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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 20, 1914
Page
14
Leading bankers report progress on reopening stock exchanges and plan an important announcement soon. Banks urge lower price levels to dissolve the gutter market while brokers, customers, and exchange authorities debate a broader, orderly trading framework.
The New York New Haven and Hartford Railroad Company informs stockholders of an annual meeting on October 28, 1914, at Harmonia Hall New Haven CT. Items include review of annual statement election of directors and potential bylaw changes with an executive committee. books close October 14 to 28. ARTHUR E CLARK Secretary.
Public Service Investment Company Boston Massachusetts issues Preferred Dividend No. 22. A quarries share directed by reference capital stock of Public Service Investment Company payable to stockholders of record as of October 7. Stone & Webster, agents.
A Boston Post preview outlines preliminary national bank condition figures as of September 12, reflecting unsettled business confidence from the European war and heavy cash demands during the crop movement. The article promises a cash position comparison with prior critical dates to inform outlooks for business and securities.
Banks report surplus reserves of 40.5 million dollars as United States Steel directors prepare to vote on a dividend next week. The Amalgamated dividend is also under scrutiny due to copper industry weakness and a predicted reduction. Market chatter centers on a steel common dividend cut from 1 to 3 percent, though some expect no change until after year’s start.
Current Boston quotations show loans to customers and outside brokers at 6 percent or higher, commercial paper at 7 percent or more, and year money at 6 percent. Sub Treasurys, exchange gains, and New York bank balances are reported, with Saturday and Friday totals.
Oct 19 report notes reopening of the Eastern freight rate case before the Interstate Commerce Commission. Banks show strength, gold and cotton pools form, foreign exchange eases, and London bills decline as markets grow more hopeful. Press previews potential English moratorium end and Canadian gold outflows, with bank and reserve data reflecting shifting loan and note trends.
Wheat prices show No 2 red at 1.1212 and 1.14 percent, No 3 red at 1.111 and 1.195 percent, No 2 hard winter at 1.121 and 1.144, No 3 hard winter at 1.11 and 1.12 percent. Corn including No 2 white and No 2 yellow values, No 3 white and No 3 yellow and other grades listed with mixed notation. Oats prices shown for No 2 and No 3 white with multiple codes and percentages. some figures appear garbled.
Trading on the local curb exchange showed Nevada Douglas down to a new low after slipping from 1.00 to around 1.00 while total curb sales exceeded 2000 shares. Nevada Douglas contributed 2400, Verde Extension 1500, Bay State Gas 900, with Old Dominion receipts up 0.5 to 5.14 and First National Copper at 5.96.
The New York Railways Company shows earned 3.36 on 5 percent bonds for the year ended June with a reported surplus of 3,924, offset by larger interest obligations. Detailed figures indicate total bond interest surpassed by adjusted 5 percent bonds, leaving a net deficit that could have been 414,756 if not offset by other gains.
London cables show money easy at 1 to 1 1 2 percent with bills steady around 3 7 8 to 31 4 percent. Six months' paper firm at 33 4 percent. Treasury bills due Wednesday. Canadian Pacific at 155 1 2, notes firm at 101. Brazilian debt scheme slated for today. Insurance shares in demand amid large business. South American rails freely offered. Bank of England discounting moratorium bills in small volume.
Lee, Higginson & Co. issued a statement on the bond market noting that European war shocks caused formerly 4 to 6.5 percent yield bonds to drop in price, making today a buyers market. They report improved conditions, easier money, and falling rates as confidence returns, urging purchase of well secured interest bearing obligations.
The St. Louis and San Francisco Railway shows for the year ended June 50 a total income including six months interest on the refunding mortgage 1 371 140 eight months interest on the general lien mortgage 2 292 960 and 338 446 interest on notes not paid Dividends on trust certificates described in the report reflect the legal accounting of the franchise and its financing details during the period.
Receivers and counsel for Walpole Tire & Rubber Co extend sale date to January 4 1915 with 10 days notice for court action. Company reports ongoing good business with orders and sales up from 1913. Court approves payment of 10 percent to creditors as the fourth dividend totaling 125000, bringing liquidation to 22 percent. prior 4 percent dividends were paid March 14 June 1 and July 27.
State Auditor Pope reports total receipts for the Commonwealth at 8.34 million from Dec 1 1912 to Dec 1 1918, with 269 thousand in temporary loans, 1.99 million from hibe taxes and 946 thousand from savings bank taxes. Expenditures in ten months reach 15.28 million, leaving a deficit of 3.73 million on Oct 1 1914 after cash on hand of 2.21 million.
Massachusetts will retire seven million dollars of temporary loans within the next month. Maturities include 1 150 000 on October 22, 425 000 on October 26, 700 000 on October 29, 75 000 on October 30, and 4 640 000 on November 17. Historical notes show 1918 borrowings of 7 750 000 at 4 to 4 1/2 percent and 1912 borrowings of 8 725 000 at 2 1/2 to 13 4 percent.
Western Union Telegraph Company issued its year end report for June 30, with figures showing revenue of 45,582,395 and 45,114,798 for the prior year. Net income and dividends are listed, along with balance and various expense and earning items.
A Superior Court jury awarded Alanson Follansbee of Chicago 102.28 and the Central National Bank of Buffalo 40,913 against the Boston and Maine railroad, totaling 143,196. Notes issued in June 1913 included ten notes of 10,000 each and five notes of varying amounts.
American Railways Company declares a quarterly 13 4 percent on preferred stock payable November 14 to holders of record October 31, with books remaining open. Austin Nichols & Co Inc issues regular stock payable November 1, books close October reopen November 2. Bangor Railway & Electric Company offers 1 2 percent on common stock payable November 2 to record October 19. Illuminating Power Securities Corpo-
Payroll notices list regular quarterly dividends on preferred stock from multiple companies. Pacific Power and Light declares 1.75 percent payable November 1 to record holders October 22. United Cigar Manufacturers’ reports 1.25 percent payable December 1 to record November 24.
President Wilson today received a written protest from Hopkins Smith and other Americans recently back from Europe against the dropping of bombs from German airships. He indicated the United States would not act, saying there is no right to interfere.
The Harvard Undergraduates Economics Society opens its first meeting in the union this evening. Professor T. N. Carver, former head of the rural organization department, will speak. He has spent the last two years in that position.
Washington will address members about the organization of the business side of farming. Professor Carver will discuss farming needs and the government plans adopted and considered to assist farmers.
A get together meeting was held last night in the First Parish vestry Meeting House Hill Dorchester. Plans for winter activities were made. The programme included a forum with speakers followed by a social.
New York Oct 19 Captain De Balezeaud of the French army arrived on the steamship la Touraine from Havre announcing plans to purchase 20000 horses for the French government. The animals are to be delivered by December 1 and will likely be shipped through New Orleans.
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