Short Line Roads Get Time Extension
Congressional committees in Washington favor extending the railroad control period from July 1, 1918 to January 1, next. Short lines petitioned to retain government control until private ownership can resume, arguing 10,000 miles face bankruptcy amid Administration policy. Director General McAdoo supported the measure to ease questions in the takeovers. House and Senate committees both reported the resolution with amendments.
MENTIONED IN THIS ARTICLE
Washington
Senate Interstate Commerce Committee
Hort Line Railroad
McAdoo
House Commerce Committee
Grain Trade Probes Wheat Price Amid Rising Transport Costs
Representatives of the grain trade met yesterday to discuss fixing the wheat price to offset higher railway rates that took effect this week. A further meeting is planned today, with an expected statement from Federal food administration authorities. An advisory committee, formed to represent milling interests, attends the conferences.
MENTIONED IN THIS ARTICLE
Federal Food Administration
Brokers to Form War Savings Society
Members of the New York Stock Exchange will be pressed to join the Government War Savings Limit Investment Society by purchasing $1,000 of war savings certificates for $834. A public sale event is planned on the trading floor between 11 a.m. and 1 p.m.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Government War Savings Limit Investment Society
Res Merman
Donald
War Savings Committee
Finance fears on railroads push funding rates in era
The article notes Hon. John Skelton Williams warning bankers against profiteering and limiting funds to six percent for railroads. Union Pacific faces higher costs around six to seven percent, while other utilities bid seven to nine percent. Banks may shift balances abroad, with March modest gains, yet repatriation could hurt exchanges. Sub-Treasury gains shown. London money firm at eight percent.
MENTIONED IN THIS ARTICLE
John Skelton Williams
Union Pacific
Washington
Railroads Postpone Dividends Amid Contract Delays
Major railroad boards defer dividend payments due to technical government controls and no standard contract. Pennsylvania Railroad and Pittsburgh, Cincinnati, Chicago and St. Louis defer. Baltimore & Ohio reports no dividend discussion. Rock Island declares 3 percent and 3 percent on preferred stocks, with Director General funds advanced pending rental settlements.
MENTIONED IN THIS ARTICLE
Pennsylvania Railroad
Pittsburgh, Cincinnati, Chicago & St. Louis Railway
Baltimore & Ohio
Pan Handle
Pittsburgh
Cincinnati, Chicago & St. Louis
Act of Congress
Chicago, Rock Island & Pacific Ra Lway Company
Rock Island
Trade Acceptance Arguments Highlighted by GRIMSHAW
In a New York letter dated June 21 1918 Robert Grimshaw argues that trade acceptances hinge on asset coverage and liquidity. He notes bankers oppose acceptances preferring discounted dealer rates and deposits, while Federal Reserve guidance suggests higher acceptance costs and risk. He references manufacturers and bankers from two local banks and comments on credit implications.
MENTIONED IN THIS ARTICLE
Federal Reserve
Bas Fe
Zeeney Benton
New York
Delph
Leveland
Aa Richmond
Atlants
Kieng
St. Louis
Minnet Pi
Kanssa City
Dales
San Francisco
Shipune
Federal Reserve Bank
Robert Grimshaw
Money and Credit Rates At Stock Exchange Yesterday
Call money offers were liberal with ruling rates around 4 1 2 to 5 per cent, down from Tuesday. Afternoon mixed collateral loans eased to 3 per cent. Fixed date funds remained firm at 6 per cent for regular maturities. Year over year comparisons show call money on mixed collateral around 4 per cent, industrial collateral 5 to 6 per cent, and other money ranges near prior levels.
MENTIONED IN THIS ARTICLE
Stock Exchange
Outside Brokers Must Pay and the Dollar Price of Foreign Money
The article explains current exchange values for foreign currencies in dollars and cents, showing pounds sterling at about 4.75 dollars with an intrinsic parity near 4.9 dollars per pound. It notes the premium on dollars due to higher American demand for dollars in England settlements and vice versa.
MENTIONED IN THIS ARTICLE
Sweden
Stockholm
London
Paris
Suildere
Spain
Denmark
Norway
India
United States
England
Chile Takes Gold Shipment For Chile From New York
The National City Bank of New York arranged yesterday a $3,000,000 shipment of gold bars to Chile for nitrate purchases to the United States. The export received federal permission and the gold will travel aboard a Chilean warship. This marks a continuing series of shipments since last October totaling about $11,600,000.
MENTIONED IN THIS ARTICLE
Pan
New York
Chile
United States
South American Republic
Washington
Exchange Rules Tighten for Nonmember Brokers
The governing committee approved a $10 monthly fee for brokers not in the Stock Exchange but wire connected to member firms. Nonmember reports to customers must disclose security details, prices, executing member firm, and commissions. Members must obtain committee approval before any relationship with nonmember brokers is formed.
