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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 25, 1918
Page
4
Mills Building reports a quiet stock market rise led by Steel common with limited public participation. Brokers note inflation could lift prices later, but current gains reflect professional activity as inflation effects and price controls affect margins for utilities and other fixed-price firms.
Call money and fixed date funds show steady rates with call money at 4.5 to 4.75 percent and six percent for shorter maturities on industrial collateral. Loans of sixty days to six months command five to six percent with mixed and industrial collateral. Commercial paper remains dull at six percent for four months to two months maturities. Out of town banks remain main buyers as balances transfer to major city ledgers. Sub-Treasury funds show a loss of 527000. Bank acceptances gain breadth for money-backed demand.
The war has reversed major trade routes from westward to eastward, boosting Pacific port imports. German submarine activity steered China, Japan, the Philippines, Australia, the Dutch East Indies, Singapore and India toward the United States via Pacific ports. From March 1917 to March 1918 Pacific imports rose to 468.09 million dollars while Atlantic ports fell to 1.17 billion, with New York alone at 868 million.
Senate hearing heard short-line reps warn 10,000 miles of tracks owned by small firms face bankruptcy as Director General McAdoo seeks extended government control. They urge protection to prevent relinquishment during trunk-line control and warn of credit ruin for lines like Gulf, Texas and Western and Colorado Midland.
Rail freight rates rise by 25 percent or more for shipments accepted after tonight with older rates applying to shipments started before midnight. The higher tariff covers most short lines and larger government controlled routes, with specific export and import rates to begin Wednesday. Railroads project at least 700 million dollars in additional annual revenue.
The General Order No. 28 of the Director General of Railroads raises freight rates by 25 percent and takes effect today. It is estimated the new scale will substantially lift annual road revenue and overhaul pricing across shipments.
Market barometers show varied stock figures with yesterday and year comparisons. A U S government and railroad bonds summary lists totals and rates, while a May 25 1918 order allows railways to raise income by 70 million annually with rates existing on that date, and adjustments to published rates as they appear.
London stock market opened with a bright tone as Italian steadiest sparked gilt edged security gains. Investors supported engineering and oil shares. Russian and Mexican issues drew more attention than recently. Money flowed better and discount rates stayed steady. Paris Bourse was quiet with francs exchange rates and bond prices listed. Atchison Santa Fe meeting set for August 1 to authorize government contract, while Minneapolis bond issue extension discussed. General Conference of Commercial Organizations of New York State formed in Albany to coordinate commercial groups interests. Governor Whitman addressed and supported the effort.
Opaque figures show earnings and totals for the railroad sector with daily and weekly sums. The data includes 1918 dated values and large net figures including 260 million 114 million and 1 straddling multiple headings, indicating a financial summary from May 4 to May 10 1918 with weekly comparison figures and last week results.
The flow of New York banking funds to London has resumed, with bankers estimating over $25 million transferred to England in the past week for temporary investment. If U.S. rates ease, additional transfers may occur. funds kept liquid in short term bills can be moved back quickly if needed. London higher rates versus New York drive this shift, aided by government demands on resources. Presence of such transfers signals shifting international money market dynamics since the war began, with prior years showing large one week moves around wartime policy and rate levels.
Royal Dutch share certificates continued to show a volatile trading pattern yesterday, opening at 4 and ending at 91 after a net eight-point loss as only 400 shares moved the price. The London market faced weak turnover and wavering investor interest amid broader war and government security activity.
Puget Sound Traction and Power reports April gross earnings of 903,655 up 148,968 from last April. After expenses and taxes 565,868 net earnings 287,787 vs 293,803 prior year. Interest 174,312. sinking fund 332,274. available for dividends 131,201. Twelve months to April gross 10,172,053. net 3,?80,031 after interest 2,036.44 and sinking fund 375,482. balance 1,463,695.
Extra dividend of 1 percent in addition to the regular 2 percent dividend is announced by Citizens' National Bank of New York. The note lists the bank as paying both the new extra and the standard dividend to shareholders.
The notice lists multiple firms announcing financial actions including increased or reduced semiannual or quarterly dividends. Highlights include Continental Insurance and Fidelity-Phenix noting higher semiannual yields, Eureka Pipe Line and American Sular Compas reporting adjustments, and Babcock Wilcox with a $2 quarterly dividend. Record dates range from June to July, with various stockholder eligibility windows.
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