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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jun 01, 1919
Page
16
A fragment from a banking market page shows quoted quotations for securities. The readable text lists rates and instruments but the segment is incomplete and lacks full figures or titles. The item appears as a brief market notation rather than a full advisory or advisory column.
Cincinnati reports May clearings totaling 245 822 720 with industrial loans and discounts at 6 percent. Chicago shows May 31 clearings 9 938 197 while St Louis notes May totals 654 240 468 with balances 210 962 244. Federal Reserve actions include discountings on New York exchange.
Paris on May 23 the Bank of France released a weekly statement. Gold in hand rose by 762 776 francs and silver in hand fell by 436 631 francs. Notes in circulation dropped 72 349 210 francs. Treasury deposits decreased 17 202 89 francs and general deposits rose 201 947 412 francs. Bills discounted increased 95 159 182 francs and advances up 1 167 483 francs.
New York May 31 The Stock Exchange traded in four full sessions with strong turnover, first day totals near 2 million shares. Investors faced uncertainty abroad but bought steadily as money strengthened, and bond sales more than doubled. Rise in Victory loan demand spurred new corporate financing including a 10 million Rio de Janeiro offering. European reconstruction and Germany indemnity issues dominate banker discussions as the US contemplates bearing much of the burden.
London bar silver quotes 53d per ounce while money rates hold at 3 percent. Short and three month bills at 2 percent. New York bar silver 1.091 dollars Mexican dollars 84 cents. Paris bourse calm three percent rentes at 62 10p cash. Exchange rate 2f45c to 6f3c per dollar. five percent loan 87f92c. Bourse to close Saturdays through September.
Weekly stock and bond activity in May fell from wartime highs but showed improving general business. Bank clearings reached 245.8 million in May with deposits rising as money moves into banks, while brokers prepared for a strong market and anticipated gains in Indian Refining and other stocks.
Cincinnati traders and Ohio brokers will travel from Cincinnati to Columbus to join other financial men and company executives for an inspection trip to the Cabin Creek oil and gas fields in West Virginia next week. W E Hutton will attend the Columbus annual meeting Wednesday and then join the group.
In June total interest payments reach 169.4 million, down from 189.8 million a year earlier. Dividends total 60.0 million versus 81.2 million last June, with about 1.0 million less in bond interest. Major dividend drop stems from United States Steel Company common stock, down to 6.35 million from 21.00 million, with other reductions noted.
In the week ending May 16 Columbia Gas and Electric produced 258 176 gallons of casing head gasoline, up from 185 930 a year earlier. The year to May 16 totals 6.5 percent more than the previous period. Two NYSE seats sold at 90 000 each, the highest in ten years.
The weekly condition shows banks and trust companies in Greater New York hold a total reserve of 570,208,000 with an excess over legal requirements of 22,665,160. This marks a decrease of 31,482,420 from the prior week as loans and deposits shift amid changes in cash, reserves, and deposits across state and federal components.
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