Russian Chaos Stops Debt Payment
Unsettled conditions in Russia forced Gaston Williams & Wigmore Inc to write off 1 751 309 on Russian accounts. For the year ended April 30, 1918, gross income reached 4 188 727, versus 3 278 720 prior year. After dividends 1 275 000 and other charges, net earnings were 1 404 806 on 300 000 shares. Export and port sales totaled 57 637 091 with 16 727 042 in unfilled orders. Cash on hand rose to 1 482 888 from 1 163 480. ship investments listed at 2 124 71.
MENTIONED IN THIS ARTICLE
Russia
Gaston, Williams & Wigmore, Inc
Banking crisis harms public utilities finance debate
The War Finance Board signals it will back only firms with bank guarantees, risking widespread utility sector distress as costs rise and revenues lag. Regulators offer little relief, prompting worries of potential receiverships. Calls rise for rate control relief rather than direct government buys, with rail tariffs already up 25 percent and utilities seeking similar adjustments. London money remains firm as short rates hold at 15 to 2 1/2 percent, with gold moving to Chile.
MENTIONED IN THIS ARTICLE
War Finance Board
Finance Corporation
Exchange rates show dollar strength in dull foreign market
The dollar rose against the Italian exchange with Rome checks at 9.07, while sterlings and francs held steady and pesetas eased slightly. Closing rates compare with a week earlier, with quotes for pounds, lire, guilders, rubles, kroner, and other currencies, and include intrinsic gold parity and explanations of dollar demand versus pound demand in England.
MENTIONED IN THIS ARTICLE
Rome
Lhe
Stockholm
Gosenhagen
United States Mint
Denmark
Sweden
England
Money and Credit Conditions in Call Money Market
Yesterday call money ease improved with ruling rates at 5 to 5 1 2 percent, down from 6 and 6 1 4 on Tuesday. Fixed date funds stayed inactive, industrial collateral loans at 6 percent. Money rates vs year ago show mixed collateral 5 1 4 to 5 4 6, 60 days 5 5 4 to 6 0 6, 90 days 5 3 4 to 5 6 4, four months 8 3 4 to 4 2 0 5, five to six months 6 4 0 6 4 2. Commercial paper firm at 6 percent for best maturities. moderate volume. Bank acceptances demand fair, with rates for thirty, sixty, and ninety days varying by member status. Discount rates list current Federal Reserve bank standings up to ninety days. Bank clearings noted for the day.
MENTIONED IN THIS ARTICLE
Stock Exchange
Federal Reserve Banks
Matiirtev
Galena Signal Oil offers 4 million in new preferred stock
The Galena Signal Oil Company proposes to issue four million dollars of new 8 percent preferred stock at par to shareholders of record June 29, in a ratio of one new share for every five held. Current capitalization is twenty million dollars, consisting of two million preferred at 8 percent and sixteen million in common.
MENTIONED IN THIS ARTICLE
Galena Signal Ol
Galena Signal Oil Company
Stock Exchange
Owens Bottle Machine Company
Union Oil Company
California
Northern States Power Company
Montana Power Company
Atlantic Coast Line Railroad
Chicago Pneumatic Tool Company
Bankers’ Trust Company
Denver & Rio Grande Railroad
Chile Copper Company
Foreign Paris Bourse Quiet
Paris reports a quiet trading day on the Bourse with three per cent rentes at cash and the five per cent loan at 88 francs. London turnover showed fair demand as treasury note repayments continued, while stock market activity stayed restrained amid cautious sentiment and entente gilt-edged securities.
MENTIONED IN THIS ARTICLE
Paris
London
Treasury
Uix
Bankers Press for Subway Fare Rise to 6 Cents
New York bankers and bond men meeting with War Finance Corporation directors urged raising subway fares to 6 cents to aid financing for public utilities. They argued higher rates would keep banks willing to underwrite utility securities while maintaining liquidity for government bonds. Directors offered no official conclusions after the session.
