Markets Show Improved Tone on Short Covering and Buys
Trading in local lists lifted by higher price levels amid short covering and moderate new buying. Arizona Commercial and Steel Common stand out among chief features on the market page.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 18, 1913
Page
12
Trading in local lists lifted by higher price levels amid short covering and moderate new buying. Arizona Commercial and Steel Common stand out among chief features on the market page.
Total sales in New York reached 342,500 shares and Boston 20,860. The most active New York issue was steel common with 64,900 shares. in Boston it was Butte & Superior with 4,215 shares. Year-to-date totals compare New York 70,175,000 shares and Boston 4,466,344 shares, versus last year New York 104,756,200 and Boston 9,457,137. Notable gains include Pittsburg Coal pref in New York and Calumet & Arizona in Boston. notable losses include C., St. P., M. & O. pref in New York and Geo. Elektr. pref in Boston. Call money ranged New York 3 to 3 1-4 pct and Boston 3 1-2 to 4 pct. time money New York 4 3-4 to 5 1-2 pct and Boston 5 1-2 to 6 pct.
New York markets show a cautious recovery from a two week slump with a broad rise and some new year lows for several stocks. Rock Island issues pull back, while bond trading remains irregular and downward overall, reflecting renewed selling pressure and margin account closings.
Boston, Oct. 17. Trading shows no clear trend as buyers chase vulnerable points then retreat. Butte & Superior weakens briefly then recovers slightly. Copper shares like North Butte, Granby, Calumet & Arizona, Arizona Commercial, Butte & Superior, and Steel common dominate activity. Volume totals 20,860 shares.
Boston market update notes ex-dividend and ex-rights activity with total sales totaling 20 860 shares and bond dealings at 39 300 dollars plus rights trading indicated.
The foreign exchange market remained dull and steady with bankers reporting afternoon rates. Sterling near 4.8590 to 4.8595 per dollar with bids at 4.8550 and 60 day terms around 4.8110 to 4.8135, francs around 5.20 percent, marks at 0.9474, guilders 0.4016.
Utah Copper reports September production of 11,817,428 pounds, up from 10,620,981 in August and 9,489,043 in July. The prior year September output was 6,966,144 pounds during a strike.
The article reports morning declines in the market followed by a noon rally aided by New York banking support. It notes little change in bank reserves, ongoing crop-related money movements, and firm New Haven bonds while detailing underwriter commissions, Boston bond issues, and copper mining finance debates.
The bond market closed firm with advances in bids of 44 percent for 2s 4s and Panama 2s as Rock Island issues and St. Paul convertibles lagged. American Telephone New York New Haven convertibles and Distillers 58 were in strong demand with various 4s and 5s quoted across multiple issuers. Total sale activity reached 1.901 million dollars.
R G Dun & Co reports in its weekly review that seasonable weather spurs demand in some trade sectors while iron and steel lag. Mercantile activity improves with optimistic gains in major centers, and collections stay prompt. Dry goods demand remains steady for quick delivery. cotton goods soften due to raw material price declines, wool orders rise. leather values trend up. footwear contracts increase for small lots. Iron and steel show weak prices. layoffs limited. consumer inventories are tight with early shipments in view. Failures rise to 323 in the US and 89 in Canada from last year.
Bradstreet's outlook for New York shows mixed signals as trade remains above last year but faces tariff, money rate, and market constraints. Textile demand remains strong for prompt shipments amid scarce goods, while cotton and corn exports show declines or record lows. Canadian trade stays quiet due to mild weather and retail sales lag outside the Pacific coast.
Bond notes state Watertown Mass will accept bids by 3 30 p m Oct 30 for 13200 434 percent school bonds dated May 1 1913 due 1914 23 inclusive The Japanese government will draw for redemption Oct 25 in Japan of 20000000 of its special 5 percent loan bonds internal issue valued about 10000000
Severe gales over the past week limited arrivals at T wharf. Three steam trawlers came in while only two schooners landed in time for the market. Prices yesterday included steak cod 11 1 2 c, market cod 4 3 4 c, haddock 4 3 4 c, hake 6 3 4 c, pollock 6 c, and steak cask 3 1 4 c per pound.
The White Star liner Cretic sailed from Naples with 90 saloon 210 second class and 1011 steerage passengers. The Hartlepool leaves Rio with grain for Copenhagen. Canopic with 85 saloon 350 second cabin and 1250 steerage passengers is 900 miles east of Boston light and due Monday. The Melrose rescued the Joseph B. Thomas crew after a barge sank near Cape Cod. F. J. Lisman towed the Henry D. May after a collision near Windsor N C. The Kanawha paced from Baltimore to Boston. Cibao arrived from Jamaica with tropical fruit and cabin passengers despite delays. The Cleveland sailed to Hamburg aboard a heavily laden cargo ship.
A detailed list of steamers, schooners, and tugs arriving and clearing at Newport News Norfolk and other East Coast ports. Notable vessels include Nacoochee Dizer Savannah Persian Philadelphia Dorchester and City of Gloucester. Port calls at New York Philadelphia Baltimore and St. Andrews with barges and towages noted. Oct 16.
Councilman William Farquharson of Ward 8 Quincy died at his home 75 Independence Avenue after a long illness. He had taken the turtle serum treatment of Dr. Friedmann of Germany, first improving then worsening.
Births include Vickery, Barrett, Brewer and more with family details. Obituaries list Mary Hayden, James Harrison, Elizabeth Howard and others. many notices give residence, church, mass times and burial info.
Scots Charitable Society members are notified of the death of William Farquharson of 7 Independence Avenue Quincy Massachusetts. Funeral services from his late residence Sunday October 19 at 2 PM. Train from South Station at 1 14 PM to Quincy Adams. Walter Ballantyne President Gilbert A Patterson Secretary.
Daniel F. McCarthy thanks friends for their relief and support during his sorrow after his daughter's death. The notice expresses gratitude for condolences and assistance.
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