Markets See Uncertain Trends After Mixed Trading Day
The market showed no definite direction for a third straight session with gains and losses large at times. Copper shares led a bid while Atlantic Gulf and West Indies slipped. Studebaker rose from a low amid volatile activity. Wheat and gold news dominated as the embargo on gold exports was lifted and concerns over tax evasion loomed in Washington.
MENTIONED IN THIS ARTICLE
California Petroleum
International Harvester Corporation
Manhattan
National Bisuit
Owens Bottling
Bethlehem Steels
International Mercantile Marine
Atlantic
Gulf and West Indies
Continental Can
Studebaker
Porphyry
Utah
Embargo on Gold Exports Lifted by Reserve Board
The Federal Reserve Board issued notice that government control over foreign exchange and gold exports is ended on President Wilson's order to restore dollar parity abroad. Licenses will be required but issued freely, with exceptions for enemies and Russia Bolshevik areas, aiming to stabilize international finance and curb prices as gold flows shift between the U.S. and Allies.
MENTIONED IN THIS ARTICLE
Washington
Wilson
Federal Reserve Board
Russia
American Relief Administration
Ihoard
War Trade Board
United States
Canada
Frank A. Vanderlip
Great Britain
France
Japan
South America
Market Opinion Railroads and Securities Outlook
A compilation of analyst notes on railroad securities, value versus depreciation, and market strategy. E W Wagner & Co advocate buying at current levels with hold strategy for profit, while Markoe Morgan & Co urge caution on new commitments amid near term sensitivity to adverse developments. Henry Clews & Co note little encouragement for bulls, and S B Chapin & Co discuss July liquidity and awaiting a favorable reaction before re purchasing.
MENTIONED IN THIS ARTICLE
E. W. Wagner & Co
Markoe, Morgan & Co
Begin Foreclosure of New York Railways
Farmers Loan and Trust Company files foreclosure in Federal District Court against New York Railways Receiver Joh E Hedges and American Brake Shop and Foundry Company. Suit cites 1912 adjustment mortgage securing 33 million dollars in 5 percent bonds, defaults, insolvency, and security concerns. Property location limits parcel sales without harming bondholders.
MENTIONED IN THIS ARTICLE
New York Railways
Joh E. Hedges
American Brake Shop and Foundry Company
Federal District Court
Farmers Loan and Trust Company
Mayer
Contract Form for Cotton Futures Upheld
The Supreme Court declined to review judgments totaling 23216 dollars awarded to New Orleans cotton brokers from Fred Browne of Fort Smith Arkansas in a cotton futures transaction. The case held that the present standard form of contract used on the New York and New Orleans cotton exchanges falls within the Federal cotton futures act.
MENTIONED IN THIS ARTICLE
Washington
New York
New Orleans
Aus Supreme Court
Fred Browne
Fort Smith
Ark
Wall Street Moves Signal Shifts in Executives and Deals
Wall Street items note Wal l Street veteran Sinn Mardin formerly Ta gnelul editor of The New York American has joined Tallia Suekili of the New York Stock Exchange. GB Dykes moves from Harper's and joins Doroman & Co Advertising. A $1,009,000 par value 8 per cent cumulative preferred stock of Rick-Reid Supply Company has been sold to bankers John T. Hrundan, Alexander Gordon and Donald W. Waddell. A new bond firm Gordon & Wadge forms with Gordon and Wad fei joining.
MENTIONED IN THIS ARTICLE
Ln Mardin
Tagnelul
New York American
Tallia Suekili
New York Stock Exchange
rick-Reid Supply Comepany
Vittuburgh
Tula
John T. Hrundan
Alexander Gordon
Donald W. Waddell
Boule Hxchange Nini
Bobty Torlok & Co
Nuve
Pat Bond
Gordon & Wadfei
Atten
Palma Soriano Sugar Company
Cuba
Cupey Sugar Company
Central Alto Cedro
Carmen Centrale
Porto Rico
West India Sugar Finance Corporation
B. H. Howell Son & Co
I M M Committee Plans Questions On Proposed Fleet Sale
Daniel Blumenthal, counsel for the I M M stockholders committee, outlined six questions for the June 16 special meeting to vote on the British fleet sale. Topics cover replacement value, ship count and condition, after tax profits, original cost and depreciation, post sale company plans, government stance, commissions, and committee identities.
