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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jan 08, 1925
Page
16
New York stock market closed weaker after an early surge when over twenty issues topped 1924 highs. Gains faded as investors priced in a correction from overbought conditions. notable moves included Southern Pacific near 107 5-4 and New York Central around 124 before retreat.
New York reports firmer bond activity on January 7 as lower money rates spur trading across core issues. Convertible and other semi speculative bonds drew interest, signaling cautious optimism amid market swings.
A fragmented list of stock market quotes featuring many major companies and percent bids. Notable names include General Electric, General Motors, United States Steel, Dow Jones peers, Gulf States Steel, International Harvester, Coca Cola, Standard Oil, Chesapeake and Ohio, and Milwaukee-area firms. Percent changes and preferred stock mentions appear alongside numerous industrials and utilities.
The re organization plan of a company advances with American Smelting gains from a higher common dividend of six percent. Oil and sugar liens rise moderately as demand for new financing grows. Reports of a $50 million Belgium loan and a $40 million Danish issue boost interest. Consolidated Gas contemplates selling $20 million in debentures while a Porto Rican 5 percent improvement bond offering seeks yields between 4.30 and 6 percent.
Cotton goods were quieter today after a softer cotton market. Yarns dropped from half to one cent a pound by local merchants while spinners held firm. Raw silk prices eased slightly to match the recent overseas decline. Large knit underwear houses report better trade and jobbers show more active business.
Cattle receipts reached 16 000 with yearlings and medium weight steers active and higher grades steady while others linger. Heavy steers to light cattle mostly steady to weak and bulk fed offerings lower. Hogs receipts 50 000 with a slow close and narrow demand. light hogs down to 6.25 and below, desirable butchers 2.40 to 3.00 per hundredweight and tops near 10.75 for heavy weights.
Wool receipts tallied 10 000 with fats and lambs firm to higher. Prices ranged from 8 50 to 10 20 for average weights, top quotes 18 75 for fat lambs, 16 50 for 95 pound yearlings, and bulk feeding lambs 16 00 to 16 50. Estimated holds exceed 34 000.
Chicago wheat futures moved higher with May at 1.80 per bushel before profit taking pulled prices back. May settled around 1.79 5-3 to 1.79 3-4, July at 1.55. Corn rose 1 1-8 to 15-8 cents, oats up 7 8 to 11 2 cents, and provisions gained 17 to 30 cents.
Butter steady on declines with creamery grades and extras quoted around 42 to 43. Eggs show irregular activity with fresh gathered extras around 60 to 62 and firsts 57 to 59. Hennery whites and browns varied with extras 67 to 68, Pacific coast whites around 64 to 65. Cheese and flour prices noted as firm.
New York January 7 The raw sugar market was unchanged at 4.59 for Cuban duty paid. Local refiners reportedly purchased about 75,000 bags of Cuban sugar yesterday and today for January shipment at that price as raw sugar futures closed at a similar level.
Cozy six room house on Essex Street priced at 5 000 dollars with 1 000 cash and 40 dollars monthly payments. Other six and seven room homes on Penn Mar Union College and Giles Streets listed with varying prices and terms. Bluefield Avenue commercial property includes store room and two flats renting 100 dollars monthly, buy now for 8 000 dollars.
Realtors on Federal Street list phone numbers 292 and 293 with salesmen L. H. Layne and B. W. Dillon.
Market for refined sugar eased with declines of 1 to 2 points while demand from shorts and Cuban-connected buyers kept activity steady. Futures prices for January to July fell, May and July quotes at 2.90 and 3.02, with refined prices 6.25 to 6.50 and 85 points below prior. Refined contracts were nominal as refiners largely take inside bids amid improving inquiry.
New York January 7 live poultry market reports steady demand. Broilers via express 38 to 42 cents per pound with freight rates 28 to 29 cents. leghorn 28 to 32 cents via freight and express. Ducks range 32 to 45 cents. dressed poultry firm with fowls at 18 cents.
Seed prices listed in Toledo show Clover seed at 19.30 old, 19.40 new, with Jan and Feb bids up to 19.50. Alsike cash old 13.10, new 15.25, with 123.25 in January and 13.45 in March. Timothy cash 3.35, January 3.85, March 3.45. Wheat cash 192 cents and 188 1-2.
New York Jan 7 C K Lafkin chairman of the board stated that the dividend of the Lone Star Texas Company is not in danger of reduction or omission noting that dividend requirements have been earned in the first eight months, signaling stable payout prospects to investors.
Inland Steel Company reports strong 1924 results with estimated 1924 fourth quarter earnings of about $1,000,000 and annual earnings near $5.6 million. Directors may discuss expansion. The firm notes negligible bank loans, a strong cash position, and overall favorable oil and steel demand prospects for 1925. Texas Petroleum Company of New Jersey formed as a Texas Company subsidiary to operate in South America, initially drilling on Venezuelan leases.
New York news reports stock prices crumbling late today under a large volume of profit taking and bear selling. Fifty issues had surpassed 1924 highs and the railroad average reached its highest since 1917. Total volume slightly over 1.75 million shares. Strong demand for rail stocks followed expectations of dividend increases or resumption of dividends after those advances.
1924 market summary shows total sales above 1.75 million shares and the general rail road average at its highest since 1917. Southern railway reached 82 1/2 for a record, New York Central rose to 124, Illinois Central over 119, Missouri Pacific up to 75 3 4, Union Pacific at 151 7/8, with all closing below intraday highs. New York Central slipped to 123 on a small loss. Grain prices climbed on agriculture secretary remarks, corn up to 1.80 a bushel before retreating on profit taking.
In Huntington West Virginia on January 7 Mrs Elsie M Anderson is in critical condition with a bullet wound to the breast. Police say the injury occurred when her husband R T Anderson discharged a revolver during a struggle over the weapon. He reportedly drew the gun on another man who had met Mrs Anderson at the house. Anderson was not arrested.
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