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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 19, 1918
Page
15
The Edison Electric Company announces redemption of bonds issued under the mortgage and will retire bonds numbered 1208 through 1288 inclusive. Interest will cease after September 1, 1921. Bondholder details reference the company at New York City and Leapagetes California.
The Treasury announces the largest single issue of certificates totaling 760 million dollars at 4 percent interest. Subscriptions close July 2 with payments due June 25 to July 2. Certificates issued in denominations up to 100000, exemption from most taxes, and tax changes noted. Federal Reserve Banks act as fiscal agents and allocate by district.
The Central Trust Company and Union Trust Company merged to form Central Union Trust Company of New York. James N. Wallace becomes president and chair, Edwin G. Merrill vice president. capital about 12.5 million, deposits near 200 million, dividend 5 percent. Offices to operate from 80 Broadway and 1 Wall Street. uptown branches at 42nd Street and Fifth Avenue.
RB Leach & Co offer 80000 dollar Wentfield bonds at price yielding 4.60 percent with 2000 dollar semiannual installments from June 15, 1920 to 1968. Merrill, Lynch, and Co prepare stockholder review of American International Corp. Wages rise 10 percent at Millbrook Wooten Mills and 3 months across Norwich and Yantic plants. Alexander R. Lawton elected president of Wedleigh Southern Railway, succeeding A. Winburn who joins Railroad Administration.
Boston June 18 Directors of the American Telephone and Telegraph Company recommended a July 3 stockholders meeting to authorize a bond issue not exceeding 50 million dollars at 6 percent for seven years to provide working capital due to war conditions. The article details stock ownership shifts as of April 1, including George F. Baker with 18,438 shares, T. N. Had with 4,004 shares, and a 7 percent rise in director holdings to 0 421 shares. It lists major stockholders and totals, noting Columbia Trust Co. as trustee and several firms such as Kidder, Peabody & Co. and Higginson & Co. among the holders.
About 50 to 75 sales managers from copper and steel firms meet with the American Institute committee at the Waldorf to discuss price trends and production speeds. The gathering aims to inform wartime supply, with notes on output costs and labor, as a Washington war board session looms.
Two bankers conventions set for the end of the week with sessions in Atlantic City and New London Conn. Speakers include George Skinner Robert Treman William Malburn E Cartier George Wharton Pepper Dr William Shanklin James M Beck and others. The program features a war by products address by Nicholas Murray Butler and remarks by Pierre Jay Charles A Morss Theodore Burton Albert Breton and Guy C Smith among others.
Bank of New York N B A declares annual dividend on a 20 percent basis. Last year two payments were 8 percent each with an extra disbursement of 2 percent. Central Railroad of New Jersey sets 2 percent quarterly plus 2 percent semi annual extra due June 29. Iron Cap Copper Company declares an extra dividend plus 25 cents payable June 20.
Seventeen new corporations with total capital of 552400 were chartered in Albany. Firms include The Up-to-Date Harvester and Machine Co in Jordan and Leather Agvere Mfg Co in Manhattan, with varied industries from beverages to trucking and shipbuilding. Several capital increases were also reported across multiple cities including Manhattan, Buffalo, Utica, and Brooklyn.
The Metropolitan Petroleum Corporation reports consolidation of two protective committees into a single joint panel. Howard Wilson, Charles C. Matchett, praise E. Potter, and David A. Page named to the new committee with Alvin Brockmeyer as secretary. Legal action toward Island Oland Transport Company and other individuals linked to asset transfers is planned.
Cabinet Co and Radiey Mfg Co in New York file charters with the state. The filings list capitalizations including 100000 dollars and 10000 dollars and name John J. Castello and John Tohn F. O'Neil among directors.
Special to The New York Times reports various charter filings across the U S including H M Oil Co with 1,000,000 capital and notable individuals in Superior Nebraska and Philadelphia. Other entries list patents, development plans, trucking and transportation firms, advertising businesses, and stock increases such as Brothers & Co Baltimore raising from 40,000 to 200,000.
Cotton market reopened dull after a brief rally, closing with losses of 51 to 70 points. July notices are expected next Tuesday amid expectations short interest may still dominate while August and later options weakened. Export sales and Liverpool outlook added to a cautious mood across New Orleans and Liverpoo markets.
Directors of the Baltimore and Ohio Railroad announce filing with the Public Utilities Commission of Ohio for authority to issue 20 million five percent bonds. The move is to bolster future capital needs. no immediate market placement anticipated. Some bonds may back maturing five percent gold notes due July, with RR Administration and War Finance Corp approval, but funds needed only as reserve.
Forecast shows warmer and fair conditions for Washington and B C. Showers expected for Ohio Michigan and cloudy wet weather for Arkansas and Oklahoma by Thursday. Cooler and wetter trend continues with possible rain in the outlook.
The Aurora Elgin and Chicago Railroad notifies bondholders that semiannual interest due July 1 on 3 079 009 first and refunding mortgage bonds will be delayed. Pending rate increases may raise net income, allowing interest payments before January.
The document lists earnings figures for the Philadelphia Rapid Transit Company and affiliates. It includes gross earnings, net earnings from operations, and surplus for periods ending May and for subsidiaries such as Utah Securities Corporation, with amounts in dollars and notable year references.
Discussion argues the excess profits tax unfairly taxes capital assets like houses held long term and other non income gains. It cites a man selling a retirement stake in a business and a developer who sold a life’s work for millions, claiming these proceeds are capital assets not ordinary income.
Treasury reports 4 500 000 in taxes paid yesterday in the Second Eastern Revenue District. A single corporation paid 900 000 excess profits tax. Most payments were by Treasury certificates, with some late taxpayers paying before June 25 to avoid penalties. Officials praise accuracy of cashier and assistant in handling over 360 000 individual payments last year.
85,000 feet of storage space near Grand Central Station with 17,000 feet on the upper floors and basement. A brick building described as prinkied is offered. address listed as Carrell 220 W 434 St.
Notice to holders of 5 percent gold bonds that Poulsen Wireless Corporation and Federal Telegraph Company have called all outstanding bonds due 1961 for redemption. Purchases will be paid at 110 plus accrued interest to July 1, 1918, upon presentation at Commercial Trust & Savings Bank Prescott Arizona. After July 1, 1918 interest ceases.
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