Market Decline After Mixed Trading Marks Day
The market opened weak with drops of 2 to 6 points as General Motors fell early on likely technicals and profit taking. A recovery in the late afternoon failed to erase more than half the losses while money rates moved up and down, signaling broader selling pressure from cautious buyers.
MENTIONED IN THIS ARTICLE
General Motors
Germany
Stock Exchange
Call
Time Money Market
Call Money
New York
Baltimore
Boston
Philadelphia
St- Louis
Atchison
Southern Pacific
Bankers Ready With Equipment Trust Plan
Bankers report that the plan to create a general equipment trust to finance railroads' new stock is under review by the Association of Railway Executives. The Hanauer committee projects equipment valued around 400 million dollars, with initial cash from forty to fifty roads likely bringing certificate issues below 300 million. The railroad administration may cover some initial payments and depreciation credits.
MENTIONED IN THIS ARTICLE
Committee of Bankers
Jerome J. Hanauer
Kuhn, Loch &, Co
Railroad Administration
Association of Railway Executives
Hanauer Committee
Removal of War Time Forex Restrictions by Federal Reserve NY
The Federal Reserve Bank of New York announced the removal of many war time restrictions on foreign exchange dealings. Dealers must still hold registration certificates under the wartime executive order. Customers need not state non enemy interest, but enemy transactions require a War Trade Board license. Export and import controls on Russian rubles and related transfers continue.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
International Exchange
United States
South America
Spain
Japan
Far East
Focal
Federal Reserve Board Frst
Great Britain
Federal Reserve Bank of New York
War Trade Board
Russia
Pulleyn Opposes Federal Home Loan Plan at Dinner
John J. Pulleyn, president of the Emigrant Industrial Savings Bank in New York, spoke at the Society for Savings seventieth anniversary dinner in Cleveland. He argued that creating Federal Home Loan Banks through building and loan associations threatens the business of savings banks.
MENTIONED IN THIS ARTICLE
Pulleyn
Cleveland
John J. Pulleyn
Emigrant Industrial Savings Bank
New York
Society For Savings Here
United Drug Co Increases Preferred to 20 Million
At a Boston stockholders meeting the United Drug Company boosted its preferred stock from 7.5 million to 20 million. The plan includes selling 7.5 million to preferred stockholders at par, with a banking syndicate already underwiring the issue.
MENTIONED IN THIS ARTICLE
United Drug Co
United Drug Company
Boston
Significant Relations Money and Prices Stock and production data
An index list shows money stock and gold reserves along with loans, bills, and Fed notes. It includes average prices for stocks and bonds, cost of living, and general commodity levels. Production metrics cover steel orders, pig iron, wheat and agricultural crops, cotton, railroad earnings, and bank clearings across Bradstreet data.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve Notes
U. S
Procter & Gamble Stockholders Urged to Increase Capital
William 8 Procter president of the Procter & Gamble Company has sent letters to stockholders seeking permission to issue a 6 percent preferred stock increase. The plan would raise capital to 72 million dollars with 48.75 million dollars of new preferred stock. The move is aimed at securing working capital to support company growth and development.
MENTIONED IN THIS ARTICLE
Procter & Gamble
William 8
Procter
Procter & Gamble Company
Market Opinion on Money Rates and Bull Market Outlook
Market opinion argues current high money rates reflect bank preparations for a difficult half year. Bear activity may occur, suggesting buying stocks on declines. Analysts claim pools timed with peace signing inflated early gains, while big investors pulled back and public owns most stocks.
MENTIONED IN THIS ARTICLE
Clarg, Childa & Co
Hornblower & Weeke
Baltimore and Ohio Finances Near Completion This Year
Financing plans for the Baltimore and Ohio Railroad advance toward completion with a projected bond issue likely exceeding 30 million dollars. Kuhn Loeb and Speyer & Co. will lead, with board action expected this afternoon.
Stock Market Summary From Yesterday’s New York Exchange
The Bethlehem Steel Corporation bonds are outstanding 7 percent series Band and payable through the Bond Trust Company. A group of bankers led by O. I Jenna Co. purchased 100000 shares of no par value common stock of Covert Gear Company. National City Bank opened a low branch in Cuba at Pinar del Rio. Empire Trust Company valued for payment on June 28 for Invinetite Corp shares. Temporary estates are ready for delivery and will be traded in the regular way. Bonds on the New York Stock Exchange yesterday are fully recorded.
MENTIONED IN THIS ARTICLE
Transcontinental Oil Company
The
Stock Exchange
Pritchett & Co
E. W. Clark & Co
United States
South America
Spain
Bethlehem Steel Corporation
Bantera Trust Company
O. 1 Jenna & Co
Covert Gear Company
National City Bank
Republic of Cuba
Pinar del Rio
Empire Trust Company
Invinetite ‘Il Corporation
Am Smelting
Midvale Steel
Vie
Ipatfina & St Leon Ss
Armour Co
Montana Power
National ‘Tube
Ates Pechty
Og Gay
Do Adj
New York Eth Steel
Braden Copper
Liberty Sts
Brooklyn Rap T
Pond Me Ngb
INS Tss
Calif_Gas & E
Victory
Norfolk
Norfolk & Weyt
Oreac High
Vansoiees
Nor Pacific New
Cite
Bia Oe
Bea
Penn
Anorak
Uhl
Goa
Pere Martucite
Mac Seaon
Sang
Ios
Pitts CO & Se L
BOVE
Toerythyoel
Bork
Mt & S
Gustav
Dudoh
Sand & Route Ge
Gg NY Sa
Stern
Bay
Canada
Bay Canada
Cuba
Iso Bell T & Bi
Cot Tintustrial
Hordeaux
Garg
Joan
Avians
Tom ‘Lo
Tor
Tokio
Bonn
Detroit
Rys
Rt G&t Stes
Balto el mMa
We Erie
Sv Reat Nordigs
Bond Market Snapshot with Liberty Bonds and City Quotes
The page lists a dense array of government and corporate bonds, Liberty issues, and stock quotations. It notes Liberty bonds and various corporate debt with prices, yields, and trading volumes, plus long lists of U.S. and international issues with bid and ask levels and closing figures.
