Wall Street steadiness amid McAdoo tax plan discussion
The stock market showed calm as the Administration unveiled its tax programme. Traders expect gradual price declines until legislation completes, with limited trading volume and selective moves in affected groups. Most observers favor orderly adjustments and support higher taxes on unearned incomes, while opposing relief that would widen gaps between government and corporate bonds.
MENTIONED IN THIS ARTICLE
McAdoo
Wall Street
Mit
Liberal call money and bank acceptances rise in market
The Stock Exchange saw a looser supply of call money with mixed collateral rates at 5 1 2 percent, higher than Thursday. Fixed date funds expanded, while thirty day loans on mixed collateral traded around five and a half percent. Bank acceptances faced strong demand with rates across thirty to ninety days, and overall bank clearings rose 5 percent year over year. London money remained firm at about 2 1 2 percent with gold premiums in London.
MENTIONED IN THIS ARTICLE
The
Stock Exchange
Bank
Yorkville Bank
Federal Reserve System
Robert W. Locke
Matthew J. Hoey
General Motors
Studebaker
Bears
Dollar in Foreign Exchange Quiet in Market
The dollar's foreign exchange activity remained quiet yesterday with Italian rates steady at the peg around 11 for checks and Swiss exchange modestly higher. Demand for Spanish pesetas pushed the rate up, while closing rates compared with a week earlier show slight shifts across pounds francs lire and other currencies. The U S Mint lists current exchange and intrinsic values for major currencies, noting pounds at about 4.75 and intrinsic purity near 34.86 percent, reflecting a dollar premium due to higher U S demand to settle accounts in this country.
MENTIONED IN THIS ARTICLE
Ag. Sterling
Stockholm
Copenhagen
United States
Denmark
Sweden
England
Banks Meet Tax Payments Without Strain
New York City banks have strengthened their cash position as tax payments approach. Large banks loaned 15 to 20 million on stock market collateral for 30 to 9 day terms at 4 to 6 percent, easing financing for Stock Exchange houses. Authorities, the Fed, and banks cooperate to distribute tax receipts as government deposits, reducing reserve requirements and expanding lending capacity. Officials expect no major rate squeezes, reflecting confidence in meeting the tax burden from now to June 15.
MENTIONED IN THIS ARTICLE
New York City
Stock Exchange
Stock Exchange Houses
Wall Street
Treasury Department
Federal Reserve Authorities
Fires Here Aid Kaiser Fifteen Hundred Fires Daily Delay
Wilbur E. Mallalieu, general manager of the National Board of Fire Writers, told the National Editorial Association convention that fires traceable to Kaiser's agents are overestimated. He stated about 1,600 fires occur daily, stressing prevention to protect factories and troops. He urged stronger preventive measures.
MENTIONED IN THIS ARTICLE
Little Kuuk
Kaiser
Wilbur E. Mallalieu
National Board of Fire Writers
National Editorial Association
Mallalieu
Market Barometers Stock Exchange Transactions Briefed
Market barometers show year to date and yesterday figures for railroads bonds and government securities. Railroads reported 76,525,000 and 183,792,000 with other categories totaling 473,862,000 and 643,307,000 for all bonds. January 1 to date 1938 figures cited.
Unusually Bright Crop Outlook Amid War Economy
Observers of trade and agriculture report favorable crop prospects and rapid government monopolization of industry as the nation shifts toward a war footing. Demand for raw materials tightens civilian supply while female labor grows, and agriculture may yield near maximum due to ideal weather.
MENTIONED IN THIS ARTICLE
United States
Review
Bradstreet’s
Dan
Aggregate Economic Indicators and Market Averages Report
The report lists broad economic metrics including money stock, bank loans, Federal Reserve actions, gold reserves, and price indices. It provides figures for stock averages, bond averages, food costs, general commodity levels, production measures, crop outputs, railroad earnings, and business activity across multiple months, with notes on year over year changes and comparison adjustments.
Puget Sound Notes On Sale Next Week
Puget Sound Traction Light & Power plans a public offering of 12 million dollars in three year 7 percent mortgage notes via a Boston syndicate including Harris Forbes Co Lee Higginson Co and Estabrook Co. The issue aims to fund obligations over the next year, with the largest expected as an 8 million plus five year mortgage gold bond issue due February 1. The firm dominates electric street railway and lighting in the Puget Sound district including Seattle Tacoma Bellingham Everett. Outstanding stock totals 61.84 million with 20.13 million common and 14.80 million preferred.
MENTIONED IN THIS ARTICLE
Piana
Puget Sound Traction, Light & Power Company
Harris, Forbes & Co, Lee, Higginson & Co
Estabrook & Co
Boston
Puget, Sound Traction, Light & Power Company
Elect
Pace Sound
Senttle
Tacoma
Dellingham
Everett
Wash
London stocks buoyant as bonds show strength
London Market reports cheerful sentiment on the Stock Exchange with home funds steady and foreign issues firm. Port of Para bonds rise sharply while smaller priced issues gain strength. Paris Bourse quiet as francs move. London exchange quoted at 27 francs 16 centimes.
MENTIONED IN THIS ARTICLE
London Board
London
Stock Exchange
Para
Paris
Cotton financing to shift to ninety day acceptances
A proposed shift in cotton financing moves from sight drafts to ninety day acceptances. A special committee at the Hotel Biltmore will report this morning, with P G Marding of the Federal Reserve Board likely to endorse. The plan aims to ease credit for mills while protecting farmers and banks nationwide. The committee includes bankers, skippers, and shippers from New England to Texas and Memphis.