MENTIONED IN THIS ARTICLE
Stock Exchange
the Exchange
Market Barometers and Rail Stocks Show Mixed Trading
Market barometers record uneven activity with rail and other bond movements. Figures reflect day, week, and year changes, with January 1 to date totals for 1918 and prior year comparisons across government, rail, and other bonds.
Merger rumors and market moves echo across Wall Street
The Street abuzz over a potential merger among consolidation minded firms similar to yesterday’s market cession. Car & Foundry shares rose to new highs amid expected favorable annual results. Wool trade debt plans involve $7 million in bank credit for the National Wool and Warehouse Company. July disbursements total about $820.53 million with dividends and interest split as $99.93 million and $720.59 million. Silver flows east as 64 million dollars melt into bullion shipped to India, with Philadelphia mint processing large bullion melts.
MENTIONED IN THIS ARTICLE
United States
Calcutta
India
Philadelphia
Significant Relations Money and Prices in 1918 economy
The report lists monetary aggregates and price indicators including gold stock, loans by national banks, Federal Reserve operations, and gold reserves. It also presents weekly and yearly figures for wages, production, crop values, rail earnings, stock and bond prices, cost of living, and building permits, reflecting the era’s economic activity.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve
Total Gold Reserve
U. S
Union Pacific Pays Over 6 Per Cent for Money
The Union Pacific Railroad sold to Kuhn, Loeb & Co a $20,000,000 ten year bond issue at about 8 percent to the public. Baltimore & Ohio arranged a $10,800,000 loan with Kuhn, Loeb & Co and Speyer & Co to fund notes due July 1 for $10,800,000. The sale approved by the Director General of Railroads lists collateral including Chicago & Northwestern, New York Central, Pennsylvania, and other mortgage bonds. Canadian Northern plans funds to pay July 10 notes, with government backing. this is its third cash-backed issue in nine months. Notes due September 10 totaling $10,000,000 may be paid in cash.
MENTIONED IN THIS ARTICLE
New York
Union Pacific Railroad
Kuhn, Loeb & Co
Baltmore & Ohio
Speyer & Co
Rrading Company
Union Pacific
Kohn, Loeb & Co
Union Pacific Boniss
Eneral
Chicago & Northwestern Generals
Chicago & Northwestern General
New York Central Railroad
Pennsylvania Railroad Consolidated
Tennsys- Railroad
Honda
Southern Pacific Railroad
Baltimore & Funding and
Denver Union Terminal
Canadian Northern
Cannadian
Russian securities draw buying interest on London Exchange
Russian markets show renewed activity with the 5 per cent loan advancing 2 points and other government issues rising about 5 percent for the week. Russian mining securities industrials and municipal issues also attract orders as belief grows in a more stable Russian government. Paris trading remains active with three per cent rentes and French exchanges quoted. Alabama Central bonds will be paid off July 1 at Central Trust. Tiffany & Co Safe Deposit Company certified with capital of 100000. Kitna explosives case: July 1 interest on bonds due. New listings include 1.125 million dollars of South Porto Rico Sugar Company stock and 100000 dollars of Fifth Avenue Bank stock.
MENTIONED IN THIS ARTICLE
London Exchange
London
Russia
Paris
Alabama Central
Southern Railway Company
Alabama Central First
Central Trust Company
Safe Deposit Comtate Superintendent of Banks
Tiffany & Co. Safe Deposit Company
John ©. Moore
Louis C. Hiffany
Charles L. Tiffany
George ¥. Kunz
New Stock Exchange
The
Stock Exchange
South Porto Rico Sugar Company
Fifth Avenue Bank
Securities at Auction Elections and Corporate Moves
Securities sold yesterday at the Adrian exchange include Imperial Japanese government bonds and other issues, with notable items from Apostacitin registener corp and Chambers etc. The Federal Reserve Bank of New York declared a semiannual dividend of 8 percent, while leaders at Baltimore & Ohio Railroad and Standard Oil of New Jersey saw director and president appointments respectively.
