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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 25, 1912
Page
20
Oct 24 market notes wheat and oats easing slightly on light demand while rye and barley trade mixed. Liverpool wheat steady to higher, Paris and Antwerp futures mixed, Chicago quotes show oats firm and corn and dates soft with overall cautious activity ahead of tomorrow’s estimates.
Metal market report shows copper easing as recession worries deepen with spot prices around 75 pounds 12 shillings per ton and futures near 76 pounds 2 shillings. Lead and tin hold steady while spelter shows modest shifts. futures and spot tonnage detail ongoing with mixed activity in December and October contracts.
Notices reveal the plan of reorganization for United States Motor Company and allied firms including Alden Sampson, Brush Runabout, Columbia, Dayton, Maxwell Briscoe, and related entities. The statement, dated October 25, 1912, calls for meeting creditors and stockholders to receive deposits, securities, and deposit-related actions at the committee office in New York with penalties for noncompliance.
On November 1 offices in Franklin Indiana North Lake and Algomah compofites move floors at Horn blowers Weeks 60 Congress street. Mor gan Guggenheim associate Sa R Bireh named vice president of Braden Copper Co succeeding E J Meyer. Imperial Bank of Germany raises discount rate to 5 percent. Securities listed include Westinghouse Air Brake Co 18328250 stock Chicago and Western Illinois 5031000 first lien coal bonds due 19 J S Case Threshing stock certificates 11 289000 with options to issue extra trust certificates totaling 12 million Julius Kayser Co 290000 first preferred 6000 common stock with authority to add 750000 common stock to total 6750000.
Market reports describe fairly steady ables with a moderate rise as cooler Western belt prospects and frost risk surface. Bullish spot tones persist across the South with high grade premiums up, while eastern rains lower field grades and southern shippers seek higher prices. Census ginned cotton for Oct 18 expected around 6.6 to 6.75 million, versus prior 7.74 million, prompting cautious bullish view.
The money market shows virtually no change as funds accumulate in anticipation of November 1 interest and dividend disbursements. Demand for commercial paper remains solid. In New York, money on call ranged from 4 1/2 to 6 percent, with the higher rate at the close. Time funds cited at 5 1/2 to 5 3/4 percent for 60 days, 6 1/4 percent for 90 days, 6 1/2 to 5 3/4 percent for four months, and 6 1/2 percent for five to six months. Current rates on local money and foreign exchange quotations followed.
Listing of dividends payable for numerous companies including Canadian Car and Foundry, Chicago Pneumatic Tool, Daly West Mining, Du Pont de Nemours Powder, Homestake Mining, Consolidated Mining, Itsburg Cincinnati Chicago & St Louis, Pittsburg Coal, Amalgamated Copper, Federal Sugar Refining, Ry Light & Power, Dry Goods, and related entries. Books close for some notes and open for others. dates not clearly specified.
The market shows firmness after an early weakness as prices ease lower on average during the day. General Electric hits a new high at 103 3 8 while copper shares stay weak. National Shawmut completes absorption of Eliot National.
Daily market totals show New York total sales 586200 shares and Boston 36973. Reading leads New York most active with 148400 shares and U S Smelting top in Boston with 5596. Cumulative year to date 1912 shows New York 107991400 and Boston 9631502 shares. Greatest gains Lorrillard 4% to 208% in New York and Hedley Gold 2% to 22% in Boston. largest losses Texas Company 3% to 119% in New York and Norwich Worcester 12 to 200 in Boston. Call money New York 4 34 to 6 percent. Boston 5 to 5 percent. Time money New York 5 to 5 34 percent. Boston 5 to 6 percent.
Stocks resisted bear pressure with U S Steel and Union Pacific among declines, Reading outpacing railway issues while some demand supported New York Central. Call loans spiked to 6 percent as money markets rose. foreign banks eased later, and bond trading remained irregular with total $1.78 million in sales.
Boston market reports a generally easier tone with liquidation and pleasing selling across industrial and copper issues. Stocks like Allouez Tamarack Lake Copper North Butte Ostendia and Calumet Hecla fell sharply while United Fruit rose to 1911 2 and American Telephone and Steel remained firm at 143 4 and 761 2 at close.
