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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 01, 1917
Page
4
Finance and markets report a broad stock rally led by United States Steel as traders weigh inflation risks and government money supply. The Liberty Bond drive highlights wartime needs with figures on soldier support and equipment. Exchange rates and Bank of England data frame a volatile week as rail and shipping news influence sentiment.
The local money market stayed quiet with Treasury plans for a large issue under consideration but not changing rates. Collateral loans based on a mix of industrial and railway securities stood at 4.10 1/4 percent across maturities while call money at the Stock Exchange remained 4 percent. London money was plentiful and discount rates eased slightly amid a softer exchange climate.
Canauen vare rouniny pany, Limited, hit by contract issues with the Russian government for shells and shrapnel worth eight million dollars, reports a twelve month period ended September 10 with gross profits of 1,292,105 and net profits of 83 after interest. The company notes return of funds to its New York agency and unfilled orders totaling 23,500,000.
The article reports a strong crop outlook with winter wheat likely to match or exceed last year due to ample rainfall and warmth in May. Spring wheat improves as earlier failures reverse, with expectations for combined yields surpassing last season. Acreage expansion, especially in corn, plus ongoing labor challenges and rural efforts boost food production outlook despite regional labor strains.
The Public Service Commission filed a protest with Governor Whitman against Knight and Pratt Dilla bills allowing holding companies to own more than 1 percent of stock in public service firms. The commission urged disapproval, arguing the bills aid the Brooklyn Rapid Transit Company and warn of renewed financial juggling in public utilities up to 1907.
The New York Stock, Cotton, Produce and other exchanges will be closed next Tuesday for Draft Registration Day. Leading exchanges in other cities will also be closed.
Sinclair Oil and Refining officials disclaimed knowledge of a published estimate placing next twelve month earnings near 15 million dollars while noting current rate about 124 dollars per share on outstanding stock. Starbuck cites War Department contract for 1,000,000 cartridge cases. Great Northern Ore Properties shows 97 percent profit rise in 1916 with new steelships to boost ore carriage. Baltimore and Ohio Railroad reports April revenues up from 1916. Dominion Steel reports earnings after depreciation and sinking funds. Vementy Valley Coal Sales declares cash dividend and stock issue.
The National Bank of Commerce in New York plans a mission to Petrograd to build commercial ties with Russia, hoping the country will emerge from war chaos as a sister republic alongside the United States. Senior executive Mutehins Jr., H P Darrandy, and others depart for Japan and Russia, with two to three months abroad, then Scandinavia before returning. The effort aims to establish strong relations with Russian banking firms and houses.
Federal Sugar directors declared a 1 percent dividend on common stock, signaling in Wall Street that the company may resume full payouts. The move comes amid a proxy fight led by Clarance Mackay to oust management headed by Claus Spreckels, with shareholders to decide at the June 18 meeting. The dispute centers on resuming common stock dividends after a 1912 halt, while the firm continues to disclose earnings only indirectly and has expanded wartime exports to the Allies. The dividend is payable June 15 to stock of record May 29.
Hocking Valley Railway Company’s 1918 report shows operating revenues of 5,200,119 dollars, up 2.1 percent from 1915, with net operating revenue at 5,007,889 dollars and net income after charges at 1,876,126 dollars. Revenue tonnage and freight tonnage reached strong gains, with coal and coke tonnage at 5,200,499 tons, freight revenue rising to 5,81202.49, and total revenue tonnage 1,059,440 tons. Passenger totals and mileage also increased, reflecting broad improvements across freight and passenger segments.
L C Fritch, former general manager of the Canadian Northern Railroad, is appointed general manager of the Seaboard Air Line at Norfolk Virginia on May 1. Lake resigns from the position effective immediately.
The excerpt lists bank reserves and liabilities, stock averages, living costs, and production data such as cotton, wheat, corn, and cotton spindles. It notes railroad earnings and disaster or death statistics, along with annual averages and year to date figures.
The report shows 294.75 dollars total revenue with an 11.9 percent rise. Revenue per passenger mile hits 1.90 cents, up 1.6 percent, while passengers per mile of road reach 134,857, up 10.2 percent. Passenger train mileage totals 706,068, up 2 percent, with passenger revenue per train mile at 1271 dollars, up 11.5 percent, and with mail and express it rising to 1463 dollars, up 124 percent. Passenger Service train revenue per train mile is 1531 dollars, up 124 percent.
London trading reacts to the Peninsular & Oriental and Union Steamship Company of New Zealand merger with active demand for shares. Market notes firm investment tone, war loan dividend reinvestment outlook, foreign issues steadier, and bonds varying in tone amid scattered dividend declarations and bank leadership changes.
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