Rail properties show sharp rise in costs and slipping earnings
A quarterly compilation of street railway earnings reveals labor and material costs surged, cutting net operating revenues by 13.97 percent amid an 11.17 percent rise in expenses on about 7500 miles. Eastern utilities suffer the largest drop, while Western and Southern areas see smaller declines. Wall Street weighs whether a deal in tobacco stocks will spark renewed market motion despite earlier calm. Details include investor cautions and price movements, with notes on mergers and stock valuations. Market data from London shows firm money at 3 percent with modest discount rates.
MENTIONED IN THIS ARTICLE
Wall Street
Junction
Money and Credit Clearing House report summary
The Clearing House shows banks’ condition with loans and investments at 4.39 billion dollars and net demand deposits around 8.70 billion. Aggregate reserves total about 663 million with excess reserves near 125 million. several components include vault cash, reserve deposits, and circulation. Rates for bank acceptances remained unchanged across 30, 60, and 90 day deliveries.
Dollar in Foreign Exchange Markets Steady Amid Stabilization Efforts
Foreign exchange in the past week showed narrow fluctuations with no major rate moves. Authorities push for inter Allied cooperation to stabilize values, while the Treasury weighs issuing foreign bonds to support the dollar, reflecting the U S role as top Allied lender and currency stability goals.
U S and Canada To Control Sale of New Securities
Washington reports a reciprocal agreement will grant joint control over cross border securities by the U S capital issues committee and Canada’s Minister of Finance Sir Thomas White. The first action under the plan approves a 5 million dollar equipment trust to fund Canadian Northern Railway locomotive and freight car purchases. Dudley Cates named secretary and chief examiner to lead a new bureau of examiners. Frederic A Delano resigns from the Federal Reserve Board and will be replaced by a Presidential appointment.
MENTIONED IN THIS ARTICLE
Washington
Thomas White
Cntative
Capitalistes Committee
Imperial Rolling Stock Company of Canada
Canadian Northern Railway
Sir Thomas White
Canada
Capital Issues Committee
WIA
Ilues
Dudley Cates
San Francisco
Bureau of Examiners
Federal Reserve District
Fuel, Food and Railroad Administrations
Wer Industries Board
Tax Payments Swell Banking Reserves
The New York Clearing House reported weekly reserves exceeding legal requirements by 171,071,680 dollars, up 124,826,550 from the prior week, the largest surplus in months. Government deposits rose to 506,930,000, while loans and discounts declined to 4,399,554,000 and net demand deposits increased by 27,185,000.
MENTIONED IN THIS ARTICLE
New York Clearing House
Clearing House
United States
U. S. Debt Reaches Eleven Billion In April
The April 30 1918 financial statement shows the interest bearing debt at 11 112 181 487 with war savings stamps totaling 203 182 546 72. Liberty Loans sum to 1 086 595 202 93 and 8 774 122 767 81 respectively with third loan 240 775 282 35. Gross debt 11 360 ??? and net debt 10 604 ??? . Net debt notes include 4 956 329 760 spent on foreign bonds and warrants totaling 4 061 200 836 for War Department and 1 057 624 874 for Navy.
MENTIONED IN THIS ARTICLE
Washington
United States
War Department
Navy Department
O'Donnel Named General Manager of Penn Railroad
R L O DONNELL appointed general manager of the Pennsylvania Railroad east of Pittsburgh succeeding Elisha Lee who was named federal director. Other moves include G B Krick moving to assistant general manager and R V Nasty promoted to general superintendent of the New Jersey division with H W Smith transferring to head the Eastern division.
MENTIONED IN THIS ARTICLE
R. L. O'Donnel
Penn
Philadelphia
R. L.donnel
Pennsylvania Railroad
Pittsburgh
Mr. O'Donnel
Elisha Lee
G. 8. Krick
New Jersey
R. V. Nasty
Eastern Pennsylvania
H. W. Smith
Midvale
Bcomes
Federal Reserve Banks Report Jump in Earnings Assets
The Federal Reserve Board reported that the twelve banks increased gold reserves by 26 million dollars and holdings of certificates of indebtedness by 189 million, while discount operations weakened. This lifted total earning assets by 105 million dollars in the last week, with banks' condition tallied at the close of business last night.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Federal Reserve Board
New York Retires From Stone and Webster
Announcement that Dwight F. Robinson and John W. Hallo will retire from Stone & Webster on July 4. Remaining partners will continue the business. Robinson joined in 1803 and led as president of the Stone & Webster Engineering Corp since 1908. Halloell joined in 1901 and has been in Washington with Hoover’s food administration since 1917.
