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This newspaper page contains 18 articles. Subscribers can read the full text of each article.
Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 01, 1916
Page
5
Wall Street traders digested a holiday muted day with focus on municipal bonds and major rail earnings. Analysts noted Anglo French bond activity and a Du Pont distribution while beet sugar seed imports sparked market chatter about domestic seed production.
The article notes a shift toward municipal bonds as tax exemptions lure investors during wartime. It cites 1918 as the first $400,000,000 milestone, with several years earlier below $200,000,000, and highlights Ontario and other Canadian regions borrowing heavily in the U S market. It also discusses British holdings of American securities and anticipated effects of a 10 percent tax on such holdings.
The London stock market stayed steady with war loans and Consols advancing as investors bought bonds from American, Argentine, and Japanese issues. Consols rose fractionally, the new war loan gained, and gold dealings by the Bank of England showed local liquidity. Treas ury bills and Exchequer bonds attracted caution ahead of next week’s three year issues.
Stockholders of the New York Mutual Light Co voted to reduce the board from Hateen to twelve members. Hirsch Lilienthal & Co. and A W Martens & Co. reported trailing sums of 5668 dollars and 90 cents in bond transfers. The Sub-Treasury moved 100000 dollars to Cincinnati. Southern Railway appoints A Hi Plant as controller, replacing MF Molios. Special minutes note temporary clearances by United Motors Corp. brokers and new offices opened by Roesler Kerr at 1182 Broadway. Jamieson and J L Replogle elected to Wabash Railway board to replace Rhodes and Greer.
In thin trading amid weather and crop news, July cotton fell to 12.65 with October near 12.80 as prices eased before closing steadier. Liverpool opened steady then eased, due to lack of fresh incentives ahead of a government report due at 1 am. Trader selling came from Wall Street sources amid anticipated conditions from May 25 data, with New Orleans and other Southern markets largely unchanged or slightly lower.
Market report dated May 31 1916 notes irregular wheat prices in Chicago as May contracts close amid liquidation and weak cash demand. Corn remains active with firm closes amid premium trades while weather favorable for new crop and mixed global stock movements influence prices.
Readable sections show various dairy butter and cheese receipts with prices and grades, plus fluctuating fruit and vegetable lots. The summary lists state dairies, Wisconsin creamery items, and market notes on apples pears oranges lemons and leafy vegetables with multiple prices and crate counts.
Market notes show cattle and calf prices with steady to weak tendencies. Steers sold around 9 dollars to 140 dollars per head while heifers and cows varied. Calves receipts totaled near 2,482 on sale with mixed demand and modest pricing.
A group of American financial institutions extends a 5 billion pound loan to Lennon joint stock banks for one year from June 2. Interest rises from 4.3 to 6 percent. funds reportedly unused. Banks involved include Floyds Mark London City and Midland Union of London Smiths Bank London County Westminster Patrs Bank Harclay & Co Lal National Provincial Bank of England and the London Joint Stock Bank. Frank A. Vanderlip chairs the American committee.
A financial notice reports a stockholders meeting for American Car and Vorn dry. The event details include date and location, expected attendance by shareholders and board officials, and topics on corporate finances and governance.
Nash resigned as president of General Motors yesterday amid rumors of discord with Durant's group. Board action was anticipated at today's meeting in the General Trust offices, with banking quarters noting Nash's lack of alignment with Durant control.
The report notes New York and London copper and spelter prices with weak local spelter demand. Copper futures in London quoted around £110 with spot activity listed and New York deliveries described at various levels.
Court orders authorize the Receiver to extend notes of the Missouri Pacific Railway issue at 6 percent for six months from June 1 1916 with option for another six months. Noteholders receive accrued interest and a 1 percent commission. guaranty and additional collateral secured by Columbia Trust Company with multiple agency offices listed. offer subject to court approval May 18 1918 and withdrawal with notice for notes not offered by June 39 1918.
The article records mixed livestock prices for lambs and yearlings, with prices ranging for culls and rations, plus detailed railroad earnings comparisons. It cites head counts, sale notes, and shifts in net income, costs, and surpluses for multiple railroad entities and subsidiaries.
Public utility notes detail Lee and Higginess 9 purchasing $1,000,000 five percent first mortgage bonds of the Pennsylvania Utilities Company issued April 1 1948. Proceeds will retire $2,800,000 of Eastern Pennsylvania Power Company funds. internal funded debt totals $5,004,000. New Orleans Railway & Light reports quarter ended March 31 19 16 earnings with gross revenues $1,855,180 and net earnings $243, with surplus after deductions.
Local notices outline a bankruptcy petition with liabilities around 8 200 and assets and other debts nearing 29, the document naming assignees and creditors. Clerks list firms including Morris Grea and mas amounts in the hundreds, with mentions of secured claims and real estate transfers amid court actions.
dP Morgan Co reports deposits at the Arsay Office of a new shipment of gold from Canada valued at 2.5 million dollars. The latest addition brings the prn movement total to 23,376,000 dollars.
The Pitts Pitleburgs Steel Company announces redemption of its 4 percent notes due January 1 1920 and January 1 1920 with a total face value of $1 000 000 and interest accrued to January. The company expects to pay $2 080 000 in total earnings from the issue.
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