Quiet Stock Market Amid Rising Interest Rates
Market activity drifted with 360000 shares changing hands and little appetite for new positions. Treasury plans two new certificates to raise 400 million draw attention to higher rates, with one issue at 5 percent and another maturing in six months. Strong spots included Baldwins and American Woolen, while foreign exchanges showed weakness on Far East and silver declines.
MENTIONED IN THIS ARTICLE
Exchange
Wall Street
Chicago
Treasury Department
Treasury
Cleveland
Chicago & North Western Railway
Baldwin Locomotive
American Car and Foundry
American Woolen
Mexican Petroleum and
Middle States
Northern Pacific
Great Northern Preferred
Chicago & Northwestern
Call Monby
London
Feverish call money market and high rates across banks
The call money market remained feverish with rates rising from 7 percent to 9 percent before closing at 8 percent. Brokers faced insistent demand and limited supply while time money stayed quiet, with small short term loans at 8 percent. Bank clearings in New York reached 082,540,824 with balances of 61,883,N68 amid various exchange and reserve activities.
MENTIONED IN THIS ARTICLE
New York
London
United States
Montreal
Stock and Bond Averages in 1920 New York Listing
Yesterday figures show mixed movement across railroad, industrial, and utility bonds with totals for stocks reaching 19230 units. Domestic and international securities cited include Amalgamated and Pan American Petroleum, New York Central, Union Pacific, and various steel, copper, and chemical firms, reflecting broad market activity in January 1920.
MENTIONED IN THIS ARTICLE
New York
Tribune Te
Patt
Ask
Ant
Inter Marine Pf
Advance Rumely Pf
Ajax
Alka
Alaska
All-Amer
S— Va
Amer Bosch Man
Kansas City South
Amer Bo Sh & Fay
Kennecott
Amer Can
Kress & Co
Amer Can Ph
Lackawanna Steel
Amer Cor & Fdy
Lehigh Valley
Amer
Lig & My
Hide & Leather
Loews, Inc
Asn Hide & Ls
Jee Securities
Tovisville & Nashy
Mackay
Ile
Manhattan
Maxwell Motor Co
Max Mot Co Tat
Am Smelt
Am Steel Foundry
Miami Con Copper
Sumatra
Teley & Tel
Nat Cloak & Suit
BOS
Newda Cons Corp
Asso Dry
NY Air Brake
Axso Dry Joo BR
Sboe Iy
New York Central
Atch
Top & San Fe
e+ S
Nwa&i
T&s Fe Pf
Nor & Western
Dirm & AU
Northern Pacific
Ohio Gas
Gulf & WI
Okla
Baldwin Locomotive
Otis Steel
Daly Baltimore & Ohio
Pac Development
Balt & Ohio Pf
Pac Gas & Electric
Pan-Amer Petroleum
Pan-Amer Petrol
Pennsylvania RR
Peoples Gas & Coke
Pere Marquetts
Phila Co
Phillip Petrol
Pierce Arrow
Pills & W. Va
Barrett Co
Barnedall A
Barnadall
Beth Motors
Beth Steel Cl
Bilyn Rap
Bidyn Union Gas
Booth Fisheries
Brown Shoe Co
Butte Coy & Zinc
Calif Packing
Punta Alegre
Chandler Motors
Railway Steel Spr
Chex & Ohio
Ray Con Copper
Chi, Mil & St Paul
Chi
Mil & St P Pf
Remington Type
Gale
Chi & Northwestern
Rep Iron & Steel
Chi & Northwest Pf
Yep Iron & Steel Pf
RT & Pac
Stl &Son Vran
St Louis Southwest
I Southwest
Chile
Seaboard Air Line
Shell Transfer
Cluett-Peabody
NJ Rts
Standard Oil
Stewart Warner
Studebaker
Superior Steel
Tenn Copp & Chem
Cuba-Amer Sugar
Texas Co
Cuba
Terns & Pacific
Cubs
Delaware & Hudson
del, Lack & West
Tobacco Praduels
Denver & Rioer
Tran Con Oil
Twin City RT Pf
de Beers
Dome Mines Wier
Union Bag & Paper
Durham
Union of Oco
Endicott-Johnson
Union Pacific
Endicott-Johnson Pf
Erle
UnitedyDrug
United Alloy
Famous Players
United Fruit
United Ry Invest
Fisk Rubber Tire
United
Gen Electric
Sélz
US Smelt & Ret
General Motors
Steel
Gen Motors Rts Secoo
Sn Motors
Utah Copper
Goodrich
BOF
Utah See Corp
Northern Pf
Vanadium Steel
Virginia-Caro Chem
Greene
Gulf, Mob & Nor Pf
Hask & Barker
Maryland
Aol
Western Union Tel
Ulinois Central
Westinwhouse Mfg
Ant Agricul Pf
Woolworth Ve
Wall Street News on Rising Credit Costs and Railroad Finance
Rising rates push up borrowing costs across the market while the Treasury sells high yield certificates. Cleveland public bonds fetch 5.60 percent as investors recall 9 percent levels, and railroad financing nears a 120 day deadline under new rules. Liberty bonds may slip temporarily but rise expected amid sinking fund purchases. Silver tumbles to multi month lows as London and India, China sellers weigh on price. Invincible Oil surges on insider buying with plans to list soon and strong April earnings. National City Bank denies immediate capital raise while signaling indirect growth via its subsidiary and potential bank expansion.
