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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 02, 1920
Page
6
Bearish session with heavy selling across rails and industrials as call money neared 10 percent. Volume rose with profits and dividends shaping sentiment while Union Pacific and General Motors eye new offerings and potential stock actions amid higher discount rates.
The Vacuum Oil Company annual report shows 1919 earnings after taxes of 8,112,777 dollars, equating to 54.08 dollars a share on 10 million capital stock. The company also notes 1918 earnings of 4,911,861 dollars, or 22.74 dollars per share, with a balance on hand around 108,509,104 dollars, down from 42,484,000 at year’s end.
A firm branding itself as investment specialists highlights a report praising the current market for copper stocks. It notes liquidation with minimal recessions, quick price recovery on limited volume, and no broad plunge in sentiment as demand rises and prices climb after the war.
Prices at the Paris Bourse show mixed moves with exchange on London at 50 francs 62 centimes and the franc well quoted. The dollar was quoted at a Troven til centime. Five percent bonds stood at 87 francs with contimes.
Union Pacific Railroad plans a syndicated sale led by Kuhn Loeb and Co to offer 10 million in equipment trust certificates bearing 7 percent interest. The four to fifteen year notes will be priced 100 to 101 and fund locomotives and steel gondola cars for about 15 million cost with the company contributing more equity. A separate May 11 sale of 25 million in Pacite Fruit Express Company certificates backed by Union Pacific and Southern Pacific was also announced, guaranteed jointly and severally.
Fragmentary OCR notes indicate Wool drops in London with varying price expectations and percent declines. Mentions about Merino wool and trade terms, but many words are garbled and current facts are difficult to verify.
The rise in the rediscount rate at the Federal Reserve Bank to 6 percent spurred heavy selling of Liberty bonds and Vic Notes, with sharp declines in value though some afternoon recovery. Belgian Bond subscriptions for a new 50 million external 74 percent issue opened to heavy demand, with yields ranging as law dictates. An extra dividend of 2 percent was declared by Merentes Powder Company in addition to regular quarterly payouts.
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