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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Sep 14, 1912
Page
14
Stocks show narrow price ranges with low volume as Goldfield Consolidated hits 234, a new yearly low. Banks continue to call loans. Wolverine pays a $5 dividend and trades at 79, the year's low. Old Colony and Mayflower exhibit notable strength in the local market.
Yesterday's market totals show New York sales at 205400 shares and Boston at 24006 shares. Reading led New York with 30600, Old Colony Mining led Boston with 3560, and year to date New York totals reach 89689400 while Boston totals stand at 8455472. Major changes include Pacific T T pref rising to 101 and Central Leather pref falling to 98 1 4. Amheek Mining up to 350 and Wolverine down to 79 1 4 ex div. Call money stood at 5% in New York and 5 to 6% in Boston while time money ranged 5 1 4 to 5 1 2% in New York and 5 to 6% in Boston.
In New York the market showed little activity with under 100,000 shares traded in the first hours and cash outflows estimated at 7 to 9 million dollars. Call loans touched 5 to 6 percent, while advances in Louisville & Nashville, Southern Railway, Seaboard Air Line, St. Louis Southwestern, Consolidated Gas, General Electric and tobacco issues lifted slightly. London bought about 15,000 shares, focusing on steel and Amalgamated.
Dividend declarations from El Paso Electric Company and Galveston Houston Electric Company list per share amounts and payment dates set for Sept 16, 1912, with stockholders of record dates Sept 7 and Sept 10. United Gas and Electric, American Public Utilities, Jacville Traction, and Merchants & Manufacturers Credit also announce quarterly or semiannual payouts, with record dates and checks to be mailed.
Prices opened today near last night’s close with Mayflower Old Colony and Wolverine active. Wolverine fell to 79 on ex-dividend while Mayflower and Old Colony rose over a point amid liquidation and manipulation, with Shannon East Butte and United Fruit rights among notable movers. The day ended with a firm tone.
Greater firmness was reported from Paris and Berlin with bonds irregular but easing. U S sales, par value, aggregated 1,025, bonds advanced about one quarter to three tenths of a cent on call.
Southern Railway resumes a 6 percent preferred dividend after 1906 with hopes to sustain the rate amid a bond market seeking 5 percent yields. Traders weigh consolidation rumors involving Wolverine and Mayflower, while bond houses cite dullness yet rising activity in utility bonds. Employee stock plans at United States Motor Company and Steel Corp face lower pricing from initial offers. Ontario & Western and New Haven rumors suggest further dividend shifts in the era.
Curb followers observed limited activity with several stock moves. Alaska Goldines held around 88-4, Verde Extension rose to 64 cents, Smoky Development jumped to 21-4, Goldfield Consolidated dipped to 23-4, Calaveras held near 27-8, Majestic fell to 43 cents, Corbin Copper slid to 6 cents, Rhode Island Coal declined to 12, and Lion Hill Consolidated traded around 91-92 cents. Full list details follow.
The money market displayed no pronounced shift as demand for call and time funds remained fairly heavy. Bankers showed a tendency to seek higher rates for time funds, favoring shorter terms. In New York call money held at 5 percent with varying quoted rates for 60 to 180 days. Local money and foreign exchange quotes followed with unspecified figures.
City Treasurer Tifft announces a late next month sale of 525000 four per cent municipal building bonds dated Navy 1 1912 and maturing serially over 40 years. Initial annual redemptions will be 14000 for five years and 13000 thereafter, expected to influence the state tax exempt issue later this fall. Previous Springfield sale in October raised 2300000 bonds at about 3.61 percent with eleven Boston houses bidding. New Bedford and Cambridge have recent notable issues at strong prices.
A Michigan crew of 15 works a 30 foot Ogimah lode shaft to test copper values. Nipissing reports cash bullion and ore on hand totaling 1 368 876. Granby projects 10 per share earnings for the year with 11 million pounds copper produced in six months. Kerr Lake shows a 685 000 dollar profit and 1.8 million ounces produced for the year. Anaconda advances depth to 3400 feet in its high ore shaft at Butte. Colorado Fuel & Iron stockholders to consider charter renewal in October.
The cotton market opened quietly with mixed sentiment and slight holdover from Liverpool cables. Prices initially steadied or edged up, then fell on realizations before recovering as forecasts predicted the gulf storm would pass tonight into the central belt. Liverpool shorts bought heavily and the market rallied to near day’s highs by close.
At the Metal Exchange Sept 18 copper steady while tin gains 3 to 8 in bid and lead holds. Spot and futures prices firm for London copper and lead. tin and spelter show modest changes with volumes noted for spots and futures.
Northwest wheat receipts were offset by rains and strong cash demand keeping prices near highs. Corn futures firmed with December and May up, oats and Liverpool wheat higher, and exports steady with 11 week corn shipments rising. Trade notes include rain totals, car lots, and broad domestic demand for dry goods and building materials.
Dun and Co reports record crops and production of iron steel and other metals fueling optimism for a durable industrial and mercantile recovery. Shortages in money labor and transportation curb growth while dry goods demand remains strong with robust activity in woolens worsteds and footwear markets despite high prices. Failures show 236 in the US and 81 in Canada versus last year.
Bradstreet's State of Trade reports robust activity across sectors with high demand for goods for near term sale. Cereal crops look favorable, wheat threshing excels in the Northwest, cotton yield likely smaller but overall crop year remains bumper. Industrial demand for finished steel stays strong and prices reach new highs. Bank clearings rise 6.9 percent to 3 077 655 000, with 234 business failures for the week.
Southern By. Co. announces semi annual 21 2 percent preferred dividend payable Oct 28 to holders of record Oct 6. Underwood Typewriter fixes Oct 1 payout date corrected from Oct 18. American Public Utilities Co. pays 11 2 percent preferred and 12 percent common as of Oct 1 to stock on record Sept 20. Hocking Valley Co. declares 18 4 percent quarterly payable Sept 30 to record Sept 20. American Iron & Steel Mfg. Co. quarterly 11 4 percent common dividend payable Oct L.
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