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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 08, 1920
Page
30
The market drifted with mixed closes across sectors as industrials staged modest gains while rails and utilities showed limited upside. investors noted higher call money pressures and tax payment worries amid a thinner trading day, with Berlin and London exchange signals reflecting weaker external demand.
Market report notes heavy selling of silver in London and India drags prices to levels near the government buyback rate. Officials and dealers cite weak Indian exports, currency depreciation in Europe, and tepid demand from Japan and China as factors. Government buying under the Pittman act remains limited, with expectations of policy changes to aid silver reducers.
London money market notes silver at 54 1 2 per ounce bar gold at 1058 1 2 Md money 4M per cent discount rates short bills 6 11 18 per cent three month bills 6M per cent gold premiums at London 146 per ounce quoted.
In the financial district informal chatter centers on next presidential candidate. Wood and Lowden sentiment appears strong with Hughes seen as a compromise. Democrats favor John W. Davis among aspirants. Bethlehem Shipbuilding plans capital rise from 15.5 to 25 million, mostly owned by Bethlehem Steel, to fund working capital amid contracts for 29 ships totaling 187,730 gross tons.
Doheny declared a 10 percent stock dividend on Pan American Petroleum A and B, with Mexican Petroleum also issuing a 10 percent dividend. The reaction was weaker on the Street, with Mexican Petroleum down 2.5 percent and Pan American A and B each down 1 percent at closing.
Directors in Boston did not raise the common stock dividend to 8 percent as predicted by financial circles. Only the regular quarterly distribution of 1.15 per share was declared on both stock issues. Rights to subscribe to new shares at 100 a share traded on the Stock Exchange, with after hours sale closing weak. In Columbus last Saturday Pure Oil Company stockholders voted to rename the company from Pure Oil to Pure Oil Company to reflect the larger oil business over gas.
International Harvester closed eight points higher at 180 after directors met. Reported discussions suggest a near term dividend decision with mixed views on stock vs cash payout. John J. Mitchell of Chicago, a director, favored a 40 percent stock dividend two weeks ago. Board members debate allocations from 60 to 80 percent while some push for a cash increase above the current six dollars annually.
In Chicago last Saturday the labor committee of the Association of Railway Executives met with a committee for seventeen united railroad labor organizations. The workers requested national boards of labor adjustment rather than local or system boards. The conference did not address wages, which are before the Railroad Labor Board. The executives will consider the request and report back soon.
The Polish loan of 50,000,900 Polish bonds was floated in the United States. Prince Casimir Libomiraki, Polish Minister to the United States, said money was pouring in, though the operation surprised the financial community. Bonds are being offered chiefly to Poles through extraordinary channels.
Stock Exchange floor reacted to the Supreme Court ruling affirming the Eighteenth Amendment and the Volstead Act. Rumors of state control were dismissed, affecting few sectors besides United States Food Products and United States Industrial Alcohol, which saw some price declines from sentiment.
Observers recall Samuel M. Vauclain as a possible dark horse for the Chicago convention while noting his Baldwin Locomotive Works’ strength in building European ties. Reports say he once bartered oil from Romania in exchange for locomotives and then resold the oil to the British government for a profit.
Paris market reports heavy prices across the board with 3 percent rente bonds quoted at BO francs and R2 centimes. London exchange listed at 60 francs 62 centimes. Five percent loans shown in RA francs. The dollar stood at 12 francs 08 centimes.
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