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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 03, 1919
Page
8
The Tribune reports a record closing average of 108.60 for thirty industrial stocks, led by strong gains in Steel common, American Bosch Magneto, Baldwin Locomotive, Bethlehem Steel, and Studebaker. Oil shares also rise. Victory 4% notes trade above par, while call money hits multi year highs amid wide market optimism and renewed demand from war period figures.
Heavy speculative buying pushed industrial stocks to new highs on a moodily active session. The average price of thirty industrials rose 2.40 to 108.60, the highest on record, as automakers like Studebaker and General Motors led gains, while steel issues also advanced. Money rates climbed to 10 percent on call loans, the highest in over two years, with about a million dollars loaned at the new level. May stock transfer tax receipts surged to $11,111,721, the largest monthly total since the tax began in 1905, bringing eleven months of the current year to $5,106,?.
Market opinion notes loans to brokers remain moderate and not dangerously high as stock classes used for collateral show limited price gains. Liberty bonds now account for about one third to one fourth of Wall Street collateral, with analysts highlighting psychology in the market and referencing General Motors under leadership plans.
The St Louis and San Francisco Railroad reports a year end deficit of 2 148 020 despite operating revenue of 72 475 01 The loss is blamed on soaring operating expenses totaling 18 196 101 Tax payments reached 2 813 070 while surplus after charges stood at 135 585 equating to 167 a share on 7 500 000 preferred stock Negotiations with the railroad administration over compensation continue without a final agreement. Meanwhile American Locomotive Co says it closed contracts for ten locomotives for Nigeria and twelve for Corea with Mikado type engines weighing 208 009 pounds each.
The International Mercantile Marine Company plans to sell British ships and assets to an English syndicate for £27,000,000 and liquidate via share lien certificates of the International Navigation Company Ltd. Shareholders would bear any taxes, not the company, with liquidation requiring a two thirds vote. The 1918 profit and tax figures are disclosed in the annual report.
A 1909 financial summary lists U S money in circulation at 9 691 187 000 with gold holdings and multiple sector indicators. It covers daily iron output, wheat and corn crops, cotton and railroad earnings, bank rates, Dun and Bradstreet figures, building permits, and year to date totals. Detailed values appear for April and March with mixed precision across agencies.
Monterey Mexico June 2 According to announcement by the Department of Communications and Public Works of the Mexican government the Kansas City Mexico and Orient Railroad system in this country is to be greatly extended as soon as provision can be made by the company for resuming construction work. The company has made application to the Department of Communications and Public Works for a concession to construct branch lines to Guadalajara San Luis Potosi Aguascalientes and a number of other cities and towns.
Abbott, the Chicago banker, has completed his inspection trip to China for the American banking group. He is en route home to confer with bankers and report findings on the Four Power loan to the Chinese government.
Directors adopt resolution to retire 2,800 shares of preferred stock on August 1 at $102.50 per share plus 14 percent dividend due that date. Holders must deposit certificates with the treasurer before August to receive the payout. no dividend will accrue after that date.
Dividend announcements show various companies declaring quarterly payments. Notable entries include Muson Fire and Rubber Company and other firms indicating per cent payouts and scheduled dates in June. The notices mention stockholders and payable dates, with some references to coal camps and mining firms.
Berlin May 28 financial circles in Germany see the Entente peace terms as ruinous yet hope German counter proposals may gain acceptance to avert starvation and collapse. Henry Nathan of Dresdner Bank warns that forced acceptance would deter foreign capital, while security and profits hinge on peace and order and the ability to pay Allied obligations. He argues 100000 troops are insufficient to control Bolshevism, and Germany must retain forces to protect industry and maintain labor incentive amid dire material losses.
H. Gary of United States Steel Corporation commented on Washington reports of a possible Sherman Act suit against steel producers. He said there has been no discussion of prices since a May 4 meeting at the Plaza, held at the Railway Administration director general's request, and none will occur unless the government requests it.
Wall Street items report renewed activity as executives and firms adjust roles. Investors see Elliott Planer’s stock movements, Bank of Five Rivers relocates from its former premises, and several brokers join or depart firms including Carpenter, Mary & Co and Newburger Hendon & Lee. Harold A House manages a branch under new leadership at 3rd Street.
Stocks ex dividend yesterday include aA 6 Biowee at $2.50. Illinois Central Laclede Gi Pacific Mail Industrial Alcohol US Cast Iron Pipe appear in brief market notes with sporadic pricing and listings.
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