Monday Law-Steel Market Tightens at 1094
A Norfolk and Western led stock report notes weak features in Crucible and Marine while law steel figures press to 1094. The local list shows mixed strength with several firms lagging in early trading.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 12, 1916
Page
16
A Norfolk and Western led stock report notes weak features in Crucible and Marine while law steel figures press to 1094. The local list shows mixed strength with several firms lagging in early trading.
Yesterday total sales in New York 1 373 090 shares and Boston 45 842 shares. The most active New York issue was Steel with 284 000 shares and in Boston Utah Metals with 8 855 shares. From Jan 1 1916 to date New York total 143 526 392 shares and Boston 9 173 681 shares. YoY New York 125 278 400 shares and Boston 9 861 561 shares. The biggest gain in New York was General Chemical advancing from 334 to 328 3 4. The biggest loss in New York was Brooklyn Union Gas from 7 to 125. In Boston Osceola rose from 2 to 89 while Nova Scotia Steel fell from 5 to 133.
New York traders faced renewed weakness with prices dropping 2 to 5 points on many speculative issues while United States Steel and Readings and key war stocks led the downtrend. Total volume reached 1,375,000 shares as public interest waned and mercantile marine issues weighed, even as steel and copper inquiries showed some price firmness.
Boston stock report notes today’s high and low quotations with last sale data from yesterday. Including prominent listings and market activity as of the latest session.
Current quotations show brokers' customers call loans at 3 to 31 percent and outside brokers' call loans at 3 to 34 percent. Commercial loans range from 4 1/ a percent to 6 percent, while individual collateral loans sit around 4 1/ 0 percent. Bond quotes include listed 4s and various other issues with rates and maturity markers, reflecting a snapshot of market lending costs and fixed-income instruments.
Boston traders lightened commitments ahead of Columbus Day as New York selling pulled prices down. Copper shares led losses with Anaconda retreating from 102 to 88 1/2 while Steel fell from 120 to 108. American Zinc rose on large Mascot shelter orders. December copper scarce with January bid at 28 cents.
Rumors of a peace message from the Kaiser and British shipping disruptions unsettled traders after Monday’s market break. Lackawanna Steel and United States Steel forecasts loom, while Tennessee Copper issues plan new stock to raise capital amid legal suits and restructuring. International Mercantile Marine shares weaken on suspected sailings restrictions.
The rise in Hide & Leather shares is linked to a proposed reorganization issuing one class of stock to retire all preferred and common stock. The plan would wipe out accrued preferred dividends and pay 90 percent to preferred holders and 10 percent to common holders.
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