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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Sep 08, 1920
Page
18
Yesterday's market showed broad deal activity in New York and Boston with 629 500 New York shares and 12 997 Boston shares traded. The French loan terms and Fed Reserve statements, plus a Mexican petroleum dividend, were cited as main market drivers amid holidays.
The regular quarterly dividends of 1.75 dollars per share on both preferred and common stock will be paid October 16 1920 to stockholders of record September 15 1920. Transfer books close September 16 and reopen September 27, 1920. William H Dwelly treasurer Boston Mass September 8 1920.
London and Paris exchange was heavy with French rates dropping. Belgium Spain and Germany rates followed while remittances to Argentina worsened. The local money market stayed easy with call loans at 7 percent and rising to 8 percent at close. Trade in industrials and steell related issues rose early then cooled. 600000 shares traded. railroad bonds were steady with Liberty and internationals easing. Coppers packing and utilities firmed with Mass Gas at new yearly high and American Telephone at peak for the current uptrend.
Copper shares rise broad based on stronger domestic demand and the election of General Obregon in Mexico seen as favorable to American interests. Calumet & Hecla and Calumet & Arizona jump while others like Quincy and Allouez show fractional gains amid a sellout of local copper stocks. Banking voices expect cotton financing to shape the fall credit picture and New York banks may step in to aid southern lenders as the harvest season approaches.
A majority of traders expected a market reaction yesterday but opened broad and strong with substantial gains across issues. Industrials led advances, some short covering noted, while last hour trading was light and down moves came from hundred share lots. The bank reserve ratio fell to 42.5 from 43.5, sparking debate on market strength and window dressing rumors tied to a French loan worth one hundred million.
A dense stock table shows bids and prices for rails, mining, oil, and utilities. Notable items include Amoco, Anaconda Copper, Atlantic Coast Line, Atchison Topeka and Santa Fe, and Bethlehem Steel with varied parings and spinoffs while multiple rail and industrials report fractional gains or losses amid a wide spread of figures and codes.
The notice promotes buying bonds from Germanys major industrial and shipping centers. It claims strong security backing and potential big profits at current prices and offers cash or margin-based trading through a circular.
A market letter offers a careful analysis of listed New York Stocks paying 8 to 10 percent. The publisher promotes the free mail offer by requesting PS-11.
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