MENTIONED IN THIS ARTICLE
Hotel Biltmore
P. G. Mording
Pectoral Reserve Board
National Association of Cotton Manufacturers
Marding
New York
Boston
Federal Reserve System
New England
Randall N
New Haven Railroad plan for $1,000,000 equipment trust issue
The New Haven Railroad will issue one million dollars of equipment trust certificates to fund rolling stock purchases. No sale method, rate, or maturity details were released, but the rate is expected near six percent. The article notes weak trading for Jewel Tea and the broader motor stock market movements with GM and Studebaker showing strength against a market decline.
MENTIONED IN THIS ARTICLE
Wy Wston
New Haven
Bank and rail officials elected to key posts in 1914
Elections mark changes across finance and transportation. Leroy A Manchester becomes secretary of Youngstown Sheet and Tube Company while George I Prince and Harry T Ramadell are tapped as directors of the American Foreign Banking Corporation. Frank Trumbull is named president of the Chesapeake and Ohio Railway, succeeding George W Stevens as federal manager. Wickham Whitake Wall and Caples assume duties as assistants to the Federal manager after resisting 48 vice presidents. PF H Davis and C E Graham are elected vice presidents to fill vacancies.
MENTIONED IN THIS ARTICLE
Leroy A. Manchester
Youngstown Sheet and Tube Company
George IH. Prince
Merchants National Bank of Paul
Harry T. Ramadell
Manufacturers and Traders’ National Bank of Batisia
American Foreign Banking Corporation of
New Yor
Frank Trumbull
Chesapeake & Ohio Railway Company
George W. Stevens
Committee Urges Inquiry into Canadian Car and Foundry
A special committee representing Montreal and New York stockholders demands an inquiry into the Canadian Car and Foundry Company affairs. Proxies are invited for the July 15 annual meeting amid claims of undisclosed commissions on an $83 million Russia contract and questions over a $60,000 president’s bonus. The letter denounces dividends as a sop and urges full disclosure to enable an informed vote.
MENTIONED IN THIS ARTICLE
Montreal
New York
Russia
Canadiana Car and Foundry Company, Ltd
A. Hicks Lawrence
Lawrence
Ambiguous historic financial listing and names reel
A jumble of names firms and securities appears in a dated financial notice. Multiple companies such as Gunther's Sons, Whitney Co, Chicago Rock Tran and other trusts, bonds and deposits are listed with scattered figures and locations.
MENTIONED IN THIS ARTICLE
Andrew
Admian H. Muller
SOX
Asp
Gunther's Sons
Corpu
Teenie
Melman Ail Tichts
Biter Savings Trust Co
Lu Slix
The
del Norte Coy
Eau Clatre
Wis
Nijes-Tomant-Pond Co
Preta
Ae Whitney Ca
Penta
Shisha E American Coal Co
Atlee Enany County
Foiedo
Tecra & Wantern
Chicago
Rock Tran & Pnelte Kers
Neck Kealty Co
Copper output rises in May for major porphyry producers
Copper output from key porphyry copper firms rose overall in May to 13,200,000 pounds, down from April’s 16,090,000. Nevada Consolidated added 100,000 pounds, Ray’s output grew from 7,250,000 to 8,120,103. China produced 5,087,340 versus April’s 6,290,513 and March’s 723,040.
MENTIONED IN THIS ARTICLE
Porphyry
China
Nevada
Ray
Dividend declarations from multiple companies list
Dividends payable on common and preferred stock include extra or increased payments. Companies named include Youngstown Sheet and Tube, Canadian Converters, UAL, Franklin Trust, Columbia Graphophone, Cuba Cane Sugar, Duluth Superior Traction, Little Schuylkill Navigation, Manat Sugar, Pettibone Mulliken, Twin City Rapid Transit, State Motor Car Company of America, and others with record dates ranging June 15 to June 20 and payment dates in July or June.
MENTIONED IN THIS ARTICLE
Extras
Youngstown Sheet and Tube Company
UAL
Cuba Cane Suger Corporation
Duluth-Superior Traction Company
Duarterly
JOY Vonoekbolons
Little Schuylkill
Twin City Rapid Transit Company
State Motor Car Company of
Ameriom
Farnage. Com
Also Mentioned on This Page
Finance Economics
Broad St
Pelephonie
stAnover
Money and Credit
Sub-Treasury
R. G. Dun & Co
Lisbon
Federal Reserve
Philadelphia
Cleveland
Richmond
AU Inanta
Chicago. Louis
Minneapolis
Kansas City
Dallahire
San Francisco
Federal Reserve Banks
Total Gold Reserve
Dun
Dun's
Bradstreet's
Youeniyy
Rese Fund
Puget Sound
News Digest
Mampden Railroad
Boston & Maine
Springfield
Mass
Henry W. Ely
Charles §. Mellen
Boston & Maine Railroad
Hampden Railroad
Hampden Railroad Corporation Agai
Boston & Maine Corporation
Bly
Ralph D. Gellett
Hampden Railroad Corporation
Woronozo Construction Company
Jx. Melelen
Hampden
Athol Junction
Chicopee Falls
William SI. McClintock
Bondsville
Holyoke
Long Branch Steamboats
Trenton
N. J
Thomas G. Patten
New York & Long Branch Steamboat Company
Long Branch
Edward St. Slocum, Jr
Patton
Harding
Turkeree
Farmers’ Loan and Trust Company
William Street
Fifth Avenue
Forty-first Street
Guardian
Federal Reserve Bank and New York Clearing Hoasa
Canadian Car and Foundry
Aevie G
Louis G. Beaublon
Michael Connolly
Willard H. Jones
Harry Hillard
William A. Shalmon
Hunt, Hill & Hette
Broadway
Union Trust
United Light and Railways Company
S and
Raphi
Elise
Th. Veinick
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