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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Jan 31, 1917
Page
12
Finance and commerce report sharp market moves with United States Steel as the focus. Extra dividend rhetoric lifts steel shares yet earnings exceed expectations at 106.1 million for the quarter, while New Haven shows a broad trading session with Bethlehem and other majors exchanging quotes.
Eastern Steel declares an initial quarterly dividend of 2 12 percent on common stock and 4 14 percent on first and second preferred stocks. UK treasury issues new rules allowing certain foreign securities to be sold in the United States with funds remitted to England for investment. A ban on sales of US Canadian or Newfoundland securities abroad remains, while other foreign securities may be sold under similar conditions. Merger announced among Cleveland banks Union National Bank Bank of Commerce National Association and Citizens' Savings and Trust Company creating one of the nation’s largest regional banking groups with about 122 million in resources. deposits totaling roughly 50 million for the two national banks and 46 million for Citizens' Savings.
New York prices show butter steady and eggs easing for nearby firsts and receipts. Wheat climbs with No 1 red spot and January around 1.87 to 1.90, No 2 Southern red near 1.03. Corn firm with Southern yellow 1.09 to 1.11. Cheese firm with strong demand. Poultry alive firm. dressed firm for old roosters around 13. Tallow quiet but steady.
Copper firm in early trading with electrolytic in first to third quarters at 29.50 to 32.50. Tin steady, London quotes show spot tin at £192 17s 6d and futures at £193 6d. Copper London futures stand at £128 68 from London exchange.
Local stock exchange summarized regular call at noon with bids and prices. Potomac Electric 5 percent bonds listed at $1,000 with 10144 and 101 percent. Capital Traction multiple bids at 4 percent and 84 percent. Washington Gas five bids at 71 percent. Federal National Bank five bids at 160. Continental Trust ten bids at 125. Mergenthaler Tubotype bids ten at 168, ten at 167, ten at 16742. After call Chesapeake and Potomac 5s $1,000 at 104. Washington Railway and Electric 4s $500 at 82, $1,000 at 81. Washington Railway and Electric plc at 8 at 83.
United States Treasury figures show a net general fund balance of 94,094,699 with total receipts of 4,223,644 and ordinary payments of 3,095,659. The fiscal year deficit stands at 159,763,927, compared with last year’s 53,003,295. The report lists cash and metal assets in various forms and notes market and commodity prices, plus a brief note on the Old Dutch Market in Alexandria electing new directors and officers.
Local financial notes report generous order flow and near normal trading volumes from yesterday's session. Prices generally held steady with selective small block sales in Washington Railway and Electric, Morganthaler and Federal National Bank while demand for bonds rose but did not push prices higher.
Mercantile paper 3.3 percent, sterling 60 day bills 4.72, commercial 60 day bills on banks 4.7244, demand 4.75, cables 4.767-16. Francs 5.8434 demand, cables 5.83. Marks 68 percent, cables 68. Kronen 11 demand, cables 114. Guilders 40 percent, cables 40. Lives 7.21, cables 7.20. Rubles 28 percent, cables 28. Bar silver 76 percent, Mexican dollars 59. Government bonds steady, railroad bonds irregular. Time loans steady 60 and 90 days 2.3, six months 1.3. Call money steady high 2, low 1, ruling rate 2, last loan 2, closing bid 1, offered at 2.
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