MENTIONED IN THIS ARTICLE
Daniel Blumenthal
Committee of
International Mercantile Marine Stockholders
London
Blumenthal
Swiss Seek Credit Here for Purchases in Market
Negotiations are under way between a Swiss financial group and New York bankers to establish a substantial Swiss credit for buying commodities in this market. Local bankers show favorable inclination toward granting the requested sum, noting the Swiss franc has recently traded with a slight premium in American currency value.
MENTIONED IN THIS ARTICLE
New York
Bethlehem Steel to Pay Off 25 Million of 7 Percent Notes
Bethlehem Steel will retire 25 million of its 50 million serial seven percent notes on July 15. Only 7.5 million due that date. anticipated extra 17.5 million repayment possible due to postwar asset liquidation. Indenture planned 7.5 million payments in 1919 1920 1921 1922 and 20 million in 1923. Underwriting group for new 26 million issue of Temple Gate and Fuel bonds arranged sinking fund.
MENTIONED IN THIS ARTICLE
Bethlehem Steel Corporation
Treasury Retires All Issues Maturing Before July 1
Washington June 9. Secretary Glass authorized Federal Reserve banks to redeem in cash before maturity about 3.5 billion dollars of Victory Liberty Loan subscriptions. Treasury certificates of indebtedness maturing on or before July 1 1919 and not overdue were included. Glass noted future financing would rely on privately placed loans and no more popular loans would be offered.
MENTIONED IN THIS ARTICLE
Treasury
Washington
Glass
Federal Reserve
Wlass
Also Mentioned on This Page
Maury Rogers
Auchincloss
N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
Broad St
Miller
Broadway
Fifth Avenue
COR
Longackee
Ak. Rice, Jr.&Co
Buy
American Alliance Inn Cigar
Comtinental Fire Inc
del, Lack, & West
Lise
An &Trust Co
Btk
J. W. Johns-Manville
Ian Stk
Rights
Lehigh Valley Coal Sales
Midland Securities Ailes-Lemont-Pond
National Ice & Conlist & 2Nd Pta
Otis Elevator
Pyrente Manufacturing
Pennsylvania Coal & Coke
Splitdorf Electric
Seaboard Steel & Manganese Standard
Singer Manufact
Texas Pacific Land Euro
Texas Pacific Coal & Oil
Victor Talking Machine
Wright-Martin Ltd
K.rice,jr.&co
Aones
John
Wall St
N. Y
Commonwealth Petroleum
Commonwealth Petroleum Corporation
Hughes & Dier
Chicago
Bolte
Broad
Uptown
W. 125Th St
Philadelphia
Walnut Street
Memnees
E.W. Wagner & Co
New Br
Liberty
Purdy & CO
Iar
A. Noble
Theodore C. Corwin Noble & Corwin
T. & T. Phelps Dodge
Nat. B. Commerce
Otis Elev
Telephone
Spain
Mercantile Marine
Ben
American International Corporation
Indus
Boston
Philadelphi
Sub-Treasury
Belgium
Sweden
Denmark
Norway
Argentina
Brazil
Rio
Germany
Poland
Finland
Czecho-Slovakia
Austria
Reserve Board
Bankers
Colombia
Venezuela
Eeareconcivale
Henry Clews , & Co
Chapin & Co
Money and Credit
Farmers Loan and Trust
Wall Street
GB. Dykes
Harper's Thus Yar
Doroman & Co
Guaranty Trust Company OF
Thomas A. Howell
The
Connecticut
Pennsylvania
Delaware
Maryland
Potter Brothers & Company
Nassau Street
I. M. M. Committee
New York Central Railroad Company
Kidder, Peabody & Co
Devonshire St
Bethlehem Steel
Ney
Bankf
Lafayette Trust
Justice Callaghe ® Co
Supreme Court
Queens
Lafayette Trust Ty
Company
Mediately
Barron Bank
Chatham & Phenix National Bank
Metropolitan Trust Company
City
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