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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 17, 1922
Page
6
The Bank for Savings issues a semi annual dividend notice detailing four percent on all shares and a payment of 35.00 with earnings of 860. A date of July 24th, 1923 is listed for credit to powers as principal due. Interest begins from July 182% and a 1% deposit is indicated with a prior reference to July 34th 982.
Beginning most October, regular quarterly interest dividends will be declared and interest compounded four times a year as of the first days of January, April, July and October. Walter Trimdles, President, A Gawpat, Vice-President, E. Roosevelt, Secretary.
President Harding sends a congratulatory telegram to C. K. Mitchell of National City Bank on the fifth anniversary of the bank. He says the business situation justifies a cheerful outlook and credits the bank with extending American financial influence worldwide. Compt Criesinger notes banks are prepared to finance business, industry, agriculture and commerce.
Durant Motors proposes to increase authorized capital to 20 million shares of no par stock from 15.9 million, with about 700,000 shares outstanding and 309,000 unused shares held for conversion. Stockholders will vote at a June meeting to authorize the new shares for conversion and future expansion. Also noted is a July 1 10 percent dividend for borrowing stockholders, aided by bank loans at six and a half percent. C M Gruenther, secretary, cites ample funds for amortization and the 10 percent dividend easing loan costs.
Cuban officials announce plans for a $50,000,000 loan with U S approval and a $54,000,000 budget, following a cabinet shakeup led by General Crowder. The move aims to align reform goals with Washington wishes as Cuba faces sugar market concerns and renewed negotiations with Morgan Co and Kuhn Loeb Co.
Day's New Issues lists several bond offerings including a £489,000 Middlesex County road improvement issue due 1926 76 with 4.20 percent yield, a $1 060 000 Olean New York 6 percent improv bonds due 1923 31 yielding 4.20 percent, and a $2 600 000 fund offering by Royalities Corporation and Edward B. re. Also mentions a $740 per cent yield figure and participation from Smith & Co and Cutler & Co Ltd.
A protective committee for rend ing general mortgage bonds was organized yesterday. Members include James M. Wilcox chairman of Philadelphia Wing Fund Society. George W. Davidson president of the Eb le Life Insurance Society. Edward J. views president Prudential Ice Company Newark N J. B Morris president of Girard Trust Company Philadelphia. C S W Packard president Pennsylvania Company for Insurance Philadelphia. W Wing president Use and Trust Company. secretary A Fennimore. counsel Henry Pepper Bodine Stokes Philadelphia.
Paris on June 16 reports a government loan of 3.2 billion francs to aid reconstruction. The issue carries 6 percent interest, priced at 999-5, payable at 108, with optional maturities. Subscription books open in June as authorities outline terms amid a quiet market.
London Market Primer reports firmer prices on the Stock Exchange with Har gold at 2924 and money loaned at 1 percent. Short bills yield 2 1 6 percent, three months bills 2 percent, and con sols for money quoted at additional fractions. Foreign exchange notes Fra lines incomplete with stray figures and misreadings.
Market report shows limited new financing negotiations and tepid gains for most issues. Liberty bonds drive activity, touching new highs near 100.40 while French, Mexican, and other corporate issues rise unevenly. Public notices and bids for contracts appear amid broader bond quotations and yield guidance.
Foreign exchange notes list Ecuador Chile Venezuela Canada and United States references with varied par values and premiums. Mentions ECUADOR and CHILE with par values, VENEZUELA Bollvart, and Canadian exchange patterns including premiums and discounts. Data appears fragmented from a currency table on a preceding page.
The executive committee of the Merry Trust Company yesterday discussed outstanding temporary Maryland securities and related warrants. The Guaranty Tram indicated June settlements with coupons due October 1. York Block Exchange and Texac Company plans were noted, with calls and interest actions expected. Original issue totaled 635,004,000, issued for a period of three years.
Yesterday’s stock table shows high and low prices across diverse listings. Key names include Union Pacific, United Fruit, Utah Copper, Western Union, Westinghouse, Wheeling and Lake Erie, and Willys Overland with varying bid and offer figures and volumes.
Notice of a shareholders meeting to elect the board of directors. The meeting is scheduled for twelve noon at Hal 125, with holders entitled to vote on matters including director approval and company governance.
A committee of bond holders representing General Mortgage 4% bonds of The Reading Company and The Philadelphia & Reading Coal & Iron Company will oversee readjustment of corporate properties and intercorporate relations as ordered by the District Court in 1920 and the Supreme Court in 1922. Deposits under a Protective Agreement will be solicited. Prominent financial houses and officers outline the committee and counsel.
New York metal markets show lackluster trading with copper quoted around 18.2 cents asking and 6.0 cents bid for electrolytic and York spot. Zinc trading remains lighter as traders assess supply and demand factors.
The President and Directors of the Manhattan Company declare a quarterly dividend of six percent on common stock. Record date is June 23, 1922, with transfer books closing. Payments to holders of record at close of business January 23, 1922. Also notes about American Telephone & Telegraph and Otis Elevator Company dividends.
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