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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Sep 13, 1916
Page
17
Editor analyzes copper stocks amid 1916 boom, noting copper and copper shares lag steel while prices rise. War demand and end of conflict fears influence metal and stock values. 1917 prospects seen bright with limited copper for sale and robust producer contracts.
The Mesa Colorado Oil Company plans at least ten new wells next year and asserts each producing well will add at least 0.50 to Mesa stock. The offer stock at 0.25 per share is time sensitive and a detailed expert's report will be sent free on request. Remittances should be directed to the company.
United Fruit Company declares a 2 percent quarterly dividend on capital stock, payable Oct 1, 1918 to stockholders of record at close of business Sept 25, 1916. Transfer books remain open. John W. Damon, Treasurer.
Directors of Island Creek Coal Company declare a quarterly dividend of 50 cents per share on common stock payable October 2 1916 to stockholders of record at close of business September 23 1916. F E F W Batchelder treasurer.
Market activity strong in New York and Boston with total shares traded of 1,279,463 in New York and 69,603 in Boston. General Motors leads gains in New York while Mercantile Marine pref suffers a decline. Atlantic Gulf posts a Boston gain and Calumet & Hecla shows a Boston loss.
Stocks moved in a volatile pattern with over a million shares traded and United States Steel and American Smelting leading gains. Major issues like Bethlehem Steel and General Motors rose to new highs while rails showed strength only modestly, and final-hour declines trimmed earlier gains. Total volume reached 1,280,000 shares with $3,570,000 in par value bonds trading.
New York reports show highest and lowest prices with last sales yesterday as investors spread capital across motor shares chain store systems mail order houses and 101 specialty concerns. War stocks attract speculation, mining shares less so, with steel stocks reaching new highs while copper may rise next.
Boston reports broad market activity with many lower priced copper stocks trading heavily. Atlantic Gulf jumps to 89 1 2 while Arizona Commercial hits 123 4 as investors anticipate strong 1916 earnings and dividend prospects. Little Santa Fe climbs to 8 from 2, and Anaconda remains volatile in a tight trading range ahead of a anticipated move.
Boston on September 12 lists the day’s high and low prices and last sales for bonds with yesterday’s last sale figures included in the roundup. The brief markets update presents staple bond figures without broader market context.
The forex market was virtually unchanged today with bankers reporting afternoon rates. Sterling-Cables quoted at 4.764 dollars with demand at 4.755. Francs 5.86, marks 69, guilders 407g.
Higgins Oil & Fuel Company a subsidiary of Houston Q Oil reports a new Mdgerly well on the Gulf coast capable of 3000 to 4000 barrels daily. Torrington earnings reach $10 a share for the year ended Aug 31 excluding Splitdorf. A $2.5 million gold deposit from Canada is recorded for J P Morgan & Co, totaling $274.566 million in the current movement.
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