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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 25, 1914
Page
5
Stocks closed with widespread gloom as weather and nerves weighed on traders. Reports show South American and European investment shifts, with United States utilities like the Metropolitan gaining yet facing dividend uncertainties. Third Avenue Railway and related lines posted rising revenues, while international tax and cross border moves add uncertain profit prospects.
The Bexne Rower and Wagns Company sold to Harris Forbes & Co for 700000 with a twenty five year first mortgage 3 percent gold bonds dated June 1 191. Interest payable June 1 and December 1. Bonds optional at 106 with interest on any interest payment due on or after June 1 1917 secured by a direct first mortgage on all company properties. The Texan Power Light Company was incorporated April 27 1012 under Texas laws to absorb the commercial electric light and power business in thirty towns and cities with population over 190000. Each community has electric generating stations totaling 14000 horsepower, with transmission lines. Geo service supplied in Waco Denison Cleburne Brownwood and Patis, total plant capacity 386000 cubic feet. Earnings for year ended May 31 1914 were 727,074 gross with net 488,000, more than twice bond interest. Surplus for the year Republic Railway and Light Company reports May green operating revenue 257,019, up from 1012, net revenue 106,000. Gross earnings for twelve months ended May 2 were 3,078,058, up 270,318. net earnings after taxes 122,805,000. Surplus after charges Ti. Ropthwestern Power & Light.
Iron and steel trade figures show continued weak demand with only modest signs of improvement. Analysts note mid-year mill shutdowns likely to extend, while consumption shows slight gains in May but fails to meet expectations. Prices remain low as buyers hold back and order books grow slowly.
A member of the bondholders protective committee says the reorganized company will issue new preferred stock only and bondholders will not receive any bonus in common stock. The statement, dated May, notes this right if the plan is approved and the plan defies the claim of a bonus.
The New York Curb Market Association refused to ratify a motion to censure secretary Leonard Jr over alleged delays in notifying the board about the Ketcham stock case. Arthur Myles led a petition and questioned Leonard’s actions after Stock Exchange firms paid $9,200 for oil stocks never delivered by card broker Ketcham.
In a scheduling note from the United States Senate, Warburg plans retirement from the Federal Reserve Board and all related corporate posts. He will resign from Kuhn, Loeb & Co and withdraw as director of the National Bank of Commerce. Fellow Kuhn Loeb partners also intend to resign from national bank directorships tied to the Federal Reserve system. Mortimer Schiff declines joining the Mechanic and Metals National Bank board, the Fourth National’s successor. Schiff will leave the Nas foul City Bank board but may retain Centre Trust Company if it avoids entry into the reserve system. The move reflects the new currency law’s bar on private bankers serving on national banks while maintaining business with them.
A syndicate formed by Kubo Loeb Co for underwriting the 10 million dollar Western Union Telegraph stock, sold by American Telegraph, was dissolved yesterday following a Justice Department action. Independent Western Union shareholders subscribed 47.2 percent of the stock. of the rest, 60 percent went to underwriting participants months ago, and 34 percent was taken up yesterday.
Outside securities trading eased with overall down moves. Rock Island Railway common and preferred slipped. British American Tobacco and Tobacco Products preferred edged lower. Riker & Hegeman little activity with gains. Maxwell Motors declined, oil shares dull, Prairie Oil and Gas fell. Southern Finlne, Standard of California and Indiana slipped. Mining stocks softened, Tonopah Merger and West End Consolidated fell. Consolidated Copper opened firm and closed lower.
Market updates show copper steady with dull futures trading and limited activity at the London tin market. Quotes around 239 2d for spot tin and 13 19% ranges noted with New York spot subdued and local market readings for No 1 Northern and No 3 Southern zinc and related alloys.
Wall Street brief notes negligible foreign market trading and a rush of bond and equity actions. Delaware & Hudson seeks to list 4.5 million in first and refunding mortgage bonds. J G White issues utilities investment pamphlet. Kanaan City Southern Rail funding bonds and New York Central Judson River RR exchange bonds announced. Morgan & Co ready to deliver definit bonds for trust receipts on a 100 year 4-4 per cent refunding and improvement mortgage Series A.
The Panhandle division of the Pittsburgh Cincinnati Chicago and St Louis Railway, a Pennsylvanian subsidiary, reduced dividends on common stock to one half of 1 percent for the quarter and kept preferred at 1 percent. Directors shifted to semiannual dividend decisions, citing past declines in gross earnings and flood-related losses in 1913. The news sent Panhandle stock to 69 1/2 on the market, with closing at 71, while four months earnings fell about 7 percent year over year.
Fragmentary OCR text mentions Philadelphia stocks with unclear names and dates. The readable bits indicate market notes around November and December but specifics are obscured. No clear persons organizations places or outcomes can be confirmed from the readable portions.
Chicago June 4 A volatile session saw wheat prices rise from lows as harvest hopes and domestic crop prospects lifted sentiment. Corn declined modestly while provisions edged higher. Liverpool reports of the harvest slump pressured early trading before gains emerged on profit taking and renewed buying.
Westinghouse directors met in East Pittsburgh to review the plant conditions and reaffirm officers for the coming year. The meeting followed a report of ongoing harvesting in the winter wheat area and continued concerns over July shipments and weather, with mixed market movements in commodities including wheat and coffee as of June.
Live stock prices and market notes from New York markets show mostly steady to slightly firmer prices across cattle and hogs. Beef cows veal prices hold while few steers and heifers fetch modest gains. hogs see moderate demand with steady to firm values and some regional variation. Major buyers and sellers include McPheran Ohio steers and Andrew Mullen veals, with shooting terms and market conditions noted for the day.
Cotton prices swung higher yesterday as contracts rose to near last week’s peak, aided by disappointing crop accounts and Liverpool’s failure to match declines. In late trading, prices steadied with modest gains while private cables cited spinners’ demand and continental buying. Southern spot markets held. local upland middling quoted at 13 2 1 2 cents.
A June session notes the New Haven railroad would expand that section of the separation while the state keeps power to require Boston and Maine stock. Moorfield Storey, counsel for the railroad, stated opposition to the feature agreed at yesterday's executive committee meeting in New York.
The U S Treasury in Washington reports at start of business a net general fund balance of 69,083 dollars, yesterday's receipts of 43,200,918 dollars and payments of 1,780,078 dollars. The year’s deficit contrasts with last year’s surplus of 13,867,192 dollars, excluding Panama Canal and public debt transactions.
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