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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 25, 1910
Page
14
The New York Air Brake Company should maintain its 6 percent annual dividend, effective June 29. Previous to this, no stockholder payments were made since a 2 percent declaration on Oct. 22, 1907, amid market rumors about Greene Cananea.
Melrose Massachusetts invites bids by noon October 25 for a 25000 dollar temporary loan maturing July 7 1911. New York Public Service Commission approves 5 million dollar 5 percent sixty year first mortgage bonds for New York Westchester and Boston railway to fund construction. NYSE listed applications seek 2 million dollar additional first mortgage 4 percent bonds due 1959 for Chicago Great Western railway and 12.3 million dollar first mortgage 4 1 2 percent bonds due 1939 for Nelson Morris and Co.
Late trading showed sharp drops with total New York sales at 643,900 shares and Boston at 31,075. Steel common led activity in both markets, while year to date comparisons show New York at 140,371,700 and Boston at 8,485,559 shares. Major gains and losses featured Delaware, Lackawanna & West, Chi St P M&O, Vir Car Chem and United Fruit.
The market showed a cautious retreat after a short early peak, with about 630000 shares traded. Analysts noted Roosevelt polling edge in New York elections while Wall Street bets influence odds. Steel Corp forecasts September earnings near 37 million, supporting strong year margins. Downtick signals in rail earnings and bank clearings point to a softer near term, while Franklin mine celebrates a Lake Copper deal and Nordberg hoist purchase.
Early trading showed firmness in the local market against a weak New York list. Investors attacked prominent copper issues Amalgamated and North Butte and Steel common, turning the session reactionary as the day wore on. News on mining properties was generally favorable with North Butte reporting better than expected progress despite fair ore grades. Stephen R. Dow returned recently from a trip.
The weekly bank statement compares this week to last week and tracks the surplus reserve in Boston and New York over the past ten years. Key figures show trends in liquidity, with highlights on changes in deposits and reserve levels for the two cities.
The Boston Market notes the course of stock and bond prices and total sales for October 24, with comparisons to the previous close. Bonds are listed in the report.
The report notes strong orders for the New York Air Brake Company and anticipates higher net earnings for the current year surpassing 1909 and 1908. It recalls the summer plan to build two large machine shops near Watertown, New York, costing about 200000, reflecting improved earnings and outlook.
Auction notice lists several preferred stocks and bonds including Waltham Watch Company American Caramel Company Massachusetts Lighting Company Kirby Lumber Pope Manufacturing American Investment Securities Ginter Grocery Oxford Linen Series C Youngstown Southern River Electric Power 5s 1928 Connecticut River Power 5s 1937 White River Railroad 5s 1938 along with River Electric Power 5s 1944.
South Lake ends drilling at No 5 and rigs for No 6 at a 300 foot offset while shaft work starts before finishing No 6. Inspiration property drilling shows favorable results with drills spread across a three quarters mile mineralized zone and three crews active. Nevada Douglas pushes 20 more workers at Yerington to meet ore delivery contract of 259000 tons from Ludwig and Nevada Douglas with rail link plans and ongoing $5000 monthly investment to reach profitability.
At a special Norwich meeting October 24 the McCrum Howell Company authorized increasing capital stock by 2 million preferred and 2 million common, with total capital now 3.5 million per class. acquisitions include Model Heating Company and Cameron Schroth Cameron, plus several vacuum and sanitary firms to capture 80 percent of stationary vacuum cleaning. Underwritten backing funds working capital for rapid growth. Boil ers and radiation up 51 percent in six months. total growth over 90 percent. Current year earnings projected above 650,000, about 12 percent for common stock.
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