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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 08, 1922
Page
8
A quiet market day with no major developments in stocks. Industrial and railroad shares rallied modestly as speculation persisted, while bond market irregularity persisted and Mexican debt discussions showed little immediate progress. Wheat and cotton prices moved higher on weather worries and crop conditions remained weak.
The opening call money rate stood at 34 percent for the first time since May 2, later easing to 7 percent as most loans were arranged. Some outside loans traded at 2 percent. Time funds showed little easing, with moderate volume and rate changes. Bank clearings in New York reached 785.7 million dollars with 58.0 million balances. Foreign exchange rates held narrow ranges with London cable at around 4.50 to 4.51 dollars, and the stock market cataloged a broad listing of bonds and equities with notable names including Allied Chemical, American Can, and Bethlehem Steel among many others.
T De Witt Cuyler of the Association of Railway Executives predicts Wall Street for 6 percent dividend restoration, citing Pennsylvania's 4 percent rate and April earnings rise. Reports show improved railway income, wage cuts to affect July 1, and a mixed financial picture across U S equities and clearinghouse actions.
The business shows increased per head earnings for the last year while management reduces the available assets. Compared with $800,000 this time last year, the company aims to improve the per share earnings this year as profits are anticipated to rise.
The common stock of the American Woolen Co. rose from 20 million to 40 million as 1920 began while a 7 percent dividend, started October 1919, continued. Incorporated in 1890, it operates independently and via subsidiaries with about sixty mills and fixtures valued at 50.78 million at end of 1921.
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