MENTIONED IN THIS ARTICLE
New York
War Finance Corporation
War Corporation Act
Brooklyn
Interborough Rapid Transit Company
Brooklyn Rapid Transit
W. P. G. Harding
Federal Reserve Board
Sub-Treasury
G. E. Mitchell
National City Company
Charles H. Sabin
Guaranty Trust Company
A. T H. Wiggin
Chase National Bank
Frederick W. Strauss
J.and W. Seligman & Co
Seward Prosser
Bankers’ Trust Company
Liberty Bonds
Treasury
Harding
United Railways of
Market Barometers and Bond Totals on Exchange
Market barometers show stock exchange activity with figures for yesterday day before week ago and year ago across stocks bonds and railroads. U S government and other bonds totals are listed with January 1 to date accumulations for 1918 and 1917.
MENTIONED IN THIS ARTICLE
U. S
Last Vestige of Free Steel Market Wiped Out
The War Industries Board's June 6 order completes government control of iron and steel. Production and distribution are now directed by the board, with an elastic plan prioritizing war needs. Details on exact requirements remain unclear as officials assess anticipated demand and ongoing adjustments. May output showed a slight decline from April, with total May production around 4.26 million gross tons.
MENTIONED IN THIS ARTICLE
War Industries Board
Iron Trade Review
Washington
Iron and Steel Industry
Shipping Bond
Ordnance Bureau
Historic US Economic Indicators Snapshot From 1918
A rough composite of economic metrics including money supply gold reserves bank loans Federal Reserve activity notes in circulation and price indices, coupled with production figures for crops and steel. The data spans stocks bonds agricultural outputs railroad earnings and building permits, with notes on gold held against circulation and year over year comparisons.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve
Total Gold
General Fund
American Bankers Organize for Business in China
American bankers form a new corporation named Asia Banking Corporation with a 2 million dollar capital to engage in international and foreign banking in China and the Far East. Major stockholders include Guaranty Trust, Merchants Bank of the Americas, Anglo London Paris National Bank of San Francisco, National Bank of Portland, and National Bank of Commerce Seattle. The head office will be in New York with plans for San Francisco and Shanghai branches and future offices in Hankow, Peking, Tientsin, Harbin, and Vladivostok. The venture aims to expand American foreign trade, with potential Russia and Siberia ties contingent on the situation.
MENTIONED IN THIS ARTICLE
Asia Banking Corporation
Gun Trust Company of
New York
Meantile Bank of the Americas
Anglo & London-Paris National Banks of
San Francisco
National Bank of Portland
Ore
National Bank of Commerce
Seattle
Wash
Guaranty Trust Company
China
United States
Siberia
Far East
Shanghai
Hankow
Peking
Tientsin
Harbin
Vladivostok
Russia
American banks to back new investment firm says War Finance panel
Dividends, like a $1 per share extra, accompany the launch as the Capital Issue Committee of the War Finance Corporation approves stock for a new concern. The venture, backed by National Bank of Boston funds, aims to expand banking facilities in the Far East and the country. There will be no public stock offering on June 18.
MENTIONED IN THIS ARTICLE
War Finance Corporation
Capital Invest National Bank of Boston
United States Shipping Board
Florida
Arkansas
Neva
New York
New York Coffee Exchange
War Trade Board
Washington
Stocks and Dividends Declared Across Major Firms
The report lists multiple firms announcing dividends on preferred and common shares, with dates, record dates, and amounts. Highlights include American Brake Shoe and Foundry, Armour, Pittsburgh West Virginia Railroad, Rock Island, and various utilities and banks, showing substantial capital movements and anticipated income for stockholders.
MENTIONED IN THIS ARTICLE
American Brake Shoe & Foundry Company
Rock Island
Chicago, Rock Island & Pacific Railway
Washington
Foreign Exchange Instructions Prepared by Federal Reserve
Governor Benjamin Strong of the New York Fed announces new regulations guiding foreign exchange dealers to prevent enemy-account transfers. About 12,000 U S dealers must collect and forward specific details from customers, including depositor identity and purpose, with separate sheets to the Federal Reserve Board.
