Markets Under Heavy Pressure From New Security Issues
Across Europe and North America heavy selling followed a wave of new security issues and government borrowing. Canadian Pacific led losses with declines near double digits while Union Pacific faced uncertainty over Southern division plans and possible receivership. The overall market traded at a new yearly low as foreign funding shifted to Mexican and European loans, with cotton and wheat movements offset by rainfall news.
MENTIONED IN THIS ARTICLE
Atlantic
Europe
Canadian Pacific
Berlin
Germany
London
Union Pacific
Tennessee
France
Southern
Union T Pacific
Union F Pacific
Southern Pacific
Wall Street Decline Drives Stocks to New Year Lows
The market fell with railroad averages at 41.22 and industrials at 5.00, marking new yearly lows. Canadian Pacific plunged amid cross-Atlantic trading, while investors debate reasons behind the drop and brokers adjust positions. Directors weigh a 1.5 percent preferred dividend for American Can Company amid good quarterly earnings. Investors seek more frequent quarterly reports from Virginia Carolina Chemical Company to track performance.
MENTIONED IN THIS ARTICLE
American Can Company
Vulcan Detiining Company
Virginia-Carolina Chemical Company
Outside Securities Sees Few Advances Among Declines
Unlisted securities traded quietly with most issues posting losses. Tobacco Products preferred was among the few gainers, closing at 106 and up 3 points. Bonds remained quiet and irregular as yesterday's transactions were reported.
MENTIONED IN THIS ARTICLE
Tobacco Products
Treasury Statement Details Receipts and Expenditures
The Treasury statement released today in Washington outlines receipts and expenditures for Saturday and for the elapsed periods of the month and fiscal year. It details financial activity and totals across the early 1920s reporting period.
MENTIONED IN THIS ARTICLE
Treasury
New York Times
Washington
United States Treasury
Bourses of Europe
London reports a strong money demand with loans and bills, while Berlin and Paris show firm and easy prices respectively. Continent markets slump as Canadian Pacific shares fall, and German imperial consols influence Berlin trading.
MENTIONED IN THIS ARTICLE
London
the Times
Berlin
India
Balkans
Stock Exchange
Consolidated Exchange Opens With Selling Pressure
The Consolidated Stock Exchange opened at 9 30 with selling pressure. Early prices showed declines from last Thursday's close, from Erie down a fraction to Canadian Pacific down seven eighths. The decline deepened but small rallies occurred late as short covering appeared. American Woolen was sold, marking the only market for that stock in Wall Street that day.
MENTIONED IN THIS ARTICLE
Canadian Pacific
Montreal
London
Berlin
Amsterdam
London Exchange
New York
Canadian Pacific Post
Canada
England
Germany
France
United States
Consolidated Exchange
Consolidated Stock Exchange
Erie
Wall Street
Baltimore and Ohio completes $50 million note payment
The Baltimore and Ohio Railroad Company finished paying $50 million in cash to holders of three year 4 percent notes due June 1. Of the total, $10 million was held abroad, and the payment was made last Saturday before the Sunday maturity. Proceeds came from a recent sale of $63.25 million twenty year 4 1/2 percent convertible bonds. The treasury now holds about $77 million in released securities though no major bond sale is planned.
MENTIONED IN THIS ARTICLE
Baltimore & Ohio Railroad Company
Distillers Deny Rumors About Finances and Interest
Chairman Hodges denies rumors about the Distillers' Securities Corporation financial condition. He says the company expects earnings to cover interest due this year and that interest will be paid on Oct 1. He notes whisky sales are higher, though income from raw spirits is down due to price cutting.
MENTIONED IN THIS ARTICLE
Hodges
Distillers’ Securities Corporation
Arflory
A. Hodges
Rennae Aera Fe
Aaster
Distilling Corporation
Stock Market Averages 1913 Railroads and Industries
The report lists average quotations for twenty five leading railroad and twenty five leading industrial stocks and provides combined averages for these two groups. It reflects the market performance of railroads and industries in 1913 with summarized figures.