MENTIONED IN THIS ARTICLE
New York
Stone & Webster
Dwight F. Robinson
John W. Hallowell
Charles A. Stone
Edwin S., Webster
Russel Robb
Henry G. Bradlee
Robinson
Stone & Webster Engineering Corporation
Mr. Hallowell
Washington
Hoover
United States Food Administration
Canadian War Demands Hold Back Business Outlook
An Annote discusses waning confidence in near term prospects as war requirements continue to pre empt metal and industrial capacity. Reproduction notes high prices and inefficiencies hinder normal commerce and production to meet standard demand.
Bonds for Conversion Must Carry Coupons
The Federal Reserve Bank of New York warns banks and trust companies to deliver second Liberty Loan bonds with the November 15 1918 coupon attached when converting to 4 percent bonds. Detaching coupons deprives owners of conversion rights and may require collecting an interest adjustment on instalment payments to protect small holders.
MENTIONED IN THIS ARTICLE
Feder Reserve Bank of New York
Isbor
Banks keep 6 percent rate for legitimate business needs
Chicago June 29 John J. Mitchell president of the Illinois Trust and Savings Bank says there is enough money to go around and banks will lend at 6 percent for legitimate business. Bond issues are being taken care of and the bank will likely absorb about $500,000 of Union Pacific notes. He notes banks would bear liability if backing War Finance Corporation loans, while the government would provide funds. Mitchell praises favorable war news, sees optimism reviving business toward prewar normality, and mentions three sons in war service in France and on the coast.
MENTIONED IN THIS ARTICLE
The
Tribune
Chicago
John J. Mitchell
Ilinois Trust and Savings Bank
Union Pacific
War Finance Corporation
West
Mitchell
France
Jacksonville
Fis
Railway corporations report 1917 operat ing results and earnings
Corporate returns from Louisville Henderson and St Louis Railway Gulf Mobile and Northern Canadian Pacific New York Ontario and Western Railroads show year end 1917 totals for gross income net after taxes and surplus. Figures detail revenue increases for some firms and declines for others across May and the first five months of the year.
MENTIONED IN THIS ARTICLE
Louisville, Henderson & St. Louis Railway
Gulf, Mobile & Northern Railroad Company
Canadian Pacific Railway
New York, Ontario & Western Railroad Company
American Retailer Urged for Chile Market Share Boost
The Bureau of Foreign and Domestic Commerce urges establishing an American retail house in Chile to raise U S business share. Chile imports, led by Europe, show limited U S retail presence though U S textiles rank high among imports. War boosted American goods, with potential for lasting gains after the conflict. Washington June 29. The City Savings Bank and Trust Co Alliance Ohio, with $2,427,000, admitted to the Federal Reserve system.
MENTIONED IN THIS ARTICLE
Chile
Bureau of Foreign and Domestic Commerce
Department of Commerce
United States
England
Germany
India
France
Italy
Belgium
Washingson
Iuvings Bank and Trust Company
Atliance
Ohio
Federal Reserve Avatan
Plan Likely to Succeed in War Finance Deposit Scheme
War Finance Corporation funds to pay 2.30 percent of Brooklyn Rapid Transit notes in cash, 70 percent extended three years at 7 percent. Many noteholders already accepté, with July 10 deposit deadline. Also reports on Sinclair stock reaching a 34 1/2 high, Denver & Salt Lake equipment notes, and Imperial Russian Government bond movements amid Russia’s latest developments.
MENTIONED IN THIS ARTICLE
Brooklyn Rapid Transit
War Finance Corporation
Oeen
Denver & Salt Lake Railroad
John H. Mason
Commercial Trust Company of Philadelphia
Pierrepont V. Davis
National City Company
Sewall
Russia
Pennsylvania Road Gains In May Rail Revenue Surges
The Pennsylvania Railroad system reports a sharp rise in gross operating revenue for May versus April, gaining more than $7,000,000. May railway operating income rises nearly $500,000 from April, while May net railway operating income falls by $31,927, compared with an April drop of $2,071,849. The May earnings show regional variations east and west of Pittsburgh with increases in hire of equipment and spin facility rents and a May decrease in other lines.