MENTIONED IN THIS ARTICLE
Benjamin Strong
Federal Reserve Bank of New York
Federal Reserve Board
Federal Reserve Hostel
United States
Strong
Peoria
Ill
New York
Sweden
Transfe
Chicago
Division of Foreign Exchange
Watt Street
Corporate Returns New England Power System
The company reports April gross revenue of 242565, up 40164 from a year earlier. Net after taxes 136899, vs 117852. surplus after charges 86261, vs 68482. First four months gross earnings 1018443, up from 814603. net earnings 414617, down 8282. surplus 219?ld.
MENTIONED IN THIS ARTICLE
New England Company Power System
Elections reshuffle at William Cramp company board
J H Hull the vice president has become president succeeding W Hund who resigned W Emien Soowevelt named shipman on the General South American Telegraph board and James R Beard named vice president Edmund L Baylies elected as a director Telegraph Company Board secretary remains unsettled.
MENTIONED IN THIS ARTICLE
J. H. Hull
William Cramp & Sons
Shi Building ‘Company
W. Hund
W. Emien Soowevelt
Eltet
General & South American Telegraph
James R. Beard
Edmund L. Baylies
Telegraph
Doard
Wan
Also Mentioned on This Page
Wall Street
Ura
Ge Beret
R.c.megargel
New Yorke
E. W. Wagner & Co
New York Stock Exchange
New Street
Texas Pacific Coal & Oil
R. J. Reynolds Tobacco Co
Scrip
J. K.rice,jr.&co
John
Wall J
N.Y
The
Bamberger, Loeb & CO
Broad St
Yeakly Market Ter
Joe E. Hutton & CO
LE EU Ae Ferk Cotton Pachanae Cincinna
Blook Exchange
Chicago Board of Trade
Broadway
New Yorks
Mack A. Noble Theodore
Corwin Noble & Corwin
Broad
New York Chase
kCom
M Trust
Gaston
Williams & Wigmore, Inc
Finance Economics
Mills Building
York
Huston
South America
Chile
Jane
Lisbon
Money and Credit
Fiera
Boston
Philadelphia
Cleveland
Richman
Ava
Atlanta
St. Louis
Minneap
Kansas Ci
News Digest
Aetna Explosives
Julius M. Mayer
Federal District Court
Odell and Holt
Aetna Explosives Company, Inc
Mayer
Puch
Subway
B.A.T
Tae
Ermege Br Vreasy
Dun's
Bradstreet's
Pittsburgh & W. Va
Pittsburgh West Virginia Railroad
Pany
Pittsburgh Terminal Railway
Baltimore
United Shoe Machinery Corporation
Armour
Armour & Co
Ogden H. Armour
Liberty Loan
John J. Pulleyn
Emigrant Industrial Savings Bank
Mahoning Coal Railroad Company
Allegheny & Western Sutroan Company
Asheville Power & Light Company
Carolina Power & Tight Company
Esatern Texas Electric Company
General Baking Company
Hollinger Consolidated Gold Mines
Kolb Bakery Company
Nhattan Shirt Company
Regal Shoe Company
Wheeling Steel & Iron Company
Cincinnati
Chicago & St. Louia Railroad Company
Detroit River Tunnel Company
Michigan Central Railway Company
New York Central Railway Company
Kanawha & Michigan Railroad Company
Merchants’ Dispatch ‘Transportation Company
American Type Founders Company
Tock
Barnhart Bros. & Spindler
Bucyrus Company
Dodge Manufacturing Company
Ohio State Telephone Company
Standard Coupler Company
Wven
York Savings Bank
State Tax Commission
New York State
Guaranty Trust Company of
Fifth Ave
43Rd St
Madison Ave
60Th St
Lombard St
Rue Des Italiens
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