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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 06, 1919
Page
6
The market closed with industrials at a new high of 108.80 as analysts debated whether the Tuesday surge marked a lasting move or a one day reaction. Call money eased, yet strong interests appeared cautious. Brokers urged buying United States Steel while warning many stocks look richly priced given uncertain near term business.
Call money opened and renewed at 6 percent with mixed collateral. Industrial collateral loans unchanged at 6 1/2 percent as time money offered at 6 percent, some loans at 5 percent. United States Steel up 2 points, Central Leather and Continental Gas among active movers. copper shares rise amid outlook for price gains and changes in global production. London and Paris markets show firmer dollar rates with varied foreign exchange.
John W. Platten and Frederick W. Scott led four International Mercantile Marine directors in opposing the plan to sell British assets and liquidate American holdings. They resigned from the proxy committee ahead of the June 1 special meeting, citing likely tax hits and loss of American assets.
James Imbrie, head of Imbrie & Co., announced eight independent packing houses will merge into a new concern capitalized at 165 million dollars. J S Hawkinson of Chicago resigns as vice president of Wilson & Co. to become president. Further details await Hawkinson's arrival in New York next week.
Market observers reject claims of a junta bubble, arguing global economic forces drive a persistent bull cycle. They warn against unwinding positions to avoid higher taxes, noting large firms resist selling to protect profits amid ongoing market volatility.
Henry L. Doherty Co. syndicate managers reforming a syndicate to underwrite a 26,000,000 bond secured sink tie fund convertible 6 per cent notes of Empire Gas and Fuel Company, a Cities Service subsidiary. Notes dated June 1, 1919, mature June 1, 1924, convertible into 4 per cent cumulative preferred stock at par. Proceeds to be used for extensions and development work.
Sir Alfred Booth, chairman of Cunard and Associated Steamship Line, yesterday denied that Cunard Line was a member of the syndicate. The clarification came amid reports of a potential maritime agreement involving major shipping interests.
The Tobacco Products Corporation announced that its preferred and common shareholders of record would be permitted to subscribe share for share for the stock of the newly organized Tobacco Products Sports Corporation at $10 a share. The export corporation holds 450000 shares, with the parent retaining 189000 shares. the stock has no par value.
Reports say negotiations for merging Maxwell Motor Company and Chalmers Motor Corporation are closer to completion than before. Proposed Yaswell Chalmers Corporation would issue about 100000 shares nonpar value with Maxwell first preferred receiving 120 percent in new stock, Haswell 2 preferred 60 percent, Maxwell common 70 percent, Chalmers preferred 90 percent, and Chalmers common 15 percent.
The report lists wheat oat and corn crop figures in bushels and cotton bales, along with gross railroad earnings and bank clearings. It also shows building permits for 151 cities and Dun’s commercial failures. The data cover March 4, 1919, with year earlier comparisons and monthly and yearly totals in dollars and thousands.
New York Central Railroad reports 1918 net income from operations of 42,250,407 on railway revenues of 269,270,50 a new high, but far short of the 27,072,084 government compensation due under the Federal control agreement. Freight and passenger revenues rose while expenses totaled 210,687,848. The Director General of Railroads allotted 4,500 freight cars and 20 locomotives, with several delivered, and notes totaling 20,000,000 borrowed, mainly secured. The balance sheet shows 280 on December 31, versus 13407,045 last year, with investments around 49,000,000.
Dr Alfredo Cataregli financial agent of the Carranza government says negotiations with New York financiers for Mexico’s financial rehabilitation will proceed once Congress enacts proposed banking and oil related laws. The plan seeks to gain loan support while pursuing state control of railways and road projects, with new lines built in Jalisco Zacatecas and Durango. Business in Mexico shows improvement vs 1914, and imports rise with US trade strong.
Midvale Steel announces an $8 million iron programme across its plants, including a $4 million core investment at the Johnstown Franklin plant for reconstruction and modernization. Welfare measures include a pension system, home-purchase advances, and employee home ownership aims. A hospital is planned at Johnstown. Additional projects include an electric furnace at Nicetown and a large plant at Coatesville for boat treatment and finishing of steel products.
Paris crowds formed long lines near banks as Paris loma bonds went on sale for 1.6 billion francs at a yields rate. Subscribers waited at 8 o clock, with preference given to holders exchanging old bonds, limiting available new issue to 650 million francs.
The Stromberg Carburetor Company reports profit for the year ended December 1918 of 79097 dollars, about 5.75 dollars per share on 50000 shares. Net sales and tax provision details are unclear, and the Stromberg Motor Devices Company is wholly held. Net operating profit after costs is indicated as 164 something.
Investment bankers acquire 91 percent refining holdings in Tex Oklahoma and Louisiana with planned new stock. Details on securitization and exact company names involved were not yet finalized for public release.
Gold bars totaling 5.5 million dollars arrived at the Agsay Office from Ottows Canada for J P Morgan Co representing the British government. This is the second shipment since the movement began Tuesday and brings the total to 12.8 million to date with an expected aggregate near 50 million.
Extra dividend rates and regular quarterly dividends are declared for stockholders of record June 0. Highlights include BG percent extra and BG percent regular dividends payable July. The document notes various company names and June payment dates, with several unreadable entries.
Milton W. Jury voices concerns over foreign issue absorption by savings banks. Discussion focuses on amendments to New York law and frontier limits on foreign obligations, noting potential shifts by Massachusetts and other states and referencing the American Foreign Securities Company bonds of 1919. Authorities suggest a rise in foreign security firms to support investor needs.
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