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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 18, 1920
Page
6
Daily ledger shows railroad and industrial stocks mixed as 1920 dealings opened with subdued activity. Government and industrial bonds posted varied prices while sterling exchange firmed amid gold movement rumors and prep for October loan maturities.
The notice reports a regular quarterly dividend of 2 percent per share and an extra dividend of 2 percent per share. It also notes a special dividend of 1 percent per share and lists holders of record as of a specified date.
Northern securities note that Great Northern directors planned a meeting, but West transport issues delayed quorum. In line with Northern Pacific dividend, Great Northern is expected to keep 7 percent payout while exploring financing for maturing 20 million notes due September 1. Potential equipment trust issues denied by NP officials.
The Invinci ble Oil Corporation shows four month net income of 1 001 287 with January 430 489 February 427 846 March 1 045 073 and April 1 288 962 before depletion. Explorations in Arkansas with Standard 1b Company of Louisiana could boost earnings. banker cautions ease in Federal Reserve policy with gradual open market rate changes. The United States Poor Products Company reports a 6 percent first quarter dividend. Treasury certificates oversubscribed, offering high yields. German credit hopes and Chinese investor caution impact bond dealings and war orders.
A dispatch from Tokyo to the Commerce Department says Japan’s balance of trade for the first ten days of June was very unfavorable. The report notes low financial mood, bank and silk merchant reluctance to agree on silk security values, and ongoing market uncertainty amid failed bank openings.
Northern Pacific directors expect to declare a 1 percent quarterly dividend after yesterday’s meeting. Howard Elliott, president and rate committee chair, notes the Interstate Commerce Commission’s pending rate decisions could affect the carrier’s prospects. If a 6 percent return is approved, annual net operating income would reach about $80 million, supporting the current 7 percent dividend. Elliott cites a favorable traffic outlook but warns outcomes hinge on ICC rate rulings.
E R McCormick chairman of the Curb Market Association denies abandoning plans for a curb exchange on Church Street. He says high material costs and labor difficulties delay construction but insists the project will proceed when conditions improve.
The American Steel and Tube Company reports sharp earnings drop in 1919 with gross profits of $44,120,008 and net after taxes of $3,569,464 for the first months of 1920. The period reflects wartime disruption, transport issues, and labor troubles. Orders on hand at year end total $803,000 in pipe ferrule and iron, likely covering operations into mid-1920.
Wang of this city announced that subscriptions to United States Treasury certificates of indebtedness dated June 15 1929 were closed on Wednesday June 18 after opening with receipts from 12 Federal Reserve banks. The report lists certificates series A 1921 and series T 1901 at 6 percent due date June 15 1921 totaling 400 million dollars oversubscribed.
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