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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 22, 1918
Page
2
Mills Building reports from Wald Street show bank clearings heavier than a year ago despite civilian trade shrinkage. War-driven operations inflate volume while supplies dwindle and consumer demand shifts due to higher wages and women’s employment. Employment offices note more applicants from nonessential industries as draft impacts labor markets.
The report covers diverse financial data including exchanges, balances, and bank positions. It notes Sub-Treasury losses, London silver prices, and New York money market rates. It details dollar values for foreign currencies, gold parity, and the Federal Reserve Bank of New York cable rate for Indian rupees. It explains how to interpret exchange values and intrinsic parity of currencies.
Yesterday the money market showed growing ease with banks at the Stock Exchange offering liberally and call loans at 4 to 4 1/4 percent, down 1 point from Thursday. Fixed date funds were more available, with larger supply. industrial collateral loans held at 8 percent for sixty and ninety days. Commercial paper discounted at 6 percent for four to six months. bank exchanges reported total clearances of 5.86 billion, up about 11 percent from 1917. Hawk acceptances saw improved demand as rates fell.
Washington June 21 Through freight rates from the Southeast to the West were ordered established by the railroad administration. The new rates apply on through movements from the Pacific Coast and intermountain territory to east of the Mississippi and south of the Ohio River. The adjustment aims to aid Southeastern manufacturers and Pacific Coast producers in reaching each other’s markets and will take effect within a few weeks.
Howard D. Ross president of Metropolitan Petroleum Corporation of Virginia urged stockholders to contribute 10 cents per share and deposit their stock with the joint protective committee pursuing control of the company assets. The letter details relations between Richmond Severinis the promoter and the firm.
Washington June 21 an agreement raised the ore price by 45 cents a gross ton to most wage and freight rate advances. The increase takes effect July 1 pending President Wilson's approval. steel prices remain unchanged. Ore producers J A Savage & Co and United States Steel head the talks with Price Fixing Committee chief Robert Brookings guiding the settlement.
Announcement says local bankers form a committee of forty institutions to aid members on federal taxation and act as a clearing house for tax administration information. Executive members include R G Page of Bankers Trust and J P Niungerford of Bank of Montreal. A second committee will travel to Washington to press Ways and Means on simplifying the new tax law.
Albany June 21 representatives from all commercial organizations in New York to meet at the Ten Exch Hotel Albany Monday June 24 to discuss plans and methods for forming a state federation. The call issued by president Edmund No Hayek of the Albany Chamber of Commerce.
Market barometers show credit men laying plans to capture world trade as of January 1 to date in 1917. Government and railroad bonds dominate figures with railroads listed at 161 875 000 and other bonds at 323 078 000.
Paris on the Bourse was calm with three per cent rentes at 69 francs 65 centimes cash and London Exchange at 27 francs 10 centimes. Five per cent loan bonds quoted 88 francs 20 centimes. London market showed a good tone with railways most active and armament shares strong on potential extra dividends amid profit taking in oil shares. A sugar price change set the basic refining margin at 6.055 cents per pound, effective June 24, due to higher war risk insurance. A. B. Leach & Co. expands, leasing the Fisk Building for larger offices, partly for Island Oil & Transport. Grain managers meet in New York to discuss adjustments under potential National Food Administration control.
The Commercial Bulletin reports from Boston that the government program is extended as circumstances warrant. Arrangements for shipping the new domestic clip will be valued rapidly. Manufacturers press for medium wools under government contracts and valuers rush to meet this demand.
The stock of money gold in the country includes loans of all national banks as shown by their surplus reserves. Bills discounted and bought by Federal Reserve Banks and Federal Reserve notes in circulation reflect the total gold reserve and its distribution.
