Finance notes on wartime taxes and bonds market
The United States Commissioner of Internal Revenue investigates munition plant tax deductions and depreciation practices, noting firms charged entire plant costs as expenses. It argues depreciation should reflect temporary use, while bonds sold at par may rise above par if future flotations carry higher rates. London trading of British war loans remains active, shifting demand away from high grade securities and lowering valuations by about 12.7 million dollars across 387 securities.
MENTIONED IN THIS ARTICLE
United States Commissioner of Internal Revenue
London Stock Exchange
Money Market Shows Slight Ease in Call Loans
A cautious local money market yesterday saw call money on the Stock Exchange at 6 percent and easing toward 5 percent later. Banks were less active in calling loans, with industrial collateral loans bid at 5 percent and mixed collateral loans at 5 to 6 percent. Officially, commercial paper remained dull at 5 to 6 percent with limited demand as banks stayed conservative. London and foreign exchanges weakened, with the dollar, francs, sterling, and Italian lire all lower. Swiss francs rose to a new war-period high on short drafts. Net US Treasury balance and receipts remained reported with a fiscal year deficit of about 34 million.
MENTIONED IN THIS ARTICLE
The
Stock Exchange
Canada
Tre’ Stock Exchange
Federal
United States
Germany
Washington
Canarion
United States Treasury
Japan Advances War Loan to France for 25 Million
A Japanese syndicate led by the Yokohama Specie Bank has arranged 56,000,000 yen in exchequer bonds for France, to be issued as French Government Yen Exchequer Bonds of 1917 at par with 6 percent interest for three years. Proceeds will fund munitions and war materials France buys from Japan.
MENTIONED IN THIS ARTICLE
Tokio
Yokohama Specie Bank, Ltd
France
Japan
Gold Shipments to Japan and French Credit Moves
Reports show Japanese bankers arranging with the Sub Treasury for telegraphic transfers to San Francisco for gold shipments to Japan. Total gold exported since June 1 reaches 14.7 million, with plans reportedly to import 50 million by September. Journal notes gold movements to Spain and the Domini on, offset by Canada and Ottawa receipts, totaling 33.0 million revived since year start.
MENTIONED IN THIS ARTICLE
Otina
San Francisco
Japan
Spain
Canada
London
Hepkars
Sub-Treasury
Ottawa
Quiet London Stock Market Buoyed by Steady Trade
London June 19 reports a quiet yet steady session with old war loan shipping explosive and textile shares in good demand while Russian issues show a mild rebound. Oil stocks were offered and American securities closed dull. The Hudson Trust Company gains U.S. depository status per Federal Reserve approval.
MENTIONED IN THIS ARTICLE
London
Paris
Lanedon
Lons
Western View On Money From Liberty Loan Experts
A Western observer credits New York bankers for the Liberty Loan success and forecasts the next issue will be smaller, at 4 percent with tax exemption and convertibility. He notes banks prepared for July shifts, money may be tight till mid July, and expects no major recession in values. He praises New York’s patriotism and argues mortgage markets will remain subdued as government financing continues.
MENTIONED IN THIS ARTICLE
W.K. C. Halbert
Mgrchaster Loan and Trust Company
New York Bankers & Large
Gvernment
York
New York
Liberty Lown
Federal Reserve Loan Syatem
Bolivia railroad loan financed by Chicago banking houses
Proceeds of 240,000 rane bonds at 6 percent are to fund a railroad from La Paz to the Yungus Valley. Equitable Trust, Chandler & Co., and Counselman & Co. of Chicago act as friend agents. Negotiations began last March with a public offering delayed until after the Liberty Loan. Secretary Lunsing commends Bolivia for securing funds in the United States. Adolfo Ballivian, U.S. Consul General, led talks on Bolivia’s behalf.
MENTIONED IN THIS ARTICLE
Equitable Trust Company
Chandler & Co. Inc
Counselman & Co
Chicago
la Paz
Bolivia
Yungus
Department of State
United States
Lun-sing
Ignacio Calderon
Sere
Jolvia
Adolfo Ballivian
Chandler & Co
Extra dividends and mixed results from 1920s shares
Keystone Tire and Rubber directors declare extra dividends of 1.5 percent on preferred stock and 3 percent on common, payable July 2 to holders of record June. Hill Manufacturing declares 1 percent extra dividend with the regular 3 percent, payable July 2 to record June 19. Calumet & Hecla output for May rises across listed mines. profits and surplus reflect improved operations, with notable changes in Osceola and Isle Royale. Greene Consolidated Copper plans public auction of assets July 1 in Charleston with only one bid anticipated at 21 million. Saxon Motor sees stock drop to a new low with no official dividend. market remains volatile. Several utilities and railways announce standard quarterly dividends payable in July, with various record dates in June.
