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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 15, 1918
Page
4
Signs of a general stock advance fade as money-market tightness prompts loan calls. Banks refrain from new advances, while brokers replace funds. Employment bureau measures may ease industrial labor scamping, boosting efficiency and curbing war-time wage distortions.
The Commercial Bulletin notes wool arriving in Eastern markets with valuations already under way. The government programme is being enlarged to meet the situation, aiming to speed mill papers and rapid connection to the market.
The American Telephone and Telegraph Company will sell about 40 million dollars of 6 percent convertible bonds to the public via a Morgan-led syndicate. The issue aims to yield 7 to 7 1/2 percent, matures no more than ten years, and may convert above current market quotes. Proceeds will finance war-related extensions. stock rose 1 1/2 points on the news to 97 3/4.
Editor’s note from The Tribune summarizes Bank of France wartime operations. In 1917 discounts in Paris and branches totaled 6,334,200 notes worth 9,498,100,000 francs, up from 6,094,600 notes and 6,647,600,000 francs in 1916. Most notes were small under 100 francs, with the majority discounted for under thirty days. The data comes from The Financial Chronicle via Joseph B. Gilder in New York on June 10, 1918.
Money rates remained firm as funds shifted during the final tax payment period. At the Stock Exchange heavy loan calls were seen with ruling rates at 6 to 6.5 percent. Banks reportedly called between 15 and 20 million dollars of outstanding loans. A bankers money committee was expected to extend assistance. The fixed market stayed largely unchanged with renewals around six percent for sixty days.
New York Clearing House plans to form a bankers committee to press the War Finance Corporation for aid to public utilities. Chicago already named representatives to press for changes allowing higher advances to member banks and utilities, including 90 percent of loans to public utilities. The group seeks amendments to broaden access to wartime financing for banks and utilities retroactive to April 6, 1917.
Receipts of crude petroleum from wells in the fields east of Illinois totaled 2,109,683 barrels for May, up 89,042 from April. The May daily average was 68,054 barrels, about 700 more per day than April, with 1917 May having the year's largest May average of 72,972.
Market barometers list yesterday day before week ago and year ago totals for stocks and bonds. U S government, railroads, others bonds volumes are shown with figures for 1918 and 1917, including January 1 to date totals and daily counterparts.
New York bankers prepared a plan for Brooklyn Rapid Transit six percent note due July to be extended by a higher rate for one year with the War Finance Corporation funding the remainder. Kuhn, Loeb & Co. act as fiscal agents. Bankers refuse to fund via new securities but may loan without the War Finance Corporation if higher rates are allowed, offering the company’s securities on the open market.
Readjustment of the American Hide and Leather Company capitalization is discussed. Proposals include swapping 117 percent back dividends on 12.5 million dollars of preferred stock for 64 shares of 7 percent cumulative preferred stock per 100 shares held, retiring all bonded indebtedness, and issuing 8.5 million dollars in new cumulative preferred stock to replace total bond issue for current preferred holders. Final stockholder action awaits a report from efficiency engineers analyzing company properties.
The report lists money and price measures including gold reserves, loans, bills discounted, and Federal Reserve notes. It tracks average prices, cost of living, production metrics for steel and crops, cotton spindles, railroad earnings, bank clearings, commercial failures, and building permits with figures spanning 1917 and 1918. It notes gold held by Reserve agents is included in the general fund for comparison starting June 23, 1917.
Shareholders near Pittsburgh are called to meet on July 29 to authorize issuing 26 million dollars in twenty five year bonds at six percent. A New York banking syndicate will publically offer the notes once authority is obtained. The Duquesne Light Company, a Philadelphia subsidiary, provides gas and light to Pittsburgh area.
Washington June 14 The United States Fuel Administration reports that the War Industries Board regards oil and gas production as highly essential. The board will oversee iron and steel distribution for war needs, aiding oil producers while warning no diversion from ships aircraft and munition use.
Bradstreet weekly review and the American government say trade in the United States is better than a year ago. Government spending about 57 million dollars daily underscores war demands, with business focused on war needs and shortages.
The report lists annual and monthly financials for multiple railways and utilities. Grand Rapids & Indiana, Chattanooga Railway and Light, Grand Rapids Railway, Portland Railway Power and Light, Columbus Railway Power and Light, East St. Louis Suburban System, Commonwealth Tower, and Tennessee Railway Light and Power show varied gross earnings, net income, and deficits or surpluses. figures cover April monthly results and twelve month totals with changes year over year.
April results show varied earnings for Consumers Power Cumberland County Nashville Railway and Light and Philadelphia Company. Totals include gross earnings, net income, and year long surpluses, with several regions reporting changes from the previous year and dividends paid affecting year end balances.
Sloss-Sheffield Steel and Iron Company directors announce an extra 6 percent dividend on common stock, $690000 to be paid June 29 to stockholders of record June 19, after deferring payments since 1917. Regular 1 percent quarterly dividend on preferred stock also declared.
The Census Bureau reports May cotton consumption at 577,283 bales, with ten month total 5,522,89. On hand May 21 in consuming establishments stood at 1,795,497 bales, public storage and presses at 2,414,881, spindles active 23,720,655. Imports reached 29,735 bales and exports 299,041.
The document lists quarterly dividends for several firms including One Tire and Rabbin it, United Gas Improvement, and General Chemicals. It notes percentages for preferred and common stock, record dates, payment dates, and notices that checks will be mailed. It also cites secretary Joel Jacobs and treasurer Lancaster Morgan in various entries.
Auctioneer Adrian office ed Roost lists securities for account of various bankruptcies and trusts. Include Dominion Copper Company common stock, Indiana Mining, Western Pacific, Union Pacific, Baltimore & Ohio, Southern Pacific, Missouri Kansas Texas, Anaconda Copper, and other railroad and utility issues. Amounts range from small lots to thousands of dollars, with notes and bids due.
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