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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 07, 1918
Page
4
Off ice chatter at International Mercantile Marine hints at unexpected complications in ship sale talks to British interests. Warburg urges careful public utility financing. steel production soars yet demand outstrips supply as nonessentials face cutbacks.
Government withdrawals squeeze liquidity with call money at 6 percent, steady for regular maturities. Fixed date funds slow as banks limit offerings, and commercial paper and bank acceptances show muted to active activity. Includes figures from U S money markets, Treasury per capita circulation, May bank clearings, and international central banks updates.
The article explains foreign exchange rates, showing how the dollar buys various currencies and the concept of intrinsic parity. It notes pounds at about 4.75 dollars per pound with an intrinsic parity near 4.56, indicating a dollar premium due to higher demand to settle US accounts in England. It also mentions London exchange and Paris franc prices.
The document lists asset categories and balances including Gold, Notes receivable, Circulation, Pub deposits, Technology and Government securities with various totals and subitems such as Inc. and Dec. values, indicating a detailed balance sheet snapshot from a financial report. The data references multiple asset types and corresponding figures without narrative context.
London money markets show steady rates at 2 percent with short bills discounted around 3 4 percent and 49-46 percent. Paris Bourse trades quiet with three percent rentes at 60 francs cash and five percent loan at 8 francs. London stock market firm as oil and explosives stocks boost activity. Mexicans and rubber shares gain. Also notes resignation at Hudson Trust and Hampden railroad lease litigation details in Springfield court.
Paris June 6 The Chamber of Deputies passed a measure to raise the amount the Bank of France may loan to the government by by 000,000,000 francs.
Three major porphyry copper companies Chino Ray Nevada Consolidated cut quarterly dividends to 1 per share 75 cents and 75 cents respectively while Utah Copper maintains 2.60 per share. Payable June 29 stockholders of record June 11. Wall Street anticipates lower earnings and higher war taxes influencing the cuts. Previously Chino had reduced from 2.50 to 2.00 and then to 1.50 per share. annual rate now 4.00 versus 10.00 a year ago.
The National Association of Owners of Railroad Securities led by Davies Warfield says its members, including major banks and insurance firms with billions in railroad securities, fear loss of guaranteed net income if the government can order line improvements or cuts. Railroad officials at Grand Central Terminal warn the key issue is the Director General's power to alter the standard return, with two proposed methods: reductions tied to maintenance costs and wage scales versus past expenditures. The talks have not yet involved the Director General directly, and will when railroads fail to reach agreement with the railroad administration's legal representatives.
The Federal Reserve Bank of New York will drop the 1 cent per item service charge on out of town checks for collection beginning June 15. Other reserve banks will implement the change. Telegraphic transfers at par will be provided to move funds instantly between districts, with private telegraph lines set to speed cooperation among Reserve banks and the Fed Board in Washington.
Announcement yesterday that American Foreign Banking Corporation has taken over the two branches of Commercial National Bank at Panama City in Panama and Christobal in the Canal Zone. Commercial National has acquired 8 percent financial interest in the American Foreign Banking Corporation, recently formed for international banking in insular United States possessions. Arnald Rains, ex-governor of the Federal Reserve Bank of San Francisco, attends the bank, capitalized at 2 million dollars, with stock held by banks across the country.
Market barometers show stock exchange activity across railroads bonds and others with figures for yesterday day before week ago and year to date for 1918. U S gov and railroad bond totals appear with comparative yearly and period totals across categories including railroads and miscellaneous bonds.
Report notes Guaranty Trust Company denied aligning with Studebaker in any financial capacity beyond existing client relations. It also covers tax payments under one cent, Chilean currency discounts around 40 percent due to no gold shipments, Italy’s exchange stabilization plans, and a London committee’s warning on bank mergers and a potential money trust. Allis-Chalmers declares a back-dividend of 0.75 percent, maintaining a total 6.40 percent on preferred shares.
The report covers multiple firms with figures through December 31, 1917, including New York & Honduras Rosario Mining showing a $1,676,816 total income and $286,550 surplus after expenses and depreciation, and Keystone Tire & Rubber, Pacific Gas & Electric, West Penn Power, and others noting monthly and twelve month earnings, surpluses, and dividends. Key entities include Keystone Tire & Rubber Company, Pacific Gas & Electric Company, West Penn Power Company, Pittsburgh & West Virginia Railway, Oatland Railroad Company, and F. W. Woolworth Company with varying gross earnings, net earnings, and surpluses.
P A S Franklin, president of International Mercantile Marine, said negotiations for selling the British assets and tonnage to an English syndicate face complications delaying final approval. Directors must resolve issues before calling a stockholders meeting to ratify the plan amid market unease.
The New York Chamber of Commerce adopted a resolution opposing Senate Bill No. 4425 proposing a government guarantee of bank deposits. The finance and currency committee chaired by Frank A. Van derlip endorsed the Clearing House Association protest and urged formal indorsement of that opposition.
May and April financial results show mixed gains and declines across Pacific Coast Company and Wheeling & Lake Erie Railway. May accounted for 8.3 million in revenue with year over year growth. April net earnings rose or fell against prior year, while ten month totals to April 1918 surpassed the prior period, and Wheeling & Lake Erie reported higher April gross revenues but lower operating income due to costs.
The War Board aims to mobilize billions through the War Bank with Federal Reserve help, signaling massive paper currency loans for procurement. Experts warn such credit may raise prices and undermine gold‑backed currency, challenging established economic principles and the war effort.
Felix Pinner writes in Berliner Tageblatt on future German trade effects from US wartime intervention. He notes US copper exports to Germany totaled 200,000 tons in 1913 and that wartime demand for munitions has doubled US copper production. He warns that postwar oversupply could tempt US manufacturers to favor Germany as a customer to curb German substitutes, implying complex shifts in world copper trade.
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