Market gains driven by short covering amid high call money
A volatile session saw call money rise to 9 10 percent after an initial lull, then ease to 6 7 percent as short sellers covered and stocks rallied. Major movers included General Motors Studebaker United States Rubber American Woolen Baldwin locomotive Goodrich Royal Dutch New York Steel, with bankers and bonds in focus as July payments and rediscounts loom.
MENTIONED IN THIS ARTICLE
Fim
General Motors
Studebaker
United Star Rubber
American Woolen
Baldwin Locomotive
Goodrich
Royal Dutch New York
Steel Common
Market Opinion Sees Steady Prosperity Despite Decline
The piece notes that the stock market downturn has not harmed overall prosperity with winter wheat harvest underway and this year's crop valued at double the 1915 record. Industrial stock prices up 35 percent since February while building operations rise over 200 percent and bank clearings outside New York up 51 percent. Failures are at record lows, per Hornblower & Weeks.
MENTIONED IN THIS ARTICLE
New York City
Hornblower & Weeks
Money and Credit Open and Fall in Call Money Rates
Call money opened yesterday at 9 percent for mixed collateral and 19 percent for all industrial collateral, with renewals at 10 and 12 percent. By mid-session rates dropped to 6 and 7 percent, closing at 5 percent for mixed collateral and 6 percent for all industrial loans. Time money stood at 6 percent for all dates on industrial collateral, while lenders had not responded. Six percent is the legal maximum. London closing money rate noted at 2 percent. Discount rates listed for short and three month bills. Gold premiums at Lisbon cited.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Indus
London
Lisbon
Syndicate Offers $54 Million Land Bank Bonds
A syndicate of 12 banks led by National City Company and Harris Forbes plans to sell $54,000,000 of Federal Land Bank bonds at 4 percent, payable at 100, with a yield over 4.38 percent. Bonds are secured by U S government securities or first mortgages on farm land not exceeding half the appraised value. Maturity is May 1, 1929, with denominations from 25 to 1,000 dollars. The issue emphasizes tax exemption and favorable investment conditions compared with last year.
MENTIONED IN THIS ARTICLE
Federal Land Bank
National City Company
Harris, Forbes & Coy Lee
Higginson & Co
Brown Brothers & Co
Alexander Brown & Son
United States
National Farm Loan Association
Federal Reserve Bank
Federal Farm Loan Board
Treasury Department
Secretary of the Treasury
Continental United States
Federal Land Banks
Joint Stock Land Bank
Bonds Following: NYSE Bond Transactions Yesterday
A complete record shows all bond transactions on the New York Stock Exchange for yesterday. The report lists trades, volumes, and prices across the corporate and government bond markets.
MENTIONED IN THIS ARTICLE
Liberty
Purdy & CO
Fine St
New York Stock Exchange
U S Government Bonds Interest Totals and Figures
A dense listing of U S government bond interest values and totals appears, showing various amounts and dates with numerous figures. The page itemizes bond holdings, interest rates, and overall totals including a grand total near 1 810 000.
Foreign Government and Municipal Bonds Overview
Fragmented quotes show diverse bonds including Midvale Steel, Wisconsin, Montana Power, Pacific Coast, and Lehigh Valley among others. Notable issuers include Arkansas & Louisiana, Milwaukee, Atlantic & Pacific, and Michigan utilities with various par values and yields.
Financial indicators reveal Nation's economic measures
March 4 1919 report lists loans on national banks reserves and bills held by Federal Reserve banks. It shows production figures for crops and steel, railroad earnings and bank clearings, plus price indices for commodities and stocks with year over year comparisons.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve Notes
Dun
U. S
Ines
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