Markets Show Quiet Day With Mixed Stock Moves
The stock market opened with few advances and ended with a pronounced, though modest, decline. Railroad and industrial averages finished with fractional losses after a day of mixed moves and the heaviest activity near the close. Corn Products rose 3 percent, National Biscuit gained 7 percent, General Motors fell 2 percent, and Steel common touched 107 on the day but closed down. Trading surpassed a million shares in a notably calm session.
MENTIONED IN THIS ARTICLE
General Motors
National Biscuit
Money Rates Edge Up Then Fall Amid Market Debate
Mixed collateral money opened at six percent and held near that level before slipping to five percent during the day. Time money remained available with bids around five percent for various dates. Barometer of rates shows call money at six percent versus five to six percent a year ago. Bank acceptance rates unchanged. London money and foreign exchange steady, with sterling around $4.61 in the commercial market. Overall, the May exports hit $606 million while imports rose to a record $120 million, deepening the nation’s foreign trade balancing challenge.
MENTIONED IN THIS ARTICLE
Vorwirts
Gall
Bath
Call
Indus
Norway
Sweden
Denmark
Scandinavia
Germany
Market Opinion Market and Treaty
It is unlikely that Germany's decision will play much part in the market. The remark suggests limited impact from Germany's stance on the broader economic outlook and treaty negotiations.
MENTIONED IN THIS ARTICLE
Germany
Federal Reserve Board Moves to Aid Foreign Trade Banks
Federal Reserve Board plans to liberalize rules enabling foreign trade banks to compete with London acceptance houses. A Washington conference with banks such as French American Banking Corporation and Asia Banking Corporation outlined slow, cooperative steps, aiming to ease foreign trade financing without sharp rules. Further talks will refine the approach.
MENTIONED IN THIS ARTICLE
America
Federal Reserve Board
London
Washington
French American Banking Corporation
American Foreign Banking Corporation
International Banking Corporation
First National Corporation of Boston
Park Union Foreign Banking Corporation
Mercantile Bank of the Americas
Foreign Trade Banking Corporation
Asia Banking Corporation of New York
Reserve Board
New York
Committee to Raise Funds For Curb Market Building
The New York Curb Market Realty Associates, formed to purchase and lease a building exchange for the New York Curb Market Association, elected officers and an executive committee to raise funds for stock allotments. Officers include John L. McCormack president Arthur Myles vice president Herbert G. Einstein secretary and Edgar M Williamson treasurer. directors are William P. Hoffman Franklin Leonard R McCormick Alfred B. Sturges and George C. Winchel. The group authorizes fifteen shares at $100 each to every Curb Market Association member. Propositions on three desirable financial district properties were submitted to the members.
MENTIONED IN THIS ARTICLE
New York Curb Market Realty Associates
New York Curb Market Association
Realty Company
John L. McCormack
Arthur Myles
Herbert G. Einstein
Edgar M. Williamson
William P. Hoffman
Franklin Leonard
Irs
E. R. McCormick
Alfred B. Sturges
George C. Winchel
Curb Market Association
Financial District
Wall Street Items and Bond Offerings From Banks
Wall Street items report a $54,000,000 Federal Land Bank 41 5 percent bonds offered by a syndicate led by Alexander T hrown and others with broad investor interest. Also noted are tanker purchases of $2,000,000 7 percent notes from the American Gas Company maturing June 1, 1920 offered at 100 plus interest. A City Services convergence discussed privilege for note conversion and a large gold debenture issue with a stated conversion feature. New directors and officers are named for the TeCule Bank organization with Pow as president and Maguire as secretary. further details reference formation events on June 1.
MENTIONED IN THIS ARTICLE
Federal Land Bank
Alexander Thrown & Sons
Bown Brothers & Co
Murtis, Forbee, & Co. Lee, Mgeinaon & Co
Natorial City Company
Aes
American Gas Company
Reserve Bank Receives $279,623,100 in Taxes
The Federal Reserve Bank of New York reported receipts as fiscal agent of the United States for the second Federal Reserve District. Total aid consisted of 56,619,500 in certificates and 23,003,600 in cash toward the June 16 income and war taxes. Various Treasury certificate series were redeemed or exchanged, with substantial sums applied to war loan deposits, Victory notes, and income taxes.
MENTIONED IN THIS ARTICLE
Padoral Reserve Bank of New York
United States
Internal Revenue
Federal Reserve District
Reserve Bank
Railway Executives Hold Meeting On Accounting Contracts
A standing committee of the Association of Railway Executives met to discuss accounting concerns under the Federal railroad contract. A. H. Smith of New York Central Lines was elected to replace retiring vice president A. J. Harris. Representatives from the American Short Line Railroad Association joined to review mutual relations with the former group.
