Market declines mirror prior week amid Fed warning
Trading opened with few advances as railroad shares slumped following the House Appropriations Committee cut. The market swung, with Atlantic II, Generators, and Mexican Petroleum posting declines. Royal Dutch firm and American Sumatra rose. Fed warning sparked selling. the week’s pattern matched Tuesday of last week, with 1.9 million shares traded yesterday as the market reached new activity highs.
MENTIONED IN THIS ARTICLE
House Appropriations Committee
Hines
Atu
Royal Dutch
American Sumatra
Money and Credit in Global Markets Report
After rates climbed to 8 and 10 percent, call money opened at 6 percent and rose to 7 percent by mid afternoon, closing 8 percent for mixed collateral and 9 percent for industrial loans. Brokers seek time money at 5 percent while banks demand 6 percent. The report compares current money market levels with a year earlier and notes rediscount rate changes across Federal Reserve banks and related banking activity in New York, Chicago, and Philadelphia.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Washington
Federal Reserve Banks
Federal Reserve
Stock Exchange
Call Money
Call
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Federal Reserve Bank of New York
Committee Formed to Fight I M M Asset Sale
John W. Platten and Frederick W. Scott, directors of the International Mercantile Marine, organized an independent proxy committee to defeat the sale of the British fleet and other English assets. The meeting to vote on the plan is set for next Monday. The group seeks proxies from stockholders, claiming the £27,000,000 price undervalues the ships and notes the Olympic’s high value. They warn liquidation hurdles may force complex votes and double tax issues. Proxies are held by the United States Trust Company.
MENTIONED IN THIS ARTICLE
John W. Platten
United States Mortgage & Trust Co
Frederick W. Scott
International Mercantile Marine
Icl
International Mercantile Marine Company
Mr. Platten
American International Corporation
Scott
White Star Line
England
Baltic
New Jersey
Platten
Scott W
United $ Gage and Trust Company
Market Opinion Stop Loss and Foreign Exchange Review
Market opinion notes a cautious stance with stop orders on the way down and leadership avoiding local banks for funding. Foreign exchange rates are listed with sterling near 4.62 dollars and francs at 6.44 per dollar, showing a quiet, steady market with Morgan Davis Co and E W Wagner commenting on risk and the U S Steel market position.
MENTIONED IN THIS ARTICLE
Benjamin Block
Actice
Morgan, Davis & Co
Significant Relations Money and Prices Detail Stock and Production
Financial figures show money supply, gold reserves, bank loans, and discount holdings. Infrastructure metrics include U.S. steel orders, pig iron output, crop yields, and railroad earnings. Inflation gauges list Dun and Doane indices with commodities and building permits alongside commercial failures.
Missouri Pacific Reports 1918 Surplus After Taxes
Missouri Pacific Railroad, under federal control in 1918, shows a surplus after taxes and charges of 4,323,483. After preferred dividends and a pre-1900 settlement debit, funds available for dividends totaled 1,850,952 or 2.57 per preferred share. Rail revenues reached 89,612,397 while operating expenses rose to 75,231,738, driven by higher labor and maintenance costs.
MENTIONED IN THIS ARTICLE
Missouri Pacific Railroad Company
Interstate Commerce Commission
Sto
Large Gold Exports Circulate in Negotiations
Large gold export plans are under negotiation with targets of 10 to 18 million dollars for shipments to South America and the Far East in the coming days. A 2.5 million gold shipment was arranged at the Sub-Treasury for South America. Boston banks report sizable transfers to Uruguay, Argentina, and Buenos Ayres. A Japanese bank arranged 1 million for export and more is expected. Japan holds large U S Treasury certificates as a base balance, with recent purchases of 50 million in certificates.
MENTIONED IN THIS ARTICLE
South America
Far East
Sub-Treasury
Boston
National Shawmut Bank
Uruguay
Argentina
First National Bank
Burhos Ayres
Expor
United States Treasury
Japan
Capital Increase Voted by American Gas and Electric
A special meeting of stockholders approved raising authorized capital from 15 million dollars to 50 million. The issue splits into 25 million dollars in common stock and 25 million dollars in preferred stock, each par value 50 dollars per share.
MENTIONED IN THIS ARTICLE
American Gas and Electric Company
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Merrill, Lynch & Co
Broadway
Detroit
Los Angeles
News Stock Exchange
Westinghouse Air Brake
Aife
Alt Brake Company
Plitesh
Iewlay E-Lll
A. Housman & Co
York Stock Gehanga
York
Tex-Ken Oil Corp
New York Stock Exchange
Hartshorne, Fales & Co
N.Y. Stock Exchange
New York Telephone
Bowling Green
Henry Clews & CO
N. ¥. Stork
Broad Street
Liberty’ Bonds
Fifth Ag
Union Square
Warren St
Third Ave
Court 8T
Brooklyn
E.W. Bliss Common Stock
Rice,Jr.&Co
Money and Credit
Indus
Ie Ave
Baltimore
London
Bank of Germany
Berlin
Lonon
Imperial Bank of Germany
Treasury
Inc
Lisbon
Hornblower & Weeks
Wall Street
Ek, W. Wagner & Co
Yesterda
Belgium
Sweden
Norway
Brazil
Rio
Germany
Poland
United States
Czecho-Slovakia
Protex
German Austria
Slowari
Jugo-Slavia
States
E. W. Wagner & Co
Rumania
Empire Gas and Fuel Company
New York City
Pennsylvania
Bankers Trust Company
Cepine
Henry L. Doherty
Empire Refining Company
Eldorado
Augusta
Butler County
Kansas
Mid-Continent
Spire Gas and Fuel Company
Henry L. Doherty & Company
Dun
U. S
Mare
Dun's
Seno
Bradstreet's
Pat Maret
Missouri Pacific
Isnoim & Garman Meibers
Frehargerl
Prown
Omer
Tarlam
Lenox Ag
Toe
Leenns
Stophien
Yonkers
Sewark Oalue Court
Standard
Pforzheimer&co
Sted Mich
Oldberg & Hem ‘Goldberg
Dadway
Ims
Columbus
Hannevig & Co
Marine Financing
Marine Securities
Broadway, New York
Foreign Exchange Letters of Credit
Calumet and Hecla Mining Company
J.k.rice,jr.&co
Boyd American Alliance Ins
American Ciparmerican Hiele
American Meter
American Tans
Atlantic Natt Bane Bankers Trust Co
Continental Fire Ins
Lack, & Went
Era Loan’ & Traat Co
Sik Fidelity” Phenias
Branklin Fire Inne General Ealing
Great African Ene
Som Int'l Motor Mocks
Irving Nat'l Bank
Kirby Lume
Lone Star Gas
Righle Tehigh Valley
Mohawk Valley ‘Dland See & Coulnt & Ind Td
Pyrene Manufacturing
Pennesivania
Cake Splitdorr Electric
Aeaboard Steel & Mangancarlard Screw
Singer Manufacturing
Texas Parity Land Trust
Yexas Pacific Coal & Oi Viator Talking Machine Com. Wright-Martin Pd
Bamberger, Loeb
Broad St
Liberty Bonds
Purdy & CO
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