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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 24, 1919
Page
6
The market showed a mixed pattern as traders sold stocks after overoptimistic bets, causing a broad price dip before slight recoveries. Gains in Chandler Motors and General Motors contrasted with declines in oil shares as the day ended with fractional declines overall.
Market notes list weekly and yesterday figures for Sterling Francs Lire and other currencies against the dollar with cables and checks, showing small fluctuations. It records rates for Belgium Switzerland Denmark Norway Pesetas Manila Japan Argentina Brazil and more, noting quoted cents and percentages for each item.
Money and credit report shows call money opening and closing at 8 percent and 6 percent respectively for mixed collateral. Industrial collateral loans opened 6 4/4? percent and closed near 8 percent. Time money market quiet due to limited supply at legal maximum. History compares yesterday to a year ago across Gall money and time money with various maturities. Bank acceptance rates unchanged. spot and delivery rates listed for banks. Bank clearings across major cities detailed, with Sub-Treasury gain noted. London closing rate at 2 1/2 percent for money, discount rates given. Foreign exchange unsettled by European news, Sterling moves and French exchange context.
General Cigar Company calls a special stockholders meeting for July 7 to approve a 5 million dollar issue of new debenture preferred stock. President Fred Hirschorn says the issue will strengthen finances and enable higher dividends on common stock. The company needs more working capital due to growth and prior reliance on short-term loans and paper sales. New shares would be offered to common and preferred holders at par, one new share for every four.
Superior Steel Corporation lowers its regular quarterly common dividend from 1.50 to 0.75 per share, payable August 1 to holders of record July 15. President Harrison cites cash conservation as directors note earnings in the second quarter declined after a fair first quarter. Preferred dividends of 2.00 per share on the first and second issues are payable August 15 to holders of record August 1.
Minority stock holders filed a bill in equity in the Supreme Court challenging the 1915 act authorizing Boston & Maine Railroad to pay $13,000,000 in loans on the road and leased lines. They allege the measure unconstitutionally merges executive and judicial powers and deprives property owners of due process without a jury trial.
Northern Ohio Traction and Light Company reports gross earnings of 7,224,142 for the year ending December 31, 1918, up from 6,489,609 the prior year. After expenses and taxes, net earnings totaled 2,053,450 with a 744,919 reserve for interest set aside, while preferred stock paid 308,761 and common 627,006, leaving a 57,357 year-end surplus.
The Central and South American Telegraph Company reports 1918 gross revenue of 4 584 888, up from 4 273 306 in 1917. Operating expenses were 1 838 469, leaving a net income of 2 746 419. Additional income of 244 775 raised net profits to 2 991 194. Taxes totaled 1 390 567, higher than last year’s 653 783. After all charges, surplus reached 1 600 627.
Prop erties in Texas and West Virginia join under Delaware law to form the Trans continental Oil Company with 2,000,000 shares planned. Underwriting by Pichitt & Co and E W Clark & Co covers 500,000 shares at 474 each, funding refinery expansion to 13,000 barrels daily and 800 miles of pipelines plus 400 tank cars. M L Benedum named chairman.
Complete record of all bond transactions on the New York Stock Exchange yesterday with closing yields. Liberty 340 1947 and related issues appear in the table alongside investment yields and prices. Quotations show values such as 372 and totals for several bond series.
A dense OCR listing shows a fragmentary ledger of railway and corporate securities. Entries include Am ich deb, Mo Pac, Armour, Northern Pacific, Seaboard, Union Pacific, Illinois Steel, and Virginian Railway among many others with varied bond and stock figures. The page also references Montana Power, National Tube, and Atlantic & West, with scattered prices and issue counts across numerous firms.
Gold valued at 10 million dollars was dispatched from the Philadelphia Mint to the local Sub Treasury yesterday and 18 million dollars more arrived Saturday from the same source. The metal replenishes stock depleted by heavy exports to South America in recent weeks. Bankers arranged export of 1 million dollars of gold to South America yesterday.
The Chicago Terre Haute and Southeastern Railway Company reports for the year ended December 31 1919 total operating revenue 5 000 958 dollars with 4 383 299 dollars in operating expenses leaving net revenue 617 657 dollars below the prior year 915 536 dollars. Tax seals and uncollectable revenues 174 283 dollars versus 247 499 dollars last year. Income from other sources 366 944 dollars bringing gross to 810 368 dollars. Total deductions 812 157 dollars producing a deficit of 1 789 dollars.
Wall Street houses including Higginson and Co and Kidder Peabody sold 6 million dollars in 8 percent three year notes of the Edison Mlecthr Mumminutineg Company of taston at par. The issue aims to retire 4.46 million in December and fund distributing system extension. Also mentions drainage district bonds and a proposed stock increase by The Philadelphia Company.
Data shows large figures for bank reserves and loans across the system, including Federal Reserve notes in circulation and total gold reserves. Market indices list averages for stocks and bonds, with commodity prices and crop production figures for wheat, oats, corn, and cotton noted, alongside iron output.
The South Carolina Bankers Association meeting at Tybee Island approves the Warfield plan for returning and regulating railroads. It adopts resolutions opposing government ownership and federal control beyond the time needed for Congress to enact laws for road return to owners.
The 1919 Ohio Securities Manual is now ready for distribution and includes a condensed financial statement and history of over three hundred Ohio corporations. The issuer offers to execute buying and selling orders for these securities and invites utilization of their facilities.
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