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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Aug 05, 1922
Page
15
Brad Street reports labor troubles remain central, slowing trade in iron and steel. Sequences show impact mainly between the Alleghenies and Mississippi, with northwest fuel demand rising and anthracite coal mining cessation causing concern for eastern households. Bank clearings weekly total 7,073,461,900.
The second Machine Tool Exhibition will be held at the Mason Laboratory in New Haven on Sept 22 and 23 under the New Haven branch of the American Society of Mechanical Engineers and Yale University. Exhibitors will show motion pictures of machines and reps will demonstrate. Free space and admission, with papers by leading engineers each evening. Last year drew many manufacturers and engineering students.
New York reports high grade bonds drawing steady demand with prices firm. Industrial sugar bonds attract interest as Cuba Sugar and American Sugar move to new highs while rail and utility issues show strength. Total sales reach about 12.99 million dollars with no new offerings of note.
Stock market softened late amid mixed results with many issues at near day highs. Mexican Petroleum fluctuated, Crucible Steel led gains, and merchandising shares reached yearly highs. Western Union hit 112 1-2 as demand for favorable dividends supported values. Motors and rubber stocks weakened. total volume around 350000 shares. Call money opened at 2 percent, eased to 3-8, with the money market active overall.
Washington Aug 4 crude petroleum production in 1922 rose to the highest rate in ten years with an average output of about 4.458 million barrels per month. US Geological Survey reports show 1912 output at 20.704 million barrels per month and anticipate the year’s total to be the highest in history. More than 1,560 new wells are being sunk as consumption climbs, yet reserves stand at 255 million barrels at year end, enough for about 114 days a year ago.
Bridgeport stockholders of the Commonwealth hotel planned for New York will hold a meeting at the Stratfeld next Tuesday at 7 30 p m. About 40 stockholders formed a chapter with Edward I Featar chairman. The hotel to be largest in the world spans from bath to fifth streets Broadway and Severn avenue. Clearing work and excavations for five stores are underway. Stock is 250 000 shares at 10 each, selling at 125. Nearly 5 000 shares worth of stock have been bought, shareholders to receive six percent dividends and rebates on food and lodging for themselves or those sent by them to the hotel.
Foreign exchange in New York Aug 4 shows a firmer trend with demand sterling advancing about one eighth to one point. German marks quoted at 13 7 8 ents per hundred, with further bid for Paris Berlin and Amsterdam rates and quotes for several European currencies listed.
Wheat gains driven by efforts to hold back grain and broader demand. September at 1.08 1 8, December 1.07 to 1.09 1 3. corn and oats also rise while provisions vary. Export demand and coal shortages buoy market amid bullish signals from Liver pool and domestic spring wheat progress.
Real estate deeds record transfers including Mauries and Harry Romstein to Lena Ginsberg for $44 feet on Maplewood Avenue and William A Ratzenberger to Jns G Kerekes for 54 feet on Harbor Avenue. Madison Park Land Company to Frances Mitler involves Madison Highlands. Simon Lake to Charles Friedman on Seaside Avenue. Elizabeth Schnee to Donato Gabriele et al on Ogden and Bell Streets. Quite Claim Dewis.
Berlin optimism centers on a forthcoming Allied leaders conference in London, with the mark rising as traders expect definite settlements on mire and Teparations. New York dairy and cheese markets show modest gains and steady eggs, creamery extras up to 14 to 18 and state dairy tabs at 27 to 91 cents.
Security owners must declare by the first of the month to avoid penalties. The article notes tax day varies by location, with Bridgeport on September 1, and warns penalties up to 19 percent of market value for failure to declare and pay. It explains this applies to personal property like bonds, notes, bank items, and jewelry, not real estate, and mentions a free booklet from Hineky Bros. investment bankers at 5809 Main Street.
The bankrupt stock of Morris Pp. Goldfield furniture dealer at 408 East Main Street will be sold at public auction today at noon by Public Auctioneer W H Wakely. Prospective bidders may inspect an estimated stock value of 2500 dollars one hour prior. Liabilities total about ten percent on the dollar. Proceeds will be distributed after the highest bid is determined.
Active trading on both sides of the War desk as Standard Oil and Standard Oil of Indiana push to new highs on the current movement. Imperial Oil of Canada and New England Fuel Oil gain support amid strong demand from Rostom, Mara catho interests. Downticks emerge in Durant Motors and Philip Morris while sugar stocks like Cabana Dominican Sugar rise on stronger sugar outlook.
Copper firm in spot and futures at 14 1 8 with mild gains. Tin steady near 3.50 spot and 32 futures. Load steady with 5.76 and 3.59. Wine steady at St Louis spot and nearby 8.30. Antimony near 0.26 and 5.0.
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