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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 24, 1912
Page
12
Rumor of heavy failure in Vienna sparks sharp stock declines as selling intensifies. Market turns dull as supportive orders appear and tobacco issues stand out. Weak China hits new high record of 491 2.
Total sales by city show New York at 44 200 shares and Boston at 47 035 shares. Virginia Iron leads gains in New York while Lorillard Co. falls. in Boston Rock Island gains and Calumet & Hecla declines. Call and time money rates move in New York and Boston.
New York market faces renewed selling pressure as European liquidations drive declines in high grade issues led by Canadian Pacific. Chino Copper and Chino bonds rise on dividend prospects while Republic Iron & Steel resumes preferred dividends. Banks show tighter call loans and overall volume remains restrained as prices end near session lows.
Dividend notices announce a semi annual dividend of 3.00 per share on the preferred capital stock and 2.00 per share on the common stock, plus an extra dividend of 1.00 per share on the common capital stock. The declarations are dated October 1, 1912, with transfer agents named.
The Boston market Oct 23 shows Lake Copper sliding from 32 1 2 to 28 1 4 amid selling pressure and a 47 08 average drop to 47 15. Chino rises to 49 1 8 as dividend rumors swirl while East Boston gains on a 3 million dollar port development plan. The close is irregular as Lake Copper weakens and Chino remains strong.
Local curb market stayed light with minimal activity. Notable names mentioned include Butte and London Utah Metal Mining Alaska Gold and Eagle and Blue Bell as prices drifted slightly lower across the list.
The market saw heavy selling with over 800000 shares changing hands amid declines from 65 to 6 points. Foreboding rumors of European failures circulated without confirmation as Balkan tensions and Paris bourse weakness raise worry over upcoming settlements.
The Atlas and Hercules powder firms join under E I du Pont de Nemours with capitalizations of 5 million and 10 million. Total assets of the two firms total about 20 million while the third section retains the Du Pont name with assets near 70 million. Debt and bond details include 6 percent bonds issued by Hercules and Atlas, with exchanges offered to old debentures.
Franklin company expands unsold copper from 200000 to 400000 pounds by month end. Sale could add about 70000 while assessment yields 325000 for the company. Lehigh Valley Sept gross 3,856,028 and net 1,359,672. three months gross 11,389,571 and net 3,951,053. Iron Cap reports two feet of high grade ore. Mayflower drills 60 feet copper ground. Bay Consolidated September output 3,135,163 pounds. Bruce McKelvie leaves for Europe with K R Babbitt. Kansas City Southern Sept gross 910,899, net 944,854.
North Texas Oklahoma and Arkansas frost forecasts failed to materialize sparking heavy selling with prices dipping about 10 points from last night. Strong spot buying by Liverpool against New York trading trimmed losses and kept sentiment bearish yet markets showed independent farmer selling.
The money markets showed firm tone with moderate volume. Call rates in New York stood at 5 percent while time money ranged from 5 1 4 to 6 1 2 percent for 60 days and 5 1 4 to 5 3 4 percent for longer terms. Local money and foreign exchange quotes followed.
Republic Iron and Steel reports a regular quarterly 13-4 percent preferred dividend payable January 1 to stock of record December 14. Renfrew Manufacturing declares 1 1/2 percent quarterly dividend payable November 1. Prairie Oil and Gas (Standard Oil) pays $6 on December 4 to stock of record November 19. United Wire and Supply 1 3/4 percent preferred and 1 percent on common, payable November 1 to stock of record October 22. Texas Power and Light payable November 1 to stock of record October 2. Pressed Steel Car regular quarterly 1 3/4 percent preferred payable November 20 to stock of record October 30.
Syracuse bids due October 29 for 220000 municipal improvement bonds dated November 1 1912 with 11000 yearly payments from 1918 to 1932. Fair & Co purchased 3700000 Grand Trunk Railway car trust notes maturing in 1 to 10 years. Mt Vernon bids due October 30 for 25000 highway repaving bonds dated November 1 1912 maturing November 1.
Ex dividend items include H. B. Claflin Co first and second preferred and consolidation coal. United Cigar Manufacturers. Also lists books close for Americal Malt Corporation and for New York New Haven Hartford Toledo St Louis Western meetings. Patron meetings Atchison Topeka Santa Fe.
Electrolytic copper and tin show small gains while iron remains firm. Copper futures rise to £76 10s with 1500 tons traded. lead falls 15s to £19 15s. Castings and anti mony hold modest levels as traders digest Cookson's prices and spot vs November terms.
Bangor Maine October reports federal agents push to spur agriculture among New England tribes led by Levi Chubbuck of the Department of Agriculture. He visited Penobscot at Old Town and will mail department literature to progressive tribal members and later seek college cooperation on land development issues.
Wheat stayed resilient on speculative demand despite weak fundamentals as Northwest receipts surged and post wheat movement remained heavy. December and May futures rose near session highs while coarse grains firmed, with corn and oats showing marginal gains amid uneven demand. Antwerp trade firmed and U.S. cash movement remained active across regions as receipts totals registered for Deere and port sales.
Stockholders of the New York New Haven Hartford railroad approved electrifying the Boston to Providence New Haven line. They voted to issue 9 million dollars in bonds to finance the project at the annual meeting in New Haven.
The July 11 1912 agreement between New Haven road and Boston & Providence and Old Colony is ratified. About 100 stockholders attended led by President Mellen with J P Morgan Byrnes and A Cochrane present as plans for four tracking Readville to Providence and a large Providence power plant advance.
The Watchman calls for coordinated long term planning in Baptist church rebuilding in Boston. It argues Warren Avenue may move to Huntington avenue leaving Clarendon Street to face a growing unchurched population of about 20,009 with demands for advanced methods and full facilities.
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