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This newspaper page contains 18 articles. Subscribers can read the full text of each article.
Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 05, 1920
Page
19
Beginning next Monday morning the franc will be quoted in certs per unit rather than by the dollar value. Exchange managers from banks and trust companies approved the change to a flow method similar to Belgian francs and Italian lire, aiming for uniform cents per unit across Continental currencies.
Missouri Pacific Railroad reports a substantial net income rise for the year, with 191% gain cited in the annual report. Despite the profit, net revenue declined sharply, leaving $510,684 on common stock after preferred dividends. Before adjustments, earnings per share hovered around 178 cents, contrasting with prior year figures. Government compensation factored in altered the outcome, with potential deficits if removed.
Reynolds Tobacco reveals a proposal to raise capital from 40 million to 140 million dollars, issuing new common and preferred stock and paying a 200 per share dividend. Directors seek charter amendments to support expansion, including a new Class B stock and provisions for future growth.
Swedish bank dividend fete report states largest Swedish bank paid up capital reserves of 172,000,000 kroner. De York correspondent cites a rate and latest accounts showing deposits across 14 institutions, with a dividend declared totaling over 2,500,000 kroner.
Market closed mixed after a late rally as bears rushed to cover short positions in steel and other speculative favorites. Rail equipment stocks led gains with American Car & Foundry and Baldwin Locomotive, while International Paper rose on news of higher newsprint prices. Volume stayed light with tight call money expectations as taxes near due date.
Money and credit conditions in the Chul money market remained easy with little new money offered. Demand for funds persisted at around 8 percent for industrial accommodations while banks showed reluctance to use the Federal Reserve Bank amid higher rates. Bank clearings and foreign exchange rates were reported with various regional figures and descriptions of market tone.
Transactions yesterday and year to date across listed stocks and bonds show varied activity with notable totals for industrials, utilities, and government securities. Major names such as Union Pacific, United States Steel, General Motors, and American Sugar appear with substantial figures in price, bid, and ask listings, reflecting market breadth and sector dispersion.
Dividends regular declarations amid scattered company notices show payout schedules and amounts. Multiple entities including Mettolin Corp and Tre Co offer payments indicating a mix of quarterly or annual dividends. Names and figures are interwoven with uncertain OCR text, but payments are noted as cash distributions to shareholders.
In AYRES on June 3 a report notes 58,850,000 wits in the Argentine gold deposits and a credit of about 10,000,000 with twelve Federal Reserve banks. The US government action is tied to the rise of the American dollar in Argentina, not altering the reserve system, as deposits previously held remain in place.
London reports a June 4 briefing on a program for national commerce leaders from the United States Great Britain France Italy and Belgium. The draft focuses on suppressing unfair competition expanding trade and rebuilding war devastated regions. John Fahey of Boston chairs the drafting committee which proposes a report on import export controls to protect national markets and curb exchange rate depreciation.
London money market notes on June 4 report silver and opem? new money metrics. Discount gates and short bills at 3 percent, three months bills at 4 percent. Gold prices near Lisbot around 140.
Paris market news notes steady conditions as the franc-dollar exchange shows mixed signals. The dollar’s value appears stable against the franc with minor shifts, while other rates and figures show inconsistent readings in Paris financial circles.
Wall Street brokers report a brief pause in new ventures amid expectations of a post Chicago convention rebound. Leading bankers including James Speyer and others are noted to attend, with several planning strategic moves after the event.
A garbled report notes K T Van Pe Missonvis and Alwin Krechts discussing voting outcomes and a forthcoming meeting in about a week. It mentions readjustment of the financial structure, involvement of Equitable, Speyer & Co, and Securities Co, with figures around 300,000 and 218,820 cited amid concerns over asset takeovers and economic operations.
Recurrent rumors swirl about a possible merger centered on Lackawanna Steel as independent steel firms face denials and shifting prices. The market shows a dull session with a late upturn driven by short covering, with major movers including Baldwin, United Retail Stores, and International Paper.
The cotton market showed a rapid decline over the week end with nervous selling and profit taking after an initial advance. Private cables cited weak domestic demand and abroad selling while Southern buying and local market activity fluctuated. spot prices for middling cotton eased to 490 with limited pressure on futures and markets closing barely steady.
In a Wednesday June edition, Abas BA reports stock movements for bonds and related notes. The piece lists several entities including Weller & Son and Eric Wisstam, with prices and quantities noted for a range of issues.
Wheat markets softened after a crop report suggested early harvests in Oklahoma and a bright hard winter wheat outlook. Gulf prices slipped about 1 cent as exporters bought cautiously. hard wheat at Gulf ports was offered around 2.08 but faced limited demand.
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