MENTIONED IN THIS ARTICLE
Association of Railway Executives
J. A. Taylor
G. A. Harwood
Association of
Railroad Corporate Engineers
A. H. Smith
New York Central Lines
A. J. Harris
Opportunity for U. S. Banks in Brazil
Dr. Nunas Pinheiro, head of Brazil’s supervision of German banks, says wartime German banks in Brazil face liquidation and will open a chance for American and other foreign banks to enter the Brazilian market. The final fate depends on peace conference decisions, but U. S. leadership could extend across South America.
MENTIONED IN THIS ARTICLE
Brazil
Nunas Pinheiro
Commission For
Dr. Pinheiro
United States
South America
Equitable Life Board Confirms Senior Officers
President William A Day of the Equitable Life Assurance Society announced confirmation of senior officers at a board meeting. John V. RB Westfall Alfred R. Horr and William E. Taylor were named vice presidents in charge of executive financial and agencies departments respectively.
MENTIONED IN THIS ARTICLE
William A Day
Equitable Life Assurance Society
John V. RB. Westfall
Alfred R. Horr
William E. Taylor
Interest Not Paid On Pathways Bonds Jurisdiction Ordered
New York Pathways Company announced that interest due July 1 on its first real estate and refunding 4 percent bonds will not be paid by court order. A bondholders protective committee is being formed with George L Burr as secretary. The Guaranty Trust Company will receive bond deposits.
MENTIONED IN THIS ARTICLE
New York Pathways Company
George L. Burr J
Guaranty Trust Company
Significant Relations Loana on all national banks and reserves
Financial data shows Federal Reserve banks discounting bills, notes in circulation, and gold reserves. It lists bank clearings, production figures, cotton spindles, commercial failures, and 1910 to 1930 era monetary metrics with weekly and yearly comparisons across major indicators.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve
Rail car makers seek end to rail government control
At Atlantic City the Railway Car Manufacturers Association opens with 7000 delegates urging immediate release from federal oversight. Discussed is war orders for 100,600 freight cars and 1,930 locomotives to be completed by September 1 under the Railroad Administration. Walker D. Hines may speak. Edwin H. Walker declines reelection bid.
MENTIONED IN THIS ARTICLE
Atlantic City
Railway Car Manufacturers’ Association
Railroad Administration
Walker D. Hines
Edwin H. Walker
New York
American Railroad Association
Citizens League Charges Railroad Securities Below Value
The Citizens National Railroads League reports railroad securities far trail the actual equipment value in public service. A nationwide campaign seeks to restore private management with unification and a scientific rate structure. Notable attendees included William F. Rhea Lawrence J. Corbly Arthur Blanchard and others.
MENTIONED IN THIS ARTICLE
Citizens National Railroads League
Nathan L. Amster
Rock Inland Railroad Board
National Committee
Advisory Council
League
Biltmore Hotel
William F. Rhea
Public Service
Virginia
Lawrence J. Corbly
Huntington
W. Vaj
John A. Sleicher
Boston
Arthur Blanchard
National Highway Trafic Association
New York
George M. Kendal
New York Bank Note Company
Private Control Will Cause Jump in Rates Says Woolley
At Old Point Comfort on June 19 Robert M. Woolley of the Interstate Commerce Commission warned that returning railways to private operation during the readjustment period would force a freight rate rise of at least 20 percent. He argued this would trigger a fourfold price impact on finished goods as costs rise, then the ICC would authorize further increases, risking American industry falling behind Europe. He emphasized raw materials labor and transportation drive costs and warned against pegging the cost triangle by withholding rate hikes.
MENTIONED IN THIS ARTICLE
Woolley
Old Point Comfort
Robert M. Woolley
Interstate Commerce Commission
Vinia Bankers’ Association
Mr. Woolley
Norimal
Michigan Bankers Favor Warfield R R Plan
The Michigan Bankers Association meeting at Saginaw on June 19 passed resolutions opposing government ownership of railroads and opposing prolonged government control. They urged Congress to act promptly to return railroads with safeguards for business and financial interests. The group stated that competitive railroad service is essential for national growth and that forced consolidation would not meet current needs.
