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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 16, 1918
Page
4
A 1918 letter, summarizing 1916 to 1917 financial activity, notes Wall Street wealth peak in 1916 with high broker shares traded, and contrasts it with lean 1917 volumes. It highlights railroads’ 1917 freight surge, efficiency gains, heavier car loads, and speedier locomotives despite limited equipment growth. Also comments on dye issue debates between retailers and manufacturers and a reader letter from Groettinger, Iowa.
The Clearing House report shows large changes from tax payments. Loans, discounts, and deposits rose, U S government deposits increased, and the gold settlement fund expanded while gold held abroad fell. For member banks, cash in vaults and reserves rose, net demand deposits grew, and excess reserves narrowed. Rates for bank acceptances held steady. London and Amsterdam money markets showed firm rates, with Italian exchange stabilizing after U S measures.
Washington residents note limited growth in bills discounted by Federal Reserve banks in the past week, rising only 32 million to signal continued unusual financial strain. The Federal Reserve Board releases a statement detailing the condition of the twelve banks as of last night.
The National City Company launches a 1,000,000 dollar issue of 6 percent bonds for San Joaquin Light and Power Company. Bonds mature August 1, 1950 and are offered at 95 yielding about 6 percent. The San Joaquin Valley utility serves about 2,000 people in California.
The government plans to advance a large share of allocated compensation to the Chicago Rock Island and Pacific Railway next week. Estimates indicate about 18.06 million dollars, based on average net earnings for the year ended June last. Directors may meet soon after to declare further actions.
Hearings proceed before the Banking and Currency Committee in Washington on Senator Owen's bill to establish a foreign exchange bank controlled by the United States government amid Federal Reserve objections. The bill has drawn limited public exposure to advocates. The Federal Reserve notes will be replaced by new small denomination notes, with $200 million of $1 notes and $50 million of $2 notes printed, approved designs, and allocation to reserve banks pro rata with $5 note printing.
The New York Shipbuilding Company reports 1917 net income of 963 915 and a profit and loss surplus of 1 791 449, up from 38 850 at year end 1916. President Marvin A Neeland notes no federal tax provision, cites cost plus fee contracts aiding plant use, and outlines $1 400 000 spent on shop and ways extensions with larger expansions planned at Camden yards.
The article notes the premium on New York funds over Canadian funds easing toward 2 percent as Canada enforces import curbs and restricts gold exports. It cites Ottawa policy, expected annual savings, and the effect on exchange, with forecasts of gradual improvement in the autumn amid strong business activity and large western wheat prospects.
Market barometer figures show day and year comparisons for stocks railroads and other bonds. January 1 to date 1918 totals list U S government railroads and other bonds with quarterly and yearly changes.
Boston dispatch reports The American Wool and Cotton Reporter warning of a possible wool shortage as war demand strains supply. Uncertainty over new clip availability, price dissatisfaction among growers, and imports through year end threaten civilian and army needs. Retailers and mills urge coordinated action via the War Industries Board and State Department to secure Australian wool if possible.
Canada Steamship Lines reports year ended December 31, 1917 gross earnings of 13,588,816 with expenses of 9,509,052 and net earnings of 4,023,364. After interest and depreciation plus war taxes totaling 1,945,463 and 400,000 respectively, surplus stands at 2,178,401. Preferred dividends paid were 875,000, leaving year-end balance of 1,803,401, down from 81,734,778 previously. Jones Brothers Tea Co. May sales 1,106,207, up 142,013 from last year. first five months 1918 total 5,427,809 vs 4,544,283 last year. Middle West Utilities shows total income for year ended April 30 at 1,955,210, up from 1,824,009. after taxes and expenses 238,236 and interest 675,372, net
The report lists income totals including 1 041 601 with preferred dividends 720 000 and common dividends 235 980. A yearly deficit of 64 285 is noted alongside a prior surplus of 238 554. Other data cover gross earnings for subsidiaries, expenses 2 562 039, taxes, rentals, and a total income 1 448 096 versus 3 090 276 prior year. Cuba Railroad shows April gross 1 214 240 and net earnings 494 106 with April surplus 390 097. ten months gross 9 395 658 and net 3 024 395. Mountain States Telephone reports gross 10 862 652, other income 2 623 08, total 2 782 302 and surplus 62 000. Ventura Consolidated Oil Fields shows year revenue 660 664 with expenditures 205 cross profit 66 , and net profit 321 390 with surplus 293 882.
The data outline the nation’s monetary stock including gold reserves and currency in circulation. It lists average stock prices, production figures, farm crops, rail earnings, and commodity price indexes, alongside inflation and cost-of-living indicators and miscellaneous economic measures.
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