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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Sep 26, 1912
Page
14
Several issues show slight recessions after early gains in New York and Boston trading. The market reports indicate a moderately heavy volume and a rise in U S Smelting common stock with a $3 yearly dividend on a common basis.
Yesterday's market summary reports New York total sales 798 900 shares and Boston 60 072. It notes most active issues in each city, year to date totals, gains and losses in key listings, and call and time money rates in both markets.
On the New York Stock Exchange the day closes with call money at 7 percent the highest rate this year. Harrian shares United States Steel and Amalgamated Copper boosted prices as overall activity increased. Industrial and metal stocks led gains while London buying suggested global interest. Bond activity remained firm with total par value around 3.21 million.
Boston market notes focus on Dow related pressures after announcements of assessments on Franklin Indiana and Algomah following S. R. Dow & Co. failure. Directors dispute loan authorizations while East Butte shows strong demand and Smelting common raises to 75 cents, boosting bullish activity.
On the Boston curb exchange yesterday Butte and London led gains as prices moved from 60 to 68 cents before closing near 60. Corbin Copper rose briefly to 27 cents but then fell to 21, closing 24. Mexican Metals receipts remained in demand, up from 39 to 46 cents, while Hagle Blue Bell and Smoky Development held firm around 11 4 and 21 2. United Verde Extension La Rose Raven and Idon Hill were noted as other active issues.
Directors of the Franklin Mining Company levy an assessment of two dollars per share payable October 18 to stock of record October 17, expected to raise eight hundred thirty three thousand dollars to cover outstanding indebtedness of two hundred ninety thousand. Indiana Mining Company directors call for a one dollar per share assessment payable October 16 to stock of record October 15, expected to raise eighty thousand dollars.
Large crop gains and improved general business lift railroad earnings in August. Atchison reports a $763,000 gross increase and $467,000 net rise, with margin improving though below historic levels. Amalgamated stock strengthen past 1909 1911 levels, Woolworth common stock reaches $60,000,000 with large goodwill uplift. Market sentiment mixed as railroad bonds slide and banks suffer cash losses.
Henry Tolman elected treasurer of Dow companies replacing Alvin R. Bailey. Granby reports August copper 1,970,388 pounds, the best since 1911, with gold at 4,626 ounces and silver 28,7381 ounces. Paine Webber notes Shattuck Arizona directors favor smelting with Copper Queen but no new smelter. Edison Bayton stock issue adds 26,007 shares at 215 each. early payments and auction options defined. White Pine No 2 shaft advances. drilling shows a half mile ore shoot. Nonesuch optioned land included. Ontario & Western names Charles S. Mellen president. directors shift as Fowler departs. Lion Hill reports Monogram ore shoot improvement and West Raise ore.
Preparation for Oct 1 disbursements shapes money markets with call money firming at 1-2 percent. Demand for funds remains light, time loan rates in New York quoted around 5 1/4 to 5 1/2 percent for short terms and up to about 6 3/4 percent for four months. Current figures show New York and Boston balances, clearings, and foreign exchange levels with modest gains in Sterling and other currencies.
Sept 25 dull trading in cotton with small volume and a range under 10 points. Cold weather pushes 38 degrees in Amarillo and 44 in parts of Oklahoma and north Texas with frost possible in Oklahoma, Arkansas, and north Texas. Temperatures may rise after tomorrow. reports of improved spot demand emerge from New Orleans and Alabama.
The page shows a dense list of bond and stock figures with numerous 5s 4s and cvt entries. It notes total sales of $3,213,000 and weekly/annual figures such as $659,000 weekly and $536,000 year to date, reflecting activity across issuers like NY State and various rail and industrial bonds.
A lively break in wheat prices driven by speculation hit futures and spreads. Declines reached around 1 to 1 ¼ percent with December and May quotes sliding, while Paris and Berlin posted mixed moves. Minneapolis receipts stood at 610 cars vs 626 last year and export sales were 16,000 bushels of wheat yesterday.
Stockholders authorize 450000 additional Fitchburg bonds to reimburse Boston and Maine. Wilmington highway bonds receive a single bid of 23750 on 25000. New Haven bids due Oct 3 for 290000 in multiple bond issues. Akron and Charlotte see bids and sales, with premiums noted for city sewer bonds and hospital issues.
The report shows earnings equaling one and one third times the interest charges. The company pays dividends of 6 percent on its preferred stock and 4 percent on its common stock.
At the Metal Exchange a firm tone prevailed with moderate volume. Copper rose 14 cents for late months, Spelter up 10 points, and 50,000 pounds of East St. Louis October delivery sold at 7.40 and 7.37 1 2. London close: copper spot £79, futures £80, market steady with notable gains in tin and lead.
A broad list of quarterly and semiannual dividends declares payable dates and stock of record dates for many companies including United States Smelting, Mining Co, American Malt, Reading Co, International Paper, Delaware Lackawanna & Western Coal Co, Associated Gas & Electric, Pittsburg-Cincinnati-Chicago & St. Louis Railway, Warren Bros Co, Narragansett Mills, Continental Paper, Mexican Telegraph Co, Central & South American Telegraph Co, Western Electric, Youngstown & Ohio River Railroad, Springfield & Xenia Railway, Cincinnati Newport Covington Light & Traction, and others with percentages ranging from 1 to 3 per cent and special amounts noted.
Joseph May Malis, a barber earning 12 dollars weekly in Haverhill, received word that his uncle died in the West leaving an estimated fortune of 60 thousand dollars for him and his sister. The shock caused a near riot at the barber shop as he reacted by discarding his tools and rushing to the depot to head toward Indiana and Valparaiso State University.
In Haverhill three people died in rapid sequence. Albert Le Fevre kissed his children goodbye before leaving for work and died of heart trouble shortly after. Mrs. Fred Sargent was found dead by her husband after a long heart ailment. Henry W. Boynton, a pioneer shoe manufacturer, collapsed outside while his wife watched from the library.
Wiggin & Elwell offer unsold portion of 7 percent cumulative preferred stock of Pneumatic Scale Corporation to finance rising business. The firm makes and leases automatic packing machines that produce sealed cartons from pasteboard blanks, packing brands like Crystal Domino sugar and Kellogg cereals. Norfolk Downs factory.
The Irofi Cap Copper Company issues a circular to stockholders detailing a plan enabling holders of 10 shares to subscribe to two new shares of preferred stock and one of common stock in a block for $10. Payment is in four instalments through September 1913 with a final condition requiring 1250 shares of preferred and 1250 of common to activate the plan by October 21, 1912.
Outfielder Stengel of Montgomery in the Southern league and outfielder Lee D Callahan of Elmira in the New York State league have reported to the Brooklyn club.
The directive announces a quarterly dividend of 1 percent on Preferred Capital Stock and 75 cents per share on other capital stock, payable to stockholders of record at the close of business on a specified date. Treasury notes: W. Batchelder, Treasurer.
Lea County reaction OMPAny reports to stockholders that Houghton County Traction declares a semiannual dividend of 3.00 per share on preferred capital stock and 3.66 on other stock. Record date is September 21, 1912, with transfer agents Stone & Webster handling transfers.
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