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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Feb 20, 1923
Page
15
Heavy profit taking disrupted the New York stock market with leaders showing weakness while oils and crude sectors drew attention. Sterling exchange rose to a new high, and several stocks set intraday highs before closing mixed amid volume shifts and supportive earnings expectations.
At the national convention in Florida B F Cooney and A C Schnee represented the local board and helped announce plans for a $1,000,000 real estate trust fund. The fund will finance research data across all aspects of the real estate business to address industry issues nationwide.
In New York on February 1 sterling bills sold near parity, demanding 4.69 15 16, the highest since the 1919 abolition of the peg rate. Demand and sight rates show strength amid scarce commercial bills and expectations from British debt funding talks, with mixed moves in allied currencies and declines in the German mark.
Copper strengthens with spot and futures around 16 7 8 cents a pound. Tin climbs with spot near 40.25, futures at 423.00. Lead steady with northern No 2 at 27.00 29.00 and southern 24.00 26.00. Zinc firm with spot and nearby at 7.80. Antimony spot 7 12.
Washington expected stronger cotton prices as raw middling upland quotes near 89.14 cents a pound in 1920, with New York markets showing 27.75 cents in 1923. Officials cite 100 percent above 1915 averages. consumption outpacing production risks the 2,775,000 bale carryover, the lowest in U.S. history.
In Chicago trading on February 14 wheat fell early on renewed Eastern selling but absorbed pressure and rallied to close unsettled. May at 1.20 1-4 to 1.20 8-8, July 3.45 3-4. corn off 1-8 to 1-4, oats down 1-8, provisions mixed to lower. Bullish factors included weather concerns and smaller than expected U.S. visible supply gain, with export activity aiding the market.
A fragmented February market note outlines creamery and cheese prices, with creamery firsts near 48 to 48% and fats around 5 to 48, plus varied dairy item quotes. It references Wisconsin milk, skim and whole milk, and partial state figures, noting irregular activity and price ranges across regions.
In 1908 investment in power and the Hen industry totaled about 18,000,000. Today it stands near 5,004,000,000. In 1902 gross warnings ap progated about 86,000. now about 41,006,000,000. By 192% the cost of electric generating stations rose to 45,000,000,000 Silo Watts, a rise of about 200¢¢ over 29 years. Hemphill, Noyes & Co. invites inquiries on sound public utility investments yielding better returns. 124 John Street, Bridgeport. contact numbers listed for New York and other cities.
The money market shows funds at 5 percent high, 4 1/2 percent low, ruling rate 6. Closing bid 4 1/2, offered at 4 3/4, last loan 4 1/2 to 4 1/2, call loans against acceptances 4 1/2.
Bond prices moved in narrow, irregular range while copper liens surged on a 16 cent per pound high. Anaconda Cerro De Pesco and Chilean issues gained, some fading at close, while U.S. government securities fell two to fourteen cents. Goodyear Tire stock issued 14.6 million dollars in preferred stock, closed this afternoon at 95 3/8.
An active accumulation of buying orders on Sunday and renewed demand from floor traders pushed many leading issues higher on the Curb Exchange. Profit-taking trimmed some gains, but most issues rallied again after pressure eased. Mining shares stayed strong due to prominent floor operators, with Goldfield and Mohican Copper among the featured gainers as copper prices rose.
Standard Oil shares showed increased demand with new high records in high-priced segments including Prairie Oil and Gas. The Salt Creek issues were in strong demand while Gas continued leading independents. Motor shares rose to a new high in movement, and Goodyear's new voting trust certificates traded upward. Amalgamated Leather advanced with strength. bonds stayed moderately active and firm.
An industry expert explains that unadvertised goods struggle as wholesalers and salesmen push advertised products. A plug must be publicized to gain demand and rapid turnover. The article notes big catalogs and the emphasis on building reputation through advertising, with wholesalers preferring the known adver tised items. Published by the Post-Telegram in cooperation with The American Association of Advertising Agencies.
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