Money on call rates and foreign exchange summary
Money on call loaned on Stock Exchange collateral at 2 percent last loan. most business at 3 percent. Time money 3 4% for sixty days, 4 4% for ninety days, four months, five or six months, and 5 5% for eight months. Commercial rate quoted at 5 6m% for leaving House 178, sub treasury balances. Foreign rates: London bills and Paris and Berlin discounts noted. Cable and sight rates listed for Santen Cane and Paris Berlin Switzerland etc. Sixty and ninety day bills from London banks and commercial desks shown. Domestic exchange rates cited for Boston Chicago St. Louis and San Francisco with premiums.
MENTIONED IN THIS ARTICLE
Stock Exchange
House
Credit Balancs
London
Paris
Berlin
Switzerland
Holland Ble
Bankers
London — Commercial
Boston
Chicago
St. Louis
Silver Quotations Steady in London and New York
Bar silver held firm in London at 27 11 1 d. per ounce and remained unchanged in New York at 60 cents per ounce.
MENTIONED IN THIS ARTICLE
London
New York
Bank of Germany Weekly Statement Highlights Changes
The Bank of Germany in Berlin reports that cash hand in circulation increased while credit and deposits show changes. The weekly summary notes shifts in monetary components with overall expansion in circulation.
MENTIONED IN THIS ARTICLE
Bank OF Germany
Berlin
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Eastman, Dillon & Co
New York Stock Exchange
Broadway
New York Central Lines
New York Central
Lake Shore Michigan Central Big Four
Pittsburgh
Lake Erie
Toledo & Ohio Central
Bend
Farson, Son&Co
I Dicebazu
Nat'l Bank
N. W. Halsey & Co
Wall Street, New York
Philadelphia
San Francisco
Harris, Forbes & Co
N. W. Harris & Co
Pine Street
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Governmentunicipal Railroad and Public Utility
New Jersey
A.b.leach& Co. Investment Securities
Broadway, New York
Buffalo
London, Eng
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Safe Investments
O'Connor & Kahler
Eae
Lawrence Barnum&Co
Redmonds
Pine St
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Light & Traction Pf
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Power
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Wero Am
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Commonwealth P &L
Mauecett
Commonwealth P., R. & L. Pf
Denver Gas & Elec
Gen
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Ween
Federal Utilities Co., Inc
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Gas & Electric Securities
Sane
Lincoln Gas & Settee
Montana Power Co
OT Power
Northern Ontario Light & Northern
Northern States & Power Pl
Northern States Power
Senguben
Ozark Power & Water Co
Pacific Gaa
United Utilities
Eee Ee
United “Utilities
Aneo Rs
rSstern
Ns Basi Pens
Eee Lc Co
Brooklyn Rapid Transit
St. Paul
Atchison
Ohio
Cantral
AEG
Iehigh
Northern Pacific
New Nans
Outside Securities
Bank of Baltimore
Consolidation Coal
Idelity & Deposit
United Railways
Con, Coal Co
United Rys
United
Cambria Steel
Cambria Iron Anne
General ‘Asphalt
General
Ins. Co
Keystone Tel
Lehigh
Ai Og
Lehigh Valley
Lehigh Val. Tran
Lehigh Val. Ae . Penn
Penn Steel Pt
Phila
Hila RT
Phila Trac
Reading
Rock Island Ween
Southern Ry
Third Avenue
Tonopah Belmont
Tonopah Mining
Union Pacific Tee
United Gas
Con. Trac
Equitable Ijum
Lst
Keystone T
Lehigh Val
Tig Om
Br.-Am
Em.-Brant
N. J
U.C
Willys Over
Alaska G. M
Bessle
Braden
Buf. Mines
Can. G. Sil
D. Con
D.daly
Giroux
Gr.Can. Eeeee Iy
Greenwater
Ie Tho
Kerr Lake
R. Con
de K.carr
Nev. Hills
Nipines Co
Stewart
Wett. Sil. M
Utah Bing
