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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Sep 13, 1911
Page
12
An editor notes the 1911 August decline in security prices Ecuador with a focus on the money market. He links heavy farm crop movement and low interest rates to bank reserves, loan growth, and new securities, arguing that rapid capitalization and unchecked lending threaten long term stability.
The text notes that the banking position suffers less than general trade in one respect, with August decline figures showing low rates driving trade growth regardless of other factors.
New York and Boston totals show heavy daily volume with Reading leading New York activity. Gains and losses differ across lists with Pacific Mail and Calumet & Hecla among notable movers. Dealers note renewed German French tension and railroad dividend reductions shaping market mood despite firmer prices.
Boston market report shows mixed stock and bond prices with total sales and comparison to prior close. Shoe Machinery traded down from 43 to 41 1/4 amid news that an extra stock dividend will be paid later, prompting selling. Steel common, Telephone, and Calumet & Arizona were moderately active with no major price changes. overall market tone at close: firm.
A compact report of bond and mining stock prices showing Manhattan bonds around 0.22 and 1 2 percent, oil shares at 0.20 and 20, McKinley Darr shares at 19-16, New Utah M and S at 9-16, Nipissing Mines at 77 and 7 1/2, Ray Central at 14 1/4, Tonopah Mines at 6 1/2, United Copper at 1 1/2, and Yukon Gold Mines at 8 percent with 3 percent quoted.
Local market activity was quiet with New Haven trading down to 132 before recovering half a point. The Boston and Maine year end report shows a deficit of 1.6 million under dividends, despite near 1.5 million more gross earnings. net earnings decline over 2.3 million, with dividends and preferred payments absorbing remaining funds. President Mellen says the reduced common dividend rate aimed to boost earnings.
The Interboro Rapid Transit Co. schedules its annual stockholders meeting in New York City for Sept. 27 with books closing Sept. 15 and reopening Sept. 28. Bayard Dominick Jr. elected director of American Linseed Co. to replace President McGean who resigned. C O Heidt to replace H L Francis, deceased.
In yesterday's curb trading Porcupine Central and Porcupine Northern remained favorites while Kruger Copper displaced South Lake. Porcupine Northern jumped from 76 to 80 cents, a new high. Central rose to 17 16, a record. Kruger Copper rose from 30 to 41 cents, closing at 40. Full list of fluctuations follows.
C C Riley was chosen to replace W J Noyt as Maverick Mills director with other officers and directors re-elected. The Van Schaick Co failure on the New York Stock Exchange was expected and noted as not impacting markets. The firm consisted of John B Van Schaick and Derby Crandall. The Mass Consolidated rock shipped to the mill in August averaged 23 pounds per ton, the highest average.
Medford awards 78000 four percent school bonds to R L Day Co at 103 199 dated Sept 1 1911 maturing 4000 yearly 1912 23 and 3000 yearly 1930 31. Athol invites bids for 20000 four percent water bonds repayable 1000 Aug 1 1912 41. Woburn issues temporary 14000 loan to F S Moseley Co at 3.96 percent discount plus premium 1 25. Dedham invites bids for temporary 20000 loan maturing Nov 6 with Sept 14 deadline.
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