land Company.
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