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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 03, 1916
Page
5
Stock market rose early then plunged after a British naval defeat, with Marine preferred and Can Pacific among first to fall. Norfolk & Western hit new highs while rail groups and auto stocks showed strength then faded as news spread of losses and potential dividends. traders expect higher rates and cautious near-term demand.
London financial circles report confidence that peace is near and stress that American securities flow into Treasury via two shillings income tax as a powerful engine. Exchequer bonds attract investors. Bank of England dividends set record. Ministerial talk highlights peace, Belgian and French aims, with continued wartime finance fronts.
At the Board of Estimate meeting Frank L. Dowling challenged raises for Bureau of Standards examiners who previously cut other workers' salaries. Mayor Mitchel and Borough President Pound argued the raises were promised earlier and that the bureau might be abolished, with Dowling alone voting no. A public hearing on City Island Bus Company franchise was set for June 30, and a final report on Building Districts and Restrictions was presented. A hearing date June 19 was fixed for the county courthouse financing, while a request for $7,300,000 in stock for the courthouse project was deferred. Delegates of women attending the Biennial Conference of Women's Clubs entered the chamber.
A. Barlou Seepeer of the Chase National Bank returns from Alaska noting strong Roosevelt backing in the Northwest. Hepburn predicted Hughes in April, but now supports Roosevelt if nominated. He hunted big game on Kadiak Island, bringing two bears and copper ore from Kennicott mines for Middlebury College’s Commons decorations.
Three mates of the American steamship Edna arrived aboard the Vestris after the ship, seized January 17 near Antofagasta Chile, was condemned by a British prize court. The crew had been sent from Montevideo by the American Consul. Edna loaded nitrate at Chile and was linked to German sympathies. Clarence McGown, arrested in Texas, was in custody with Detective Moet. Also noted were Pedro Gonzales, Nicaragua's president-elect, and Stuart Gill, retiring governor of Har.
Warmer weather boosts retail trade while overall business remains below recent peak. Trade shows augmented mercantile activity as conditions improve, with orders below phenomenal highs yet still above seasonal norms. Analysts note consumption draws from available stocks and caution that presidential-year hesitations persist amid price pressures and regional shifts in failures.
Winthrop Burr, chairman of the Stock Exchange committee on business conduct, announced that sixteen firms violated exchange rules by using catch phrases in advertising. He urged dignified, direct ads and noted no permanent censorship was planned. The exchange stressed ads should be businesslike and not mislead about high grade investments.
General news on Puget Sound Traction Light and Power, Detroit United Railways, Dallan Electric Company, and Blackstone Valley Gas and Electric. Reports show April gross revenues and yearly gains, net earnings, and surpluses. leadership change at Detroit United Railways with J C Hutching resigning as president and Frank W Brooks elected president and GM. Stone & Webster notes improvements for Dallan Electric.
The coven market shows nervous, unsettled trading with mid day rallies followed by renewed weakness. July cotton slips to 1250 from recent highs as Liverpool buying and local covering support late. reports of a naval battle in the North Sea influence sentiment while favorable weather and crop advice aid losses. Exports blaze upward, port receipts 113,878, Southern takings seen around 20,000, with total movement toward 7,004,818 bales for the season.
The May bank clearings in 131 U S centers totalled 20 485 764 showing a 4 5 percent increase from the same month last year. New York City reports gains of about 21 percent while other centers reflect varied growth and reductions in certain aids.
Fragmentary OCR notes show unclear pricing for produce and grain with references to spot and futures quantities. Mentions include quantities like 4d and 10 tons and vague terms for copper and lithic materials, but details are unreadable.
Extensive, dense market notes cover wheat futures cash sales and receipts, dairy creamery goods, and related pricing. Reports include New York and Chicago prices, futures trends, and west coast crop conditions, with attention to Western yields, carryover stocks, and export demand.
A sweeping merger of independent automobile firms and suppliers is planned, potentially valuing the new entity at 32000. It would unite Willys Overland, Chalmers, Hudson, Auto-Lite, and possibly Firestone. The deal could involve United Motors and figures like Durant of General Motors, with finances led by Kaufman and Willys. Profits for 1918 show large earnings, while a Jupiter of leadership changes looms as Nash resigns GM president and Durant eyes renewed control.
Wettig accused of keeping gems intrusted for safekeeping by Baroness de Beckenaort in a German bomb plot trial. Magistrate fixes 81000 bail, citing three diamond rings and a bracelet recovered. Baronetess and Wettig had a falling out. she alleges blackmail in recent proceedings.
Fragmented OCR text references business troubles, payments, and debts across multiple entities. Mentions names and places in unclear context, with figures such as 7500 and 1365, and references to weeks and possible sales or losses. Details are garbled, but indicate financial distress and creditor concerns in a community.
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