Butte & London and Davis Daly led trading on the curb exchange in Boston with gains and declines recorded. Butte & London shifted from 62 to 57 cents before closing at 55 cents, Lion Hill held near 93 cents, and Davis Daly hovered around 21 to 16 cents amid fluctuating quotes.
Winthrop Massachusetts bonds awarded 90000 at 4 percent for playground funding dated January 1 1911 payable 1918 through 1925 to N W Harris Co Lowell bids due October 28 at 1100 for 21825 4 percent municipal bonds dated August 1 1912 with coupons 7000 and registered 275 due August 1 from 1917 to 1919. Cuyahoga County Ohio awards 1000000 four percent semi annual 16 23 year bonds to Tillotson Walcott Co and Cleveland Trust Co for a premium of 7600.
Readjustment of the finances of United Verde is completed and control of the property is handed to a syndicate led by James S Doug las and Chester A Congdon with other directors of major copper firms. Already $225,000 has been raised to sink a new shaft and develop the property.
Kerr Lake Mining Co announces regular quarterly dividend of 26 cents payable December 16 to holders of record November 165. Pittsburg Purent Co declares quarterly 212 percent on common payable December 1 to stock of record November 165. Union Cotton Manufacturing Co sets regular quarterly 112 percent payable November 1 to stock of record October 23. Sagamore Manufacturing Co declares regular quarterly 2 percent payable October 31 to stock of record October 23. Standard Old Co Indiana reports 3 percent regular and 7 percent extra payable November 30 to stock of record November 18. Books close November 12 and reopen November 90. Cape Breton Electric Co Ltd Stone Webster semi annual 3 dollars preferred 32 dollars common extra 1 dollar common payable November 1 to stock of record October 165.
Mr Charles Hayden of Hayden Stone tells the Post that Chino may pay a dividend in January or February if copper earnings and prices stay favorable. He notes Chinas cost of production at 6 cents per pound and Ray Consolidated should approach 9 cents as development continues. The piece covers American Sugar Company earnings, New River Company gains from new management, rising call money to 6 percent, and plans for the Kansas City Mexico and Orient road with $15 million bonds.
The Gloucester Safe Deposit Company has acquired the business and goodwill of City National Bank of Gloucester forming a bank with deposits of 4,000,000. Eugene J. Fabens of Edgerly & Crocker arranged the deal and City Bank will be liquidated.
Maria Theresa archduchess of Austria Beste died suddenly here today. She was married to Prince Ludwig heir to the Bavarian throne in 1868. Born in 10, she was 63.
A Tyngsboro story notes Sumner Hol Brook raises notable produce including an ear of Canadian corn and three large carrots. The piece highlights agricultural efforts by attorneySumner Hol Brook.
Sumner Holbrook, a well known local attorney, farms 200 acres on the old Tyng estate in Tyngsboro. This season he harvests bumper crops including a field of Canadian corn and a large carrot patch. Slavery-era partitions remain visible in the attic of the main house.
President John H Corcoran warned at the 22nd annual Massachusetts State Board of Trade meeting in the Hotel Vendome that many trust companies are formed to seize ordinary people's savings deposits rather than serve the community. He urged reform to curb such practices and safeguard public funds.
President Corcoran urged changes in state laws linking trust companies with savings banks. Findley Acker, Philadelphia Chamber of Commerce head, spoke on Commercial and Transportation Fallacies, arguing labor costs and material shortages drive prices. A state manufactures committee condemned I W W leadership after the Lawrence textile strikes. delegates from 52 boards re elected Corcoran as president and elected new vice presidents and officers.
Philadelphia officials announced rewards of five cents for live rats and two cents for dead ones to gather specimens for bubonic plague testing along the Delaware river front. Director Neff said live rats are preferred due to fleas likely spreading the disease.
In Washington at St Pauls Church Miss Alma M Farden wed Richard J Lane of Boston at 6 pm Monsignor James F Mackin presiding Ushers J A Mahan Andrew F McLane Best man Hugh A Kearney Bride escorted by William R Farden Maid of honor Anna K Farden Reception held afterward They will reside at 8 Copeland Street Roxbury Mass after December 1.
Twenty five shoe cutters at Kimball Brothers East Manchester strike for a 15 percent wage rise from $15 to $16.50 per week. More workers may join tomorrow as the factory has not yet taken action.
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