Stock Exchange Values

Tratto da:

The Economist

Data di 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

 

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

 

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)

282

256

250

252

87

70

72

135

120

140

483

430

432

453

212

197

698

640

630

605

390

355

330

325

436

400

547

776

802

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.

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