War Finance Slower Subscriptions Highlighted in June Market
The June 11 1917 finance column notes Wall Street and the Treasury report only about 69 percent of Liberty Loan subscriptions by last Thursday, with bank and wealthy subscriptions likely totaling around 800 million dollars. It discusses bank lending capacity, farm wheat hedging, and regional differences in loan uptake, plus stock market volatility and margin pressures in a tight money market.
MENTIONED IN THIS ARTICLE
Wall Street
Financial District
Treasury Department
Money and Credit Market Wavers Amid War-Time Scrutiny
Money rates hardened across the board with call money at about 4 percent and $25 million tied to that basis. Time loans showed scarce funds and 4.44 to 5 percent against collateral, while industrial securities moved 5 to 5 percent. Banks tighten credit until mid month as Liberty Loan payments and taxes loom, boosting Federal Reserve rediscount use and signaling heavier money pressure ahead.
MENTIONED IN THIS ARTICLE
Stock Exchange
Joana
Federal Reserve Bank
Federal Reserve Bank of New York
Supreme Court Upholds National Banks as Trustees
The Supreme Court affirmed the constitutional authority enabling national banks to act as trustees executors administrators and registrars of stocks and bonds. A Detroit Grand Rapids trust company suit against First National Bank of Bay City was dismissed. Michigan had voided the clause but the high court reversed. The case centered on congressional power and the reach of the Federal Reserve Act amid Department of Justice arguments and concerns over state court jurisdiction.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Act
Supreme Court
Detroit
Grand Rapids
Federal Reserve Board
Bay City Bank
Con Cross
Genel Gress
Clapse
Department of Justice
Michigan
Bay City
Rock Island receivership ends in Chicago court ruling
The Chicago Rock Island and Pacific Railway case concludes with Judge Carpenter terminating the receivership. Jacob M. Dickinson to be discharged as receiver. Reorganization plans approved, stockholders to meet June 21 in Chicago and June 22 in Davenport. New stock of $85 million to be issued, with creditors taking par stock for debts. Amster led actions against Reid Moore control amid a history of mismanagement and holding-company schemes. The railroad now earns twice its fixed charges as repairs and new rolling stock proceed.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Rock Island & Pacific Railway Company
Carpenter
United States District Court
Jacob M. Dickinson
Secretary of War
Dickinson
Rocky Island
Davenport
Iowa
Reid-Moore
Island
Congress
Nathan Amster
Roxton
France
Interstate Commerce Commission
Amster
Corportion
Missouri Supreme Court reins in freight rate disputes
Departments were consolidated and economies pursued amid War prosperity. Missouri shippers claim the court ruled against their assertion that the conch and others charged decisive freight rates, affirming the termination of the ownership.
MENTIONED IN THIS ARTICLE
Misaouri
Misouri Supreme Court
Conch
Significance of Relations Amid Unclear Ledger Totals
An unclear OCR snippet lists numerous monetary figures and dates, including large dollar amounts and years. The readable items include numbers such as 8,751,000,000 and 1,525,000,000 with scattered names like Janet and a date of March 5. The fragment offers no coherent event or context.
Final Arguments In Rate Hearings Across Railroads
Washington June 11 With final arguments by Western carriers and shippers the Interstate Commerce Commission will complete hearings on a 15 percent horizontal freight rate increase. Southern roads and shippers presented five hours of final arguments as R Wal ton Moore urged that rate relations are vital amid higher wages and material costs. He warned of serious market strains and urged approval of a horizontal rise to sustain earnings and avoid further cuts in service. Special interests including hardwood producers and livestock groups pressed for relief, while S Davies Warfield argued for preferred treatment for railway securities.
MENTIONED IN THIS ARTICLE
Washington
Interstate Commerce Commission
Southern
R. Walton Moore
South
Adamson Tremendern
S. Davies Warfield
Baltimore
Commission
May coal shipments set record gains across major carriers
Aggregated shipments by mine carriers for May totalled 6,017,825 tons, up 1,369,626 from May 1918. Heading Company led with 1,111,987 tons, Lehigh Valley 1,275,513 tons, and Lackawanna 1,090,649 tons, marking May as the largest on record aside from March. Kresge and Ohio Fuel Oil report rising May sales and year to date gains, with Ohio Fuel Oil showing improved gross revenues and surplus, while Hinsis Traction and Jones Brothers Tea post higher earnings and profits for the year ending December 31 and May respectively.
