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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 18, 1918
Page
2
Finance writing from New York examines tax payments easing money pressure and the Treasury plan to raise 6 billion dollars via certificates. It questions inflation risks, predicts Fed credit cuts, and notes a lack of broad market buying while describing thin trading and rates on call money, commercial paper, and bank acceptances.
Money and credit conditions showed little change at the week’s start. The Stock Exchange had a modest supply of call funds with rates from 5 to 8 percent, inching from Friday’s 6 percent. Most activity centered on renewing maturing loans, with rates firm from 5 to 6 percent on standard maturities. Anticipation of more time offerings follows tax redepositing with banks completing payments.
Article explains foreign currency exchange in terms of dollars and pounds with intrinsic values and rate quotes. It notes the dollar price for a pound around four to five dollars and describes flywheel concepts like direct and indirect parity and premium or discount tied to demand for dollars versus pounds. The piece discusses how U S demand for pounds to settle England accounts affects exchange.
Representatives of copper producers meet for a conference to discuss distribution and sale of copper while price fixing is not on the agenda. The trade notes rising demand and government control of about 90 percent of output, with 10 percent for other uses. Production shows improvement despite labor and transport issues, with May output up about 10 million pounds from April and yearly total near 185.5 million pounds.
Financial leaders from across the nation urge a warlike credit system based on trade acceptances. Paul M. Warburg says 4,000 firms already use it to stabilize funds and speed production, while Charles A. Minch supports its broader adoption. The convention in Chicago runs three days with leaders from the Irving National Bank and other major financial institutions attending.
Market barometers show varied activity with U S government bonds and railroad stocks leading gains. Figures list daily and year to date totals for government, railroads, and other securities, alongside monthly and yearly comparisons through 1918.
A National City Bank study notes war shifts in colonial trade, cutting transmittal via mother country. Direct tin imports to the United States from the Dutch East Indies surged from 1913 onward, while Dutch Netherlands shipments collapsed.
Directors of American Telephone and Telegraph Company plan a Boston meeting to announce a new financing. It involves short-term 6 percent bonds convertible into stock, seven-year maturity, exchangeable after two years for preferred stock. Underwriting by J. P. Morgan Co and others. Bonds convertible at 106, dated August 1, 1918, with shareholder ratification on July 3.
A historical financial overview notes totals for money supply gold reserves and bank activities. It lists feder al reserve notes in circulation and gold held, along with price indices, production figures for steel and crops, railroad earnings and bank clearings, with data dated around 1918 including last year and current figures.
Toronto dispatch reports Sir Thomas White travels to Washington to secure a substantial 100 million dollar credit to cover Canadian purchases in the United States. Analysts note exchange losses and a balanced trade outlook, with Britain owing Canada and Canada owing the U. S. prompting calls for renewed credit and policy adjustments. The article details Treasury moves, bond activity, and the impact on U. S. interests and Canadian financial flows.
The report covers multiple firms including Duquesne Light Philadelphia Company Lindsay Light Federal Sugar Refining and several railways. Key figures show mixed earnings with notable profits at Philadelphia Company and Federal Sugar Refining while several utilities report declines in surplus and per share earnings. Public utility and railway performance vary with gains for some firms offset by lower profits or higher costs at others.
Paris securities show quiet trading with three percent routes at 59 francs 50 centimes ex coupon and London exchange at 27 francs 16 centimes. Five percent loan traded at 88 francs 15 centimes as market mood remains firm and cheerful in the London session.
John I. Brower formerly tied to the New York Credit Men's Association joins the new business department at Atlantic National Bank. Louis G. Harriman is named assistant trust officer at the Guaranty Trust Company of the York.
No official announcement was forth coming yesterday of the plan by which the 57,735,000 Brooklyn Rapid Transit notes will be provided for. Directors met in the morning and a statement may come tomorrow after War Finance Corporation reveals financing proportions. Noteholders may be asked to extend holdings at higher interest. cash payoff and new 6 per cent notes are possible. Treasuries issue due today and maturity schedules noted. Chicago’s growing financial prominence and Wall Street interest are cited with optimistic dispatches.
Irving Trust Company of New York announces a quarterly dividend of two dollars per share on its capital stock. The dividend is payable July 1, 1918, to stockholders of record at the close of business June 24, 1918, per secretary George F. Gentes.
The United Fruit Company declares a quarterly dividend of two percent payable July 15, 1918 to stockholders of record June 20, 1913. South Porte Rico Sugar Company announces a regular quarterly dividend of 2% on preferred stock payable in cash at Mensa William Schall & Company.
A meeting of stockholders of Atibe McMullen & Melvin Co, a New York corporation, will be held at 149 Roadway, New York, at 3:00 PM on July 22, 1038 to consider dissolution and any other matters properly before the meeting. J Parker, Secretary, June 17, 1918.
The Dutch tin embargo’s lift has not yet relieved U S markets as ships take two months to arrive. Shortages appear in the spot tin market with scarce supplies and prices around 92 cents, reflecting the lingering impact of the embargo on Banc and global supply.
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