Hillev Us
Boston & Albany
Maine
Mass
Elec. Pf
Anglo-American
N.Y
Bay State Jas AS
Go -Union ‘Pacific If. & HH
Rubber Tire
Chem Sane
Con
Chem
Continental
Brantingham
Havana Tobacco
Havanna Tobacco
Houston Owl
Houston
Cumperl
Lehigh V. Coa
Boston Land
Manhattan Transit
Edison Crewe
Esas
Mays
National Sugar
Gen Electric
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Mexico
McElwain
al -New England
Pullman
R. J. Reynolds
United Cigar Stores
He - Torrington
Co. O
United Fruit
U S. Light & Heat
United Shoe
S. Light & H F
United Shoe Pf
Butte
Ariz
First National
Florence
Alaska
Goldfield Midway
Alloues Eee
Lon- N.Y
Halifax Tonopah
Mason Valley of America
Wire Consols Money
Pn Mines
Coweenie
Boston & Corbin
Fc Consols
Butte & Superior
Sik
Pacific Smelters
Cal. & Arik. Sc
Ccs
South
Utah
Ats
Calumet & Hecla
East
Greene-Cananea
Central
Hancock - Se
Louis. & Na
Panies. Ao
Indiana
Sas & Texas
Tropgie
Y. R. Central
Cook Ae Light Ng C.G. D
Norfolk & West
Newersey M. Co
Lake Evereee
New Utah Bingham
Orason Valley
Ontario & West
West End
Ocean
Miami
Braden Copper
U. S. Steel
New Arcadian
Wabash
North Butte
City
North Lake
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Pond Creek
Gms
Shannon
St Mary's Land
Superior
Trinity
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Tee
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Winona Teen Enae
Wolverine
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Begole Vy
Houghton
Bohemia
Boston Ely
Majestic
Eee
Bourses OF Europe
Marconi
Acific
Standard Oil
Bia. Pon Bid
Datserican Oil
Eeeate Ee Ee
Onew
Cumberla
Eureka Galena-Signal
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National Transit
New York Transit
Northern Pipe
Ohio Ol
Prairie Oil & Gas
Solar Refining
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South Penn
Can
W. Penn
Ind
Kan
Woost
Hilll Standard Oil
Neb
Standard Oil CN. Y
Swan & Pinch
Patereeres
Washington Oil
Waters-Pierce OU
Lane
Ganeaaee
R. Petco O- Cal Can
Pacific
Ceee Neers
Cal &I Co
Sant Mex
Mo. K. & Tex
Son Nevada
Enam N
Csce
Union Pac
Steel
West
Atlanta
Sateen
North
Ji One
Soius
Conley Tinfoil Ween
Johnson Seere, & M. Tip
LJ. S Young
Macaudreee & F
Ons, P. R.-Am. Tobacco
Reynolds Stee Ene
R. J. Reyn. Pf. W
Mit
UN. Cigar Stores
Amal
Ciov
Boston & Me
Bkly R. T
Erie Eseree
Hocking
Hudson Cos
Saly
Lack
TA & M
Man
Aes Mont. T. & P
Ue Central
NS Heé
A - Air Line
R. M
SOF
Et. Utah Co
Iim
Booth Fisheries Pf
Chicago Ry
Chicago T
Commacanaria
Ing. Harvester Av
National Iiscuit
Tso Ntional Carton
TOY National Carbon Pf
Peoples
Sears-Roebuck
Chicago Tel Ss
Aurora
Elgin
City Railway
de Edison
Lone Mortis
Ts En Etee Chivago Railway
Columbia Gas
Crucible Steel
Harb
Walker
Ohio Fuel Su Ys Osate & Ok
Pitts
Oil & Casa Brewing
Pitts Brewing Pf
San Toy
T. S. Steel Switch & Sig
Westing
Westings
Emee
Pitts, Brewing
Financial Notes
John Davenport & Member
Paterson & Co
Apoint
K. Rice, Sr. & Co
Charles N. King Tae
New York City
Railroads
Ee Een Nene
Industrials Cacseseees
Ighan
Seni Ae
Ee Sune Combine
Money and Exchange
Thursdey
Rhoades & I Company
Sphrite & Ev. Bankers
J. K. Rice, Jr. & Co
American Cigar
Cities Service
Del
Lackawanna & Aes Coal
General Bakin
Prudential Insurance
Otis Elevator
Wert Metal Producta
J.k.rice & St.& Co
Bertran
Franet
Chicago & Indians
Fort Worth
Ile Grande
Kansas
Pew & Bir
M & Ibert Eliott & C
Wall St
Tel
Hanover
E.&c.randolph Mombese
New York Stock Ae
Bend Sod Open Markat Securities
Doyartarst
T. F. Shields, Mgr
Investment and
Other Securit
Mexic
Babcock & Wilcos Stock
Thompson. Towee
Pomroy Bros
Manatee
Arner, Tucker & Co