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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Dec 05, 1924
Page
21
Market roundup shows onions and potatoes rising while oranges and naval oranges hold steady. Eggs, butter, and dairy items vary, with hay and grain prices listed. overall activity mixed as supplies and demand shift through the week.
Mexico City report says an international banking group plans to lend the Mexican government enough money to meet its obligations. A Morgan representative conferred with President Calles, former President Obregon, and Finance Secretary Panin, with support from many Americans friendly toward Mexico.
Chicago grain prices opened lower on good rains and bearish foreign news, with wheat down 1.5 to 11-8 cents, May at 1.60 1-8, July 1.41 1-2. Corn mixed as oats held steady, provisions up 2 to 12 cents. Strong corn turn plus rally in wheat lifted prices intraday, then weakness returned on buyers' retreat and a rumored crop total for 1924.
The foreign exchange desk in New York quotes several currencies in cents for immediate demand and 60 day bills. Notable rates include Great Britain at 468 3 45 tes 46% and 6.52 on demand with 652 on cables, Italy at 4.32 3-4, Belgium 6.01-2, Germany 23.81, Switzerland 19.37, Argentina 38.62, and Brazil 11.60, among others.
New York reports a surge in bond trading to near the year’s peak with several rail issues rising. Gains centered on St Louis San Francisco Frisco, Seaboard, Denver Rio Grande, and others as investors welcomed President’s address and expected consolidations.
Heavy buying rekindled in curb stocks with gains across groups. Lehigh Valley Coal and Nickel Plate rise, Thermodyne hits a top on December sales, and radios remain in demand as public utilities show mixed results.
New York commodity price snapshot lists current cash values for staple commercial products. Prices are shown with yearlong comparison data and reflect recent market movements.
New York metal market notes show electrolytic spot at 141 4, tin irregular, iron futures range 23.50 to 26.00 for No 1, 24.00 for No 2, lead steady at 9, zinc steady, fast St. Louis futures 7.00 to 7.05, antimony spot 14.60, copper 1 furans.
Warranty deeds record Giuseppe Piazzi and Katherine Franzino transferring Ridgewood place to Antonietio Franzino for 1.09 dollars. Another deed lists George and Mary Breen transferring Trumlatl avenue realty to Henry Helder. Mortgage deed details Henry Helder to George and Mary Breen on Trumbull avenue.
Wild action in the stock market reflected strong confidence after President's message. Rail and utility stocks rose, with Seaboard Air Line and U S Realty leading gains. irregularities emerged late as professionals battled for a break. Foreign exchange firm, sterling cresting highs, cotton futures edged lower while coffee and sugar mixed. United States treasury balance reported at 261,802,788.
New York market report notes weak overall poultry conditions with fowls in fair demand. Broilers bring 25-27 cents, chickens 17-32, fowls 10-27, turkeys 20-30, geese 17-18, with dairy and egg prices ranging as reported.
New York money markets show easier conditions with rates at 8 and 9 1 4 on call loans against acceptances. Time loans remain firm with collateral and terms of 00-90 days and 3 1 4 to 31 2 months. Prime commercial paper quoted around 1 1 2.
Reynolds Tobacco announces quarterly dividends set by the board. Preferred stock will receive 1.75 dollars per share and common stock 0.75 dollars per share. Dividends payable January 1 to holders of record December 18.
A national survey by the National Association of Realtors shows farm land sales up 42 percent over 1923, with acres sold up 44 percent and total value paid up 65 percent. Buyers are mainly farmers, not speculators, and 85 percent report activity higher than last year. The Central East leads in growth, with sales up 21 percent, acres up 331 percent, and value up 207 percent, across the nation’s corn and wheat belts.
Liberty 3 1-28 at 100.28. Liberty first 48 at 101.26. Liberty second 48 at 101.3. Liberty first 4 1-4s at 101.22. Liberty second 4 1-45 at 10. Liberty 4 1-43 at 101.6. Liberty fourth 4 1-48 at 103. Treasury 4 1-48 at 105.11.
Subscriptions to the new Treasury long term bond issue of 200 million opened yesterday and exceeded half a million today. Acting Secretary Winston announced that the cash offering will be withdrawn at close of business tonight. Exchange option kept for 4 per cent certificates and Third Liberty 1 4 percent bonds. First National Bank of New York subscribed 75 million, with 25 million cash and 50 million in exchange.
In Washington on December 4, Attorney General Stone announced that mergers between the American Sugar Refining Company and the National Sugar Refining Company of New Jersey may require court modification. He said a Justice Department probe into a merger proposal supports withholding consent, with a five percent route to court review. The 1922 decree in the Southern District of New York had barred American from increasing its stake beyond what it then held.
Washington December 4 The Supreme Court abruptly halted the effort by Cranberry Creek and other coal companies to invalidate Pennsylvania's anthracite tax law after the argument phase, with the court refusing to hear Senate counsel and indicating no material substance to the complaint.
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