Markets Tumble Then Rally Amid Credit Strain and Bank Tightness
The market saw a sharp break with many industrial shares dropping over 8 points while rails fell less. Institutions cited selling pressure from commissions and fears of reserve deficits, followed by a midday recovery as call money spiked to 12 to 15 percent. Banks extended rediscount limits with loans up to 20 percent for all industrial collateral, signaling strained finance and uncertain inflation dynamics.
MENTIONED IN THIS ARTICLE
Atlantic Gulf
Baldwin Locomotive
Marine Common
Marine Preferred
Lackawanna |Eel
Royal Dutch New York
Studebaker
Texas Company
Steel Common
Federal Reserve
Federal Reserve Bank
Stock Exchange
Banks Plan Unified Credit System to Aid Europe
In a high level meeting at J P Morgan & Co, New York bankers propose a national credit mechanism to fund Europe’s postwar recovery. Led by Henry P Davison, a committee of major bankers outlines creation of a single debenture to back European purchases, with broad participation across cities and industries. The aim is to extend credit on normal terms while coordinating industrial output and trade finance under government cooperation.
MENTIONED IN THIS ARTICLE
Davison
Investment Corporation
Europe
Witzerland
United States
New York
J. P. Morgan & Co
America
Henry P. Davison
J. P. Morgan
James §. Alexander
National Bank of Commerce
James Brown
Brown Brothers
Allen B. Forbes
Harris, Forbes & Co
Alvin Krech
The
Faustable Trust Company
Charles H. Sabin
Guaranty Trust Company
James Stillman
National City
Mr. Davison
Chicago
London
Money and Credit After the Clone of Yesterday’s Market
Market notes indicate yesterday’s rate adjustments with collateral shifts. A 15 percent rate from December 1916 applied to mixed collateral, while new money opened and renewed at 10 percent for unspecified collateral.
MENTIONED IN THIS ARTICLE
Indus
J. P. Morgan
Stockholders reject sale plan for British fleet of I M M
At a Hoboken meeting International Mercantile Marine stockholders voted 96 000 eligible shares with 78 521 in favor and 284 126 preferred and 245 946 common against the sale of the British fleet for 27 million pounds. The result follows a proxy effort by an independent committee and a prior federal injunction denial. Provident Franklin urged focus on ordinary business and a strong merchant marine with protective laws.
MENTIONED IN THIS ARTICLE
International Mercantile Marine Company
Hoboken
England
John W Platten
Frederick W. Scott
M. Francis Snowber
Learned Hand
Provident Franklin
Hiis
Congress
Stock Prices Fall as Call Money Hits New High
Stock prices declined across the board as call money surged to 15 percent and then 19 percent on renewed market stress. Banks and brokers faced high carryover rates, with near record tightening tied to Federal tax payments and looming half-year disbursements, prompting widespread liquidation.
MENTIONED IN THIS ARTICLE
Treasury
West Penn Railways 1918 Report Shows Larger Gross
West Penn Railways Company and subsidiaries report for year ended December 31, 1918 shows gross earnings of 52,904 dollars, up 1,827,064 from prior year. After expenses and taxes of 6,432 dollars net income reached 97.47 dollars, up 230,042. Other income 165,296 dollars brings gross to 452,728, from which charges and dividends of 2,114,946 leave a net deficit of 1,347,822 for the year.
MENTIONED IN THIS ARTICLE
West Penn Railways
West Penn Railways Company
Economic indicators and government finance data summary
A dense ledger style summary lists banks loans and reserves, bills discounted by Federal Reserve banks, gold reserves, stock and bond prices, and cost of living indices. It notes production figures for steel, pig iron, crops, and cotton, plus wage and railroad earnings trends, building permits, spindles, failures, and commercial Liabilities from Bradstreet's across multiple cities and dates.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve
Total Gold Reserve
Bradstreet's
Royal Dutch Declares 25 Percent Final Dividend
London advices report Royal Dutch Petroleum Co declares a final dividend of 25 percent, making 40 percent for the year. American shareholders will receive about 3.25 dollars per share, with total yearly distribution around 5.35 dollars. Capital increase from 230 million to 400 million guilders offers rights to subscribe one new share per four held, with lists open June 16 to July 4. Amsterdam and London holders may subscribe to 42,769,600 guilders in 1,000 and 100 guilder shares. If shareholders fail to approve at the June 30 meeting, new subscriptions will be returned.
MENTIONED IN THIS ARTICLE
London
Financial District
Royal Dutch Petroleum Company
Amsterdam
Also Mentioned on This Page
WJ Wollan
New York Stock Exchange
Broadway
Maury Rogers
Auchincloss
N. Y. Stock
N. Y. Cotton Exchange
Chicago Board of Trade
Broad St
New York Stocks Exchange
Fifth Avenue
COR
Longacre
NECOR
42Nd ST
J.K. Rice, Jr. & Co. Buy &Sell
Bank of America
Bankers Trust Stock
E. W. Bliss
Com
Franklin Insurance Etk
Great American Ins. Ltd
Mger Manufacturing
Standard Screw
Texas Pac
Coal & Oil
Victor Talking Machine
Wright-Martin Ptd
J.K. Rice 2Jt.&Co
John
Henry Clews & CO
N. ¥. Stock Exchange I
Broad Street
Fifth Ave
Union Square
Warren
Third Ave
Court St
Brooklyn
Goldberg
Mark A. Nobie Noble
On, Y
Theodore C. C
Corwin
New York Phelps Dodge
Otis
Bree
Federal Reserve Board
Yeterday
New Yo
Federal Reserve District
New York Federal Reserve District
Baltimore
Boston
Philadelphia
Sub-Treasury
Llondon
Lisbon
Paris
Belgium
Sweden
Denmark
Nor
Norway
Japan
Argentina
Brazil
Rio
Money and Credit
I.M.M
Deal
Platten
U. S
Bates
Invincible Oil Corporation
Empire Trust Company of
State Street Trust Co. of
Columbia Trust Company of
First National Bank of Boston
Ranger
Humble
Blue Ridge
Texas
Louisiana
Walters
E. R. Ratcliff
Invincible Oil Company
Gladstone Oil & Refining Company
Invincible Oil Ci
Messrs
Strasbourger Schallek
Messrs. Loring, Coolidge & Noble
Gladstone Oil Refining Company
Messrs. Baker, Botts
Parker & Garwood
Houston
Messrs. Ledbetter
Stuart
Bell
Oklahoma City
Oklahoma
J. S. Bache & Co
Cochrane, Harper & Co
S. M. Schatzkin
Liberty Bond Service
Liberty
Royal Dutch Petroleum Co
Branc
E. W. Wagner & Co
New ST
Bread St
Newark
Long Beach
Purdy & CO
Tel
Pine
American
Kirby Lumber
Ri Jr.&Co
Metropolitan Trust Company of
City of New York
Wall Street
Tim Fifty
Central Union Trust CO
This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!