MENTIONED IN THIS ARTICLE
Liberty Bond
Treasury
London Money Market Amid Dividends and Rates
London June 9 stock and money market report with bar silver at 46 1/2 a ounce and bar gold prices noted. Discount rate and bills quoted, along with various firmings and market anchors, though the text is garbled and partial.
MENTIONED IN THIS ARTICLE
London
North Western Rail Bonds Offered By Syndicate
Kuhn Loeb and National City Co plan public subscription of 15 million dollars in ten year secured bonds of the Cuenzo and North Western Railway at par. Bonds refinance existing mortgages. aim to reimburse for property improvements not yet capitalized. North Western cuts dividends on common stock and preferred stock to bolster bond strength amid government guarantee uncertainty.
MENTIONED IN THIS ARTICLE
North Western
MacAndrews & Forbes Plans Stock Increase Vote
Shareholders of MacAndrews & Forbes Company authorized increasing capital stock from 10 million to 18 million. Common stock rises from 6 million to 8 million while preferred stays at 4 million. Directors approved issuing up to 5 percent of new stock to employees at low par.
MENTIONED IN THIS ARTICLE
MacAndrews & Forbes Co
MacAndrews & Forbes Company
Dividend Extras Reported Across Several Companies
Several firms announce extra dividends alongside regular payouts. Columbia Graphophone Manufacturing declares an extra to July 15 with a 1.50 regular. Maahoning Coal & Coke adds a 15 alongside the standard dividend. National City Bank issues a special July 1 record date. Northwestern Yeast declares a per share extra atop the quarterly and additional June 15. Guaranteed Products posts a $14 per share extra with the usual quarterly 32 cents.
MENTIONED IN THIS ARTICLE
Mahoning
la Stackholde Fo Rheard Tate
Regulae Cam
Aapuak
Stukhiahlars
National City Bank
Sorthwestern Yeast Company
Tema Huarteriy
Record Corrulnteed Products Corporation
Argentine Gold Release Raises Funds in Washington
Argentine gold valued at 2,000,000 pesos deposited in government values, enabling payment to Argentine Johta in the United States. The total released amount reaches 11,850,000 pesos, with the process coordinated through the Federal Reserve flank in Washington.
MENTIONED IN THIS ARTICLE
AL Nos Ayres
Washington
Federal Reserve
United States
American Woolen Stock Soars Amid Rights Issue And Short Covering
American Woolen jumped 54 points to 102 yesterday as syndicate plans to underwrite 20 000 new shares at 95 boosted trading. Analysts cite covering by the group ahead of rights expiry in July and a large outside short interest fueling the move. Reports mention possible quashing of indictments against President Wood and his company. A woolen trade meeting in the city and Nemours Trading Corp cancelling a one million dollar order were noted as market factors.
MENTIONED IN THIS ARTICLE
Wood
Nemours Trading Corporation
American Woolen Company
Favor Low Priced Rails and Sugar Sale Update
Brokers note favored cheap non-dividend rails and roads like Atchison and Southern Pacific as “attractive” if they earned above government wartime guarantees. Cubs Cane Sugar Corp sold Central San Ignacio in Cuba for about 2 million, aiding offset of the Central Violeta plantation cost of about 3 million. The estate produced 125,12 bags of sugar last season.
MENTIONED IN THIS ARTICLE
Atchison, Reading
Southern Pacific
Rock Island
St. Louis & Southern
Pennsylvania
Eric
United States Steel
Cubs Cane
Cubs Cane Sugar Corporation
Central
San Ignacio
Cuba
Violeta
Also Mentioned on This Page
Mackay&co
New York Stock Exchange
Cities Service Co
Henry L. Doherty & Company Bond Department
Wall Street, New York
Com Exchange Bank
Lincoln Trust Co
Rights
New York Bank and Trust Company
Colgate, Parker & Co
Shonnard, Mills & CO
N. Y. Stock Exchange
Broadway
N. Y
Rector
Chatham & Phenix National Bank
11 Inc
Wey
Chicago & Great Northern Railway
Interstate Commerce Commission
Great Northern
Invincible Oil
Invincible
C. A. Morse
Stock Exchange
Clark, Childs & Co
National City Capital Increases
National City Company
City Company
Rennet Any Ag
Jee Baers
Hutvwater
Shror
Ian Bee
Jane Bae
Sidis
Sid Arting
Wontwerti
Belgium
Ayn Tewomolive Covay
Sweden
Marah Suter
Mubire American Sugar Co
Denmark
THOR
TM Tote Hauge
Norway
Atte
Greece
Manila
India
Japan
Argentina
Brazil
Rio
Brexil
Bao Crecho-Blavakia
Cike
Eley
Wacken Valley Wty Gasser
Lamon Sted
Walter Te Moll
Stitt
Ionaan de Etimn
Ry Co
Merton Wien
Annnicianmaineas
Aout Sero
Orottin
Erin
Arroron
Kuhn, Loeb & Company
National City
Stockholters
Payal
Val Pettarsy
Dalvert Rune
Sony Wee
Rco
Spencer Trask & Co
Broad Street
Albany
Boston
Africa
Rouettes Bey
Morocco
Nifay Sronderfal Ela
Actiiviies
Bank of British West Africa
Egypt
West Africa
Beaver St
RL Avery
Yina
Swstraus &Co
Los
BC Preferred
Reelcraft Pictures Corp
Ord
T. R. Pe
Arson, Son & Co
Henry Clews & CO
N. 2
Broad St
Corn Exchange Bank
Irving National Rights National City Bank
McClure, Jones & Ree
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