Stock Exchange Values
Tipologia: Paragrafo/Articolo – Data pubblicazione: 22/07/1916
Stock Exchange Values
«The Economist», 22 luglio 1916, pp. 147-148
Turin, July 12
The quotations of public stocks (State Rentes and bonds, railway guaranteed debentures, and land mortgages or Credit Foncier bonds) on the Stock Exchanges and of other stocks and shares at the private meetings have undergone several interesting alterations during the past half-year. The following table refers to State issues:
| July 31, 1914 | Dec. 31, 1914 | Jan. 10, 1916 | July 10, 1916 | |
| 3 % Rente | 93.35 | 86.25 | 82.20 | 83.80 |
| Treasury Bonds
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| 4%, due 1917 | 100 | 97 | 99.10 | 99.35 |
| Do 1918 | 100 | 96 | 97.90 | 97.50 |
| Do 1919 | – | 95 | 96.60 | 96.00 |
| War Loans
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| 4 %, Jan., 1915 | – | – | 91.50 | 90.40 |
| Do July, 1915 | – | – | 94.30 | 92.75 |
| 5%, Jan., 1915 | – | – | – | 95.80 |
The recent 4 1/2 per cent. War Loans have lost some points, owing to the competition of the last 5 per cent.; but the 3 1/2 per cent. Rente has gained 1.60 per cent., and the short-dated Treasury bonds are firm. The Treasury is issuing Exchequer bills, six to 12 months, payable to bearer, at 3,4 1/4, and 4 1/2 per cent, interest, and Treasury bonds, three and five years, at 5 per cent, interest, following the example of the British and French Governments. The issue is unlimited, as the Treasury sells from day to day the bills at the counters of banks and other public offices. The success is remarkable, as in the first ten days from June 20th the Finance Minister, Signor Carcano, was able to announce to the Senate that the amount sold was upward of 500 million lire.
The principal banking shares were priced as follow:
| July 31, 1914
| Dec. 31, 1914 | Jan. 10, 1916 | July 10, 1916 | |
| Bank of Italy | 1,276 | 1,216 | 1,317 | 1,330 |
| Commercial Bank | 678 | 485 | 645 | 658 |
| Italian Credit Bank | 504 | 376 | 520 | 555 |
| Bank of Rome | 88 | 54 | 41 | 37 |
| Italian Bank of Discount | – | – | [507] | 490 |
The last-named bank is a new institution, of which the president is Senator Marconi, and which is the result of the fusion of two older banks (Société Bancaria Italiana and Società di Credito Provinciale). The price between brackets refers to February 12, 1916. The rise, though moderate, is continuing in most cases.
The rise was accentuated in the sugar, navigation, iron and steel, motorcar companies:
| July 31, | Dec. 31, | Jan. 10, | July 10, | |
| 1914
| 1914 | 1916 | 1916 | |
| Italian General Navigation Co | 382 | 358 | 424 | 538 |
| Ligurian – Lombard Sugar Refinery | 288 | 288 | 316 | 323 |
| Eridania (sugar and miscellaneous Co.) | 460 | 497 | 505 | 554 |
| Terni (armaments) | 1,100 | 910 | 1,200 | 1,425 |
| Ansaldo (armaments) | 211 | 173 | 232 | 338 |
| Savona (Iron and steel) | 139 | 125 | 232 | 338 |
| Elba (Iron and steel) | 200 | 184 | 259 | 298 |
| Ferriere Italiane (iron and steel) | 91 | 76 | 168 | 217 |
| Metallurgica (iron, steel, and copper) | 101 | 97 | 135 | 146 |
| Fiat (Motor car) | 90 | 115 | 340 | 480 |
| Itala (Motor car) | 40 | 90 | 64 | 80 |
| Spa (Motor car) | 29 | 30 | 56 | 85 |
This is the group most favoured by the war. The sensational rise of Fiat shares has given rise to much speculation at Turin. The movement was not checked by the tax on surplus profits, which is progressive, and runs upwards of 40 per cent.
The following are various other miscellaneous shares:
| July 31, 1914 | Dec 31, 1914 | Jan 10, 1916 | July 10, 1916 | |
| House and Land Beni Stabili………………………………… …………………………………………….. 282 Imprese Fondiarie…………………….. ………………………………………………. 87 Beni rustici…………………………………. …………………………………………….. 135 Ex-Railways Meridionals of Italy R…………………. …………………………………………….. 483 Mediterranean…………………………… …………………………………………….. 212 Electric Union of Genoese Tramways…… …………………………………………….. 698 Genoese Electric Co…………………. …………………………………………….. 390 Edison……………………………………….. …………………………………………….. 436 Vizzola………………………………………. …………………………………………….. 776 Textiles Lanificio Rossi (wool)………………… ………………………………………….. 1,380 Cantoni (cotton)…………………………. …………………………………………….. 399 Tessuti Stampati (cotton printing) |
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| 282 | 256 | 250 | 252 | |
| 87 | 70 | – | 72 | |
| 135 | 120 | – | 140 | |
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| 483 | 430 | 432 | 453 | |
| 212 | – | – | 197 | |
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| 698 | 640 | 630 | 605 | |
| 390 | 355 | 330 | 325 | |
| 436 | 400 | – | 547 | |
| 776 | – | – | 802 | |
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| 1,380 | – | – | 1,370 | |
| 399 | – | – | 460 | |
| 98 | – | – | 217 |
The textiles companies, which were overloaded with debts and overstocked with goods difficult to sell, have experienced a favourable time during the war, much in the same fashion as the Savona, Elba, and Ferriere iron and steel group. Generally, the joint-stock companies will face the dislocation of the return to peace with reserves much higher than those possessed at July 31, 1914.
