Wall Street dips as Federal Reserve signals tighter policy
The market fell heavily yesterday as the Federal Reserve Board warned against unnecessary loans and discussed further discount rate increases. New York and Boston volumes showed broad losses though some issues like Mullins Body and Carson Hill held firm or rose. American Beet Sugar projected strong earnings for year ending March 31, 1920, while copper stocks faced mixed moves amid shifting inventory values.
MENTIONED IN THIS ARTICLE
New York
Mullins Body
American Woollen
United States
Waltham Watch
Carson Hill
Seneca Copper
American Beet Sugar Company
Colorado
Nebraska
California
New York Market Reacts to Federal Reserve Address
The New York market saw rapid yet orderly liquidation after Governor Harding's Federal Reserve Board address urged reduction of nonessential loans. Stocks fell two to five points and high priced issues, including American Woolen, led the downturn, while rails held steady. Call money dipped from 8 to 6 percent as liquidity remained tight and sentiment shifted with monetary cautions.
MENTIONED IN THIS ARTICLE
New York
Harding
Federal Reserve Board
Washington
Reserve Board
Central Bank
American Woolen
Shorts
Market Report Notes on Securities and Endicott-Johnson
The report covers oils sugars and miscellaneous issues including Endicott-Johnson. Sales reached 1 250 000 shares while bonds remained heavy overall though some rails and high grade industrials advanced. Liberty and International issues were irregular within contracted limits. Total sales par value 17 750 000. Old U S Bonds unchanged on call.
MENTIONED IN THIS ARTICLE
Endicott - Johnson
U.S
General Motors stock issue ratified
Wilmington Delaware January 6 stockholders of the General Motors Corporation at a special meeting ratified a director approved plan authorizing 6,100,000 shares of preferred and debenture stock at 100 dollars per share and 50,000,000 shares of common stock of nominal par value.
MENTIONED IN THIS ARTICLE
International Motor Truck Corporation
New Brunswick
Wright- Martin Aircraft Corporation
Wilmington
Del
General Motors Corporation
New York Cotton Market Prices and Rates
Last sales show varied figures with high and low marks across months including January March September and December. The text lists broker quotes and loan rates such as outside brokers 10 percent and customer loans at 6 to 10 percent, reflecting market conditions.
Elastic currency contract hinges on higher interest rates
The Financial Editor notes the January stock rise faltered after the Reserve Board signaled another discount rate hike. Low rates spurred postwar bond financing and a surge in new firms, while economists warn that expanding credit today could fuel inflation and unstable paper money. The piece also covers bond opinions, a China loan tied to tobacco and wine, and lead market activity with Utah Apex and U S Smelting, plus a prospect of a put and call exchange emerging in the US with parallels to London.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Reserve Board
Washington
Harding
Europe
U. S
Utah
New York
London
New York Stocks and Commodities Snapshot
A condensed list of stock figures shows Coca Cola at 40 44, Ches & Ohio around 80, Chi RIl6% near 61, Cal Graph at 63 34, Chic G Wopf 25, CM&StP 38 14, Con Textile 30 5, Cont Can 2 9 234, and Dome Mines 13 34 with varied volumes.
MENTIONED IN THIS ARTICLE
Ches & Ohio
Eae
CR 1
Pac
Cm& &T
Chic & N West
Chi & N'wes
Crucible Steel
Int Cal
Co. Fuel & I
del & Hudson
D& R Gr
D&erg
Ajax
Alaska
Allis Chalmers
Ailis-Chalpf
Bosch
Hi & Lea
H& L
Atchison
Sumatra
A. Ll
T & Telpeseee
Ag&w
Aes
Orerere
Beth Steel
Barrett
B & O Pf
Batopilas Mit
Beth
Beth Motors
Booth Fisheries
Brunkwick
Barns Bros
Butterick Cooree
Butte Copper
Butte & & Sup
Caddo Il
Cal
Arizona
Cal Packing Sa Tewe
Cal Pet
Chie Pheu Tool
Also Mentioned on This Page
First National Service
First National Bank
Boston
Buenos Aires
Argentina
U. S. Steel
Federal Reserve Banks
Wall Street
Boston & Maine Preferred
Boston & Maine First Preferred
Boston Stock Exchange
International Motor
Aircraft Business
Copper Range Company
Copper Range
Japan
China
South America
Edwin $. Hooley & Co
Broad Street
Edwin S. Hooley
Frank E. Brumley
John B. Chamberlin
George H. Johnson
Congress Street
Mass
New York Stock Exchange
Alexander P. Gray, JR
B. & GO. Petroleum CO
Texas
Oklahoma
C. E. Greenamyer & CO
Fifth Avenue
Kidder, Peabody & Co
Devonshire St
Wall St
Investment Securities
Foreign Exchange Letters of Credit
Baring Bros. & Co., Ltd
New York Market
Texcalokan Oil
Texcaloran
Standard and Independent Oil Specialists
State Street
Richmond
Providence
Philadelphia
Hornblower & Weeks
Chicago
Portland
Detroit
New England Manufacturing Corporation
Springfield
General Motors
Fealin
Chicago Grain Market
Jan Tener
N. Y
I Im
Paghuany
Marth
Sissies
Omglep. Os Casks
Money Market
del Rio
West Virginia
William P. Gorman & Co., Inc. Investm
Fort Mill
Northway Motors
The
Wall Street Journal
Universal Tide Power CO
Canal Street
John A. Knowlton
Treas
Financial Editor
Charles C. Jackson
America
Galen L. Stone
Hayden, Stone & Co
Orient
Pacific Development Company
Securities
Whitney & Elwell
Charles Head & CO
Boston and
Nelson S. Bartlett, Jr
Mr. S. Hooper Hooper
Bartlett Bros. & Company
Southern Pacific Southern Railway
Pennsylvania
Baltimore & Ohio N. Y
Central
New Haven
Winslow Taylor & CO
South 15Th Street
W.L. Jarvis & CO
N. Y. Con
U. S. Rubber
A. F. Dow & CO
B. P
E. M. Fuller & Co
Consolidated Stock Exch. of
United Retail Candy Republic Rubber Tropical Oil Colden & Co
Schmipt&deery
Members Consolidated Stock Exchange of New York
New Y
Broad St
Uptown
Fifth Ave
Murray Hill
Trinity Oil Corporation
Lowther & Co
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