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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 16, 1920
Page
6
The dollar and pound exchange showed modest shifts with sterling easing slightly while continental markets were firmer. Changes were narrow with no significant moves, reflecting a stable international outlook as yesterday’s closes compare with last week.
Stock and bond summaries show mixed movement across industries with rails and chemicals marking activity. Major names like Ajax Rubber, American Sugar, General Chemical, and Union Paper appear among advancing issues, while others drifted. money market remained quiet with borrowing costs near 7 percent as tax payments press on and dividends anticipated.
The market saw a sharp drop of over two cents with short interest rising on weaker cotton prices. Traders priced in possible crop stress from hot dry weather, while rallies emerged on improving estimates and strong temperatures in Georgia and the Carolinas. Spot markets varied, with Southern quotes trading around 39.30 for mid-Upland as a quiet overall scene persisted.
Thomas W. Lamont of J P Morgan says Japanese workers are emerging from the crisis with cooperative resolve and that recovery is unlikely soon due to the scale of damage. Street chatter swirls about a Barrett National Aniline Chemical and General Chemical merger, with optimistic share rumors and limited official confirmation.
Crucible Steel stock fell to 64 on 14544 shares as directors meet in Pittsburgh to discuss a 172 percent stock dividend reducing cash disbursement from 12 to 8 percent. Three months earlier a 450 percent stock dividend was declared with no $8 quarterly cash payment on new stock. Transportation tie ups hurt operations and weighed on results. The American Vanadium Corporation postponed its directors meeting to next Wednesday to allow Col Merrill G Baker to report on Peruvian mine conditions. A $1.50 quarterly dividend is expected next week, with possible extra dividends likely later this year. earnings are forecast between $9 and $13 per share.
The New York Federal Reserve district reacted well to Treavor's new certificates of indebtedness bearing 5 and 6 percent interest. Substitution books not closed yet show oversubscription of the unofficial quota, equal to one third of the national target. The Treasury aimed to raise 400 million dollars. A new funding operation is unlikely until August.
The drop in silver demand is linked to Asia’s changing trade balance with India and China. As East exports faltered, investor and speculator activity amplified price declines. A separate item notes Dominick & Dominick’s fiftieth anniversary dating to 1470 and the firm’s evolving partnership.
The Standard Oil Company of New Jersey reports a post tax surplus of 77.55 per share on common, after preferred dividends, with $14,000,000 of federal taxes, and 1918 figures show a surplus of 59,094 per share. The income account lists $497,105,081 gross earnings and $407,185,105 costs plus $15,607,009 other income. Jersey stock traded at 600 on the exchange, down 10 points from the last sale, and the balance sheet notes excess current assets approaching 450 million after new preferred stock cash.
Buenos Aires reports additional gold released today from Argentine deposits. The movement brings total released to 519.6 million dollars, equivalent to exports, with the embassy balance at 62.698 million dollars.
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