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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 13, 1919
Page
8
A volatile session saw gains in tobacco and Studebaker shares before a late downturn erasing many advances. Analysts cite rising call money and firm internal market conditions, with major orders tightening supply and a proposed curb market roof provoking debate among officials and in editorials.
Market Opinion from ALA Housman & Co stresses safety of dividends and price upside. S.B. Chapin & Co notes a shift from overbought levels, improving market health and two sided stance. Clark Childs & Co says the public seeks exits while W Wagner & Co notes the test to decide if the bull market continues through summer.
Call money opened at 4 percent for mixed collateral and 6.4 percent for all industrial loans, rising to 9 percent in the afternoon. Mixed collateral loans closed at 7 percent. Time money bids reached 6 percent, with little new money as banks prep for June 15 taxes. Reuters-like prices show various per cent rates for bills and bank reserves with London discount and Bank of England figures.
General Motors stockholders at a Wilmington Delaware special meeting authorized 500 million dollars of debenture stock and 500 million dollars of common stock. Authorized capital increased from 270.6 million to 1.02 billion dollars, placing GM with United States Steel as a billion dollar industrial.
Sinclair Consolidated Oil Corporation announced a cash purchase of all but a small percentage of Union Petroleum Company stock. Union Petroleum, a major petroleum exporter and distributor with key centers in Philadelphia Chicago and Kansas City, holds one million dollars in common stock. A C Woodman will join Sinclair Oil and Refining Corporation as a senior executive.
An official note regarding a 50 million dollar Russian government bond issue is due in the market within a day or two. Washington authorities have been approached, and it is likely the issue will default. Substantial Russian funds are on deposit but not available to influence maturities.
Heavy engagements of gold for export were made yesterday totaling 6 150 000 dollars. All proceeds will go to South America with the bulk shipped to Argentina and Uruguay for the account of local banks.
Pierce Qi Corporation announced the sale of 15 million dollars of cumulative 8 percent convertible preferred stock to Lehman Brothers and Goldman, offering holders the right to exchange debentures for the new preferred. The stock will be convertible into non voting common shares and may be exchanged until January 1, 1922, subject to stockholder approval at a later meeting.
A compiled snapshot shows aggregates of money stock, gold reserves, and federal notes, alongside price indexes and production figures. It lists loans on national banks, gold holdings, and various Dun and Bradstreet indicators such as industrial output, agricultural crops, railroad earnings, and commercial failures.
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