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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 07, 1925
Page
34
New York markets opened with cautious gains as curb bonds improve and wheat holds firm. Nash Motors hit a new top at 34,0 while Maxwell Motors touched historic levels. heavy rail and utility issues showed mixed moves amid ongoing dividend speculations and tighter money conditions.
Speculators kept control of the curb market in New York as diverse groups joined the advance. Oil shares rose on rising gasoline demand ahead of warmer weather with gains for Star Oil, Prairie Oil and Gas, Humble, and others. Adirondack Power and Light surged four points to a record near 12, while Power Corporation of New York climbed about four points. De Forest rose 1⅓, Charles Freshman 1¼, and Liberty Stores near year highs. Trading also touched new Wilson and Company issues and Doehler Die-Costing slid from 14 to 10 on unconfirmed dividend rumors. Glen Alden Coal advanced briefly, Continental Baking and others showed moderate gains.
New York April 6 Moderate improvement in the bond market with slow trading. Railway and industrial issues responded to devalorization moves while general interest stayed low. Convertible bonds led gains with Delaware and Hudson 5s reaching 107 5-8 as its coal properties were earmarked for segregation. Norfolk and Western 6 5s rose near three points and New York Central 6 3/4 moved about a point.
Foreign exchange remained steady in New York with quotations in cents. British rates show demand 4.78 1/2 and cables 4.78 9/4, France at 5.15, Italy at 4.10, Belgium and Germany/Holland around 5.08 and 23.8, Switzerland 19.29, Spain 14.21, Czechoslovakia 2.96, Argentina 0.38, Romania 4.75, and other minor values listed for various currencies.
Daily balance of the United States Treasury stands at 882,166,657 dollars for April 6. The figure reflects all receipts and expenditures accounted for by the department on that date. End of report.
The article outlines current exchange values of major currencies versus par, noting European currencies’ weakness during deflation and recent shifts. It lists specific rates for sterling, francs, lire, kroner, pesetas, yen, pesos, and marks, highlighting Mexico’s pesos trading above par and sterling strengthening while the franc remains near postwar lows.
New York stock closing list shows total sales of 1,235,200 for the day, with 533,900 previously reported. The figures reflect broad market activity across leading issues on the New York Stock Exchange.
A Virginia stockholders committee says it will file suit in Richmond chancery court to halt the Chesapeake and Ohio Railway lease to the New York Chicago and St. Louis Railway. The group, led by George Cole Scott, plans an inter verging petition to challenge ICC authority and argues the lease is unfair to C and O stockholders and exchange participants.
Money New York reports firmer call money with high 4 1 2 and low 3 3 4, ruling at 3 3 4, closing hid 4 1 2, offered at 4 3 4, last loan 4 1 2 and call loans against acceptances 13. Time loans steady with 60 90 days at 4 and 4 8 months at 4 1, prime commercial paper at 4.
Copper holds steady with spot near 12.5, futures 12.375. Tin eases at 55.87 with No 1 northern 22.00 to 22.60 and No 2 northern 21.50 to 22.00. Lead and zinc show slight moves, east St Louis bids 7.10 to 7.12 in futures, Anthony spot around 14.00.
Directors of the Minmi Copper company today reduced the quarterly dividend to 25 cents per share. Since 1920 payments had been 52 cents yearly.
The Massachusetts Department of Education and Columbia University join college professors in broadcasting courses by radio. Thousands of students receive mail registrations and homework, then tune in for lectures at set times. Languages are taught by this method, with University of Pennsylvania faculty members also broadcasting nationally.
In Chicago on April 16 grain prices surged with corn leading the advance. May corn rose to around 99 3-4 cents on the day with several deliveries at or above 1.00 per bushel, while oats followed the upturn. Wheat finished strong as market optimism grew about higher prices and tighter world supplies. Provisions moved lower in sympathy with hog price declines.
Cotton spot ahead middling price noted at 24 65 with futures closing firm. May at 24.39 to 24.40, July 24.67 to 24.70, October 24.88 to 24.37, December 24.41 to 24.43, January 24.19.
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