Kelly-Springfield Stockholders To Vote on Capital Increase
Kelly-Springfield Tire to hold a Jersey City meeting on July 11 to approve a capital increase from 13,900,300 to 20,900,000. The 7,000,000 rise will be via cumulative second preferred stock. If approved, 5,860,200 shares will be offered to holders of record on July 17 at 100 dollars each, underwritten by a Goldman Sachs Lehman Brothers syndicate led by H P Goldschmidt & Co.
MENTIONED IN THIS ARTICLE
Kelly-Springfield Tire Comany
Jersey City
H. P. Goldschmidt & Co
Goldman, Sachs & Co
Lehman Brothers
Wall Street Items Update on Bank Appointments and Bond Redeemings
Langdon 1M, Selbert 11, and Stieb named assistant cashiers at American Exchange National Bank. Sinclair Gulf Corp redeems all ten 6 percent first ten year bonds, eliminating funded debt except minor equipment and purchase money obligations.
MENTIONED IN THIS ARTICLE
Langdon
P. Selbert
W. A. J ‘Nkunbroomer
Howard d. Stieb
American Exchange National Bank
Sinclair Gulf Corporation
Oil Men Exploiting UT Lands Across State
Special correspondence from Austin reports J W Maxwell and associates holding oil leases on 800000 acres owned by the University of Texas. None of the land has been surveyed and lies in the western part of the state. Wildcat drilling was under way on some tracts with rentals set at 10 cents per acre for toll leases paid to the state.
MENTIONED IN THIS ARTICLE
Kansas
Augusta
Eldorado
Towanda
Butler County
Franklin County
Ellsworth
Lincoln
Clay
Barton
Sedgwick
Elk
Wilson
Greenwood
Notwithi
University of Texas Lands Financial Bureau
Austin
Tex
J. W. Maxwell
Also Mentioned on This Page
Federal Land Bank
Pennsylvania R. R. Bus, Roch, & Pi
St. Louis & San Fran
Brooklyn Edison Co
Merrill, Lynch & Co
Broadway
New York Stock Exchange
Victoria
Rhodesia
South Africa
National Bank of South Africa, Ltd
R. E. Saunders
Wall St
Hartshorne, Fales & Co
N. Y. Stock Exchange
New York Telephone
Bowling Green
Lk.rice,jr.&co
Iyesert
Atlas Portland Cement
W. Blea
Hentx Insurance
Franklin Fire Insurance
Clieat
American Insurance Inkersall Rand
Hare Matec Sethe Reraesi Tan
J .K. Rice, Jr.&Co
N. T
Hannevig & Co. Marine Financiag Marine Iton
Broadway, New York
Foreign Exchange Letters of Credit
Harris, Forbes & Co
Pine Street
Corser
William Wew
York
Liberty
Esapons Purdy & Co
Tol
Money and Credit
Indus
Aeui
Mathins
Sub-Treasury
London
Lisbon
Sre
American Relief Administration
Poland
Finland
Czecho-Slovakia
German
Austria
Jugo-Slavia
Rumania
Brandon
Carta A Widder
Ottering
Rockinghem
North
Steatime
Philadelph
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Maturi
Belgium
Sweden
Denmark
Norway
Argentina
Brazil
Rio
Generals Active Cotton Spit Commercial Tallor
Bradatreet
Trevis Stow
Kyrope
Tom Eas Ware
Mayie
A. W. Wagner & Co
Baltimore & Ohio
Baltimore & Ohio Railroad
Kuhn, Loeb & Co
Speyer & Co
Sps
Mercantile ‘Trust and Deposit Company
Robert Garrett & Sons, Baker, Watts & Co
Townsend, Scott & Sons
Coal & Coke Railway
War Finance Corporation
Farmers’ Loan and Trust Company
William Street
Fifth Avenue
Forty-fivet Street
Paris
Guardian
Federal Revenue System and
New York Clearing House
Odd
Marseilles
Harriman National Bank
Forty-fourth St
Carl H.pforzhfimer&co
Taub Tryaj
Jenn Do Cifa
Va-Car Chemical
Bo RT Rig Ba
Vary & Power
Gion
Wabashist Gs
Avrrivilturni
West Electric
Nt M Marine
Mii
STE UW
Bbval Faho
Kan
Aiio
Ings 'Co
Wilson’ & Co
Lack Stein
Lake & As
Lehigh’ Valley
Y Liggett
Ghigo
Kelly-Springfield
Wall Street
Swift & Co
Shippee & Rawson
Interl & Gt
Northen
R. IR
Albany
Appalachian
Carib Syndicate
Clinchfield Coal Corp
National Fuel Gas N.Y
Amer. Malting
Int'l & Gt
Nov. Corp
Kirby Lumber
Pfd
A ‘K. Rice,Jr.&Co
Central Union Trust CO
Hil Avenue
Atathawth Avenue
3Th Street
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