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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Feb 15, 1928
Page
19
The market recovered from an early surge of selling with money rates rising and broker loans under pressure. Banking, steel, and tobacco shares fluctuated as traders weighed a special dividend and upcoming corporate actions while rubber and electric equipment led occasional advances.
Treasury records indicate a negative balance of 60 1618. 816.49 in the general fund, reflecting a deficit status. The fragmentary OCR suggests an official ledger entry from Washington dated February 13, noting capital and banking limitations.
New York February 14. Regular prices attended trading near the hand market, though offerings exceeded demand. Federal Reserve report on gold movements shows exports of 200 million in four months as traders focus on market shifts. Auto and railway shares moved with mixed results amid widespread offerings and rising utilities.
Wall Street notes report Prank A Vorderlip of National City Bank departing for Europe saying business conditions are good with no imminent need for rate hikes. He doubts urgent bank deposit readjustment or tight money, cites brokers loans rising but manageable, and suggests attention to proper regulation. Also covered are Mekeespark Tin Plate profits and sales, Freeport Teans engineers' report, Potomaton income, and Gardner Motor January shipments up 170 percent from 1927.
The market closed steadier with futures gaining as March rose from 18.31 to 18.22, May advancing from 18.34 to 18.35, and December moving from 18.20 to 18.21. Spot middling held at 18.70 with overall firmness noted in the market.
Money market notes from New York report firmer call money at 4 1 3 to 4 1 4 with ruling rate 4 1 4 and closing bids near 4 1 4. Time deposits show steady, mixed collateral drafts 60 to 90 days at 4 1 9, 4 to 8 months around 4 1 2, mercantile papers quoted 3 4 to 4.
New York report notes heavy buying and rising money rates with a sharp rally in certain issues early in the session. Prices touched 204 1 2 for Consolidated Laundry and 1 2 for Ney at times as traders weighed utility and oil stock movements amid market activity and public service concerns.
Foreign exchanges in New York report quotations for British pounds francs marks and other currencies. Cables and bid offers are shown for Germany Holland Norway Sweden Denmark Switzerland Spain Poland Czechoslovakia Yugoslavia Portugal Austria Romania Argentina Brazil Japan China Canada and more with figures like 4.92 for francs and 44.68 for Tokyo.
Shipping arrivals list ships and routes with dates including Frederick VIII from Copenhagen and Mauretania from New York via Callao and Southampton. Other vessels named include Var Drostaimgholm, Dresden, and President Taf with connections to Gothenburg Cherbourg Rotterdam Yokohama and Beattle, dated February.
Rubber futures closed easy with March at 31.40, May 31.70, July 32.70. Smoked rubber spot quoted at 31 1 9. This report from the New York market notes softer prices across contract months.
A garbled February market note from New York reports unsettled prices and storage concerns. It mentions income figures around 271000 and a yearlong term tied to a December event, with references to local police and a distant factory.
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