MENTIONED IN THIS ARTICLE
Saginaw
Golten
Michigan Bankers' Association
Congress
Michigan
Emer
Resolution endorsement on railroad finance reform debated
The document references the Franklin Trust Co case and the 48 Wall Street decision while urging Congress to direct the Interstate Commerce Commission on a minimum return on railroad investments across three territories. It also supports the Warfield Plan proposed by the National Association of Owners of Railroad Securities for congressional consideration.
MENTIONED IN THIS ARTICLE
Congress
Interstate Commerce Commission
National Association of Owners of Railroad Securities
New Railroads Under Construction in Texas
Reports from SAM FORDYCE and WICHITA FALLS detail government survey completion and right of way for a Rio Grande valley rail line from Sam Fordyce to Fort Ringgold connecting with St. Louis Brownsville Mexico. Separately J A Kemp promotes Wichita Falls to Browwood line with Breckenridge backing. Breckenridge residents commit 400000 dollars. Houston extends municipal harbor belt railway by one and a half miles to refinery complexes, bringing total city ownership to fifteen and a half miles with switching by Houston East & Terminal Railway under city contract.
MENTIONED IN THIS ARTICLE
Sam Fordyce
Tex
Lawrence Brooks
War Department
Rio Grande
Fort Ringgold
St. Louis, Brownsville
Mexico
Financial Bureau
Correaponitenice
Wichita Falls
J. A. Kemp
Also Mentioned on This Page
Clark, Childs & Co
C. I. Hudson & Co
Money and Credit
Ber
Llondon
Lisbon
India
Calgutta
Bank of Bengal
Wall Street
Tuesdy
Belgium
Japan
Argentina
Rio
The
American Relief Administration
Poland
Finland
Slovakia
Austria
Baltimore
Chicago
Sub-Treasury
Bank of Eingland
Bank of England
Inc
Gov. Secur't
Othersecur't
Yieta
Morris & Co
Trinity Bigs.Corp
Province of Ontario
Cuba Railroad
Ohio
National Ay Company
Main OfSea
OfSea
Fifth Awaded S
Merrill, Lynch & Co
Detroit
Los Angeles
JK. Rice, Jr. & Co
Buy & Sell Avolian Company Ptd
Acolii Weber P. & P
American Alliance Insurance
Piano
Bank of America Stock Bankers Trust Co
E.W. Bliss
Continental Insurance Bank of New York
Luckawanna Cowl Franklin Fire Insurance Foundation Company
Farmers Loan & Trust
Great American
Munover Fire Insurance
T & Gt
Northern Corp
Nox Hat'Co
Kithy Lumber
Lehigh Valley Coal Sale
Lord & Taylor Midland Securitien National Nel
New York Suite Railwayn
Pfa
Oulslevator
Port Lobos
Petroleim Pyrena Manufacturing
Remington Trpewelter
Singer of
New Jersey
Coat & Oi and Trust
Clits
Wright-Martin 1A
J.k.rice
Jsr.&co
Jolmm- AG
Wall St
New York Stock Exchange
Hartshorne, Fales & Co
N.Y. Stock Exchange
Broadway
New York Telephone
Bowling Green
Harris, Forbes & Co
Fine Street
Corner
William New York
Investment Securities
Exchange
Liberty Bonds
Smite
Hea
Betta
Victory Lawn Purdy & CO
Pine Mt Ne
Mark A. Kobie
Noble & Broadlet
Chase
Nat'l Bankers Trust
Theodore
Corwin Corwin
York
Phelps Dodge Otis Elevator
Bross
Servier
Notles
TeCule Banishing Way
Bmnun
Converse
Murphy
Eugene Ww
Hlotsom
Marvey
Glnson
D Ee Maguire
Dleotol Presdynt
Det Maguire
Tink
Spencer
Hopkins
Wandrett Wa
Ul Thi Ang
R. R
U. S
Equitable Life
Hinsttea U.S
Grose
Dun
Citten
Uicrease
Ronan
Werke Befar
R.R
Citizens’ League
Warfield R. R. Plan
Guaranty Trust Company of
Fifth Avenue
Madison Avenue
43Rd Street
60Th Street
Carl H. Pforzheimer & CO
Standard Oil Securities
Broad Street
Franklin Trust Co Pe
Wall Ting
Dow
Texas
Gulf
California
JR. Bridgeford 6 Co
Standard
Standard Off Investors
Carlh. Pforzheimersco Fhone
Goldberg
Heim
Hector
Tel
Columaue
Maury, Rogers & Auchincloss
Metropolitan Trust Company of the City of New York
Thoman F. Kiernan
Wy Bae Connell & Co
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