MENTIONED IN THIS ARTICLE
Keystone Tire and Rubber Company
Thre Hill Manufacturing Company
Saxon Motor
Monay
Wall Street
Detroit
Greene Consolidated Copper Company
Arleston
W. Va
Greene-Cananes Copper Company
American Surety Company
Chicago City & Connecting Railways
Federal Oi Company
Rowular
Dune General Railway Signal Company
Femlar
Westmoreland Coal Company
Thegular
Consolidated Mining
Mt Ka
London Banks Pay Off Notes Here with Gold
London banks plan to discharge a 50 million dollar credit with gold, surprising U S banks. The Bank of England arranged a special release from Ottawa to New York, with Lloyds Bank and others meeting the obligation. The move may ease American borrowing terms as rates drop locally.
MENTIONED IN THIS ARTICLE
Bank of England
London
New York
Ottawa
Frank A. Vanderlip
National City Bank
Lloyds Bank, London City and Midland
Union of London and Smiths Bank
London County and Westminster Bank
Parr’s Bank
Barclay & Co. National Provincial Bank of England
London Joint Stock Bank
Bank of England Cuts Bank Rates to Ease Money Market
The Bank of England reduced interest on bankers balances by half a percent to stimulate the money market and aid short term government borrowing via Treasury bills, issued daily at 4 percent for three and six month bills. Open market discount rates fell in sympathy, with expected lower banker deposit rates. Denver money in New York is seen as a temporary factor.
MENTIONED IN THIS ARTICLE
London
Bank of England
Treasury
Denver
New York
Amendments to Federal Reserve Act Analyzed
The Federal Reserve Bank of New York issued an analysis noting Congress has passed amendments awaiting the President's signature. Key changes center on reserves kept at Federal Reserve banks, with about 200 million dollars of current reserves to be shifted. The report discusses branch bank authority, director qualifications, and state member bank rules including withdrawal notices and reporting requirements.
MENTIONED IN THIS ARTICLE
Federal Reserve Bank of New York
Federal Reserve Banks
Bern
Elra
Federal Reserve Board
Federal Reserve Bank
Threid
Bowrd
Holt
Federal
Kelfrail Reserve
Ulu C
EU State Bank
Atate
Mem Lechig
Droviswne Concern
Ratateweve Board
Aborining
9 Atate Bank
Trpty
Feeral
Federal Reserve
Reverve Banke
Federal Reserve System Changes Tighten Bank Powers
Summary of amendments expanding Federal Reserve control over member and nonmember banks, exchange and collection rules, acceptance limits, and note issues. The act updates reserves, foreign accounts, and government securities handling while clarifying discounting rules and officer overcertification penalties.
Also Mentioned on This Page
Spitzer, Rorick & Co
Equitable Bldg
Toledo
New York State
Spencer Trask &Co
Broad Street, New York
Albany
Boston
Rhoades & Company
Pine Street
New Jersey
City of
Newark
E. H. Rollins & Sons
Exchange Place
San Prancieen
Our Service Department
Earea
Teal Department
Dirpartin
A. A. Housman & Co
Broad Street
Bastid St
West Ltd
Finance Economics
Mills Building
Broad St
Money and Credit
Hanover
Sub - Treasury
Sterlinx
Stackholes
Copenhagen
Bielow
Denmark
Sweden
England
U. S. Treasury Finances
Tomas
Philadelphia
Civeland
Richmond
Atlanta
St. Louie
Minneapolis
Kanane City
Baltimory
News Digest
Duke Sengro
IL Ie
Calumet & Hecla
Aduat
Allouez
Calumet & Heela
Centennial
Osceola
Superior
Tamarack
White Pine
Isle Royale la Salle
Stock Exchange Yeterday
General Motors
Maxwell Common
Studbaker
American Telegraph & Telephone Company
Stork
Chicago City Railway
Tock
New England Telephone & Telegraph Company
Hupp Motor Car Corporation
Republic Railway & Light Company
NT Bancbal Ictefve
Baned
Federal Reserve System
Federal Revere Bank
Federal Reserve Base
Hartwick
Prn
Federal Reserve Boar
Fedral
Fedral Reserve Bank
Federal Reserve Bounk
Isue
Peteral
Vetern Reserve
Boas
Sty
Neum Netusl
Epost
Bank Apn
Apentimenti
H. D. Robbins & Co
Broadway
Knanth- Nachod & Kuhne Stable Building
Feder. Ath Too
Liggett & Drey
Devonshire St. Marine Bank Bldg
Hoxton, Buttale
George H. Burr & Co
Liberty Loan Bay
Naty Orize
St. Loup
Broadway, New York
Hartford
Chica
St. Louis
Seattle
San, Francisca
On-Mo
Sheldon’ Morgan
New York Stock Exchange
William R
Mpton
Municipal Boot
St. Louis Clear
Gisnoum &farMan
Bronoway
Ewan
Carlh. Pforzheimer
American Chicle
J.k.rice,jr.&co
Harris, Forbes & Co
Wing Street
Corner Willian New York
Cor
Ave
Uty v Wunert Cist
Koppel
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