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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 18, 1912
Page
16
Markets show a faster tone as Amalgamated raises its dividend from 4 percent to 6 percent annual. Tobacco issues remain strong while copper shares trade irregularly amid mixed trading cues.
Yesterday's market shows total sales of 498,100 in New York and 21,524 in Boston. Amalgamated leads activity in both cities, with 113,700 shares in New York and 4,660 in Boston. Jan 1 to date totals stand at 104,756,200 in New York and 9,457,137 in Boston, vs last year's 95,336,000 and 4,978,674. Weyman Bruton tops gains in New York. Amalgamated and United Fruit notable in their markets. Call money ranged 4.34% to 5% in New York and 5% to 6% in Boston, with time money at 5% to 5.34% in New York and 5% to 6% in Boston.
Foreign factors again shaped the local stock market as Turkey declared war on Bulgaria and Servia. Amalgamated Copper led activity with a 6 percent dividend hike announced later but not fully sustaining early gains as the list turned weaker. Bond trading remained dull with $1.4 million par vended.
Boston October 17 Dealings on the local exchange were moderately active with Amalgamated leading, trading 4660 shares and nearing 9 3 8. North Butte showed similar momentum, while East Butte held near its peak. United Fruit rose two points to 18 81 2 with Steel remaining steady. overall close was irregular.
Boston curb market reports lead features Lion Hill Consolidated La Rose Ma jestic Nevada Douglas with fractional price changes amid yesterday's dealings. Detailed fluctuations follow.
The Bank of England and Bank of France raised rates yesterday, signaling a European monetary tightening. Markets showed little reaction as speculation tied to political conditions and global crop movement. Amalgamated and Corn Products stocks moved, while express stocks slumped amid rate inquiries and possible parcels post. Bradstreet's reports show record commodity price levels, and the Minneapolis St. Louis line flags strong early fiscal-year earnings and extensive capital work on the Iowa Central line.
A roundup of companies declaring regular quarterly dividends incl Amalgamated Copper 1.50 payable Nov 1. Harmony Mills 1.34% preferred. Washington Virginia Railway 2% preferred and 1 12% common. National Lead 1.25% preferred. Cambria Steel 1.125% Nov 15. Troy Cotton 2%. Bourne Mills 1.125%. People's Gas 1.75% payable Nov 25. National Carton 1.25% preferred. American Bank Note 1% and 0.5% extra common. Homestake Mining 50 cents monthly. Portland Gas & Coke 1.84% preferred. Books close and reopen dates vary.
The cotton market opened about 10 higher on stronger Liverpool cables. Buyers in the United States and Europe supported prices amid Texas weather and renewed Southern selling. As selling continued, the market fell back to near prior closes, remaining dull and narrow with slight firmness. Spot demand from the Carolinas and Georgia showed improvement despite rising Eastern receipts. A crop expert's bullish report on the Eastern belt drew little attention.
Yesterday the Bank of England raised its minimum discount to 5 percent and the Bank of France lifted its rate to 3 1/2 percent. Money remained plentiful with call rates near 5 percent and most dealings around 4 7/8 percent. Time deposits showed 60 day at 5 1/4 to 5 1/2 percent, three to four months at 5 1/2 to 5 3/4 percent, five to six months at 5 1/4 to 5 1/2 percent. Local money rates and foreign exchange quotations followed.
Combined net earnings available for dividends reach 221 465 in September, up 44 615 or 25.15 percent from a year ago. Bank of England lifts discount rate to 5 percent, Bank of France to 3 12 percent. Puget Sound Traction Light & Power to issue 1 136 400 preferred stock at par with 1 to 2 (ratio). Philip Stockton named a director of Illinois Central Railroad succeeding John Jacob Astor. FE Emanuel and E May join New York Stock Exchange.
Subscription books for the 10 million dollar 5 percent New England Telephone Company bonds opened at 10 am and closed ten minutes later as the issue drew heavy interest. The New York Telephone Company will cancel bonds totaling 750 thousand dollars with tenders requested by Farmers Loan Trust Company. Georgia Railway & Electric Company sold 250 thousand dollars of refunding and improvement mortgage 6 percent bonds due in 1949 to C C Harrison Jr & Co of Philadelphia.
Copper prices drift with spot around 17.20 to 17.50 for October to December contracts while London quotes copper spot at £76 7s 6d and futures at £77 7s 64d. Tin remains firm with pig tin at £226 1s 6d. lead and spelter steady. iron firm at No 1 northern £18.00-18.50. Cleveland warrants rise to 66s 7 1-24d.
Thomas O. Marvin argues that U S food costs and wages differ from England and South America. He cites British Board of Trade data, quotes wage comparisons for bricklayers carpenters and printers, and asserts American workers are better off due to tariffs and higher wages. He warns that supporting low prices means accepting low wages. Boston, Oct 17, 1912.
Ex dividend notices for American Steel and Iron and International Steam Pump and United States Realty and Improvement. Books open for Chicago and Northwestern Nipissing Mines. Books close for Buffalo Rochester and Pittsburg. Meetings for Chicago St Paul Minneapolis and Omaha. Assessment payable Franklin Mining two dollars.
I Tucker Burr joins the Commonwealth Trust Company board as a prominent Boston financier. He has long ties to Parkin son & Burr and serves as director of Edison Electric Illuminating Company of Boston Waltham Watch Company Androscoggin Mills Nashawena Mills and Crocker Bur bank & Co.
Brown Brothers & Co. of Boston gains control of the Bangor and Aroostook railway. At Bangor stockholders elect Arthur Holland president replacing F W Cram. New directors include James Brown, Arthur Holland, H P Binney, and continued members Eugene Delano Percy R Todd T We Coe W A Danforth John Watson W C Spaulding and T H Phair. The annual report shows 1912 net revenue $1 193 128 and total income $1 224 306 with dividends $127 944 and surplus $64 386.
A chaotic bond market report shows numerous issues from Kansas City Southern and Southern Railway to Union Pacific and Reading-NTrust. The piece lists prices, yields, and recent transactions across many 20th century bonds, with activity notes and overall market totals for the day.
A speech urges action and warns against stagnation arguing America cannot stand still. It questions who profits from prosperity noting wages lag behind rising costs and top earners reap most benefits while average workers struggle to pay bills.
Market notes show various bond prices and yields from Philadelphia and New Jersey trading desks. Bonds listed include cement, steel, asphalt and railroad issues with percent yields, par values, and column indicators from Phila and nearby underwriters.
Charles S. Bird, Bull Moose candidate for Governor, asks Governor Foss if he will assist Mayor Fitzgerald the United States Senator. Bird claims Boston Democracy backing at the primaries and inquires what return the Governor plans.
Representative Oscar W. Underwood will share a Carnegie Hall platform with Governor Wilson in New York Saturday night. The Democratic committee announced the arrangement after a conference with Underwood.
Governor Woodrow Wilson toured Delaware decrying the assault on Colonel Roosevelt and denouncing violence in politics. He focused on state issues, avoided the Progressive party, and argued prosperity remained for the few atop.
Thomas A. Nilan of Ward 1 and John J. Lorden with William Lee of Ward 13 pulled out of House races amid Democratic efforts to back regular Democrats who would support Mayor Fitzgerald for the U S Senate. Nilan acted on the urging of Democratic city chairman Joseph A. Maynard. others followed, seeking a clean sweep at the State election.
Up to 200 supporters gathered at 64 Devonshire Street for a Progressive party rally. Speakers included John W. Vaughn of Boston Alexander W. Andrews of Gloucester and Dr Frank Davis. Nine dollars was contributed to aid the Progressive campaign.
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