Big Bankers Oppose War Finance Plans in New York
Twelve leading New York bankers met at the Sub Treasury with War Finance Corporation directors to argue against bank guarantees for loans to war related firms. They urged rate increases for public utilities and cautioned the act needs amendments, while stressing direct advances as only feasible in exceptional cases.
MENTIONED IN THIS ARTICLE
New York
Sub- Treasury
War Finance Corporation
Finance Corporation
The
Brooklyn Rapid Transit Company
Interborough Rapid Transit Company
Congress
W P. G. Harding
Eugene Meyer, Jr
Clifford M Leonard
Angus W. McLean
McAdoo
J.P
James S. Alexander
National Bank of Commerce
Walter F. Frew
Corn Exchange Bank
Francis IL. Hine
First National Bank
Gates W. McGarrah
Mechanics and Metala National Bank
Seward Prosser
Bankers Trust Company
Charles H. Sabin
Guaranty Trust Company
Albert H. Wiggin
Chase National Bank
Harding
Federal Reserve Board
Sub-Treasury
Bub-Treasury
Arding
Inited Railways Company of
St. Louis
Liberty Loan
Traction Company
Dividends Declared By Mahoning Coal and United Shoe
The Mahoning Coal Railroad Company announced an extra dividend of 15 per common share plus the regular 5 and 2 percent on preferred, with Aug 1 and July 1 dates. United Shoe Machinery Corp declared an extra 3 per common share alongside the usual quarterly 37 cents on preferred, all payable July 5 to holders of record June 18.
MENTIONED IN THIS ARTICLE
Mahoning Coal Railroad Company
United Shoe Machinery Corporation
Usua
Cuba Cane Sugar Corporation
H. F. Kroyer
Coal and Iron National Bank
Addison H. Day
Barrett Company
Barrett Pany
New Jersey
Americas Products Company
Cable
American Coal Products Record Aa
Erne J. Steer
Americans to Open New Bank in China
The Guaranty Trust Company of New York announced plans to form Asia Banking Corporation with 2 million dollars capital and 500 thousand surplus. Major stockholders include Mercantile Bank of the Americas Anglo London Paris San Francisco First National Portland and National Bank of Commerce Seattle. The bank aims for operations in China and other Far East regions with head office in New York and Shanghai as a planned central branch.
MENTIONED IN THIS ARTICLE
Guaranty Trust Company of
New York
China
Asia Fbanking Corporation
Guaranty Trust
Mercantile Bank of the Americas
Anglo, London
Paris National Bank of
San Francisco
First National Bank of
Portland
Ore
National Bank of Commerce of
Seattle
Wash
Corporation
United States
Siberia
Far East
Shanghai
Hankow
Peking
Tientain
Harbin
Vladivostok
Russia
International Banking Corporation
National City Bank
The
War Finance Corporation
Asia Banking Corporation
New York Fed issues extra rules on foreign exchange
The Federal Reserve Bank of New York announced additional foreign exchange instructions prepared by the Division of Foreign Exchange. The rules require declaration of nonenemy interest from all US dealers, strict handling of cable confirmations, and delivery of separate paper confirmations to designated Fed offices. Dealers must report foreign correspondents and ensure credits include clear depositor and beneficiary details with stated purpose.
MENTIONED IN THIS ARTICLE
Federal Reserve Bank of New York
Division of Foreign Exchange
Reserve Board
Wilson
United States
Federal Reserve Board
Wall Street
New York
Eastern Seaboard
Federal Reserve Bank of San
Galveston
New Orleans
Federal Reserve Bank of Atlanta
Division of
Foreign Exchange
Financial notes from city and international markets
Gold coin totaling 44000 dollars withdrawn from the Sub-Treasury for shipment to South America. Ames Emerich and Co sold 800000 dollars of City of Milwaukee 5 per cent bonds at public sale. Alberta Canada seeks tenders for 825000 dollars of 6 per cent ten year gold bonds dated June 1 1918. H W Dubiske and Co open offices in the Singer Building with Edwin Hawley Spence as manager. R W Preseprich and Co receive 400000 dollars in City of Yonkers six months notes due December 11. John L Merrill elected President of the Mexican Telegraph State and Central and South American Telegraph Company. W Emlen Roosevelt elected Chairman of the board of the former and Edmund L Baylies of the latter. Alfred J Johnson city chamberlain made special partner of Anderson Irans and Co to focus on official duties. New York Savings Bank Board of Trustees declares a six months dividend ending July 1 1915 at 4 percent per annum.