The National Association of Credit Men wrapped its four day meeting with a La Salle Hotel dinner where United States Treasurer John Burke spoke. J Whitlock surrendered the presidency to F B McComas of Los Angeles. Curtis R Burnett of Newark became first vice president and A Gilster of St. Louis second vice president. Resolutions called for a council to study War Finance Corporation operations, support trade acceptance, and a Washington bureau for credits. A formal request asked McAdoo to apply acceptance to railroad purchases. Committees will pursue worldwide opportunities postwar, modeled after London Council of Commerce.
ST. PAUL Minn June 21 Three Northwestern railroads will have new presidents as a result of Federal manager appointments announced by Director R H Aishton of the northern district. J M Hannaford of the Northern Pacific W P Kenney of the Great Northern and H J E Byram of the Chicago Milwaukee St Paul Railroad were named as Federal managers. Three other federal managers were appointed: A W Trenhalm vice president of the Chicago St Paul Minneapolis & Omaha Railroad G R Muntington general manager of the Soo Lins and W W Walker vice president of the Duluth South Shore & Atlantic Railroad.
May gross earnings reached 443 413 dollars up from 400 845 last year while operating expenses and taxes totaled 210 410 dollars. Net income after charges for the period stood at 99 988 dollars. Twelve months ending May 1 showed gross earnings of 5 414 552 dollars and net income of 2 791 426 dollars with dividends totaling 97 854 dollars and a total income of 2 888 780 dollars. Net income after charges rose to 1 258 180 dollars from 1 222 086.
A brief quotation from Morning Albertan compares England's income tax to Canada. It notes that in England a person earning 100000 dollars would otherwise pay half to the tax collector, while a seemingly generous allowance remains for family size. The piece predicts changes within the next decade.
Directors of the International Agricultural Corporation postponed their meeting due to lack of quorum to consider back dividends on preferred stock and resumption of payments. The 1913 last dividend was 8 percent after a 36 percent April 1 accumulation. Separate talks on British property sales to an English syndicate continue, with no ratification timeline from President Franklin. Banking committees in major cities prepare for a joint conference, and a War Finance Corporation proposal remains unchanged. Canadian issues maturing in the US near 35 million, possibly widening New York funds premium. Canadian financing arrangements extend government needs for meats and provisions through the Imperial Munitions Board, with a potential 175 million aid. Pacific Mail stock rose after a July 3 meeting call to consider reviving 1.7 million preferred stock, as Maxwell Motor Company notes show growing female labor and a training program. Italian exchange rate fixed at 44.12 lire per pound, about 11 cents a lire, with Mexican export bans on gold and silver impacting markets.
A compendium of quarterly and semiannual dividends from Amerien in France to Edison Electric Illuminating Company. Payable dates span June to August with record dates ranging from early June to late July, including amounts on preferred and common stocks across Argonaut Consolidated Mining, Atlantic Coast, Central Foundry, Colorado Fuel & Iron, and others.
The Coal Age reports record soft coal output for the week ending June 8 at 12.405 million short tons, aided by high daily production though car shortages and labor scarcity threaten maximum output. Production head James B. Neclo plans a national speed-up campaign while bank executives press rail contract talks with McAdoo’s office awaiting his California return.
Dividends announced include Dividends Battery Parkational Bank 8 percent extra plus 3 percent regular payable July 1 to holders of record June 20. Magor Car Corporation extra $2 per share plus regulars payable June 29 to June 22. Hanover National Bank extra 2 percent with quarterly 6 percent, payable July 1. Cincinnati New Orleans & Texas Pacific Railway extra 3 percent plus semi-annual 3 percent, payable June 28. Citizens National Bank quarterly 2.5 percent and extra 1 percent payable July 1 to June 22 record.
Bond offerings and securities holdings including Imperial Japanese War bonds United States pins Co Victor Seming Machine Co Cheshira Mining Co Federal Dyestuff & Chemical Co Depots and Deposit notes, Oklahoma Power Transmission Co American Cotton Oil Co Continental Public Utility Co and Williston Sing Co, with dates and quantities. Andrew J McCormack listed as auctioneers.
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