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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 04, 1918
Page
4
Wall Street activity showed surprising steadiness despite the threat of German submarines off the American coast. Traders dumped stocks early, then buyers returned as prices recovered, with many leading issues closing higher. Banks debate rail loan rates at 6 percent while municipals surge on tax-exempt appeal.
Stockholders at Hoboken meeting hear 1917 income and expense estimates for International Mercantile Marine Company. 1917 earnings show lower profits due to government requisition of steamers and higher taxes. Plans discuss sale of British subsidiary tonnage and assets, with a special meeting for ratification after details are approved.
Market data quote yesterday and prior periods for stocks, rail, bonds, and government issues. Names linked to directors include Otto T. Barnard John W. Jon Frank A. Vanderlip Charles H. Stone and Donald G. Geddes. Total shares 560 318 with 213 058 common and 5685 preferred.
Money and credit conditions in the call money market were steady at the start of the week with a ruling rate around 5 1 2 percent and a low near 4 percent. Activity was moderate as banks showed reluctance to increase reserves following Saturday Clearing House disclosures.
The Western Maryland Railway reported improved finances with operating revenues at 18,038.40 and net operating revenue at 4,077.04, showing a shift in profit to 1,091,285 after deductions. Expenses rose 27.21 percent, while revenue per dollar earned reached 70 cents. management emphasized train loading boosting freight tonnage per mile to 99 percent.
Benjamin Strong governor of the Federal Reserve Bank of New York issues guidance to member institutions on income and excess profits tax payments. Banks should qualify clients for tax money, provide necessary collateral, encourage use of U S certificates of indebtedness maturing June 24, and not defeat their purpose by cashing the certificates or making loans to allow cash tax payments.
May failures in the United States were surprisingly light in number and liabilities. Dun's survey shows 880 defaults totaling modest insolvencies, the lightest May since 1910 for defaults and the year’s lightest outside February. Manufacturing, traders, and other lines account for the bulk of the figures with specified sums. The Engineering and Mining Journal reports mining and metallurgical dividends totaling 10,043,897 in May, versus 11,827,547 in May 1917, with Anaconda Copper Company paying 4,082,500 in dividends.
The week ending May 7 shows national banks’ loans and discounts, Federal Reserve notes in circulation, and gold reserves across the system. Figures cover Mare Aliea Ne and other regions, with prior month comparisons and percentage changes noted for several items, including gold held against circus fund and general circulation.
The Oil City Derrick reports May production and well completions surpassing all months since June 1911. May produced 154 082 barrels with 1 750 productive wells after removing dry holes and gas wells. North Texas and Pennsylvania lead in new work while Gulf Coast shows large dry-hole totals. Total wells under way reached 5 601, a new high, with notable rises in Kentucky Illinois and North Louisiana.
Distilling companies across the county are converting plants for alternate uses amid wartime needs. Whiskey firms move into industrial alcohol and vinegar production while Baltimore's large distillery shifts away from spirits. Banking houses in Toronto offer 3 million in Newfoundland bonds for war funding. Submarine activity raises oil transport concerns as Mexican crude and refinery shipments face potential disruption. Investment notes show mixed yields, with Bethlehem Steel and Westinghouse holdings cited. Sugar credit offerings expand with a new 1 million dollar acceptance draw. Liberty bonds trade near new lows at 95.80.
Corporate returns show Voledo Peoria Western Railway posting year end December 11 1917 earnings of 1 289 492 versus 1 217 695 prior year with surpluses and deficits noted across several lines including Texas Pacific Illinois Traction Central of Georgia and Northern Pacific. Other firms such as Sears Roebuck Texas Power Light New York Chicago St Louis and Fort Worth Power report April and May gains and declines in gross earnings net income and dividends with contrasting monthly totals.
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