MENTIONED IN THIS ARTICLE
Lehigh Valley
Lackawanna
Kresge
Jones Brothers
Ohio
Fiser
Scorgif
Foreign Securities in London Steady in June Trading
London stock activity shows steady prices amid weekend orders focused on war loan, rails, and industrials. Paris Bourse inactive with few trades. US market mixed with steadyness in strong issues and dividends declared by major firms.
MENTIONED IN THIS ARTICLE
London
Transvaal
Butrives
Paris
Northwest crops exceed government June 1 report says
Minneapolis June 11 officials note that Minnesota North Dakota South Dakota and Montana crops show strong growth and moisture with only rye modestly affected by local dry spells. The broad grain and root crops are nearly ideal though June weather and rains could shift outcomes.
MENTIONED IN THIS ARTICLE
Minneapolis
Minnesota
North Dakota
South Dakota
Montana
Grand Forks
Red River Valley
Vas
Bronner Heads M P Finance Committee and Resigns
Harry Bronner was yesterday elected chairman of the Missouri Pacific Railroad finance committee as the company leaves receivership. He announced plans to retire from Hallgarten & Co. on October 1 while maintaining several corporate interests and was recently elected a director of the Denver & Rio Grande Railroad.
MENTIONED IN THIS ARTICLE
United States Steel Corporation
Tennessee Coal, Iron & Railroad Company
Birmingham
Ala
Elbert H. Gary
Corporation
Alabama Co
Gary
George F. Baker
Henry C. Frick
George W. Perkins
Percival Roberts, Jr
Alabama
Mobile
Steel Corporation
Corporatio
Finance Committee
Harry Bronner
Missouri Pacific Railroad
Bronner
Hallgarten & Co
Mr. Bronner
Denver & Rio Grande Railroad
Treasury finances show deficit decline this fiscal year
United States Treasury figures reveal a general fund net balance of 347,727.33 dollars, receipts totaling 12,291,742 dollars, and payments of 6,981,632 dollars. The current year deficit stands at 30,704,060 dollars, down from last year’s 40,997,522 dollars, excluding Panama Canal and public debt moves.
MENTIONED IN THIS ARTICLE
United States Treasury
Also Mentioned on This Page
Finance Economics
Mills Building
Broad St
Telephoner
Hanover
Chicago Board of Trade
Chicago Board
West
New York Federal Reserve District
Cleveland
St. Louis
Kansas City
San Francisco
Northwest
Southwest
Money and Credit
Denmark
Sweden
England
To & Mos
Thor
Roston
New York
Philadelphia
Richmond
Atlanta
Alya Dallas
York
Hoxton
Sub- Trea
Treasury
Billy Ws
Helen
United States’ Mint
the Liberty
Remick, Hodges & Co
Wm. P. Bonbright & Co
AH. Bickmore & Co
W. E. Hutton & Co
Liggett & Drexel
William W. Cohen
Coggeshall & Hicks
Noble & Corwin
Court
Rock Island
U. S. Steel
Amater
Federal Reserve Banks
National
U.S
Janet
Veil
Met
Heron
Ilinsis Traction
Wross
Ohio Fuel Supply
News Digest
Linde Big Proucts
International Harvester of
New Jersey
R. J. Reynolds Tobacco
Allenda
Payabord
Pittsburgh
Homestake Mining
Lone Star Gas
Ottawa Light
Interlake Steamship
Govt
Federal
Department of Agriculture
Great Northern
Northern Pacific
St. Paul
Soo Line
M. P. Finance Committee
U. S. Treasury Finances
THE
Liberty
Hartshorne & Battelle, Sheldon, Morgan & & Co
Liberty National Bank, Wilson & Chardon Fulton Trust Co
Union Trust Co
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