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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 22, 1917
Page
4
Banks continue to drive buying while trading remains light. The piece notes rising official rates, potential government control over railroads, coal, and essential materials, and a cautious stock market with limited public participation. It highlights high call loan rates, heavy industrial collateral use, and the unclear path to higher trading volume.
Bulk of business at the stock exchange favored 6 percent with a sharp offering of call money. In late trading a substantial capital sum sat at 5 to 6 percent while the day closed at 4 and a half percent. Turnover ranged from 115 million to 119.09 million with collateral loans anchored at 6 percent for ninety day maturities and mixed collateral at similar rates. Gold and treasury movements included 4.6 million from Canada and lingering imports totaling 1.1 billion for the year to date, with Bank of France reports and London rate notes noting premium shifts.
The dollar in foreign exchange fluctuated as francs declined to near seven percent of the dollar while rubles advanced briefly to about 25 percent. Sterling priced around 4.75 dollars for ninety days, with other currencies showing modest moves. Banks suspended dealings in German and Austrian exchange. daily quotes for marks or kronen were unavailable. The piece notes intrinsic exchange value versus gold and outlines May postal savings deposits, totaling over £1,000,000, with several offices holding large deposits across major cities.
A plan would grant the United States government a loan of 200 million to railroads to finance 100000 freight cars. A representative said the loan at 8 or 8 1/2 percent could help relieve the car shortage, with repayment from per diem earnings. If approved, cars could be produced by January next, pending steel deliveries.
United States Steel Corporation has kept private orders for steel ship plates to a minimum since the nation entered the war, pledging to supply government needs first. Authorities say government consumption may reach 40 percent of total steel output, diverting steel from private buyers for the duration of the war.
Chicago June 21 stockholders of the Chicago Rock Island Pacific Railway met and affirmed a reorganization plan. It is said James E B Gorman will be elected president, returning to chief executive post under receivership. Gorman is 53, started as a clerk at fourteen with the Chicago Burlington Quincy and Inter and rose through several lines before joining Rock Island in 1909.
The Wells Fargo Nevada National Bank of San Francisco notes strong demand for raw materials and manufactured goods, record export levels, and the boosted American spirit from Liberty Loan oversubscription. It highlights labor, citrus harvests, improved lumber and rail shipments, oil prices, and retail gains amid higher costs and wages.
A fragmentary financial ledger shows liabilities for notes and deposits, gold reserves against circulation, revenues and percentages. It lists rail earnings, freight car surpluses and shortages, and year over year figures with scattered figures such as 8,751,000, 1,525,000,000, and 2,593,241,000. The text references weekly and April figures and various percentages, but lacks coherent context.
London reports that Liverpool closed its cotton futures with approval in Manchester, highlighting the trade’s precarious position and likely output cuts. Spinners split on action, while many favor government-led controls on output and imports, citing low wages and rising prices. The Times notes shipping shortages amid submarine warfare and predicts hard times for Lancashire.
Local cotton market shows a sagging tendency with unsettled feeling and liquidations by speculators after futures trading, as prices range 22 to 28 points and exports reach 3,468 bales for the day. Liverpool cables note fair spot demand. Havre reports open market with rising daily prices. Dun & Co dispatches warn of late and disappointing outlook despite rains and some area replanting.
Cities Service Company recommends a par value exchange of ten new common shares for each existing share and seeks NYSE listing for both preferred and common stock. A quarterly dividend blend of 40 on an share was declared, 30 cents below the prior quarter. May revenues rose 19.17 percent to 266,073 while expenses jumped 40.57 percent to 709,089 and net earnings fell 16.20 percent to 254,084. Public utilities face higher fuel and labor costs. National Shawmut Bank of Boston declares a quarterly 2½ percent dividend payable June 10, yielding 10 percent versus 8 percent previously.
News from the National Retail Dry Goods Association states merchants from nearly every state will attend a July 10 meeting in Washington to adopt recommendations to reduce store expenses as a wartime economy measure. Each national trade group is urged to send three delegates, with later public guidance on cooperation to curb expenses and keep business as normal as possible.
Kansas City Southern reports May gross of 940776 with net after taxes 309345. Dividends noted for Townsville and Nashville Railroad. Semiannual dividend of 6 percent payable July 19 to holders of record June 2. Fulton Trust Company handles end of period.
Alexander New announced that Mercantile Stores directors with trustees approval authorized sale of the H. B. Claflin Corporation stock to New York merchants for 8.3 million dollars. Purchasers David Stevens Bertram Borden and J Harper Poor lead the committee. The deal separates wholesale and retail arms after long reorganization. retail operations continue independently as progress is reported.
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