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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Apr 22, 1920
Page
24
Yesterday the stock market saw extreme losses with record volume and a late hour rush of sales. New York and Boston totals show extensive declines, led by heavy pool operations hitting Baldwin as it fell from morning highs to afternoon lows.
The market slid with General Motors dropping 42 points and steel shares finishing near par after a sharp late-day decline. The 20 barometer industrials fell over 3 points to 95.93, erasing much of the spring rally begun in February. Total trading exceeded 2,000,000 shares as investors faced high money rates and uncertain sentiment.
New Haven announces plans to refund $66 million of debt while awaiting approval from President Wilson and Director-General Hines. Stockholders approved equipment purchases worth $9 million and a government loan up to $15.6 million at 5 percent for five years. The railroad seeks to retain Boston & Maine stock, requesting a federal extension beyond October 1 for sale.
Financial editors note the Bank of England rate rise to 7 percent amid wary markets. The piece highlights volatile stock moves, margin calls likely, and the divergent performance of solid blue chips versus speculative issues, plus high yielding railroad bonds and looming new issues to cover maturing debt.
Outside brokers quote loans and money market rates with customers paying 6 to 7 percent on cat loans and collateral loans. Commercial paper carries a 7 percent rate. Year money ranges from 6 1 4 to 7 percent in the snippet.
National banks listed include Boylston National Bank Boston and Market National Bank Waterman. The item notes methods or places to deposit savings with these institutions.
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