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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 29, 1916
Page
17
The New York market closed with uneven gains and losses as traders weighed war fears and the Mexican situation. Financial activity remained tepid with professional traders controlling most moves while outside participation stayed low and dollar changes were irregular.
The report shows balance figures including a Sub-Treasury credit balance of $1 742 363 and a domestic exchange across New York centres with Boston and Chicago at par and discount details such as 1410c at St Louis and Xe premium at San Francisco. It notes London bar silver prices and Mexican dollars with related market terms.
London market cheered by war news with money in shorter supply and firm discount rates. Stocks rose in censors and gilt edged securities and shipping shares revived demand while American and other sections remained dull. Government short term borrowing last week stood at £37,000,000. Underwriters of the Australian Commonwealth loan to take a per cent of the issue.
The article notes a shift in investor appetite from local bonds to foreign securities, with Canada, South America, and soon China and Russia attracting interest. It discusses London’s tax-free issuances, New York’s progress as a world finance center, and a planned $50 million bond mortgage by International Mercantile Marine, plus large July disbursements and reinvestment prospects.
A long list of bid and asked prices appears for United States government bonds Pan 2s and 3s along with numerous stocks and corporate bonds. The market shows varied yields across issues including Pan 2s 1938 8% Pan 3s 1961 and many Do pf stocks, with frequent references to prices and percent bids.
The reorganizers postponed a decision on a note issue until midsummer. The plan cannot take effect before the first week of September due to required advertising time. It is expected that delaying the issue will reduce its size, now estimated at not more than $5,000,000 using funds from British subsidiaries.
Joseph Walker and Sons issue a circular offering bonds and guaranteed stocks. Gwathmey & Co opens a branch July 5 under N M Alston in New York. Ontario and Western Railroad declares a dividend payable July 24 to stock of record. Dominion of Canada bonds may be exchanged to Bank of Montreal agency. Bush Terminal Company declares regular semi annual dividends on preferred and common stock with extra dividend on common. stockholders of record as of July 23.
Bond details show varied sept 1914 and 1950s maturity notes with percent ranges from 80 to 110 across many issues. Market listings include six percent and four and a half percent yields with multiple dates and prices. Paris trading activity notes three percent rentes at 62 francs 16 centimes and five percent loan figures with London exchange at 25 francs 16 centimes.
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