MENTIONED IN THIS ARTICLE
Sub
South America
Ames, Emerich & Co
City of Milwaukee
Alberta
Canada
H. W. Dubiske & Co
Singer
Edwin Hawley Spence
R. W. Preseprich & Co
City of
Steel War Tax Paid by United States Steel Corporation
The United States Steel Corporation paid about 233.465 million in income and excess profits tax, the largest ever by a U S company, settled in full in April. The firm used Treasury certificates and Federal Reserve facilities to streamline payments across subsidiaries, saving over 1.17 million through early discounting while leveraging new Reserve Bank arrangements.
MENTIONED IN THIS ARTICLE
United States Steel Corporation
Treasury
Internal Revenue
Treasury Department
Federal Reserve Banks
Federal Reserve
New York
Steel Corporation
Richard Trimble
Bureau of Internal Revenue
Tax Inspectors to Enforce Income and Excess Profits
The Internal Revenue Bureau tested applicants for inspector posts in New York. About fifty inspectors will be assigned to Collectors Edwards and Eisner to pursue tax evaders. Taxpayers filled four revenue offices as daily collections reached several millions, with nearly ten million in the Wall Street district and about five million in Manhattan.
MENTIONED IN THIS ARTICLE
Internal Revenue Bureau
Custom House
Edwards and Eisner
Manhattan
New York
Wall Street
Cief
Apanhattan
Gaston Williams Wigmore Reports 1918 Earnings and War Restrictions
The Gaston Williams Wigmore firm reports net income of 3 188 727 for the year ended April 30 1918 or 10 63 a share on 300 000 shares. After a 1 751 200 write off for uncollectible Russian accounts net income falls to 1 487 318 or 4 79 a share. Dividends totaled 1 275 000 or 4 25 a share and surplus reaches 1 452 418. Unfilled orders were 16 727 042. bonds retired 2 500 000. notes paid 1 000 000 leaving 3 000 000 of 5 000 000 still outstanding. President Gaston cites wartime government regulations restricting operations and anticipates continued severity until peace.
MENTIONED IN THIS ARTICLE
Gaston, Williams & Wigmore, Inc
Russia
Gaston
Gaston, Williams & Wigmore Steamship Corporation
Also Mentioned on This Page
Unlimited
American Credit Indemnity Company
A. B. Treat
East. Mer
R. & Chambers, Gen. Agt
William St
New York City
American Tobacco
Porto Rican Amer. Tob
R. J. Reynolds Tob
Babcock & Wilcox City Investing Common Carbon Steel
Boston
Wilmington
Richmond
Schley
New York Stock Exchange
Broadway
Delaware
U. S. Corporation Co
Cedar St., N. Y
Clhudson.co
Hgblow & Company Bankers
Guaranty Securities Corporation
Banke
State of York
Secretary of State
Eee
Insurance
Madison Avenue
Barr & Schmeltzer
Wall St
Specialiats
New Yor
A. A. Housman & Co
New York Stock’ Exchange
New York Cotton Exchange
Coffee & Sugar
New York Produce
Chicago Board of Trade
Breed Street
Merrill, & CO
Woodyear Tire and Rubber Co
Theodore C. Corwin Noble & Corwin
Broad St
Chese Neil Bank
First Et Bank
Neil Bank
Com. Mech. & M. Nat'l Telephone Till Broad
Federal Board
Calis
Mahoning Coal Railroad
United Shoe Machinery
Federal Reserve Bank
Financial Notes
Puget Sound Traction, Light & Power Company
Otes
Stone & Webster
Com
Pany
Puget Sound District
Tacoma
Bellingham
Everett
Washington
Harris, Forbes & CO
Capital Issues Committee
Williams & Wigmore
State Tax Commission
New York State
Fifth Ave
Pith Ave
43Rd St
Madison Ave
60Th St
London
Lombard St. E. C
Paris
Ree Des Italiens
Mercantile Department
Ladenburg, Thalmann & CO
RAY Consolidated Copper CO
Ray Consolidated Copper Comp
E. P. Shove
Texas Pacific Coal & Oil Stock
R.j.reynolds Tobacco Co
Scrip
J.K. Rice, Jr.& Co
John
Gillette
Lima Locomotive
Keyes, Haviland & Co
Tel
Rector
the Mechanics & Merats National Bank
Nassau Street
Utah Copper Company
K. Lipman
NEW York Transit Company
George Chesebo
Wwbh
Lawyers Title and Trust Company
Archibald Forbes
Regal
KL. A. Mocar
Chino Copter Company
Chino Copper Company
W. Peters
Manufacturers Trust Company
Manufacturers ‘Trust Company
Brooklyn Borough
N. Y
West Side Bank (of
West Side
General Baking Company
GEO. BE. Fawcett
Kolb Bakery Company
Ness
GEO. E. Fawcett, Tresseres
Chase National Bank of the
City of New York
A. C Andrews
United Fruit Company
John W. Damon
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