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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 22, 1925
Page
19
New York stock close shows broad declines with Western Union standing strongest. Trading totals reach 1,362,600 shares. list includes Inland, Amlex, Radio Corp, and many industrials with varied gains and losses. The daily ledger details prices and movement across machinery, chemicals, and utilities.
New York April 21 Rails motors industrials tobacco and major groups fell all day as pessimism stemmed from Judge Gary’s steel remarks signaling a troubled industry with limited near term improvement. Foreign and domestic news offered little reassurance while call money rose adding to liquidation pressure. Western Union stood out as the strongest issue amid declines in U S Steel Nash Motors Commercial Solvents and others. Prices ended down 18 to 29 points with mixed gains in some grains and a cautious tone prevailing across the market.
The Norfolk and Western and the Virginian Railway plan a 899 year lease uniting assets around 650 million dollars. Norfolk and Western will guarantee expenses and debt payments while paying about 3.5 million annually to the Virginian stockholders. Directors approved the plan and stockholders meet in May before Interstate Commerce Commission review. Philadelphia commentary ties move to Pennsylvanian railroad consolidation plans and eventual Pennsylvania system involvement.
United States government bonds closed with Liberty Bonds quoting 3 1 3 8 and 4 8 at duty. Treasury notes settled at 101.08 as April 21 reports reach the market from New York with bond indices showing mixed values.
Mrs Frances Dawes, favorite aunt of Vice President Charla Gates Dawes, dies in Marietta Ohio after infirmities. The General and his wife are expected to attend the funeral.
Bond prices held steady with reactionary tendencies in the market as French obligations drifted down. Domestic corporate issues showed modest gains while foreign issues including German, Serbian, and Belgian bonds remained heavy. Pennsylvanian and Norfolk & Western issues rose amid Virginia railway lease news, signaling strategic consolidation moves. Positive shifts in Atchison and recovery in St Paul and Chicago & Alton followed yesterday’s selling. Oil bonds like Sinclair Consolidated weakened after a weak earnings report. Liberty bonds fluctuated within narrow limits.
The New York foreign exchange market reports firm quotes for multiple currencies. Demand and cable rates are shown for Britain France Italy Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Greece Poland Czechoslovakia Yugoslavia Austria Roumania Argentina Brazil Tokio Shanghai and Montreal with various bid figures and 60 day notes.
Grains firmed in late trading and closed near unchanged after mixed results. Wheat slipped 1-4 to 3-4 cents, Corn and Oats showed small adjustments, Provisions closed higher, with May and July price pairs listed across Wheat Corn Oats and Rye terms.
New York April 21 current cash prices for staple commodities shown with year ago quotations. Product list includes wheat No 1 and No 2 red, corn No 2 yellow, oats No 2 white, beet, pork, bacon, cotton mid uplands, rubber, print cloths, sugar granulated. Summary reflects incomplete OCR reads and missing figures.
New York live poultry market shows irregular demand with firmer fowls and roosters. Broilers 40-64 c, turkeys 15-30 c, fowls 32-34 c. dairy items steady to higher, creamery and butter prices improved. cheese market easy. potatoes, beans, prunes, and evaporated apples listed with varied prices. dressed poultry and market loafs noted with modest activity and price ranges.
Commodity prices have softened after a period of rising rates, with Bradstreet’s index showing a gentle decline since January and the U S Labor Department index near 61 percent above 1913 levels in March. Food and miscellaneous items led declines, while 44 of 98 price increases occurred in food. Authorities say lower values temper speculative enthusiasm and avert overinflated markets.
New York April 21 curb market featured a six point drop in the new Chrysler Corporation issue. Cleveland Motors advanced 11 2 to 223 4 while oil shares liquidated on reports of salt water in new wells. Electrical refrigeration stock Nelzer rose to 49 1 2 and Car Lighting and Power climbed to 4 1 2 after a contract with F and W Grand stores. Public utilities were mixed with Electric Bond and Share down 1 1 8 and Lehigh Power up 1 1 4. Radio and industrials were heavy with Dubilier Hazeltine Lehigh Valley Coal and West Rock showing small losses.
The daily statement from the United States Treasury, issued in Washington, shows a balance of 374,794,767 dollars as of April 21. The figure reflects the government's cash position and is reported by the Treasury.
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