MENTIONED IN THIS ARTICLE
Pennsylvania Railroad System
Tts
Pittsburgh
Tnernase
Toa Spo
Ode
Narrilwas
Wool for military use to absorb large wool stocks
A national sheep and wool bureau bulletin reports a large portion of current raw wool stock and all wool to be produced or imported by about June 20, 1920 will be reserved for military use. It notes sizable manufactured clothing and cloth stocks are available for essential civilian needs.
MENTIONED IN THIS ARTICLE
Chicago
National Sheep and Wool Bureau
Banks Scarce In Dominican Republic Towns
In the Puerto Plata district of the Dominican Republic several towns lack banking institutions. La Vega has about 5,500 residents, San Francisco de Macoris 5,000, Moca 4,000, Monte Cristi 3,000, and Salcedo and Samana around 2,500 each. Samana and Monte Cristi serve as seaports, while Moca La Vega Salcedo and San Francisco de Macoris lack banks.
MENTIONED IN THIS ARTICLE
Dominican Republic
Puerto Plata
la Vega
San Francisco de Marcoris
Moca
Monte Cristi
Salcedo
Samana
la Vera
San Francisco de Macoris
Dividends Declared by Multiple Companies in July Payouts
A string of company notices announce quarterly and special dividends payable in July. Maple Leaf Milling declares an extra 1 percent on common stock plus standard 2 percent common and 1 percent preferred, with record date July 3 and payment July 18. Detroit Iron & Steel, Erie Finance, Great Lakes Transit, Midwest Oil, United Railway & Electric, United Alloy Steel, York Railways, and Westinghouse Air Brake also announce their scheduled dividends and record dates ranging from late June to late July, with payments from July 16 to July 31.
MENTIONED IN THIS ARTICLE
Extras Maple Leaf Milling Company
Abr Seeeun Ssoee Cwymaty
Detroit Iron& Steel Company
Erie Finance Corporation
Great Lakes Transit Company
Midwest Oil Company
United Railway & Electric Company Baltimore
United Alloy Steel
York Railways Company
Westinghouse Ale Brake Company
Significant Relations Loans and Reserves Across Banks
Historical table outlines lenders' relations including all national banks, surplus reserves, and bills discounted. It lists Federal Reserve notes in circulation, total gold reserves, and benchmark indices for stock and bond prices. Also shows production metrics such as unfilled steel orders, wheat and oats crops, and railroad earnings with various period figures.
MENTIONED IN THIS ARTICLE
Federal Reserve Banks
Federal Reserve
Total
U. S
Also Mentioned on This Page
Finance Economics
Mills Building
Broad St
Firlt
Tongon Money Market
London
Lisbon
Arts
Gees Ge ES Ag
Boston
Philadelpha
Cleveland
Richmond
Atlant
Chicaxo Am
St. Louis
Minnerpolis
Eni
Gille
Diles
Bank Clearings
Bank Cleariasterday
Money and Credit
Sesecces
Tno
T.ne
Sss
Este Reserve
Ate Bank Companions
Dec
Leopold Fredrick
American Smelting & Refining Company
Senate Committee On Banking and Currency
Fredrick
Great Britaain
Treasury
Secretary of the Treasury
House of Hepresentatives
Denmark
Sweden
Ameriaa Ou
Ruselun
Spain
den Rk
Norway
Dolla
United
U.S
F. R. Board
Bar
Federal Reserve Bank
Federal Reserve Bank of New York
Acceptushes Commercial Paper
Federal
News Digest
Atkins
Robert F. Atkins
Universal Portland Cement Company
Emer Che Fleet Corporation
E. M. Johnson
Universal Company At
Atki
A. J. Joyce
Johnson
Canadian Bank of Commerce
Canadian Business Outlook
Sinclair
Sinclair In
Denver & Salt Lake
Forbs Morgan, Jr
American Malting Company
Pennsylvania
Willys-Overland
CTS Citizens’ Savings Bank
Bowery
Cor. Canal 8
Oh Bone
Henry Tiasler
Henry Butler
Dwin A. Lahal
Union Dime Savings Bank
40Th Street
6Th Avenue
Alex
PW. Kinnan
Francis M Leare
Trenaurer
Frank
Hazard
Bank of New York
National Banking Association
Joseph Andrews
Bank OF America
Art
Lares
Dun's
Cesver Zyraaseere
Bradstreet's
Tay
Aseas Ava
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