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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 28, 1916
Page
4
Market session shows early hesitation fading as prices rise across most issues. Strong gains in foundational stocks, a few profit takings, and favorable dividends lift sentiment with gold imports and Allied wartime expectations supporting optimism.
The report outlines current money and exchange conditions with references to call money rates around 4 percent, bank rates near indicate, and mercantile paper demand for short-term funds. Treasury rates and federal reserve discount settings are noted as part of the unfolding money market landscape.
The report shows total stock sales on Tuesday at 530,900 shares, with Monday at 684,100 and the prior week at 177,800. From January 1 to date, totals reach 41,555,100 versus 61,721,700 the previous year. Foreign exchange values and domestic quotes appear with various currencies and rates noted.
Outside securities markets rose with broad gains after a quiet morning. Midvale Steel led advances, Submarine Boat gained, and East Atlantic Gulf increased. Motor stocks were strong with Stutz rising, Chevrolet up, United Motors peaking, and oil issues inching higher while standard oils held steady.
Walker Hines, long a member of the Atchison Topeka Santa Fe executive committee, was elected chairman of the board at yesterday's directors meeting. P Ripley remains president and top officer with plans for continued business activity during favorable European war conditions. Hines will assume duties September 1 after retiring from legal practice. Ripley cites uncertain revenue from troop movements to the Mexican border and notes crops, corn prospects for July and August.
The June 27 dispatch by Francis W. Hirst notes stock markets idle in sympathy with Mexico and war prep costs. It highlights Germany's tariff reform doubts, rising internal industry strains, and a shift toward party government while free traders prepare to oppose Paris conference resolutions as Premier Asquith states they bind neither government nor the House of Commons.
The London market sees gains in Consols and other gilt edged securities amid war news. Prices rise while overall business remains slack. American shares idle and Mexican issues weak. Bank of England liquidity tightens with higher discount rates and par-for-debt payments noted.
Stockholders of Corona Typewriter Company Incorporated will meet to vote on a merger with Rose Typewriter Company Incorporated under New York law and to discuss the agreement dated June 13 2918. A separate meeting of stockholders of Ravenro Company Inc will vote July 8 to increase capital stock from 25200 to 48999 shares. Another meeting of Simon Gottlieb Co stockholders is scheduled July 1 for director elections and routine business.
The Trustees announce interest at THREE AND ONE HALF percent per annum on deposits, with a minimum of $1900 remaining on deposit. Interest accrues from July 1, 1828, payable after July 30. Deposits made on or before July 31, 1918 draw interest from July 4, 1828. Joseph Bird and A. Stiles signatories.
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