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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 22, 1920
Page
22
The money market showed high call rates as banks drained funds to prepare for July 1 interest and dividend disbursements. Call money jumped to 11 per cent, stalling an earlier stock market rally while easing later as bank reserve concerns and tax certificate redemptions weighed.
Bid and Asked Reference Register from White, Orr & Co lists a 1920 business compendium with general reference details for New York, Philadelphia, Baltimore, Boston, and Newark. New features include intercity telephone numbers, addresses, and world hotel and consulate listings. Paris market data and various financial quotes follow in the period’s market notes.
New York stocks and bonds show declines with mixed performance. Government bonds total about 9.3 million dollars, railroad bonds near 1.78 million, and utility bonds around 6.9 million, reflecting a cautious trading day. Industrial and miscellaneous listings display varied shifts across prominent names and sectors.
May exports rose by 59 million while imports fell by 64 million leaving a trade balance of 508 million in favor of the United States for the month. Eleven months to May show exports at 7.474 billion and imports at 4.685 billion, with gold and silver movements noted and general trade trends summarized.
Tampico and Puerto Lobos Vera Cruz shipments totaled only about one third of usual May exports, according to figures gathered by El Universal. The report notes ongoing disruptions in oil exports from the gulf coast amid policy controls.
Official statistics show exports totaling 6 970 000 000 francs from January 1 to May end, up from 2 116 000 000 francs a year earlier. Imports reached 1 927 000 000 francs with funds imports down 109 000 000 francs.
Wall Street braces as a Canada to Bank of Montreal transfer of 4 million dollars arrives for the Canadian minister of finance. A further 4 million is anticipated and bankers expect continued gold inflows from Britain before October 15 when the loan matures, with estimates of over 40 million dollars in coming months.
The Railway Age warns the U S rail system lacks about 250000 freight cars in service to handle current traffic. Orders on June 1 totaled about 49000, far below annual needs, with May production at 2700 and capacity around 17000 monthly.
Samuel M. Vauslain president of Baldwin Locomotive Works reports firm orders of 50 million dollars with potential for 50.9 million more. Negotiations with Czechoslovakia to purchase locomotives tied to sugar proceeds, though Baldwin denies final agreement.
The Federal Reserve Bank report notes loan reductions in the district with urgency for the coming Saturday's statement to reveal if the contraction is temporary. Sterling gains on overseas gold inflows lift exchanges with Belgian and French and Italian rates moving in step. Willys Overland reports first four months earnings near 2.1 million after expenses, with debt service cut by new financing. Delaware Lackawanna & Western stock rises after dividend cut rumors prove wrong. United Retail Stores to issue 5 percent dividend August 18. Europe recovery hopes voiced by F W Le Porin after European upheaval and wartime legacy.
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