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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 24, 1920
Page
4
Daily stock and bond totals show a choppy session with professionals dominating trading and little broad buying. Sterling weakens after a Tuesday drop while U S equities drift lower. merger chatter and bank loan moves fuel late-session shifts in prices and rates across industries and bonds.
The report notes scarce tin supply and rising rates, with some observers predicting higher duty levels. Liquidity remains strained as investors avoid renewing maturing calls, and collateral demand rises for time money. Bank clearances show domestic and foreign balances, with Sub-Treasury United States funds and Canadian exchange activity highlighting lingering liquidity pressures.
A Chilean report notes large nitrate deliveries for future settlement, estimated at 300,000 to 400,000 tons, priced around 17 shillings per quintal, lifting the Chilean exchange. Most sales cover European accounts, signaling a major move after months of quiet activity and suggesting control by nitrate producers.
Cleveland June 23 The American Shipbuilding Company today declared a regular quarterly dividend of 13 percent and an extra dividend of 24 percent on common stock payable in cash at 1 pound polar 28.
Embargoes and renewed strikes in Pennsylvania and surrounding areas cripple steel plants. Rail road stoppages in Philadelphia and Baltimore complicate production as coke prices surge, with reports of cost increases and shifting supply dynamics across the metal industry.
In London a market brief notes dividends, stock prices, and money rates. The report lists discount rates for short bills at 6 percent, three month bills around 4 percent, and gold prices near 110 with silver and New York quotes also mentioned.
Fragmentary report from Paris notes a market day with unclear details and several garbled names. Readable items mention London and a cheese context, with sporadic figures and references to dates but lack complete clarity on events or outcomes.
A leading Wall Street banker, once highly pessimistic about last fall, now sees potential at the tunnel’s end. He warns that continued tight money and painful adjustment may come before any brightening, remains confident in the Federal Reserve as a stabilizing force, and notes the economy’s past panic cycles.
The report notes Standard Oil stock offerings and underwriter behavior as shareholders may not take up new issues. Gold imports from Canada and potential shipments from Hong Kong are discussed, with $22 million held in Chinese collateral loan and remaining gold in Hong Kong. Stock Exchange holiday plans loom while higher money rates persist due to June tax payments and bank renewal reluctance ahead of July 1 disbursements.
A prominent investment banker claimed July would bring higher stock prices as markets discount a favorable Interstate Commerce Commission decision on railroad freight rates. He cited confidence from a commission member and said the finding could arrive by July 1. Washington sentiment favors railroad rate relief, with markets watching for wage and rate decisions impacting equities.
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