MENTIONED IN THIS ARTICLE
Adrian Mr. Muller
Wot
Sera No
Chahine Minin Uo
Ueda Cask
Udell
Dipaliners Visser
Eabiay
Aia
Registener Corp
Dhares Lawyers
Plevirie
Ertteut
Cess
Cse Acme
Federal Reserve Bank of New iv. Ter
York
Conineccia
Ee Aupeau
Cewnmercial’ ‘Trust’ Company
Es Srvereswees Tin
New York
B. Seger
A. ©. Rearick
Baltimore & Ohio Railroad Company
George W. Stevens
G. 3. Wall
A. C. Bedford
Standard Oil Company of New Jersey
Peoples’ Natural Gas Company
John G. Pew
Corporate Returns New York Dock Company May figures
New York Dock Company reports May gross earnings of 142817 vs 414069 in May 1917, with net 1898 and surplus after taxes 859653. First five months show gross 2101216 versus 1308481 prior year, net 980291 and surplus 475476. Republic Railway and Light posts May gross 460142, net 130377, surplus 36528. twelve months end May 31 1918 gross 5294109 and net 1618323. Western States Gas and Electric May gross 180669 net 661 and twelve months gross 1494523 net 655625. Third Avenue Railway May gross 886302 net 211603 other income 15025 surplus 4704. eleven months gross 29364124 net after taxes 1928617. Niagara Lockport Ontario Power May gross 267223 net 106058 surplus 62637. eleven months gross 31082118 net 151,? surplus 58028. Interborough Rapid Transit May gross 3524482 net after taxes 1521970 total income 1564228 surplus after charges 58028. Eleven months gross 31208118 gross income 16786799 surplus -1,675,205.
MENTIONED IN THIS ARTICLE
New York Dock Company
Republic Railway and Light
Western States Gas and Electric Company
Third Avenue Railway
Corr
Niagara, Lockport
Ontario Power
Interborough Rapid Transit Company
Ban on Big R R Expense Billy In Corresponstion
Chicago June 26 A new order from Director General McAdoo curbs large expense bills by railroad officials urging economies for actual necessities only Regions directors informed to limit charges to essential costs This move targets lavish entertaining and family perks and could save at least 1 000 000 nationally E Calvin president of Union Pacific and J E Gorman Rock Island named Federal managers Samuel Moods to retire July 1 Chicago Telephone seeks 4 000 000 more capital stock pending Pub Utilities Commission approval If sanctioned stock offered at par to shareholders
MENTIONED IN THIS ARTICLE
Chicago
McAdoo
E. Calvin
Union Pacific Railroad
J. E. Gorman
Rock Island
Cole
Santa Fé
Samuel Moods
Pennsylvania Lines
Pittsburgh
Chicago Telephone Company
Pub ¢ Utilities Commission
Dividend Declarations From Multiple Corporations
A roundup of quarterly and extra dividends declared by numerous companies with payment dates from July and August. Details include per share amounts, preferred versus common stock, and stockholder record dates such as June 26 and July 16. Names include American Trust Company Carbon Steel, Jim Butler Mining, Alliance Realty, American Graphophone, American Tea, Autosales, Burns Brothers, Chicago Rock Island Pace, Lackawannah Westers, East Coast Fisheries, Elgin National Watch, Elmira Water Light & Railroad, Haverhill Gas Light, International Paper, Kansas Kan Electric, Manufacturers Light & Heat, Pierce Arcow Motor Car, Albert Pick & Co, Tonopah Mining, Union Natural Gas, Western Power and related entities.
MENTIONED IN THIS ARTICLE
American Trust Company
Carbon Steel Company
American Graphophone
Terry
Stekieaa
Acumon
American Tee Company
Autosales Corporation
Burns Brothers
Ee Corporation
Chicago, Rock Island & Pace Company
Foord
Lackawannah& Westers
Onlany
East Coast Fisheries Eas
Haverhill Gas Light Company
Nayabite
International, Paper Company
Tbe Tock
Paralle
Etock Bolle
Karsan Gan & Electric Company
Light & Heat
Pierce-Arcow Motor Car
Albert Pick & Com
Tonopah Mining Company
Union Natural Gas Company
Western Power Corporation of New
Usshir
Western Power Company Onie
Outa & Er
Also Mentioned on This Page
MacKay ®& CO
Wall Street
Tate
R.c.megargel Sco
Phas Street
L. WE
Cincinnati
Brestway
New Yorke
York Capital
Mortgnge Certin
Broadway
Metropolitan Trust Co
Central Trust Co
Union Trust Co
Central Union Trust
Mark A. Noble
Theodore
Corwin Noble & Corwin
Broad
New York Bankers Trust
Babcock & Wilcox Home Insurance
Tex, Pac
Coal & Oi Telephone
Ieree
War Savings Society
Finance Economics
Slanover
Dls
Yeaterday
Sub-Treasury
Lisbon
Pennsylvania
Panhandle
Money and Credit
UU. S. Gov
Ind
Er Wilit
Bart
Obaccu
Threach Consuinniva
Car & Foundry
American Car & Foundry
National Wool and Warehouse Company
Herman Waldeck
Continental and Commercial National Bank
John Polevon
Pir National Bank
W. {. Dawes
Central ‘Trust’ Company of Chicago
Journal of Commerce
New York City
Asear
Yuedey
Dumoution
News Digest
Reserve Bank
Armour & Company
Halsey, Stuart & Co
Halsey & CO
Wall ST
Boston
Detroit
Milwaukee
St, Lovie
Big R. R
Jim Butler Mining
Alliance Realty Company
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