Market Slump as July Payments Tighten Money Supply
Bearish market action continues as July 1 payments for interest on bonds and Liberty bonds loom, draining cash and pushing stocks lower. Industrials slip with Anaconda, Utah Copper, and others down. coal and steel show mixed moves amid ongoing bullion and copper supply concerns from New York to Pittsburgh.
MENTIONED IN THIS ARTICLE
Steel
Amanda
Anaconda
Bute & Superior
Inspiration
Chino
Utah Copper
Nevada
Miami
Ray
Cr Ae
Creeme Cannes
Granby
Kennecott
Ficel
Davis-Daly
Alaska
East Butte
North Butte
Tuolumne
Butte & London
Boston & Montana
Butte-New York
Butte Copper and Zine
Hellbronner CO
Hutton & Co
New York
Ohio
Government Contract Talks Signal Six Month Metal Supply Plan
Reports indicate representatives discuss price, delivery dates and exact amount for a large government contract for all metal needs over the next six months and possibly into 1918. The New York Stock Exchange and related firms allegedly donated at least $5 million to the Red Cross last week. Copper operations at Greene-Cananea and Ci nea report stable power and no disorder. Inspiration Copper maintains a quarterly dividend of $2 per share with dates given as July 30 and July 13. Market chatter questions copper company guidance amid U S government demand for second half of the year. Washington expects excess income tax around 20 percent and debate over prohibition Act timing persists. Studebaker shares pressured by debt and soft business indicators with possible dividend cut hints.
MENTIONED IN THIS ARTICLE
Ment
New York
Greene-Cananea Copper Company
Cinea
Mexicana
Inspiration Copper Company
Washington
Senate
Hutton
Studebaker
Grips of the Vampire Widen Corners in Grain Markets
Minneapolis wheat prices fell sharply with July settling around 2.26 and September near 1.71. Receipts totaled 194 cars versus 266 a year ago as cash wheat values varied across grades. Fortland Oregon reports hogs steady, cattle steady, sheep weak, and spring lambs priced up to 12.75 with best yearlings around 9.25.
MENTIONED IN THIS ARTICLE
Minneapolis
Northern
Montana
Corm
Oath
No. & White
C. Viax
Bai Warley
Beran
Fortland
Wheat and protein markets drift amid embargo fears
Wheat prices fell on expectations of immediate export embargoes while traders awaited government control over distribution. Export demand offered some support, but unfavorable crop reports and rain forecasts kept downward pressure. Oats and pork futures showed mixed moves, with butter and sugar markets marking unsettled to firm tones amid a subdued Chicago dairy market.
MENTIONED IN THIS ARTICLE
Washington
Opro
Kansas
Lara
Wall Street settles into irregular session on tax fears
New York June 28 prices swung irregularly as monetary loosening continued and a large Liberty loan payment occurred without issue. Weakness in motors and fears over war taxes spurred further selling while rails and coppers held up modestly. total volume reached 790 000 shares with bond activity uneven. Metal markets showed copper steady to firm, tin easing, lead easy, and speller dull in East St Louis delivery.
MENTIONED IN THIS ARTICLE
New York
Motors Aites
United States
Alc. Tran
Northern
The
Metal Exchange
East St. Louis
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